博迁新材 20250822 摘要 2025 年上半年，公司镍基产品销售收入达 4 亿元，毛利率约 37%，出 货量超 670 吨。小粒径高端镍粉出货量同比大幅增长，显著提升公司毛 利率，二季度业绩产品毛利率接近 40%，环比提升 3 个百分点。 公司计划新建厂房，新增年产 1,200 吨超细镍粉产线，并技改年产 600 吨超细金属粉体项目，总计年产 1,800 吨超细金属粉体。新建产能或将 偏向更小粒径方向发展，以适应市场小型化趋势。 汽车电子是 MLCC 最大应用市场，高端车型 MLCC 需求显著增加至每辆 3 万颗。公司车规级 MLCC 用镍粉产品已通过下游客户验证，预计下半 年逐步起量。 2025 年上半年，中国新增光伏装机超 200GW，同比增长超一倍。公 司铜基产品出货量达 80 多吨，销售收入 5,300 多万元，毛利率约 28%，同比增长 5 个百分点。银包铜粉主流出货产品已从银含 30%转 变为 20%。 多元合金粉体市场前景广阔，电感市场规模预计未来 7 年以 4%左右复 合年增长率增长。二季度公司多元合金粉体出货量环比增长超 40%，上 半年同比增长超一倍。 Q&A 2025 年上半年公司 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 52.0 yuan for the next six months, indicating an expected price increase of over 15% compared to the market benchmark [5]. Core Insights - The company, Youyan Powder Materials, is a leading domestic enterprise in metal powder materials, specializing in the design, research, production, and sales of non-ferrous metal powder materials, particularly in copper and tin-based solder powder [1]. - The company has shown consistent growth in performance, with a revenue increase of 20.44% year-on-year, reaching 3.229 billion yuan in 2024, and a net profit increase of 7.73%, totaling 0.59 billion yuan [1]. - The company is expanding its production capacity and enhancing its global presence, with a new copper powder production line in Thailand expected to contribute to profitability by mid-2025 [2]. - The company is actively developing its 3D printing powder materials segment, which has shown significant revenue growth, with a 57.5% increase in 2024 [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 3,229 million yuan, a 20.44% increase from the previous year, and a net profit of 59 million yuan, reflecting a 7.73% growth [4]. - The projected revenues for 2025, 2026, and 2027 are 3,861 million yuan, 4,676 million yuan, and 5,704 million yuan, respectively, indicating a steady growth trajectory [4]. - The gross profit margin for 2024 was reported at 7.6%, a decrease of 0.7 percentage points year-on-year, attributed to increased market competition [1].

Core Viewpoint - The micro-fine spherical aluminum powder industry is experiencing significant growth due to advancements in production technology and increasing applications across various sectors, including military and civilian markets [5][7][11]. Industry Overview - Micro-fine spherical aluminum powder is characterized by high precision, small span, and clear particle size classification, with high active aluminum content and low oxygen content [2]. - The production of aluminum powder has a history of over 100 years, with air atomization methods being replaced by nitrogen atomization due to safety concerns [6]. Industry Development History - The introduction of air atomization technology from the Soviet Union in the 1950s marked the beginning of aluminum powder production in China, which was later improved by the development of nitrogen atomization technology in the 1990s [6]. - Breakthroughs in micro-fine spherical aluminum powder production technology occurred in 2008, significantly increasing the yield of fine powders with a particle size of less than 10μm [6]. Market Scale and Trends - The production capacity and market scale of micro-fine spherical aluminum powder have been increasing year by year, with the market share of Xuyang New Materials remaining the highest in both domestic and international markets from 2021 to 2023 [7]. - The industry is trending towards micro-fine and spherical products, with increasing demands for product quality and performance from downstream applications [8][10]. Production Technology and Innovations - Xuyang New Materials has innovatively established a production system that integrates direct atomization of aluminum in an inert environment, significantly reducing energy consumption and environmental impact [9]. - The industry is moving towards environmentally friendly and resource-saving production methods, driven by increasing public awareness and regulatory requirements [8][11]. Global Market Dynamics - The global demand for micro-fine spherical aluminum powder is on the rise, with production technologies continuously innovating to meet stringent performance requirements [11]. - Asia, particularly China, Japan, and South Korea, has become a major region for aluminum powder production and export, with significant competition in production technology and market share [12].

Core Viewpoint - The company plans to invest in its subsidiary, Yuyuan Additive, to establish a new subsidiary in Shandong for the development of a metal powder material manufacturing base, with a total investment of 200 million RMB [1] Investment Details - The total investment for the project is 200 million RMB, with Yuyuan Powder Materials contributing 160 million RMB and Steel Research Investment Co., Ltd. contributing 40 million RMB [1] - The registered capital of the new subsidiary, Yuyuan Additive Shandong, is 50 million RMB [1] Project Specifications - The project will cover an area of approximately 60 acres and will have a total construction area of 20,400 square meters [1] - The construction period for the project is set at 18 months [1]