博迁新材(605376)：AI带动高端MLCC镍粉高增 光伏以铜代银市场空间广阔

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]