Industry Overview - Powder metallurgy is a technology for producing metal materials and components using metal powders, characterized by energy efficiency, material savings, and high precision, making it suitable for mass production [1][12] - The industry is classified into nine categories based on usage and characteristics, including structural materials, friction materials, porous materials, tool materials, refractory materials, corrosion-resistant materials, electrical materials, magnetic materials, and others [3][4] Industry Chain Analysis - The powder metallurgy industry chain consists of upstream raw materials and equipment, midstream product manufacturing, and downstream applications in automotive, aerospace, medical devices, and engineering machinery [6][7] - Leading companies in the industry include upstream material suppliers like Yuyuan New Materials and midstream manufacturers like Antai Technology and Dongmu Co., which are increasingly integrating their operations [7] Current Industry Status - The average production and sales rate of representative companies in the powder metallurgy sector has shown a fluctuating growth trend, increasing from 96.6% to 98.7% from 2021 to 2023, indicating a balance between supply and demand [20][22] - The Chinese powder metallurgy market is projected to exceed 16 billion yuan in 2024, driven by diverse applications across various sectors, particularly in the automotive industry [22][23] Competitive Landscape - The industry is divided into three tiers based on revenue, with Antai Technology leading at over 2.9 billion yuan, followed by Dongmu Co. with approximately 2.2 billion yuan, and other companies like Tianyi Shangjia and Haichang New Materials in the 100 million to 500 million yuan range [23][26] - The market share for Antai Technology and Dongmu Co. was 18.2% and 13.8% respectively in 2023, while other companies held less than 4% [26] Future Development Trends - The powder metallurgy industry is expected to see significant growth in applications, particularly in high-end markets such as new energy, medical devices, and aerospace, with a projected market size of 24.4 billion yuan by 2030, reflecting a compound annual growth rate of 6.9% [34] - Technological innovations, including metal powder injection molding and 3D printing, are anticipated to enhance product performance and expand application boundaries [31][33]

格隆汇8月4日丨悦安新材(688786.SH)在投资者互动平台表示，公司软磁粉末系列产品可用于模压电感 的制造。据了解，终端客户已应用于汽车电子、3C电子等产品中。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司的散热铜粉是否进入阿里巴巴、腾讯等国内 大厂算力服务器的供应链，铜粉散热和液冷散热的区别是什么？两者是否是相互协同关系，目前国内上 的服务器采用铜粉散热的多吗，公司的散热铜粉实际应用反响如何，是否有希望大规模应用？ 有研粉材（688456.SH）8月1日在投资者互动平台表示，公司的散热铜粉是公司与某头部终端用户合作 开发的产品，现已成功应用于部分GPU散热器件，但具体下游应用客户的信息公司不直接掌握。公司的 铜粉散热属于风冷散热的范畴，液冷散热属于热传导，风冷和液冷可以在某些应用上协同作用。公司的 散热铜粉据了解目前已部分应用于AI算力服务器、基站、大型路由器、交换机等场景，应用效果截至 目前反馈良好，是否有机会大规模应用要看下游是否会将此款铜粉在更多应用场景中推广。 （文章来源：每日经济新闻） ...

Group 1: MIM Technology Overview - MIM (Metal Injection Molding) combines powder metallurgy and injection molding, offering advantages such as high strength, high precision, low cost, lightweight, and high design freedom [1] - The global MIM market is projected to reach $5.26 billion by 2026, while the domestic market in China is expected to grow to 14.14 billion yuan [1] Group 2: Applications in Robotics - MIM technology meets the demand for lightweight, durable, and precise components in robotics, with applications in various parts [2] - In dexterous hands, MIM-produced micro gears exhibit high strength and design flexibility, leading to increased demand in applications like finger drive gears and bionic finger connections [2] - MIM gears in planetary reducers demonstrate excellent mechanical performance, enhancing precision in power transmission and torque conversion for robots [2] - Liquid metal technology used in harmonic reducers simplifies manufacturing processes and improves material utilization, contributing to lightweight components [2] - MIM's high design freedom allows for low-cost mass production of complex structural parts in robotic joints and surgical robots [2] Group 3: Investment Recommendations - Companies to watch include: - Dongmu Co., a leader in MIM technology with developments in powder metallurgy for robotics [3] - Haichang New Materials, actively expanding MIM and SMC businesses with humanoid robot products in development [3] - Jingyan Technology, a leading MIM company supplying components for industrial control and robotics [3] - Tonglian Precision, specializing in precision component manufacturing with diverse processing capabilities [3] - Mingyang Technology, a supplier of automotive seat components with promising applications in robotics [3]

Core Viewpoint - The company has successfully applied its thermal copper powder and certain copper materials in AI computing servers, indicating a stable shipment volume and potential for profit growth due to increasing demand in the AI sector [1] Group 1: Product Innovation - The new thermal copper powder is produced using a chemical method, featuring a gradient pore structure, developed specific surface area, and low bulk density [1] - The performance of the new thermal copper powder improves heat dissipation efficiency by 10%-20% compared to traditional atomized copper powder, with a thermal end benefit of 3-5℃ [1] Group 2: Market Demand - The growing popularity of AI applications, such as deepseek, is driving higher requirements for hardware cooling and speed, which positions the company's new thermal copper powder for expanded sales [1] - The company’s innovative products are expected to create a new profit growth point as demand in the AI sector increases [1]

格隆汇7月31日丨有研粉材(688456.SH)在互动平台表示，公司的散热铜粉和部分铜粉材料已成功应用于 AI算力服务器，目前出货量稳定，新型导热铜粉使用化学法生产，具有梯度孔隙结构、比表面积发 达、松装密度低等特点，在散热效率方面较传统雾化铜粉，性能提升10%-20%，热端收益3-5℃，属于 行业内首创。随着deepseek等AI应用的普及，对硬件的散热及提速要求越来越高，公司新型导热铜粉有 望进一步扩大销售规模，形成新的利润增长点。 ...

