MLCC 镍粉迎来景气周期，铜粉有望形成新增长极 周期/金属及材料 公司为高端金属粉体材料领先企业，在镍粉领域创新研发完成国产化并跻身全 球一线。长期以来与下游大客户形成紧密合作，在 AI、汽车等下游对高端 MLCC 形成有力拉动的背景下，公司镍粉主业延续向上趋势，实现量利齐增。此外在 光伏领域公司与头部企业合作，银包铜粉、铜粉等推进产业化落地，潜在的量 利空间巨大。首次覆盖给予"增持"评级。 增持（首次） 目标估值：NA 当前股价：99.09 元 证券研究报告 | 公司深度报告 2026 年 03 月 05 日 博迁新材（605376.SH） 基础数据 | 总股本（百万股） | 262 | | --- | --- | | 已上市流通股（百万股） | 262 | | 总市值（十亿元） | 25.9 | | 流通市值（十亿元） | 25.9 | | 每股净资产（MRQ） | 6.3 | | ROE（TTM） | 9.3 | | 资产负债率 | 16.8% | | 主要股东 | 宁波广弘元创业投资合伙企 | | 主要股东持股比例 | 业(有限合伙 19.71%) | 股价表现 | % | 1m | 6m | 12 ...

Core Viewpoint - The company specializes in the research, production, and sales of high-end metal powder materials for electronics, focusing on applications in various electronic components and industries [1] Group 1: Company Overview - The company's main business involves the development, production, and sales of electronic-specific high-end metal powder materials [1] - Current product offerings include nano-level and sub-micron nickel powder, sub-micron and micron copper powder, silver powder, silver-coated copper powder, and alloy powders [1] Group 2: Product Applications - Nickel and copper powders are primarily used in the production of MLCC (Multi-Layer Ceramic Capacitors) and are widely applied in consumer electronics and automotive electronics [1] - Silver-coated copper powder products are mainly utilized for low-temperature slurry in the production of heterojunction (HJT) solar cells in the photovoltaic sector [1] Group 3: Customer Base - The company's downstream customers mainly consist of MLCC and other electronic component manufacturers, as well as various slurry producers [1]

Group 1 - The core point of the article highlights the significant stock performance of Boqian New Materials, with a 5.05% increase on January 22, reaching a price of 77.73 yuan per share, and a total market capitalization of 20.334 billion yuan [1] - Boqian New Materials has experienced a continuous rise in stock price for five consecutive days, accumulating a total increase of 21.89% during this period [1] - The company specializes in the research, production, and sales of high-end metal powder materials for electronics, with its main revenue sources being nickel-based products (76.28%), copper-based products (10.27%), and silver powder (4.95%) [1] Group 2 - From the perspective of major fund holdings, Guotai Fund has a significant position in Boqian New Materials, with its Guotai Value Select Flexible Allocation Mixed A fund reducing its holdings by 11.34 thousand shares, now holding 17.41 thousand shares, which constitutes 5.21% of the fund's net value [2] - The Guotai Value Select Flexible Allocation Mixed A fund has achieved a year-to-date return of 15.21% and a one-year return of 56.25%, ranking 388 out of 8843 and 1394 out of 8096 respectively [2] - The fund manager, Wang Yang, has a tenure of 7 years and 73 days, with a total fund asset size of 6.37 billion yuan, achieving a best return of 240.23% during his tenure [2]

Group 1 - The core point of the news is that the controlling shareholder of BQ Materials, Guanghongyuan, has released the pledge on 7.5 million shares, reducing the pledged shares to 10 million, which is 19.4% of their holdings and 3.82% of the total shares of the company [1] - As of the announcement date, Guanghongyuan holds approximately 51.55 million shares, accounting for 19.71% of the total shares of BQ Materials [1] - The market capitalization of BQ Materials is reported to be 16.1 billion yuan [3] Group 2 - For the year 2024, the revenue composition of BQ Materials is entirely from metal powder materials, with a 100% share [2]

