Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5][6]. Core Insights - The company is expected to benefit from the increasing demand for high-end MLCC nickel powder driven by AI applications, with a projected revenue growth of 37.2% year-on-year in 2024 [2][3]. - The company's net profit for 2024 is forecasted to be 0.87 billion yuan, representing a significant increase of 370.7% year-on-year, although slightly below expectations [2][5]. - The report highlights the successful introduction of new nickel powder products into major overseas customer supply chains, which is anticipated to drive sales growth in the coming years [3][4]. Financial Performance Summary - **Revenue**: The company reported a revenue of 9.45 billion yuan in 2024, up 37.2% year-on-year, with a projected revenue of 12.40 billion yuan in 2025 [2][17]. - **Net Profit**: The net profit for 2024 is expected to be 0.87 billion yuan, with projections of 1.86 billion yuan in 2025 and 2.44 billion yuan in 2026 [5][17]. - **Gross Margin**: The gross margin for 2024 is reported at 20.91%, an increase of 5.87 percentage points year-on-year [2][13]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.33 yuan in 2024, increasing to 0.71 yuan in 2025 [5][17]. Business Segment Analysis - **Nickel-based Products**: This segment is the largest, contributing 6.85 billion yuan in revenue in 2024, with a year-on-year growth of 36.9% [3][4]. - **Copper-based Products**: Revenue from this segment is expected to reach 1.22 billion yuan in 2024, reflecting a growth of 56.4% year-on-year [3][4]. Market Position - The company is positioned as a leader in the domestic MLCC nickel powder market, with significant growth potential due to the rising demand from AI-driven applications [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company's revenue for 2024 is projected to reach 945.31 million yuan, representing a year-on-year growth of 37.22% [5][11]. - The company has shown a significant recovery in profitability, with a net profit of 87.48 million yuan in 2024, compared to a loss of 32.31 million yuan in 2023 [11][12]. - The demand for high-end nickel powder is expected to rise due to the growth in the MLCC industry and the recovery of the consumer electronics market [3][4]. - The company is accelerating the industrialization of photovoltaic copper instead of silver, which is anticipated to optimize cost-effectiveness in the photovoltaic industry [4]. Revenue and Profitability - In 2024, the company achieved a revenue of 9.45 billion yuan, a 37.2% increase year-on-year, with a net profit of 0.87 billion yuan [1]. - Nickel powder revenue reached 6.8 billion yuan in 2024, up 36.85% year-on-year, with a gross margin of 24.36% [2]. - The gross margin for the company improved to 20.91% in 2024, an increase of 5.87 percentage points year-on-year [2][12]. Market Trends - The global smartphone shipment is expected to grow by 6.4% in 2024, driving demand for MLCCs and subsequently for high-end nickel powder [3]. - The company’s proprietary technology in producing nano nickel powder is well-positioned to meet the increasing demand in the MLCC market [3]. Financial Forecast - The company forecasts net profits of 2.3 billion yuan, 3.3 billion yuan, and 3.8 billion yuan for 2025, 2026, and 2027 respectively, reflecting an upward revision in profit expectations [4][5]. - The projected revenue for 2025 is 1.17 billion yuan, with a growth rate of 23.75% [5][11]. Inventory Management - The company's inventory decreased from 4.35 billion yuan at the end of 2023 to 2.89 billion yuan in 2024, a reduction of 33.53% [2]. Valuation Metrics - The company’s price-to-earnings ratio (P/E) is projected to be 38.66 in 2025, indicating a recovery in profitability [5][12]. - The price-to-book ratio (P/B) is expected to decline from 5.85 in 2024 to 5.29 in 2025, suggesting improved valuation metrics [5][12].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company's revenue for 2024 is projected to reach 945.31 million yuan, representing a year-on-year growth of 37.22% [5][11]. - The company has shown a significant recovery in profitability, with a net profit of 87.48 million yuan in 2024, compared to a loss of 32.31 million yuan in 2023 [11][12]. - The demand for high-end nickel powder is expected to rise due to the growth in the MLCC industry and the recovery of the consumer electronics market [3][4]. - The company is accelerating the industrialization of photovoltaic copper instead of silver, which is anticipated to optimize cost-effectiveness in the photovoltaic industry [4]. Revenue and Profitability - In 2024, the company achieved a revenue of 9.45 billion yuan, a 37.2% increase year-on-year, with a net profit of 0.87 billion yuan [1]. - Nickel powder revenue reached 6.8 billion yuan in 2024, up 36.85% year-on-year, with a gross margin of 24.36% [2]. - The company's overall gross margin improved to 20.91% in 2024, an increase of 5.87 percentage points year-on-year [2][12]. Market Trends - The global smartphone shipment is expected to grow by 6.4% in 2024, driving demand for MLCCs and subsequently for high-end nickel powder [3]. - The company’s proprietary technology for producing nano nickel powder is well-positioned to meet the increasing demand in the MLCC market [3]. Financial Forecast - The forecast for net profit is set at 232.24 million yuan for 2025, 333.92 million yuan for 2026, and 375.92 million yuan for 2027, indicating a strong growth trajectory [5][11]. - The company's EBITDA is projected to grow from 221.64 million yuan in 2024 to 480.54 million yuan by 2027 [5][11]. Inventory Management - The company's inventory decreased from 4.35 billion yuan at the end of 2023 to 2.89 billion yuan in 2024, a reduction of 33.53% [2].

