Core Viewpoint - The stock of Bowei Alloy has shown a significant increase in price and trading activity, indicating strong market interest and potential growth in the company's performance [1][2]. Company Overview - Bowei Alloy, established on January 22, 1994, and listed on January 27, 2011, is located in Ningbo, Zhejiang Province. The company specializes in the research, production, and sales of high-performance and high-precision non-ferrous alloy materials, solar cell components, and precision cutting wires [1][2]. - The main revenue composition of Bowei Alloy includes new materials (77.63%), renewable energy products (21.23%), and others (1.14%) [1]. Financial Performance - For the first half of 2025, Bowei Alloy achieved a revenue of 10.221 billion yuan, representing a year-on-year growth of 15.21%. The net profit attributable to shareholders was 676 million yuan, with a year-on-year increase of 6.05% [2]. - The company has distributed a total of 1.694 billion yuan in dividends since its A-share listing, with 923 million yuan distributed over the past three years [3]. Shareholder Information - As of September 10, 2025, Bowei Alloy had 44,400 shareholders, an increase of 24.89% from the previous period. The average circulating shares per person decreased by 19.93% to 18,291 shares [2]. - Notable shareholders include the photovoltaic ETF (515790) as the ninth largest shareholder with 5.6805 million shares, and Hong Kong Central Clearing Limited as the tenth largest shareholder with 4.916 million shares, which saw a decrease of 1.6831 million shares from the previous period [3].

Group 1 - The company, Bowei Alloy, announced that as of the date of the announcement, the total amount of guarantees provided to external parties is RMB 365,784.05 million [2] - This amount includes guarantees of USD 3,930 million and EUR 3,050 million, which have been converted to RMB based on the exchange rates as of September 17, 2025 [2] - The total guarantees represent 43.44% of the company's latest audited net assets for the year 2024, and all guarantees are provided to wholly-owned subsidiaries with no overdue guarantees reported [2]

Market Overview - On September 17, the metal new materials sector rose by 1.95%, with Huitong New Materials leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Performers - Huitong New Materials (Code: 833751) closed at 25.15, up 7.16% with a trading volume of 47,400 shares and a transaction value of 116 million [1] - Jinli Permanent Magnet (Code: 300748) closed at 37.90, up 6.49% with a trading volume of 928,700 shares and a transaction value of 344.3 million [1] - Tunan Co., Ltd. (Code: 300855) closed at 28.49, up 4.63% with a trading volume of 83,600 shares and a transaction value of 235 million [1] Underperformers - Shenzhen New Star (Code: 603978) closed at 20.51, down 3.93% with a trading volume of 161,500 shares [2] - Youyan Powder Materials (Code: 688456) closed at 51.93, down 3.83% with a trading volume of 38,200 shares [2] - Zhongzhou Special Materials (Code: 300963) closed at 18.36, down 1.98% with a trading volume of 115,100 shares [2] Capital Flow - The metal new materials sector saw a net inflow of 287 million from institutional investors, while retail investors experienced a net outflow of 234 million [2][3] - Major stocks like Jinli Permanent Magnet and Boweitai Gold saw significant net inflows from institutional investors, indicating strong institutional interest [3] Summary of Individual Stock Performance - Jinli Permanent Magnet had a net inflow of 221 million from institutional investors, while retail investors saw a net outflow of 174 million [3] - Boweitai Gold had a net inflow of 46.73 million from institutional investors, with retail investors experiencing a net outflow of 1.94 million [3] - Zhenghai Magnetic Materials had a net inflow of 45.98 million from institutional investors, while retail investors saw a net outflow of 4.52 million [3]

Group 1 - The company, Bowei Alloy, announced that as of the date of the announcement, the total amount of guarantees provided by the company is approximately RMB 3.658 billion, which accounts for 43.44% of the latest audited net assets [1] - The guarantees are all provided for wholly-owned subsidiaries, with no overdue guarantees reported [1] - The revenue composition for Bowei Alloy in 2024 is projected to be 74.62% from copper alloys, 24.36% from new energy, and 1.02% from other businesses [1] Group 2 - The market capitalization of Bowei Alloy is currently RMB 20.4 billion [2]

