博迁新材：2023年报、2024年一季报点评：镍粉顺价周期来临，24Q1业绩大幅改善

Investment Rating - The investment rating for the company is "Accumulate" [3]. Core Insights - The company reported a significant improvement in Q1 2024 performance, with revenue of 200 million yuan, a year-on-year increase of 60.33%, and a net profit of 16 million yuan, a year-on-year increase of 764.90% [1]. - The nickel powder price cycle is turning favorable, indicating a potential profit inflection point for the company [1]. - The demand for high-end MLCC products is expected to rise, which may enhance the sales proportion of high-end nickel powder products [1]. Financial Performance Summary - In 2023, the company achieved a revenue of 689 million yuan, a decrease of 7.72% year-on-year, and a net profit of -32 million yuan [1][5]. - For 2024, the projected revenues are 917 million yuan, with a growth rate of 33.16%, and a net profit of 88 million yuan, reflecting a growth rate of 372.83% [5]. - The company's gross margin for 2023 was 15.04%, down 21.73 percentage points year-on-year, while the gross margin for Q1 2024 improved to 18.79% [1][5]. Sales and Inventory Insights - The company sold 1,045.17 tons of MLCC nickel powder in 2023, a year-on-year increase of 6.43% [1]. - As of Q1 2024, the company's inventory decreased to 396 million yuan, down 111 million yuan from the peak in 2023 [1]. Business Segment Performance - The silver-coated copper powder business achieved significant sales in 2023, with a revenue of 5.5 million yuan from approximately 22.41 tons sold [1]. - The rapid increase in silver prices, surpassing 8,000 yuan/kg, is expected to drive demand for silver-coated copper as a cost-reduction measure in photovoltaic products [1].