Group 1 - The core viewpoint of the news is that Boqian New Materials has seen a significant increase in stock price, with a rise of 5.08% to 49.65 CNY per share, and a total market capitalization of 12.988 billion CNY [1] - Boqian New Materials specializes in the research, production, and sales of high-end metal powder materials for electronics, with its main revenue sources being nickel-based products (76.28%), copper-based products (10.27%), and silver powder (4.95%) [1] - The company is located in Suqian, Jiangsu Province, and was established on November 5, 2010, with its listing date on December 8, 2020 [1] Group 2 - According to data, Southern Fund has a significant holding in Boqian New Materials, with the Southern Cycle Optimal Mixed Fund A (021711) holding 23,200 shares, representing 3.16% of the fund's net value [2] - The Southern Cycle Optimal Mixed Fund A has achieved a year-to-date return of 56.66% and ranks 327 out of 8,136 in its category [2] - The fund manager, Bao Yuchen, has been in charge for 1 year and 68 days, with the fund's total asset size at 48.049 million CNY [3]

Group 1 - The core viewpoint of the news is that 博迁新材's stock has experienced a significant decline, with a 5.25% drop on November 4, leading to a cumulative decline of 11.46% over three consecutive days [1] - 博迁新材's stock price is currently at 50.00 yuan per share, with a trading volume of 248 million yuan and a turnover rate of 1.85%, resulting in a total market capitalization of 13.08 billion yuan [1] - The company, established in 2010 and listed in 2020, specializes in the research, production, and sales of high-end metal powder materials for electronics, with its main revenue sources being nickel-based products (76.28%), copper-based products (10.27%), and others [1] Group 2 - From the perspective of major fund holdings, 恒生前海基金 has a significant position in 博迁新材, with its fund holding 26,400 shares, representing 1.99% of the fund's net value, ranking as the tenth largest holding [2] - The fund has incurred a floating loss of approximately 73,100 yuan today, with a total floating loss of 180,300 yuan during the three-day decline [2] - The 恒生前海沪港深新兴产业精选混合 fund has shown a year-to-date return of 37.11% and a one-year return of 39.97%, ranking 2161 out of 8150 and 1805 out of 8043 respectively [2]

Core Viewpoint - 博迁新材 has signed a strategic cooperation agreement with Company X, projecting sales of 5420 to 6495 tons of nickel powder from August 2025 to December 2029, with estimated sales revenue of approximately 43 to 50 billion yuan [1] Company Summary - 博迁新材 was established in November 2010 and went public in December 2020, focusing on the R&D, production, and sales of high-end metal powder materials for electronics [1] - The company’s main products include nano and sub-micron nickel powder, copper powder, and silver powder, with nickel powder primarily used in the production of MLCCs and applications in consumer electronics and automotive electronics [1] Financial Performance - In 2024, 博迁新材 achieved operating revenue of 945 million yuan, a year-on-year increase of 37.22%, and a net profit attributable to shareholders of 87.48 million yuan, marking a return to profitability [1] - Nickel-based product revenue in 2024 was 685 million yuan, up 36.85%, with a gross margin increase of 6 percentage points to 24.36% [2] - Copper-based product revenue grew by 56.35% to 122 million yuan, with a gross margin increase of 3.53 percentage points to 18.63% [2] - Export revenue reached 574 million yuan in 2024, a 50.27% increase, with a gross margin of 30.26% [2] - Domestic sales revenue was 284 million yuan, up 26.35% [2] - In the first half of 2025, 博迁新材 reported operating revenue of 519 million yuan, an 18.30% year-on-year increase, and a net profit of 106 million yuan, a significant growth of 93.34% [2] Industry Insights - The performance of 博迁新材 is closely linked to the demand for MLCCs, with the MLCC industry entering a new growth cycle after hitting bottom in 2023 [3] - The global MLCC market is projected to grow by 7% year-on-year to 104.2 billion yuan in 2024, with expectations to reach 112 billion yuan in 2025 [3] - 博迁新材 is expected to benefit from the domestic substitution trend in high-end nickel powder, supported by its advantages in PVD technology and increasing shipment ratios of 80nm products [3]

