王永生表示，公司提供的散热解决方案不仅解决了人工智能时代算力服务器及智能终端的散热问题，同 时也解决了数据交换和高速传输的连接问题，助力公司成为国内最主要的散热和高速传输材料的综合供 应商。 值得关注的是，公司与全球行业技术领先企业泰科电子（TE）联合开发的铜铝复合材料项目，攻克了 低压载流铝线束铜铝两种材料连接之后的电化学腐蚀行业痛点。"按8万/吨的铜价来算，给车企降本达 10%，近期铜价加速上涨，这一趋势会极大促进下游终端汽车厂商的项目推进意愿，"王永生表示，公 司成立了专门的项目团队在全力推进该项目的产能布局及相关工作，该项工作是公司的重点项目，以满 足下游客户的需求。 中证报中证网讯（记者 罗京）2026年1月5日晚，博威合金（601137）披露投资者关系活动记录表，公 司董事会秘书王永生表示，未来几年公司营收增量主要来源于新材料业务，其中，2万吨特殊合金电子 材料线材扩产项目预计于2026年6月30日投产；待2027年液冷板材料投产后，公司3.18万吨特种合金 棒、线制造生产线产能利用率有望进一步提升。 资料显示，博威合金主营业务是高性能、高精度有色合金材料的研发、生产和销售；太阳能电池、组件 的研 ...

Core Viewpoint - The company, Bowei Alloy, positions itself as a leader in domestic copper-based special alloy materials, emphasizing its research-driven and digitally evolving business model [2] Group 1: Company Overview - Bowei Alloy is recognized as a leading provider of copper-based special alloy materials in China [2] - The company focuses on research and development, indicating a commitment to innovation and technological advancement [2] Group 2: Applications in AI and Technology - The materials produced by the company are utilized in various applications within the artificial intelligence sector, including high-speed connector materials for AI computing servers and shielding materials for communication electronic devices [2] - Specific products mentioned include the GB300 liquid cooling plate's unique heat dissipation materials and power distribution materials used in computing servers [2] Group 3: Production Capacity and Expansion - The newly established special alloy strip project, with an annual production capacity of 50,000 tons, is nearing full production [2] - The production line in Vietnam, with an annual capacity of 31,800 tons for special alloy rods and wires, is currently in the ramp-up phase [2] - The demand for unique heat dissipation materials used in the GB300 liquid cooling plate is expected to accelerate the production line's capacity to reach full output [2] - A project for expanding the production of 20,000 tons of special alloy electronic materials wire was officially launched at the end of June this year [2]

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]