博迁新材：动态点评：经营拐点兑现，业绩持续修复

Investment Rating - The report maintains an "Accumulate" rating for the company [8][16]. Core Views - The company is expected to benefit from a recovery in downstream demand, with an increase in orders and an optimized product structure. Global smartphone shipments are projected to grow by 10% year-on-year in Q1 2024, reaching 296.2 million units, while global PC shipments are expected to rise by 3.2% to 57.2 million units [2]. - The company has released a half-year profit forecast for 2024, estimating a net profit attributable to shareholders of between 42 million and 58 million yuan, and a non-recurring net profit of between 32 million and 44 million yuan [6][14]. - Nickel prices have entered an upward trend, alleviating inventory pressure. As of July 9, 2024, the spot nickel price is approximately 138,000 yuan per ton, down from a peak of 158,000 yuan per ton earlier this year [7]. - The company has revised its profit forecasts upward, expecting net profits of 117 million, 189 million, and 245 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 45, 28, and 21 [8]. Summary by Sections Company Performance - The company is experiencing a turning point in operations, with continuous performance recovery. The net profit for Q2 2024 is projected to be between 26 million and 42 million yuan, representing a year-on-year growth of 128.55% and a quarter-on-quarter growth of 120.95% [14]. Financial Data - The company’s total market capitalization is approximately 6,037.73 million yuan. The projected revenue for 2024 is 992.13 million yuan, reflecting a growth rate of 44.02% [10][11]. - The expected EBITDA for 2024 is 189.52 million yuan, with a significant increase in net profit attributable to shareholders compared to previous years [11]. Market Trends - The report highlights that 2024 is anticipated to be a breakout year for AI smartphones and PCs, with AI smartphone penetration expected to reach 16% and AI PC penetration nearing 20% [2].