Core Viewpoint - The company is a global leader in the production of fine-particle nano nickel powder, benefiting from the rapid development of AI and the increasing demand for fine-grade nickel powder in high-capacity MLCCs, initiating a new growth cycle [1] Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 87.48 million yuan, representing a year-on-year increase of 370.73% [2] - The company reported an operating income of 945 million yuan in 2024, a year-on-year growth of 37.22% [2] - A cash dividend of 1.5 yuan per 10 shares (including tax) is proposed, totaling 39.24 million yuan [2] Industry Trends - The explosion of AI is driving the demand for high-end MLCCs, marking the beginning of a new growth cycle [3] - AI terminals require higher stability, power, and compactness from electronic components, leading to a trend towards miniaturization, high frequency, and high power in passive electronic components [3] - AI servers consume five times more power than ordinary servers, with MLCC usage reaching 25,000 pieces per unit, which is 12.5 times that of standard servers [3] Product Development - The company is a leading producer of nano-level electronic specialty high-end metal powder materials, with its 80nm nickel powder reaching a world-class level [4] - The company has successfully introduced fine-particle graded nickel powder products to downstream customers, particularly in the AI server and automotive electronics sectors [4] - The company is focusing on developing basic powder materials suitable for high-capacity automotive MLCCs, which will be a cornerstone for future growth [4] Technological Advancements - The company is advancing the use of copper instead of silver in the photovoltaic industry, which is crucial for cost reduction and efficiency improvement [5] - The company is leveraging core-shell structure bimetal powder preparation technology to develop silver-coated copper powder products with high conductivity and low silver content [5] - The company is exploring the application potential of copper instead of silver electrode technology in the photovoltaic field, aiming to create a differentiated product matrix [5] Future Growth Potential - The company is developing nano-silicon powder for solid-state batteries, with high purity and small particle size advantages [6] - The company is in technical exchanges with leading firms in the solid-state battery industry and is conducting trial evaluations of its nano-silicon materials with multiple domestic and international clients [6] - The completion of the pilot production line for nano-silicon powder positions the company to capitalize on the explosive demand for solid-state battery anode technology [6] Profit Forecast - Revenue projections for the company are estimated at 1.57 billion yuan, 2.42 billion yuan, and 3.34 billion yuan for 2025-2027, with net profits of 250 million yuan, 450 million yuan, and 630 million yuan respectively [7] - Corresponding price-to-earnings ratios are expected to be 36, 20, and 14 times [7]

