证券代码：605376 证券简称：博迁新材 公告编号：2025-036 江苏博迁新材料股份有限公司 关于 5%以上股东部分股份解除质押的公告 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个别及连带责任。 重要内容提示： 截至本公告披露日，江苏博迁新材料股份有限公司（以下简称"公司"） 5%以上股东宁波众智聚成创业投资合伙企业（有限合伙）（以下简称"众智聚成"） 持有公司股份 14,181,000 股，占公司股份总数的 5.42%。本次部分股份解除质 押后，众智聚成剩余累计质押股份数量为 100,000 股，占其所持股份数量的比例 为 0.71%，占公司总股本的比例为 0.04%。 一、本次股份解除质押相关情况 | 股东名称 | 宁波众智聚成创业投资合伙企业（有限合伙） | | --- | --- | | 本次解除质押股份（股） | 300,000 | | 占其所持股份比例（%） | 2.12 | | 占公司总股本比例（%） | 0.11 | | 解除质押时间 | 2025 年 7 月 3 日 | | 持股数量（股） | 14,181, ...

Summary of the Conference Call on the Photovoltaic Industry Industry Overview - The conference call focuses on the photovoltaic (PV) industry, particularly the challenges and opportunities arising from recent policy changes and market dynamics [1][2][3]. Key Points and Arguments 1. **Market Sentiment Shift**: Recent articles from the People's Daily have shifted market sentiment from skepticism to optimism regarding long-term policy effects in the PV sector, leading to a rise in stock prices [2][6][8]. 2. **Challenges Faced**: The PV industry is currently facing multiple challenges, including external disturbances, weak domestic demand, and local protectionism, which have resulted in severe competition and impacted profitability across the supply chain [3][11]. 3. **Policy Measures for Mergers and Acquisitions**: The government is expected to implement policies that encourage leading PV companies to acquire the capacities of less competitive firms, with a focus on restructuring the industry to address losses across the supply chain [5][9]. 4. **Inventory and Supply Dynamics**: There is significant inventory pressure in the silicon material segment, with expectations of increased production leading to potential price declines. The industry may need to collaborate on production cuts to manage inventory levels effectively [10][11]. 5. **Future Policy Implementation**: Policies aimed at addressing the industry's challenges are anticipated to be introduced around August or September 2025, with execution expected in early 2026 [9][14]. 6. **Profitability Outlook**: The most competitive companies in the industry have cash costs around 30,000 CNY per ton. If silicon prices rebound to 60,000 CNY per ton, these companies could see substantial profit elasticity [3][15]. Additional Important Insights - **Investor Confidence**: The market's confidence has been restored following the People's Daily's acknowledgment of the industry's issues and the government's commitment to addressing them, which is crucial for long-term investment evaluations [6][7][8]. - **Operational Strategies**: The acquisition of less competitive firms will involve financial restructuring, including extending bank loans and joint investments from leading companies, with operational costs potentially passed on to end customers [9][10]. - **Technological Innovations**: New technologies in the PV sector, such as BC technology and high-efficiency Topcon technology, are highlighted as areas of potential growth and investment [15]. Conclusion The PV industry is at a critical juncture, with significant policy changes on the horizon that could reshape the competitive landscape. Stakeholders are advised to monitor the developments closely, particularly regarding policy implementation and market responses in the coming years [14][15].

证券代码：605376 证券简称：博迁新材 公告编号：2025-035 江苏博迁新材料股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.15元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/7 | － | 2025/7/8 | 2025/7/8 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 13 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本261,600,000股为基数，每股派发现金红利0.15 元（含税），共计派发现金红利39,240,00 ...