债券代码：113069 债券简称：博23转债 证券代码：601137 证券简称：博威合金 公告编号：临 2025-091 宁波博威合金材料股份有限公司 关于为全资子公司提供担保的公告 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。 重要内容提示： | | 被担保人名称 | 宁波博威合金板带有限公司（以下 | | --- | --- | --- | | | | 简称"博威板带"） | | | 本次担保金额 | 10,000 万元 | | 担保对象 | 实际为其提供的担保余额 | 万元(不含本次) 84,500 | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | 本次担保是否有反担保 | □是 否 □不适用：_________ | 相关内容见公司于2025年4月15日及2025年5月9日在公司指定信息披露媒体 以及上海证券交易所网站www.sse.com.cn上披露的《博威合金关于2025年度对外 担保计划的公告》（公告编号：临2025-037）、《公司2024年年度股东大会决议公 告》（ ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a strong potential for price appreciation over the next 6-12 months [6]. Core Insights - The company reported a revenue of 10.22 billion yuan for the first half of 2025, reflecting a year-on-year increase of 15.2%, with a net profit of 680 million yuan, up 6.0% year-on-year [3][4]. - The new materials segment showed significant growth, with revenue reaching 7.93 billion yuan, a 23.8% increase year-on-year, driven by demand from the electric vehicle, semiconductor, and AI sectors [4]. - The renewable energy segment faced challenges, with revenue declining by 10.1% to 2.17 billion yuan, although solar module sales increased by 4.5% year-on-year [5]. Financial Performance - The company achieved a basic earnings per share (EPS) of 0.83 yuan for the first half of 2025, with a net asset return rate of 7.84% [2]. - Forecasted EPS for 2025-2027 are 1.82, 1.94, and 2.38 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 13.5, 12.7, and 10.3 [6][9]. - The projected revenue for 2025 is 22.38 billion yuan, with a year-on-year growth of 20.0% [9]. Market Performance - As of September 16, 2025, the company's closing price was 24.21 yuan, with a year-to-date high of 28.51 yuan and a low of 13.28 yuan [2]. - The circulating A-shares account for 8.12 billion yuan of the total market capitalization of 19.69 billion yuan [2].

Core Insights - As of September 12, a total of 106 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stocks with the longest streak of net buying are Wankai New Materials and Changjiang Media, both having received net buying for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Haotaitai, Tianpu Co., Xinquan Co., Anjiasi, Feike Electric, Bowei Alloy, Zhongyuan Home, and Jianfeng Group [1]

Core Viewpoint - The company has commenced production on a 2GW component project in the United States and is currently sourcing battery cells through external procurement prior to the launch of its own battery cell project [1] Group 1 - The company confirmed that its 2GW component project in the United States is now operational [1] - The company is procuring battery cells externally to meet the supply needs for its component production in the U.S. before its own battery cell project is launched [1] - The company indicated that it will manage its operations reasonably to ensure the supply of battery cells required for U.S. component production [1]

Group 1 - The company Bowei Alloys (601137.SH) confirmed that it has no business dealings with the American company SpaceX [1]

Company Overview - Bowei Alloy is located in Ningbo, Zhejiang Province, established on January 22, 1994, and listed on January 27, 2011. The company specializes in the research, production, and sales of high-performance and high-precision non-ferrous alloy materials, solar cell components, and precision cutting wires [1][2]. Financial Performance - For the first half of 2025, Bowei Alloy achieved operating revenue of 10.221 billion yuan, representing a year-on-year growth of 15.21%. The net profit attributable to shareholders was 676 million yuan, an increase of 6.05% year-on-year [2]. - Since its A-share listing, Bowei Alloy has distributed a total of 1.694 billion yuan in dividends, with 923 million yuan distributed over the past three years [3]. Stock Performance - As of September 12, Bowei Alloy's stock price was 25.37 yuan per share, with a year-to-date increase of 28.14%. Over the last five trading days, the stock rose by 0.91%, while it decreased by 3.28% over the past 20 days and increased by 50.74% over the last 60 days [1]. - The company has appeared on the trading leaderboard twice this year, with the most recent occurrence on August 13 [1]. Shareholder Information - As of August 29, the number of shareholders for Bowei Alloy was 35,600, a decrease of 19.28% from the previous period. The average number of tradable shares per shareholder increased by 23.88% to 22,843 shares [2]. - Notable shareholders include the Guangfu ETF, which is the ninth largest shareholder with 5.6805 million shares, and Hong Kong Central Clearing Limited, which is the tenth largest shareholder with 4.916 million shares, having reduced its holdings by 1.6831 million shares [3].