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]

博威合金（601137.SH）2024 年年报点评 铜合金业绩高速增长，期待美国光伏产能投产 2025 年 04 月 16 日 ➢ 事件：公司发布 2024 年年报。1）业绩：2024 年公司实现营收 186.6 亿 元，同比+5.1%，归母净利 13.5 亿元，同比+20.5%，扣非归母净利 13.3 亿元， 同比+16.3%；单季度看，24Q4 实现营收 40.7 亿元，同比-22.3%，环比-28.9%， 归母净利 2.6 亿元，同比-23.1%，环比-44.3%，扣非归母净利 2.7 亿元，同比- 22.7%，环比-40.9%，Q4 业绩环比下滑主要受减值拖累；2）分红：2024 年拟 每 10 股派发现金股利 5.01 元（含税），合计现金分红 4.1 亿元，分红率 30.0%。 ➢ 铜合金：高端产品产能释放，业绩贡献高速增长。1）量：24 年铜合金销量 24.1 万吨，同比+22.2%，带材、棒材、线材、精密细丝销量均实现同比增长， 其中带材销量 7.0 万吨，同比+42.2%，增幅最为明显，主要由于 5 万吨带材项 目爬坡，截至 24 年底月度产能利用率已超过 90%；2）利：24 年铜合金实现 ...

博威合金 20250415 摘要 • 半导体芯片国产化加速为公司芯片封装材料带来增长机会，通过数字化研 发提升竞争力，加强知识产权保护。美国本土制造业回流导致电力需求强 劲，光伏产业链薄弱，组件价格预计上涨，公司美国北卡组件项目将提升 盈利能力。 • 双网关税对新材料板块出口美国业务影响较大，但新能源汽车、半导体等 领域发展稳定，消费电子市场平稳，总体影响有限。一季度材料板块同比 增长约 25%，新能源业务增长 50%，预计 2025 年增速良好。 • 公司 2025 年光伏组件目标为 2.8GW，重点在美国本土市场，越南生产基 地面向欧洲和印度市场。Q4 财务费用因汇率变动下降，光伏业务受益于 原材料价格下降和汇率损益增长。公司对未来成长性持乐观态度，承诺实 现业绩目标。 70,011 吨，精密细丝销量 34,301 吨。2024 年每吨净利 1,811 元，同比增加 26.53%，显示出公司研发驱动的核心竞争力持续增强。 分板块来看： • 博威合金 2024 年实现营收 45.45 亿元，净利润 13.54 亿元，其中新材料 业务净利润 4.36 亿元，新能源业务净利润 9.18 亿元。新材料累计销量 2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][33][37] Core Views - The company is expected to achieve a revenue growth of 5.06% year-on-year in 2024, reaching 18.655 billion yuan, and a net profit growth of 20.47%, totaling 1.354 billion yuan, marking three consecutive years of positive growth since 2022 [1][9] - The decline in Q4 revenue and net profit is attributed to asset impairment provisions totaling 511 million yuan, including 164 million yuan for the Vietnam base and 347 million yuan for inventory write-downs [1][9] - The company plans to distribute a cash dividend of 5.01 yuan per 10 shares, amounting to approximately 306 million yuan, which represents 30.02% of the 2024 net profit [10] Revenue and Profitability - In 2024, the company achieved a total copper alloy product sales volume of 241,000 tons, an increase of 22.2%, with net profit from copper alloys reaching 436 million yuan, up 54.6% year-on-year [2][24] - The solar cell sales volume decreased by 20% year-on-year, but net profit in the new energy sector increased by 9% to 918 million yuan, driven by a reduction in processing costs [2][30] - The company is advancing key projects, including a 1GW component capacity expansion in the U.S. and a 3GW TOPCon battery project in Vietnam [3][33] Financial Forecasts - The company forecasts revenues of 27.705 billion yuan, 33.398 billion yuan, and 33.752 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 48.51%, 16.53%, and 1.06% [3][35] - The projected net profits for the same years are 1.470 billion yuan, 1.839 billion yuan, and 2.029 billion yuan, with growth rates of 8.60%, 25.08%, and 10.35% respectively [3][35] - The diluted EPS is expected to be 1.81 yuan, 2.27 yuan, and 2.50 yuan for 2025, 2026, and 2027, with corresponding PE ratios of 9.8, 7.9, and 7.1 [3][35]

证券研究报告 | 2025年04月15日 博威合金（601137.SH） 优于大市 新材料产品结构优化，新能源前瞻布局美国产能 公司 2024 年营收同比增长 5.06%，归母净利润同比增长 20.47%。公司 2024 年实现营收 186.55 亿元，+5.06%；实现归母净利润 13.54 亿元，+20.47%， 自 2022 年开始连续三年正增长。四季度单季实现营收 40.66 亿元，同比 -22.27%，环比-28.87%；实现归母净利润 2.56 亿元，同比-23.10%，环比 -44.34%。单四季度归母净利润同比环比均有下滑，主要由于计提了 5.11 亿 元资产减值：1）越南基地 2.2GW PERC 产线全部计提了资产减值，合计 1.64 亿元；2）存货跌价损失 3.47 亿元。分红方面，公司计划按每 10 股 5.01 元 向全体股东派发现金股利，按目前已发行股本总数计算，派息总额约为 3.06 亿元，占公司 2024 年归母净利润的 30.02%。 铜合金销量提升 22%，净利润提升 55%。2024 年公司实现铜合金产品销量合 计 24.1 万吨（+22.2%），其中棒材 10.5 万吨 ...

Group 1 - The US government has temporarily exempted certain electronic products from tariffs, but this exemption is not permanent and will last only until a new tariff plan for the semiconductor industry is established [2][21] - China's foreign trade in the first quarter of this year reached 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports growing by 6.9% and imports declining by 6% [3] - The State Administration for Market Regulation in China has introduced 37 key measures to support the development of private enterprises, focusing on breaking down barriers and promoting fair competition [4][5] Group 2 - Hong Kong is preparing to attract Chinese concept stocks back to its market, emphasizing its stability and attractiveness amid global financial market volatility [6][7] - The China Securities Regulatory Commission has emphasized the importance of functionality in the fund industry, aiming for a balance between quality and scale [8] - Insurance funds are accelerating their entry into the stock market, with the scale of long-term stock investment trials increasing from 50 billion yuan to 162 billion yuan [9] Group 3 - The US is experiencing a significant drop in import orders, with a 64% decrease in overall import volume, indicating potential disruptions in trade due to tariff policies [10][11] - The total share of stock ETFs in A-shares has surpassed 2 trillion shares, marking a historical high, with substantial inflows of capital observed in April [12] - Global pension funds are pausing investments in US assets due to uncertainties stemming from aggressive tariff policies, indicating a shift in investment strategies [13] Group 4 - The AI industry is facing scrutiny over its energy consumption, with Elon Musk's AI company xAI being investigated for violating environmental regulations related to its power generation [14] - The UK government plans to take over the British Steel Company from a Chinese firm, raising concerns about foreign investments in critical industries [15] - The consumer electronics sector is seeing increased research interest, driven by strong domestic demand policies and a surge in M&A activities in the technology field [17]