证券研究报告 博威合金 (601137 CH) 布局美国光伏产能、AI 用铜材 基本数据 2025Q1 营收同比增长 10.59%、环比增加 22.08%，主因新材料销售量增长。 但营业成本同比增长 11.87%、环比增长 41.35%，因此公司销售毛利率同、 环比分别下降 0.98pct、11.68pct。期间费用方面，同比来看，2025Q1 公司 其他收益为 0.3 亿元，同比增 70.53%；所得税税率同比降 15.16 pct，因此 公司归母净利同比增加 20.64%。环比来看，Q1 没有资产减值（24Q4 为 5.11 亿元），2025Q1 公司归母净利环比增加 23.74%。 公司战略性在美国布局光伏组件产能、铜材下游应用领域之一为 AI 公司着力打造"新材料为主、新能源为辅"的发展战略。新材料方面，公司 的高速连接器材料、屏蔽材料及引线框架材料都是算力服务器及数据中心建 设的重要材料。新能源方面，据公司上证 e 互动（2025-4-10），在美国对东 南亚光伏产品关税越来越严的趋势下，公司 23 年战略性地在美国本土建设 了 2GW TOPCon 组件及电池片项目，美国本土产能将完全不受关税影响 ...

| 债券代码：113069 | 债券简称：博 23 | | | | | --- | --- | --- | --- | --- | | 证券代码：601137 | 证券简称：博威合金 | 转债 | 公告编号：临 | 2025-050 | 宁波博威合金材料股份有限公司 关于终止对全资子公司增资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 一、增资事项基本情况及进展 宁波博威合金材料股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召开 第六届董事会第四次会议，审议通过了《关于对全资子公司增资的议案》，同意以 自有资金 5,000 万美元为全资子公司博威合金（香港）国际贸易有限公司增资（以下 简称"博威合金（香港）"），同意博威合金（香港）以自有资金 6,000 万美元为其全 资子公司 COOPER ROLLED PRODUCTS INC.（以下简称"CRP 公司"）增资，同意 全资子公司博威尔特太阳能科技有限公司以自有资金 6,000 万美元为其全资子公司博 威尔特（海阳）太阳能科技有限公司增资。具体 ...