Core Viewpoint - 博迁新材 has signed a strategic cooperation agreement with Company X to supply nickel powder, with expected sales amounting to approximately 4.3 billion to 5 billion yuan from 2025 to 2029 [1][2] Group 1: Agreement Details - The agreement stipulates that 博迁新材 will be the exclusive supplier of nickel powder to Company X in China, while Company X will have exclusive purchasing rights for specific product models [1] - The expected sales volume is between 5,420 to 6,495 tons of nickel powder, translating to an estimated sales revenue of 4.3 billion to 5 billion yuan [1] - Company X is required to notify 博迁新材 of monthly purchasing quantities 30 days in advance to ensure stable supply chain management [1] Group 2: Pricing Mechanism - 博迁新材 will use a pricing model based on "average raw material prices + processing fees," with adjustments made through friendly negotiations if significant market price changes occur [2] - The revenue from this agreement is expected to positively impact the company's performance in the current and subsequent periods, although specific income recognition may vary due to delivery timelines [2] Group 3: Industry Context - The MLCC industry is entering a new growth cycle, with a projected global market size increase of 7% to 104.2 billion yuan in 2024, and further growth to 112 billion yuan in 2025 [3] - 博迁新材 has 145 operational nickel powder production lines and 20 copper powder production lines, with nickel powder lines currently at full capacity [3] - The company aims to optimize its product structure and increase R&D investment in high-performance powders to capitalize on the growing demand in the AI server and electric vehicle markets [3]

Core Viewpoint - 博迁新材 has signed a strategic cooperation agreement with X Company to supply nickel powder, with expected sales amounting to approximately 4.3 billion to 5 billion yuan from 2025 to 2029 [1][2] Group 1: Agreement Details - The agreement stipulates that 博迁新材 will be the exclusive supplier of nickel powder to X Company in China, while X Company will have exclusive purchasing rights for specific product models [1] - The expected sales volume is between 5,420 to 6,495 tons of nickel powder, translating to an estimated sales revenue of 4.3 billion to 5 billion yuan [1] - X Company is required to notify 博迁新材 of monthly procurement quantities 30 days in advance to ensure stable supply chain management [1] Group 2: Pricing Mechanism - 博迁新材 will use a pricing model based on "average raw material prices + processing fees," with adjustments made through friendly negotiations if market prices change significantly [2] - The revenue from this agreement is expected to positively impact the company's performance in the current and future periods, although specific income recognition may vary due to delivery timelines [2] Group 3: Company Performance and Market Outlook - 博迁新材 reported a sales revenue of 519 million yuan in the first half of 2025, representing an 18.3% year-on-year increase, and a net profit of 106 million yuan, up 93.34% year-on-year [2] - The company is positioned to benefit from the ongoing growth in the MLCC industry, which is projected to grow by 7% in 2024 and reach a market size of 112 billion yuan by 2025 [3] - 博迁新材 plans to optimize its product structure and increase R&D investment in high-performance powders to maintain its leading position in the industry, particularly in the context of rising demand from AI infrastructure and electric vehicles [3]

Core Insights - The stock of Jiangsu Boqian New Materials Co., Ltd. increased by 5.15% on September 16, reaching a price of 52.52 CNY per share, with a trading volume of 420 million CNY and a turnover rate of 3.13%, resulting in a total market capitalization of 13.739 billion CNY [1] Company Overview - Jiangsu Boqian New Materials Co., Ltd. was established on November 5, 2010, and went public on December 8, 2020. The company specializes in the research, production, and sales of high-end metal powder materials for electronics [1] - The revenue composition of the company includes: nickel-based products (76.28%), copper-based products (10.27%), other (supplementary) products (6.34%), silver powder (4.95%), and alloys (2.16%) [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Industrial Bank, the Industrial Energy Innovation Stock A (013049), has a significant position in Boqian New Materials. In the second quarter, the fund reduced its holdings by 157,400 shares, maintaining 300,000 shares, which represents 2.31% of the fund's net value, ranking as the tenth largest holding [2] - The Industrial Energy Innovation Stock A (013049) was established on August 31, 2021, with a current size of 277 million CNY. Year-to-date returns are 30.47%, ranking 1496 out of 4222 in its category; over the past year, returns are 57.58%, ranking 1706 out of 3804; since inception, the fund has experienced a loss of 3.75% [2] Fund Manager Profile - The fund manager of Industrial Energy Innovation Stock A (013049) is Zou Hui, who has been in the position for 4 years and 297 days. The total asset size of the fund is 5.774 billion CNY, with the best return during the tenure being 83.92% and the worst return being -6.24% [3]