博迁新材（605376）：业绩开门红，预计产品结构改善大幅提升盈利

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company reported strong Q1 2025 results with revenue of 250 million, a year-on-year increase of 24.98% and a quarter-on-quarter increase of 14.39%. The net profit attributable to shareholders reached 48 million, up 207.25% year-on-year and 1897% quarter-on-quarter [1]. - The improvement in product structure is expected to significantly enhance profitability, with a gross margin of 32.38%, up 13.59 percentage points year-on-year and 11.92 percentage points quarter-on-quarter. The net profit margin also saw a substantial increase to 19.16%, up 11.37 percentage points year-on-year and 18.06 percentage points quarter-on-quarter [2]. - The MLCC industry is entering a new growth cycle, driven by the recovery in the consumer electronics market and the demand for high-end nickel powder, which is expected to boost sales of the company's small particle high-end nickel powder [3]. - The company is positioned to benefit from the accelerated industrialization of copper-alternative silver products in the photovoltaic sector, leveraging its core powder preparation technology [4]. Financial Summary - The company is projected to achieve revenues of 1.17 billion in 2025, with a growth rate of 23.75%. The net profit attributable to shareholders is expected to reach 232.24 million, reflecting a significant recovery from previous losses [5][10]. - The estimated P/E ratios for 2025, 2026, and 2027 are 39.67, 27.59, and 24.51 respectively, indicating a positive outlook for the company's valuation [5][10].