博迁新材：业绩开门红，预计产品结构改善大幅提升盈利-20250501

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company reported strong Q1 2025 performance 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 reached 19.16%, an increase of 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 [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 - Revenue projections for 2025 are estimated at 1.17 billion, with a growth rate of 23.75%. The net profit attributable to shareholders is projected to be 232 million, reflecting a growth rate of 165.49% [5][10]. - The company’s EBITDA is expected to reach 318 million in 2025, with a corresponding EV/EBITDA ratio of 29.86 [5][10]. - The company’s total assets are projected to be 2.45 billion by 2025, with a debt-to-equity ratio of 30.62% [12].