博迁新材：MLCC需求修复，公司业绩环比大增

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - In the first half of 2024, the company achieved revenue of 438 million RMB, a year-on-year increase of 54.88%, and a net profit attributable to shareholders of 55 million RMB, up 223.67% year-on-year [2]. - The sales volume of high-end products has rebounded, contributing to significant growth in the company's performance [2]. - The demand for MLCC (Multi-Layer Ceramic Capacitor) materials, particularly nickel powder and copper powder, has increased due to the recovery in the consumer electronics market [2]. - The company's gross profit margin improved to 24.49% in Q2 2024, an increase of 5.7 percentage points from the previous quarter [2]. - The company is developing new products in the passive electronic components sector, responding to trends towards miniaturization and high-frequency applications [2]. - The rise in silver prices is expected to accelerate the industrial application of silver-coated copper products, with the company launching new low-silver-content products [2]. Summary by Sections Financial Performance - For 2024-2026, the company is projected to achieve revenues of 1.097 billion RMB, 1.554 billion RMB, and 2.168 billion RMB, respectively, with net profits of 135 million RMB, 190 million RMB, and 289 million RMB [2][4]. - The earnings per share (EPS) are expected to be 0.52 RMB, 0.73 RMB, and 1.10 RMB for the same period, with corresponding price-to-earnings (P/E) ratios of 39.72, 28.34, and 18.61 [2][4]. Market Trends - The demand for high-end MLCC products is expected to grow, driven by seasonal increases in consumer electronics, including new smartphone launches and industrial applications [2]. - The company is responding to the digitalization wave by developing advanced alloy powders for passive electronic components [2]. Product Development - The company is actively testing new products with multiple clients, focusing on the development of sub-micron and micron-level alloy powders [2]. - The introduction of silver-coated copper products aligns with market needs, particularly in the photovoltaic sector, where silver prices have surged [2].