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]

证券代码：605376 证券简称：博迁新材 公告编号：2025-034 江苏博迁新材料股份有限公司 关于持股 5%以上股东减持计划实施完毕 暨减持结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，江苏博迁新材料股份有限公司（以下简称"公司"） 持股 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"）持有公司无限售流通股 22,029,000 股，占公司总股本的 8.42%。上述股 份全部为公司首次公开发行股票前已持有的股份，并已于 2021 年 12 月 8 日上市 流通。 减持计划的实施结果情况 至 8.00%。具体内容详见公司于 2025 年 5 月 10 日披露的《江苏博迁新材料股份 有限公司关于持股 5%以上股东权益变动触及 1%的提示性公告》（公告编号： 2025-030）。 公司于 2025 年 5 月 30 日收到持股 5%以上股东众智聚成出具的《关于持股 比例变动触及 1%刻度的告知函》，众智聚成于 2025 ...

证券代码：605376 证券简称：博迁新材 公告编号：2025-034 江苏博迁新材料股份有限公司 关于持股 5%以上股东减持计划实施完毕 暨减持结果公告 公司于 2025 年 2 月 25 日披露了《江苏博迁新材料股份有限公司关于持股 年 3 月 19 日至 2025 年 6 月 18 日期间，通过集中竞价交易和大宗交易的方式减 持公司股份数量不超过 7,848,000 股，减持比例不超过公司总股本的 3.00%。 公司于 2025 年 5 月 9 日收到持股 5%以上股东众智聚成出具的《关于持股比 例变动触及 1%整数倍的告知函》，2025 年 5 月 6 日至 2025 年 5 月 8 日，众智聚 成通过集中竞价交易方式，减持公司股份 1,101,000 股，持股比例由 8.42%减少 至 8.00%。具体内容详见公司于 2025 年 5 月 10 日披露的《江苏博迁新材料股份 有限公司关于持股 5%以上股东权益变动触及 1%的提示性公告》（公告编号： 本公司董事会、全体董事及相关股东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 ...

证券代码：605376 证券简称：博迁新材 公告编号：2025-034 江苏博迁新材料股份有限公司 关于持股 5%以上股东减持计划实施完毕 暨减持结果公告 本公司董事会、全体董事及相关股东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： 近日，公司收到持股 5%以上股东众智聚成出具的《关于减持计划实施完毕 暨减持结果告知函》，截至 2025 年 6 月 10 日，众智聚成在减持计划实施期间通 过集中竞价交易方式累计减持公司股份 2,616,000 股，占公司总股本的 1%；通 过大宗交易方式累计减持公司股份 5,232,000 股，占公司总股本的 2%，本次减 持计划实施完毕。众智聚成合伙人王君平先生，系公司实际控制人王利平先生近 亲属，其通过众智聚成间接持有的公司股份不参与本次股份减持。 2 股东持股的基本情况 本次减持计划实施前，江苏博迁新材料股份有限公司（以下简称"公司"） 持股 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"）持有公司无限售流通股 22,029,000 股，占公司总股本的 8.42 ...

Core Viewpoint - Jiangsu Boqian New Materials Co., Ltd. announced a reduction in shareholding by a major shareholder, Ningbo Zhongzhi Jucheng Venture Capital Partnership, which decreased its stake from 6.85% to 6.00% through block trading, impacting the company's equity structure [1][2]. Group 1 - The shareholder, Ningbo Zhongzhi Jucheng, reduced its holdings by 221.70 thousand shares, representing 0.85% of the total share capital of the company [1]. - The reduction in shareholding did not trigger mandatory tender offer obligations [1]. - The company confirmed that the reduction does not violate any prior commitments or plans made by the shareholder [1]. Group 2 - The reduction occurred between June 4 and June 5, 2025, and the shareholder's new holding is now 1,569.60 thousand shares [1]. - The company will continue to monitor the shareholder's compliance with reduction regulations and ensure timely information disclosure [2].

证券代码：605376 证券简称：博迁新材 公告编号：2025-033 江苏博迁新材料股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 宁波众智聚成创业投资合伙企业（有限合伙）保证向本公司提供的信息真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 6.85% | | | | 权益变动后合计比例 | 6.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 上述信息披露义务人无一致行动人。 二、 权益变动触及 1%刻度的基本情况 江苏博迁新材料股份有限公司（以下简称"公司"）于 2025 年 6 月 6 日收 到持股 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 ...

