宁波博威合金材料股份有限公司发布2023年股票期权与限制性股票激励计划之股票期权限制行权提示性 公告。公司依据相关规定及2025年第三季度报告披露计划，对处于自主行权期的股票期权自主行权时间 进行限制。首次授予股票期权第二个行权期（期权代码：1000000399）、预留授予股票期权第一个行权 期（期权代码：1000000530）目前均处于行权阶段。本次限制行权期为2025年10月22日 - 10月26日，此 期间相关激励对象限制行权。公司将按规定申请办理相关事宜。 ...

Investment Rating - The report maintains a "Synchronize with the market - A" rating for the power equipment and new energy industry [1] Core Viewpoints - The power equipment and new energy industry has shown a stable market performance over the past year, with significant developments such as the tightening of energy consumption standards for polysilicon and advancements in robotics technology [1][3] - The new energy sector is experiencing a shift towards stricter energy consumption regulations, which is expected to lead to a substantial improvement in the supply-demand balance for polysilicon [3][7] Summary by Relevant Sections Investment Recommendations - Recommended stocks include: - Buy - A: 福莱特 (601865.SH), 横店东磁 (002056.SZ), 阳光电源 (300274.SZ), 阿特斯 (688472.SH), 德业股份 (605117.SH), 石英股份 (603688.SH), 博威合金 (601137.SH) - Buy - B: 爱旭股份 (600732.SH), 隆基绿能 (601012.SH), 大全能源 (688303.SH), 朗新集团 (300682.SZ) [2] - Additional stocks to actively monitor include: 协鑫科技, 通威股份, 信义光能, TCL 中环, 新特能源, 帝尔激光, 福斯特, 晶澳科技, 天合光能, 晶科能源, 迈为股份, 晶盛机电, 弘元绿能 [10] Industry Performance - In August, the industrial solar power generation increased by 15.9%, while wind power generation grew by 20.2%, indicating a robust growth trend in the renewable energy sector [4] - The average energy consumption for polysilicon is projected to tighten significantly, with new standards suggesting a reduction to 6.69 kgce/kg for 2024, compared to previous expectations [3][4] Price Tracking - Polysilicon prices have shown an upward trend, with dense material averaging 51.0 CNY/kg, up 2.0% from the previous week, indicating a tightening supply situation [6] - The price of silicon wafers and battery cells has also increased, reflecting the upward pressure from upstream costs [8][9]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Dongcai Technology, Seres, and Gree Electric, showing target price increases of 51.97%, 37.62%, and 36.96% respectively [1][3] - On September 25, a total of 12 target price adjustments were made by brokerages, with the highest target price set at 32.43 yuan for Dongcai Technology [1][3] - A total of 35 listed companies received brokerage recommendations on September 25, including Sanyuan Shares, Anhui Weaving High-tech, and Yixin Pharmacy [1][3] Group 2 - On the same date, two companies had their ratings upgraded, with Renfu Pharmaceutical's rating raised from "Hold" to "Buy" by Shouchuang Securities, and Sanhuan Group's rating upgraded from "Hold" to "Buy" by Huazheng Securities [4][6] - A total of 10 companies received initial coverage from brokerages, with Frontier Biotech receiving a "Buy" rating from Kaiyuan Securities and Jiete Biotech also receiving a "Buy" rating from Xinda Securities [4][7] - Other companies receiving initial coverage include Bowei Alloy with a rating of "Hold" and Leisai Intelligent with a "Buy" rating, indicating a diverse range of sectors being covered [4][7]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [25]. Core Views - The company, Bo Wei Alloy (601137), is a leading manufacturer of high-end copper alloys and is actively developing its new energy business, particularly in solar energy components [9][6]. - In the first half of 2025, the company achieved a revenue of 10.221 billion yuan, representing a year-on-year growth of 15.21%, and a net profit of 676 million yuan, up 6.05% year-on-year [6]. - The new materials segment accounted for 78.53% of the company's revenue, while the new energy segment contributed 21.47% [9]. Summary by Sections Financial Performance - The new materials business saw a revenue increase of 23.83% year-on-year, reaching 7.935 billion yuan, with a net profit of 234 million yuan, up 10.21% [9]. - The sales volume of new materials reached 125,600 tons, a growth of 11.03% year-on-year, achieving 45.18% of the annual target [9]. - The new energy business generated 2.170 billion yuan in revenue, a decline of 10.10% year-on-year, but net profit increased by 3.96% to 442 million yuan [9]. Profitability and Cost Management - The overall gross margin for the company was 14.16%, a decrease of 1.12 percentage points compared to the previous year [10]. - The company maintained stable cost control, with total sales, management, financial, and R&D expense ratios at 6.80%, an increase of 0.06 percentage points year-on-year [9]. Future Outlook - The company is expanding its production capacity, with a 20,000-ton special alloy electronic materials wire expansion project already in operation and a 30,000-ton project in planning [11]. - The U.S. solar component project is expected to enhance production capacity, with a total capacity of 3GW anticipated upon completion [11]. - The report forecasts revenues of 20.66 billion yuan, 22.49 billion yuan, and 25.36 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.473 billion yuan, 1.563 billion yuan, and 1.693 billion yuan [11].