证券代码：601137 证券简称：博威合金 公告编号：临2025-049 具体内容详见上海证券交易所网站（www.sse.com.cn）上披露的《宁波博威合金材 料股份有限公司 2025 年第一季度报告》。本议案在提交董事会审议前，已提交公司董 事会审计委员会审议通过，委员一致同意将本议案提交董事会审议。 二、审议通过了《关于终止对全资子公司增资的议案》 公司第六届董事会第四次会议审议通过了《关于对全资子公司增资的议案》，同意全 资子公司博威合金（香港）国际贸易有限公司以自有资金 6,000 万美元为其全资子公司 COOPER ROLLED PRODUCTS INC.（以下简称"CRP 公司"）增资，现因公司经营策略调整， 决定终止对 CRP 公司增资事项，本次终止增资不会对公司财务状况和经营状况产生重大 影响，不存在损害公司及股东利益的情形，也不会影响公司未来的发展规划。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 债券代码：113069 债券简称：博23转债 宁波博威合金材料股份有限公司 第六届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,964,240,650.25, representing a 10.59% increase compared to CNY 4,489,041,580.90 in the same period last year[3] - Net profit attributable to shareholders was CNY 316,783,405.57, up 20.64% from CNY 262,585,735.77 year-on-year[3] - Basic earnings per share increased to CNY 0.39, a rise of 14.71% from CNY 0.34 in the same period last year[3] - The net profit after deducting non-recurring gains and losses was CNY 305,917,074.66, which is a 21.95% increase from CNY 250,859,086.64 in the previous year[3] - Total revenue for Q1 2025 reached ¥4,964,240,650.25, an increase of 10.6% compared to ¥4,489,041,580.90 in Q1 2024[15] - Net profit for Q1 2025 was ¥316,783,405.57, representing a 20.6% increase from ¥262,585,735.77 in Q1 2024[17] - Basic earnings per share for Q1 2025 were ¥0.39, compared to ¥0.34 in Q1 2024[17] - The company reported a total comprehensive income of ¥318,516,062.56 for Q1 2025, up from ¥174,524,169.61 in Q1 2024[17] Cash Flow and Liquidity - The net cash flow from operating activities was negative CNY 703,708,974.30, an improvement from negative CNY 1,060,297.13 in the previous year, indicating a significant reduction in cash outflow[3] - Operating cash flow for Q1 2025 was negative at -¥703,708,974.30, an improvement from -¥1,060,297.13 in Q1 2024[18] - The net cash flow from financing activities was 992,888,533.90, contrasting with a negative cash flow of -802,718,693.53 in the previous period, showing improved financing conditions[19] - The cash and cash equivalents at the end of the period totaled 1,670,641,046.11, down from 2,894,512,277.03, indicating a decrease in liquidity[19] - The company experienced a net decrease in cash and cash equivalents of -360,694,370.92, compared to -990,129,039.10 in the previous period, suggesting a reduction in cash burn[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 18,402,217,692.78, reflecting a 6.40% increase from CNY 17,295,399,736.92 at the end of the previous year[3] - The company's current assets totaled RMB 11,200,691,569.42, up from RMB 10,619,875,360.54, indicating an increase of about 5.5%[12] - Inventory levels rose to RMB 5,775,166,016.02 from RMB 5,266,690,068.50, representing an increase of approximately 9.6%[12] - The company's accounts receivable stood at RMB 2,245,270,466.92, compared to RMB 2,150,317,076.96, marking an increase of approximately 4.4%[12] - The total liabilities decreased slightly to RMB 6,056,721,219.94 from RMB 6,349,683,814.00, reflecting a decrease of about 4.6%[13] - The company's non-current assets totaled RMB 7,201,526,123.36, an increase from RMB 6,675,524,376.38, indicating a growth of approximately 7.8%[13] Financing Activities - The company experienced a 223.69% increase in net cash flow from financing activities, attributed to increased borrowings during the period[6] - Total cash inflow from financing activities amounted to 2,307,864,321.02, up from 663,255,492.44, reflecting a strong capital raising effort[19] - The company repaid debts amounting to 1,276,553,434.95, which is a decrease from 1,437,856,317.26, indicating a reduction in debt servicing[19] Other Financial Metrics - The weighted average return on equity was 3.69%, slightly up by 0.04 percentage points from 3.65%[3] - Research and development expenses for Q1 2025 were ¥109,727,347.59, slightly up from ¥104,085,979.82 in Q1 2024[16] - Deferred income increased to ¥284,088,253.58 in Q1 2025, compared to ¥240,809,357.08 in Q1 2024[14] - The company reported a significant increase in prepayments by 98.16%, primarily due to increased advance payments for materials[6] - The impact of exchange rate changes on cash and cash equivalents was 4,218,118.59, compared to 56,315,177.98 previously, reflecting a decrease in foreign exchange gains[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 46,933[7] - The company reported a total of 229,537,181 shares held by its largest shareholder, Bo Wei Group Co., Ltd.[10] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[20]

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 43736.9万股，累计占流通股比： 53.95%，较上期变化： -810.07万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 博威集团有限公司 | 22953.72 | 28.31 | 396.85 | | 博威亚太有限公司 | 8000.00 | 9.87 | 不变 | | 宁波博威金石投资有限公司 | 2752.07 | 3.39 | 不变 | | 谢朝春 | 2204.72 | 2.72 | 不变 | | 金鹰基金-浦发银行-深圳前海金鹰资产管理有限公司 | 1968.18 | 2.43 | -811.97 | | 宁波梅山保税港区隽瑞投资合伙企业(有限合伙) | 1404.53 | 1.73 | 不变 | | 宁波博威合金（601137）材料股份有限公司-2020年员 | 1334.63 | 1.65 | 不变 | | 工持股计划 | | | | | 宁波见睿投资咨询有限公司 | 1303.49 | 1.61 | 不变 ...

博威合金（601137）公告，公司于2025年4月28日召开第六届董事会第十一次会议，审议通过了《关于 终止对全资子公司增资的议案》。因公司经营策略调整，决定终止对COOPER ROLLED PRODUCTS INC.(CRP公司)的增资，涉及金额为6000万美元。本次终止增资不会对公司财务状况和经营状况产生重 大影响，不存在损害公司及股东利益的情形，也不会影响公司未来的发展规划。公司将继续办理对博威 合金(香港)的增资决议，争取尽早完成相关审批或备案手续，并及时履行信息披露义务。 ...

宁波博威合金材料股份有限公司 2024 年年度股东大会会议资料 | 宁波博威合金材料股份有限公司 2024 年年度股东大会会议议程…………………1 | | | --- | --- | | 年度董事会工作报告》………………………………………………………………3 | 1、《2024 | | 年度监事会工作报告》………………………………………………………………10 | 2、《2024 | | 年年度报告及摘要》…………………………………………………………………13 | 3、《2024 | | 年度财务决算报告》…………………………………………………………………14 | 4、《2024 | | 年度利润分配方案》…………………………………………………………………17 | 5、《2024 | | 6、《关于续聘会计师事务所的议案》…………………………………………………………18 | | | 年度向银行等金融机构融资或借款额度的议案》……………………………19 | 7、《关于 2025 | | 2025 年度对外担保计划的议案》………………………………………………20 | 8、《关于公司 | | 年度开展原材料期货套期保 ...

