博迁新材：AI需求有望带动毛利率大幅改善

Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant growth in the coming years [3][20]. Core Insights - The demand for MLCCs (Multi-Layer Ceramic Capacitors) in AI servers is expected to experience explosive growth, with a projected increase of over 20% in 2025, driven primarily by AI infrastructure needs [1][9]. - Samsung Electro-Mechanics plans to expand its high-temperature and high-capacity product lineup to meet the growing demand from AI servers, expecting a double-digit increase in operating profit in the first quarter of 2025 compared to the previous quarter and the same period last year [1][14]. - The company is poised for structural recovery in its high-end MLCC nickel powder segment, with significant growth anticipated in 2025 due to the rising demand from AI servers [2][15]. Summary by Sections AI Server Demand - The global MLCC shipment is expected to exceed 11.467 billion units in Q1 2025, with a potential seasonal decline of 3%. The demand structure is shifting, focusing on AI servers and related infrastructure [1][9]. - AI servers are projected to use MLCCs at rates several times higher than traditional servers, with specific models showing increases of 7 to 8 times in MLCC usage [9][10]. High-End MLCC Nickel Powder - The demand for high-end nickel powder for MLCCs is expected to rise significantly in 2025, driven by the trend towards high-temperature and high-capacity miniaturization [2][15]. - The company's sales to Samsung Electro-Mechanics have increased from 44.78% to 51.24% from 2023 to mid-2024, indicating a recovery in high-end product sales [2][15]. Financial Projections - Revenue projections for the company are estimated at 916 million RMB in 2024, 1.253 billion RMB in 2025, and 1.746 billion RMB in 2026, with corresponding net profits of 87 million RMB, 305 million RMB, and 370 million RMB respectively [3][20]. - The expected EPS (Earnings Per Share) for the same years are 0.33 RMB, 1.17 RMB, and 1.41 RMB, with PE (Price to Earnings) ratios of 86.74, 24.81, and 20.48 respectively [3][20].