Summary of the Conference Call for 博迁新材 Company Overview - 博迁新材 is the only domestic company mastering PVD technology for powder production, benefiting from the recovery of AI servers and high-end consumer electronics, leading to a steady growth in high-end electronic powder demand, expected to reach around 250 million yuan [2][5][30] Key Industry Insights - The global MLCC market size is estimated between 100 billion to 110 billion USD, with a recovery of single-digit growth expected in 2024 and 2025 due to increased demand from AI servers and new energy vehicles [2][16][18] - The photovoltaic (PV) industry is experiencing a trend of reducing silver usage, with copper paste technology accelerating as a substitute, expected to reach an application volume of 30GW to 40GW in the coming year [2][8][32] Core Business Performance - The core business of 博迁新材 is nickel powder, contributing 70% to 80% of revenue, primarily used in MLCC for consumer and automotive electronics. In Q1 2024, revenue reached 250 million yuan with a net profit of nearly 50 million yuan, a 200% year-on-year increase, and a gross margin recovery to 32% [2][13][14][30] - The copper powder market for BC battery scenarios is expected to contribute a market space of over 700 tons by 2026, with significant growth potential [2][6] Financial Projections - The electronic powder business is expected to maintain stable profit levels, projected to reach around 250 million yuan [2][5] - The copper powder business is anticipated to see large-scale introduction in 2026, with expected shipments exceeding 1,000 tons and a gross margin of over 30% [4][31] - Overall, the company expects to achieve around 500 million yuan in revenue by 2026, with a market capitalization potentially reaching 15 billion yuan based on a 30x P/E ratio [4][32] Competitive Advantages - 博迁新材's competitive edge in the electronic powder sector lies in its strong technical capabilities, market position, brand accumulation, and continuous innovation, particularly through its unique PVD process [3][24] - The company has established a strong position in the copper powder market by collaborating with major clients in the PV sector, successfully developing silver-coated copper powder and HCD copper paste with initial shipments [2][9][28] Market Trends and Future Outlook - The demand for MLCCs is significantly driven by AI servers, with usage per server increasing dramatically compared to traditional servers [17] - The company is well-positioned to benefit from the domestic substitution trend in the powder supply chain, particularly in the PV sector [2][9] Key Milestones - Important milestones include the completion of technology validation by major clients in Q3 2025 and the large-scale introduction of copper paste in BC batteries in Q1 2026, which are expected to catalyze further growth [4][33]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [64]. Core Insights - The SNEC exhibition showcased over 3,000 solar energy companies, focusing on cost reduction and efficiency improvements amid a period of supply-demand imbalance and price fluctuations in the photovoltaic industry [12][1]. - Companies are emphasizing technological innovation to enhance conversion efficiency and component power, with a notable reduction in large-scale advertising compared to previous exhibitions [12][1]. - The demand for storage solutions is increasing, with companies integrating photovoltaic and storage technologies to offer advanced system solutions [13][2]. - The overall production of components is expected to decrease by approximately 10% month-on-month, with specific price adjustments observed across various materials in the supply chain [14][2]. Summary by Sections Section 1: SNEC Focus on Cost Reduction and Efficiency - The SNEC PV+ exhibition took place from June 11-13, 2025, in Shanghai, covering an area of 380,000 square meters with over 3,000 participating companies, including more than 900 foreign enterprises [12][1]. - Companies are focusing on technological advancements, particularly in battery components, to drive cost reduction and efficiency improvements [12][1]. - Key companies to watch include Aiko Solar and Longi Green Energy, which are leading in BC technology mass production expected to ramp up in the second half of the year [12][1]. Section 2: Market Demand and Price Adjustments - The overall component production is estimated at approximately 53 GW for June, reflecting a month-on-month decrease of about 10% [14][2]. - Silicon material prices have been adjusted downward due to decreased demand, with N-type silicon material prices ranging from 35,000 to 38,000 RMB per ton, averaging 36,700 RMB per ton, a decrease of 2.13% [14][2]. - Prices for silicon wafers and battery cells have also shown slight declines, with specific price variations noted for different sizes of battery cells [14][2]. Section 3: Industry Performance Review - The overall industry index increased by 0.63% this week, while the electric power equipment industry index decreased by 0.46% [15][2]. - The photovoltaic equipment sector saw a decline of 0.75%, with notable fluctuations in individual stock performances within the sector [19][2]. - The current PE (Price to Earnings) ratio for the electric power equipment industry stands at 24x, with the photovoltaic equipment sector at 17x, indicating varying levels of valuation across sub-sectors [25][29].