证券研究报告 博威合金 (601137 CH) 应对关税风险，布局美国光伏产能 | 华泰研究 | | 更新报告 | | --- | --- | --- | | 2025 年 4 月 | 20 日│中国内地 | 有色金属 | 博威合金发布年报，2024 年实现营收 186.55 亿元（yoy+5.06%），归母 净 利 13.54 亿 元 （ yoy+20.47% ）。 其 中 Q4 实 现 营 收 40.66 亿 元 （yoy-22.27%，qoq-28.87%），归母净利 2.56 亿元（yoy-23.10%， qoq-44.34%）。考虑公司铜材产品质量较优，且应用领域包括部分高景气 行业如 AI，维持"增持"评级。 新材料业务表现亮眼、新能源业务逆势增长 新材料业务方面，2024 年实现销量同比+22.21%，其中合金带材销量同比 增长 42.23%，截至 2024 年年底 5 万吨合金带材项目产能利用率已超过 90%；合金棒材、线材及精密细丝亦均有较好的增长。因此该业务 2024 年 实现净利 4.36 亿元，同比+54.64%。新能源业务方面，公司部分产能位于 越南，2024 年 10 月、11 月 ...

重点建设项目进入投、达产阶段，新建项目稳步推进。合金材料方面，3万吨特殊合金电子材料带材扩 产项目按计划有序推进；2 万吨特殊合金电子材料线材扩产项目已按优化计划实施，预计2025 年6 月投 产。光伏组件方面，博威尔特（越南海阳）年产3GW TOPCon 电池片项目进入试产阶段，重点推进欧 洲、印度市场的开发；博威尔特（美国北卡）年产2GWTOPCon 组件项目已全线贯通，预计4 月投产， 2GW TOPCon 电池片项目预计2026 年投产。拟规划增加1GW TOPCon 组件项目，预计2025 年8 月开始 试产。 投资建议：我们预计公司2025-2027 年实现归母净利润分别为15.38/18.05/20.88 亿元，EPS 分别为 1.90/2.23/2.57 元，PE 分别为9.08/7.74/6.69 倍。首次覆盖，给予"推荐"评级。 风险提示：海外政策风险；经济波动风险；市场竞争加剧风险 事件：公司发布2024 年年报。2024 年，公司营业收入约186.55 亿元，同比+5.06%；归母净利润13.54 亿元，同比+20.47%；扣非归母净利润约13.25 亿元，同比+16.26%。 合金材 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 18.66 billion yuan in 2024, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 1.35 billion yuan, up 20.5% year-on-year [1] - The copper alloy segment showed significant growth, with sales volume reaching 241,000 tons, a 22.2% increase year-on-year, driven by high-end product capacity release [1][2] - The photovoltaic segment maintained high profitability despite a 20% decline in sales volume, achieving a net profit of 920 million yuan, a 9% increase year-on-year [2] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 4.07 billion yuan, a decrease of 22.3% year-on-year and 28.9% quarter-on-quarter, primarily due to impairment losses [1] - The company plans to distribute a cash dividend of 5.01 yuan per 10 shares, totaling 410 million yuan, with a dividend payout ratio of 30% [1] Copper Alloy Segment - The copper alloy segment's net profit reached 440 million yuan in 2024, a 54.6% increase year-on-year, with a net profit per ton of 1,812 yuan, up 380 yuan year-on-year [1] - The company is progressing with a 30,000-ton special alloy strip project and plans to launch a 20,000-ton special alloy wire project by June 2025 [1] Photovoltaic Segment - The company’s photovoltaic module sales volume was 2,051 MW in 2024, down 20% year-on-year, mainly due to U.S. tariff policies [2] - Despite the decline in sales volume, the photovoltaic segment's profitability remains strong, with a net profit of 920 million yuan [2] - The company plans to expand its U.S. production capacity, with a 2 GW TOPCon module capacity expected to be operational by April 2025 [2] Impairment Losses - The company recorded asset impairment losses of 510 million yuan in 2024, primarily in Q4, with fixed asset impairments of 160 million yuan and inventory impairments of 350 million yuan [3] Investment Projections - The company forecasts net profits of 1.28 billion yuan in 2025, 1.53 billion yuan in 2026, and 1.96 billion yuan in 2027, with corresponding PE ratios of 11, 9, and 7 times [4][8]