Investment Rating - Industry Rating: Overweight [1] Core Insights - The demand for green electricity is expected to increase due to direct connections, and offshore wind projects are progressing steadily [1][18] - The report highlights the importance of various segments within the power equipment industry, including photovoltaic, wind energy, energy storage, hydrogen energy, and grid equipment [3][4] Summary by Sections Photovoltaic - June production is expected to decline, with price trends remaining sticky; the impact of rush installations on prices is weakening [3][11] - The main industry chain prices are anticipated to remain stable but under downward pressure due to weak domestic demand [13][14] - Investment recommendation focuses on companies with high certainty in the BC technology trend, including Longi Green Energy and Aiko Solar [17] Wind Energy - Offshore wind projects are entering a positive phase, with significant projects in Guangdong and Shandong progressing [18][19] Energy Storage - The release of the 136 document in Inner Mongolia aims to promote green electricity connections, with a mechanism price set at 0.3035 yuan/kWh [20][22] - Bulgaria has launched the largest battery storage system in the EU, with a capacity of 496.2MWh [23] Hydrogen Energy - The hydrogen drone industrial park is set to be established in Jiangxi, with a total investment of approximately 480 million yuan [29] - The hydrogen energy sector is accelerating, with a focus on hydrogen production and storage [28][30] Grid Equipment - The State Grid has announced a new batch of candidates for ultra-high voltage equipment, with a total bid amount of 519 million yuan [32] - The integration of source-network-load-storage is being accelerated in Henan province, promoting local consumption of renewable energy [32][33] Humanoid Robots - Companies like Honor and UBTECH are advancing in the humanoid robot sector, with significant developments in technology and applications [34][36] - The humanoid robot industry is expected to enter a mass production phase by 2025, with a focus on key components [38] Electric Vehicles - CATL's solid-state batteries are expected to achieve small-scale production by 2027, with a focus on high-profit companies [39][41] - The report emphasizes the importance of lithium battery technology and the shift towards lower-cost lithium iron phosphate batteries [42]

证券代码：605376 证券简称：博迁新材 公告编号：2025-032 江苏博迁新材料股份有限公司 2.信息披露义务人信息 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 宁波众智聚成创业投资合伙企业（有限合伙）保证向本公司提供的信息真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 8.00% | | | | 权益变动后合计比例 | 6.85% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | √其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 ...

Overview - The silver powder and silver paste industry in China is experiencing rapid growth due to the development of downstream industries such as photovoltaics and electronic information. In 2024, silver powder production is expected to reach 13,465.8 tons, and silver paste production is projected to be 22,028.9 tons. The demand for silver powder is estimated at 16,445.3 tons, while silver paste demand is expected to be 22,037.1 tons. The market size for silver powder is projected to be 49.32 billion yuan, and for silver paste, it is expected to reach 122.13 billion yuan. The "dual carbon" goals are anticipated to further boost market demand in the photovoltaic sector [1][12]. Market Policies - The Chinese government has implemented various policies to support the development of the new energy industry, which indirectly benefits the silver powder and silver paste market. Key policies include guidelines for promoting photovoltaic power generation, managing land use, and enhancing renewable energy consumption. These initiatives create a broader market space for silver powder and silver paste in the photovoltaic sector [5][7]. Industry Chain - The silver powder and silver paste industry consists of an upstream segment that includes silver mining, silver recycling, and the production of glass oxides and organic solvents. The midstream involves the manufacturing of silver powder and silver paste, while the downstream applications primarily focus on photovoltaics and electronic information sectors, with photovoltaics being the most significant market for silver powder and paste [8][10]. Development Status - The silver powder and silver paste industry is in a golden period of rapid development, driven by the booming photovoltaic and electronic information sectors. In 2024, the silver powder market size is expected to reach 49.32 billion yuan, and the silver paste market size is projected to be 122.13 billion yuan. The growth in the clean energy sector is expected to further enhance the demand for silver powder and paste [12][14]. Competitive Landscape - The domestic market for silver powder and silver paste has historically been dominated by foreign companies, but local firms are increasingly breaking this monopoly through enhanced R&D and improved product quality. Key players in the industry include Suzhou Guder, Dike, Boqian New Materials, and others, primarily located in Jiangsu, Zhejiang, and Guangdong provinces. The trend indicates a growing market share for domestic products in the global market [16][18]. Industry Representative Companies - Dike Electronic Materials Co., Ltd. has become a leading supplier of photovoltaic metallization paste, significantly contributing to the domestic market's growth. In 2024, the company's revenue is expected to reach 15.35 billion yuan, with photovoltaic conductive silver paste accounting for 83.81% of its total revenue [18]. - Suzhou Guder Electronic Co., Ltd. is recognized as a pioneer in the domestic production of photovoltaic cell conductive paste, with a comprehensive product range. The company's revenue in 2024 is projected to be 5.638 billion yuan, with its new energy materials business contributing 4.609 billion yuan [20]. Development Trends - The silver powder and silver paste industry is expected to see continuous technological innovation, focusing on developing new high-efficiency conductive materials and techniques. There will be an emphasis on green production and circular economy practices, with companies increasing investments in environmentally friendly materials and processes to reduce pollution and enhance resource recycling [22].