Summary of Key Points from the Conference Call Industry Overview - The energy storage market in Europe is experiencing rapid growth, particularly in commercial and industrial storage, with an expected capacity increase to 4 GWh for commercial storage and 25 GWh for large-scale storage by 2025, driven by electricity price subsidy policies [1][2] - The photovoltaic (PV) main industry chain is facing profitability challenges, with overcapacity issues persisting despite a surge in installations in the first half of the year, leading to a potential demand decline in the second half [1][4] Core Insights and Arguments - BCC batteries show advantages in the distributed market with high single-sided generation efficiency, achieving favorable contract prices, but face challenges in the centralized market where competition with TOPCon is not significantly differentiated [1][5] - Key technological advancements in PV include the transition from precious metals to base metals, with pure copper paste replacing silver paste as a critical direction for cost reduction, benefiting companies like BQ Materials [1][6] - The storage market in the U.S. has already reflected pessimistic expectations, while the Chinese market is developing positively, and Europe and other global regions are experiencing rapid growth, particularly in large-scale and commercial storage [1][9] Notable Companies and Trends - Companies to watch in the PV industry include BQ Materials, which is a core beneficiary of the silver-free trend, and other firms involved in silver paste, pure copper paste, and copper powder [1][8] - BQ Materials is positioned as a global leader in high-end nano nickel powder, with demand expected to grow tenfold by 2030 due to AI-driven applications [3][12] - The competitive landscape in the new materials sector is favorable due to strong material science support in China, effective management practices, and proprietary technology development [11] Additional Important Insights - The PV industry is likely to remain at the bottom in the second half of the year, with significant uncertainty in domestic demand compared to stable overseas markets [4] - The introduction of base metal solutions is anticipated to be clarified by the end of this year or early next year, which could significantly enhance competitiveness [6][7] - BQ Materials' main business includes high-end nano nickel powder, nano silicon powder, and copper powder, with significant growth potential in the copper powder market as it replaces silver paste in PV applications [12][15] - AI technology is driving a shift towards high-end product structures, increasing the demand for smaller and higher-capacity capacitors, which is positively impacting BQ Materials' performance [13][14]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 57.3 CNY based on a 30x PE for 2026 [7]. Core Views - The company is positioned as a leader in electronic powder materials, leveraging its advanced technology to expand into the new energy sector, which is expected to become a second growth driver [12]. - The company has a strong management team with a dual focus on technology and market development, continuously investing in R&D to enhance its competitive edge [17]. - The recovery of the MLCC (Multi-layer Ceramic Capacitor) market is anticipated in 2024, driven by the demand from AI servers and high-end consumer electronics, which will positively impact the company's revenue and profitability [38]. Summary by Sections 1. Focus on Electronic Powders and New Energy - The company has deepened its expertise in nano metal powder materials and is accelerating its entry into the new energy sector, aiming to establish a dual main business structure of high-end electronics and photovoltaics [12]. - The company has made significant advancements in nickel powder technology, which is crucial for MLCC production, and is expected to see a recovery in net profit starting in 2024 [23]. 2. AI Server Driven MLCC High-End Development - The MLCC industry is entering a new growth cycle, with a projected global market size increase of 7% in 2024, reaching 104.2 billion CNY [38]. - AI servers are expected to significantly increase the demand for MLCCs, with each server using 4000-6000 MLCCs, which is 2-3 times more than traditional servers [40]. 3. Technological Strength and Market Position - The company is recognized for its leading technology in electronic powders, particularly in the PVD (Physical Vapor Deposition) process, which creates a competitive barrier in the market [12]. - The company has established strong relationships with key clients, benefiting from the recovery of high-end consumer electronics and AI server demand [17]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve a net profit of 249.5 million CNY in 2025, with a year-on-year growth of 185.23%, and an EPS of 0.95 CNY [7]. - The report emphasizes the company's strong market position and technological capabilities, justifying the "Buy" rating and the target price based on future earnings potential [7].

