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]

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]