Market Performance - On September 22, the metal new materials sector rose by 0.85% compared to the previous trading day, with Srey New Materials leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Srey New Materials (688102) closed at 16.56, with a gain of 4.81% and a trading volume of 158,200 shares, amounting to a transaction value of 258 million yuan [1] - Antai Technology (000969) closed at 13.10, up 2.34%, with a trading volume of 219,300 shares and a transaction value of 284 million yuan [1] - Other notable performers include: - Chitong New Materials (300930) at 30.80, up 2.22% [1] - Zhongke Magnetic Industry (301141) at 61.60, up 2.16% [1] - Zhongzhou Special Materials (300963) at 18.18, up 2.13% [1] Fund Flow Analysis - The metal new materials sector experienced a net outflow of 180 million yuan from institutional investors, while retail investors saw a net inflow of 210 million yuan [2] - Notable fund flows include: - Shenzhen New Star (603978) with a net outflow of 95.1 million yuan from institutional investors [3] - Bowei Taijin (601137) with a net inflow of 52.2 million yuan from institutional investors [3] - Antai Technology (000969) with a net inflow of 25.3 million yuan from institutional investors [3]

格隆汇9月22日丨博威合金(601137.SH)在投资者互动平台表示，H公司一直是我们的重要合作伙伴之 一，在通讯基站，手机及笔记本电脑散热器，手机及通讯连接器等多个领域都有深度的合作。例如通讯 基站、手机及智能终端散热，高速背板连接器，电磁屏蔽材料，新一代半导体封装材料等等。随着H公 司对算力服务行业的赋能，将极大的拉动对材料的需求。 ...

Group 1 - The core viewpoint is that H Company is a significant partner for Bowei Alloy (601137.SH), collaborating in various fields such as communication base stations, mobile phone and laptop heat sinks, and communication connectors [1] - The collaboration includes deep partnerships in areas like communication base stations, mobile and smart terminal heat dissipation, high-speed backplane connectors, electromagnetic shielding materials, and next-generation semiconductor packaging materials [1] - The demand for materials is expected to increase significantly due to H Company's empowerment in the computing service industry [1]

Group 1 - The company has the capability to supply copper-based alloy 3D printing copper powder [1] - Currently, the company is not involved in the metal 3D printing equipment sector [1] - The company is prepared to provide copper-based alloy 3D printing copper powder if new application scenarios arise in downstream fields [1]

经济观察网9月22日，据博威合金（601137）消息，近日，博威合金与浙江大学湖州研究院签署合作协 议，并为双方共建的"AI新材料联合实验室"揭牌。此前，博威合金与河南省科学院材料研究所达成战略 合作。 ...

Company Overview - Ningbo Bowei Alloy Materials Co., Ltd. is located in Yinxian District, Ningbo, Zhejiang Province, established on January 22, 1994, and listed on January 27, 2011 [1] - The company specializes in the research, production, and sales of high-performance and high-precision non-ferrous alloy rods, wires, and plates, as well as solar cell and component production [1] - The revenue composition of the company includes new materials products at 77.63%, renewable energy products at 21.23%, and others at 1.14% [1] Stock Performance - On September 19, Bowei Alloy's stock rose by 5.12%, reaching a price of 26.07 CNY per share, with a trading volume of 491 million CNY and a turnover rate of 2.38%, resulting in a total market capitalization of 21.206 billion CNY [1] Fund Holdings - According to data, one fund under Nuoan Fund holds a significant position in Bowei Alloy, specifically the Nuoan Preferred Return Mixed Fund (001743), which reduced its holdings by 2.689 million shares in the second quarter, now holding 1.1319 million shares, accounting for 2.04% of the fund's net value [2] - The fund has achieved a year-to-date return of 35.85%, ranking 2121 out of 8172 in its category, and a one-year return of 72.36%, ranking 1575 out of 7980 [2] Fund Manager Profile - The fund manager of Nuoan Preferred Return Mixed Fund (001743) is Yang Gu, who has a cumulative tenure of 19 years and 215 days, managing total assets of 5.133 billion CNY [3] - During his tenure, the best fund return achieved was 1036.35%, while the worst was 2.43% [3]