博迁新材：动态报告：乘AI东风，盈利修复有望加速

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The electronic industry is showing clear signs of recovery, driven by AI applications, which are expected to accelerate demand growth for electronic products [2][10]. - The company's product structure is continuously improving, leading to a significant recovery in profitability, particularly in nickel powder sales, which saw a 51.78% year-on-year revenue increase in the first half of 2024 [2][35]. - The introduction of new small particle nickel powder products into major overseas clients' supply chains is expected to open up new growth opportunities [2][31]. Summary by Sections 1. Electronic Industry Recovery - The global smartphone shipments increased by 12% year-on-year in Q2 2024, reaching 288.9 million units, marking a clear recovery trend [10]. - The PC market also saw a 3.4% year-on-year growth in shipments, with laptops showing a 4% increase [10]. - The demand for electronic products is expected to continue growing due to the release of pent-up demand and the potential for shorter replacement cycles driven by AI innovations [2][10]. 2. AI-Driven Growth Opportunities - AI applications are expanding from large models to edge devices, necessitating upgrades in passive components to meet new performance and reliability standards [2][23]. - The demand for high-capacity, low-impedance, and high-temperature-resistant MLCCs is increasing due to the growing requirements of AI servers and edge devices [2][29]. 3. Profitability and Financial Forecast - The company achieved a revenue of 438 million yuan in the first half of 2024, a year-on-year increase of 54.88%, with a net profit of 55 million yuan, reflecting a 223.67% increase [31][35]. - The gross margin for nickel powder products improved to 23.65%, up 5.29 percentage points from the previous year, indicating a positive trend in product structure and profitability [35][36]. - The forecast for net profit for 2024-2026 is adjusted to 149 million, 251 million, and 349 million yuan, respectively, with corresponding PE ratios of 37, 22, and 16 times [2][4].