博迁新材：Q2业绩同环比大幅改善，持续受益MLCC需求复苏

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][13]. Core Insights - The company reported significant improvements in Q2 performance, with a revenue of 238 million yuan, a year-on-year increase of 50.6%, and a net profit of 39 million yuan, reflecting a year-on-year increase of 158.9% [1][2]. - The recovery in demand for consumer electronics, particularly for MLCC (Multi-Layer Ceramic Capacitors), has driven sales of nickel powder and copper powder, contributing to the company's profitability [2][3]. - The MLCC industry is entering a new growth cycle, with increased demand for high-end nickel powder expected to continue as the consumer electronics market recovers and AI applications expand [3][4]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 438 million yuan, a year-on-year increase of 54.9%, and a net profit of 55 million yuan, a year-on-year increase of 223.7% [1][2]. - The gross margin for H1 2024 was 21.89%, with Q2 gross margin reaching 24.5%, reflecting a sequential increase of 5.7 percentage points [2]. - The average nickel price in H1 2024 was 137,000 yuan per ton, down 26% year-on-year, which has positively impacted the company's profitability [2]. Industry Outlook - The MLCC industry has seen a recovery in inventory levels and is expected to benefit from the ongoing growth in the consumer electronics market and the increasing functionality of AI applications [3]. - Major clients, such as Murata and Samsung Electro-Mechanics, have reported significant revenue growth, indicating a robust demand for high-value MLCC products [3]. - The company is positioned as a leader in the domestic nickel powder market for MLCC applications, with expectations for continued performance improvement through 2026 [4][5].