证券日报网讯博威合金11月20日在互动平台回答投资者提问时表示，每个企业都有其自身企业使命引导 的成长逻辑，公司是国内铜基特殊合金材料的引领者，是研发驱动的数字化自进化型企业。在人工智能 领域，公司材料的应用主要包括：AI算力服务器铜连接所用的高速连接器材料和以光模块屏蔽罩为代 表的通讯电子器件屏蔽材料；GB300液冷板所用的异型散热材料；算力服务器所用的供配电材料；新一 代AI手机散热所用的VC材料。以上材料及公司提供的散热解决方案使公司成为国内最主要的散热材料 综合供应商。其次，近几年新建的年产5万吨特殊合金带材项目接近满产，越南年产3.18万吨特种合金 棒、线制造生产线尚处于产能爬坡阶段，GB300液冷板所用的异型散热材料的大量需求将有助于该产线 尽早达产，2万吨特殊合金电子材料线材扩产项目在今年6月底正式投产。 （文章来源：证券日报） ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][4] Core Views - The company achieved a revenue of 10.221 billion RMB in H1 2025, representing a year-over-year increase of 15.21%, with a net profit of 676 million RMB, up 6.05% year-over-year [1] - The growth in net profit is primarily attributed to an increase in sales volume in the new materials business, which is expected to continue alongside the development of the new energy sector [1][2] - The company has established a strong brand presence in the U.S. market, leading to stable and reliable customer relationships despite a decrease in revenue due to lower component prices [2] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 5.257 billion RMB, a year-over-year increase of 19.94% and a quarter-over-quarter increase of 5.90%, with a net profit of 359 million RMB, down 4.17% year-over-year but up 13.44% quarter-over-quarter [1] - For H1 2025, the new materials segment saw a revenue increase of 23.84% and a net profit increase of 10.21%, driven by sales growth in sectors like electric vehicles and AI [2] Business Development - The company is expanding its production capacity in the new materials sector to meet the demands of emerging fields such as AI and semiconductors, with projects including a 30,000-ton special alloy electronic material expansion and a 20,000-ton production line that commenced in June 2025 [3] - In the new energy sector, the company has completed a 2GW N-type component project in the U.S. and is working on additional projects, while also navigating regulatory requirements to secure federal subsidies [3] Valuation and Forecast - The report projects net profits for 2025-2027 to be 1.32 billion, 1.60 billion, and 1.74 billion RMB respectively, with expected gross margins for new materials and new energy businesses at 50.5% and 49.5% [4] - The target price for the company's stock is set at 34.13 RMB, based on a price-to-earnings ratio of 19.0 and 23.2 for the respective business segments [4][5]