Group 1 - The company, Youyan Powder Materials (688456.SH), has indicated that its heat dissipation copper powder can be used in chip stacking and semiconductor packaging fields [1] - The company's tin solder powder is not directly used in chip manufacturing but is utilized for soldering interconnections in chips and PCBs after being made into solder paste [1] - The company's tin alloy microsphere products can be applied in advanced semiconductor packaging processes such as 3D packaging, and CCGA solder columns are suitable for high-reliability chip packaging [1] - The company currently has relevant orders for these products [1]

Investment Rating - The report assigns a "Buy" rating to the company, with expected revenue and net profit growth from 2025 to 2027 [2][25]. Core Views - The company is a leader in powder metallurgy, actively expanding into robotics applications, with a projected revenue of 60.16 billion, 66.66 billion, and 78.36 billion yuan for 2025, 2026, and 2027 respectively [2][8]. - The company has developed three major technology platforms: PS, MIM, and SMC, which are expected to drive future growth [8][10]. - The company is exploring applications of powder metallurgy components in robotics, with successful development of several prototypes [18][22]. Summary by Sections Financial Performance - The company has shown steady growth in revenue and net profit, with a CAGR of 12.72% and 148.09% from 2021 to 2024 [12][14]. - In Q1 2025, revenue and net profit increased by 32.41% and 37.61% year-on-year [12][18]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.96, 1.20, and 1.42 yuan respectively [2][29]. Business Segments - The revenue from the three technology platforms reached historical highs in 2024, with MIM's revenue growing by 92.19% year-on-year, increasing its share to 38.21% of total revenue [14][19]. - The gross margins for PS, MIM, and SMC were 23.99%, 24.07%, and 21.53% respectively in 2024, indicating stable profitability [16][35]. Robotics Applications - The company has developed liquid metal flexible wheel products for robotic harmonic reducers, which have shown promising performance in initial tests [18][22]. - The company is also producing surgical robots and minimally invasive surgical electric staplers, being a preferred supplier for major international surgical robot companies [18][22]. - The company holds a 22% stake in a joint venture, focusing on axial flux motors, which are advantageous for humanoid robots and drones due to their compact size and high efficiency [22][30].

Core Viewpoint - The global powder metallurgy powder market is projected to grow from approximately $8.86 billion in 2024 to $15.01 billion by 2031, with a compound annual growth rate (CAGR) of 7.55% from 2025 to 2031, driven primarily by the automotive industry and the rise of new energy vehicles [8][9]. Global Powder Metallurgy Powder Market Analysis - The automotive sector is the largest application area for powder metallurgy powders, with increasing demand for localized production and cost reduction in China [8]. - The rise of new energy vehicles presents new opportunities for powder metallurgy powders, particularly in battery materials and lightweight structures [8]. - The market is supported by government policies encouraging technological innovation and industry upgrades, attracting more investments [9]. Market Segmentation - The powder metallurgy powder market is mainly divided into iron-based powders and non-ferrous metal powders, with iron-based powders accounting for approximately 81.86% of the global market revenue in 2024, estimated at $7.25 billion [12]. - Advances in powder metallurgy technology, such as improved sintering techniques, have significantly enhanced the quality and performance of iron-based powders [12]. Industry Growth Drivers - The growth of the automotive industry, particularly in lightweight and energy-efficient components, is a major driver for the powder metallurgy powder market [13]. - The aerospace industry demands high-performance materials, and powder metallurgy can meet these stringent requirements [13]. - The electronics sector is increasingly utilizing powder metallurgy for high-precision magnetic materials and electronic packaging [15]. - The advancement of additive manufacturing (3D printing) technology is creating new opportunities for complex component production using powder metallurgy powders [15]. - The rise of the new energy sector, especially in electric vehicle battery materials, is driving demand for powder metallurgy powders [15]. Key Players in the Market - Major global manufacturers in the powder metallurgy powder market include Hoganas AB, Sumitomo Metal Mining, 有研粉材, 章源钨业, GKN Powder Metallurgy, and others [9][20].

Group 1 - The company announced a change in the legal representative of its subsidiary, Dongmu (Tianjin) Powder Metallurgy Co., Ltd., with Yan Zenger appointed as the new representative [1] - The board of directors approved the adjustment of the board members for some subsidiaries, indicating a strategic restructuring [1] - The subsidiary has completed the necessary business registration procedures and obtained a new business license reflecting the change [1] Group 2 - Dongmu (Tianjin) Powder Metallurgy Co., Ltd. is a wholly foreign-owned enterprise with a registered capital of 152 million yuan [1] - The company was established on July 9, 2004, and is located in the Tianjin West Qing Economic Development Zone [1] - The business scope includes the production and sales of powder metallurgy products for various applications, including automotive, motorcycle, home appliances, and power tools [1]