Market Overview - The A-share market opened higher on June 11, with the Shanghai Composite Index up by 0.40%, the Shenzhen Component Index up by 0.82%, and the ChiNext Index up by 1.25% [1] - Key sectors showing strength include automotive parts, energy metals, and IP economy, while sectors like ports, diversified finance, and beauty care experienced declines [1] Sector Performance Automotive Parts Sector - The automotive parts sector saw a collective surge, with Meichen Technology hitting a 20% limit up, alongside other companies like Xinrui Technology and Tongxin Transmission also gaining [2] - Major automotive manufacturers such as BYD, Dongfeng Motor, FAW Group, and GAC Group have committed to paying suppliers within 60 days, which is a positive signal for the sector [2] IP Economy Sector - The IP economy sector became active again, with Xinghui Huan Material reaching a 20% limit up, and other companies like Yongli Shares and New Beiyang also seeing gains [3] - A notable auction event saw a LABUBU collectible sell for 1.08 million yuan, indicating strong interest in IP assets [3] Institutional Insights Huatai Securities - Huatai Securities suggests that the market may continue to experience a "top and bottom" scenario, with attention on upcoming events like the Lujiazui Forum and FOMC meeting for market direction [4] - The firm notes that the recent trading volume in micro-cap stocks is approaching levels not seen since November 2023, indicating a crowded market but not necessarily a correction [4] Shenwan Hongyuan - Shenwan Hongyuan believes that the A-share market is likely to remain in a consolidation phase until mid-2025, with a potential for a structural bull market driven by breakthroughs in the technology sector [5] - The firm advises caution regarding the expansion of new consumer trends, as significant profit-taking often follows such expansions [5] Dongfang Securities - Dongfang Securities emphasizes that market direction is still influenced by both internal and external factors, with a focus on maintaining a "range-bound and active theme" market structure [6] - The firm highlights that market adjustments can provide opportunities for portfolio reallocation, as evidenced by the late rally in humanoid robots and media stocks [6]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 57.3 CNY based on a 30x PE for 2026 [7]. Core Insights - The company is positioned as a leader in electronic powder materials, leveraging its advanced technology in nickel powder production for MLCCs and expanding into the renewable energy sector, which is expected to drive its second growth phase [7][12]. - The company has a strong management team with a dual focus on technology and market development, which has led to significant R&D investments and a robust product pipeline [12][17]. - The recovery of the MLCC market is anticipated in 2024, with a projected revenue increase driven by the demand from AI servers and high-end consumer electronics [7][38]. Summary by Sections 1. Focus on Electronic Powders and Dual Growth Drivers - The company has deepened its expertise in nano metal powder materials and is expanding into the renewable energy sector, establishing a dual business model focused on high-end electronics and photovoltaic materials [12]. - The company has transitioned from a focus on nano metal powder technology to a broader product range, including copper paste for photovoltaic applications, which is expected to contribute significantly to future revenues [12][28]. 2. AI Server-Driven MLCC High-End Market - The MLCC industry is entering a new growth cycle, with a projected global market size increase of 7% in 2024, reaching 104.2 billion CNY, and further growth expected in 2025 [38]. - AI servers are significantly increasing the demand for MLCCs, with usage per server expected to rise dramatically, thus driving the need for high-performance, small-sized components [40][41]. 3. Technical Strength and Market Position - The company has established itself as a hidden champion in electronic powder materials, with its PVD process creating significant barriers to entry for competitors [7][12]. - The company is deeply integrated with major clients, such as Samsung Electro-Mechanics, which accounts for over 50% of its sales, positioning it well to benefit from the recovery in high-end MLCC demand [7][12]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve a net profit of 249.5 million CNY in 2025, with a growth rate of 185%, and further increases projected for 2026 and 2027 [7]. - The report emphasizes the company's strong market position and technological capabilities, justifying the "Buy" rating and the target price based on future earnings potential [7][12].

Group 1 - The A-share energy metal sector experienced an initial surge, with significant gains observed in various companies [1] - Boqian New Materials reached the daily limit up, indicating strong investor interest and confidence [1] - Other companies such as Tengyuan Cobalt, Huayou Cobalt, Hanrui Cobalt, Ganfeng Lithium, and Shengxin Lithium Energy also saw increases in their stock prices, reflecting a broader positive trend in the sector [1]