Core Viewpoint - The company has shown significant growth in revenue and profitability, driven by demand for MLCC nickel powder and potential in photovoltaic copper powder, indicating a positive outlook for future performance [1][2][3]. Group 1: Financial Performance - In 2024, the company achieved total revenue of 945 million yuan, a year-on-year increase of 37.22% [1]. - The company reported a net profit attributable to shareholders of 87 million yuan, marking a turnaround from losses in the previous year [1]. Group 2: Product Performance and Market Trends - The demand for MLCC nickel powder is benefiting from AI-driven product structure optimization, with expectations for nickel powder gross margin to rebound to over 40% by 2025 [2]. - In 2024, the company’s nickel powder shipment reached 1,421 tons, a year-on-year increase of 36% [2]. - The gross margin for nickel-based products in 2024 was 24.4%, an increase of 6 percentage points year-on-year [2]. - The company’s copper powder shipments reached 151 tons in 2024, a significant year-on-year increase of 82%, indicating strong market expansion efforts [2]. Group 3: Future Projections - Revenue projections for the company are estimated at 1.339 billion yuan, 1.767 billion yuan, and 2.484 billion yuan for the years 2025, 2026, and 2027, respectively [3]. - Net profit projections for the same years are expected to be 277 million yuan, 374 million yuan, and 508 million yuan [3]. - The current stock price corresponds to a price-to-earnings ratio of 33, 24, and 18 for the years 2025, 2026, and 2027, respectively, with a "buy" rating assigned [3].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Views - The demand for MLCC nickel powder is expected to benefit from AI-driven product structure optimization, with a projected gross margin recovery to over 40% in 2025. The company’s self-developed nano nickel powder is well-positioned to capture new market opportunities [6]. - The potential for photovoltaic copper powder is significant, which may open a second growth curve for the company. The company aims to enhance market penetration of copper core powders suitable for HJT applications [6]. - Revenue forecasts for the company are optimistic, with expected revenues of 1.339 billion, 1.767 billion, and 2.484 billion yuan for 2025, 2026, and 2027 respectively. Net profits are projected to be 277 million, 374 million, and 508 million yuan for the same years [6][7]. Summary by Sections Recent Performance - In 2024, the company achieved total revenue of 945 million yuan, a year-on-year increase of 37.22%, and a net profit of 87 million yuan, marking a turnaround from losses [3]. Market Data - As of April 21, 2025, the company's stock price is 34.38 yuan, with a market capitalization of approximately 8.99 billion yuan. The stock has shown a 60.1% increase over the past 12 months [5]. Financial Projections - The company’s revenue growth rates are projected at 42% for 2025, 32% for 2026, and 41% for 2027. The net profit growth rates are expected to be 216% for 2025, 35% for 2026, and 36% for 2027 [7][8].

Group 1 - The core viewpoint of the news is that 博迁新材 (605376.SH) has reported its 2024 annual results, highlighting significant institutional investor interest and changes in shareholding patterns [1] - As of April 18, 2025, a total of 209 institutional investors hold shares in 博迁新材, with a combined holding of 167 million shares, representing 63.68% of the total share capital [1] - The top ten institutional investors account for 51.51% of the total shares, with a decrease of 1.88 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, nine funds have reduced their holdings compared to the previous quarter, with a total reduction rate of 0.95% [2] - A total of 193 new public funds have been disclosed this period, indicating a growing interest in the market [2] - One foreign institution, 新輝投資控股有限公司, has been newly disclosed this period, reflecting ongoing foreign interest in 博迁新材 [2]

证券代码：605376 证券简称：博迁新材 公告编号：2025-025 江苏博迁新材料股份有限公司 关于召开 2024 年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年年度股东大会 召开的日期时间：2025 年 5 月 13 日 14 点 00 分 召开地点：浙江省宁波市海曙区石碶街道万金路 588 号宁波广新纳米材料有 限公司（公司全资子公司）会议室 股东大会召开日期：2025年5月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 ...

证券代码： 605376 证券简称：博迁新材 公告编号：2025-015 江苏博迁新材料股份有限公司 第三届监事会第十七次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 江苏博迁新材料股份有限公司（以下简称"公司"）第三届监事会第十七次 会议通知于 2025 年 4 月 7 日以邮件送达的方式发出，会议于 2025 年 4 月 17 日 在公司全资子公司宁波广新纳米材料有限公司会议室以现场与通讯相结合的方 式召开，本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事会主席蔡俊 先生主持，本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和 公司章程的规定。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）及指定信 息披露媒体披露的《江苏博迁新材料股份有限公司 2024 年年度报告及摘要》。 表决结果：3 票赞成，0 票反对，0 票弃权。 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年度监事会工作报告的议案》 表决结果：3 票赞成 ...

江苏博迁新材料股份有限公司 第三届董事会第十八次会议决议公告 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。 一、董事会会议召开情况： 江苏博迁新材料股份有限公司(以下简称"公司")第三届董事会第十八次会 议于 2025 年 4 月 17 日在公司全资子公司宁波广新纳米材料有限公司会议室，以 现场与通讯相结合的方式召开。本次会议于 2025 年 4 月 7 日以邮件送达的方式 通知了全体董事。会议应出席董事 9 人，实际出席董事 9 人，公司监事及高级管 理人员列席了此次会议。会议由董事长王利平先生召集，董事总经理陈钢强先生 主持，召集和召开的程序符合《中华人民共和国公司法》及公司章程的规定。 二、董事会会议审议情况： （一）审议通过《关于公司 2024 年度总经理工作报告的议案》 证券代码： 605376 证券简称：博迁新材 公告编号：2025-014 表决结果：9 票赞成，0 票反对，0 票弃权。 （二）审议通过《关于公司 2024 年度董事会工作报告的议案》 本议案已经公司第三届董事会战略委员会第三次会议审议通过， ...