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 investment rating for the company is "Buy" [5] Core Views - The company is experiencing a transition driven by high-end products, which is expected to enhance profitability significantly [5] - The company has implemented a dual upgrade strategy focusing on products and customers to meet the demands of emerging industries such as new energy vehicles and AI [5] - The company is expanding its international presence and green transformation initiatives, with overseas revenue increasing by 21.86% [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 110,500 million in 2023 to 153,585 million by 2027, with a compound annual growth rate (CAGR) of approximately 7.1% [4][6] - The net profit attributable to shareholders is expected to rise from 527 million in 2023 to 1,186 million by 2027, reflecting a significant growth rate of 53.9% in 2025 [4][6] - Earnings per share (EPS) is forecasted to increase from 0.31 in 2023 to 0.80 in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 35.2 to 15.7 [4][6] Operational Highlights - In the first half of 2025, the company achieved a revenue of 592.94 billion, a year-on-year increase of 2.46%, and a net profit of 3.73 billion, up 203.86% [5] - The company has successfully entered the supply chains of major clients such as BYD, Geely, and CATL, particularly in the high-demand new energy vehicle sector [5] - The production of copper-based products and rare earth permanent magnets has shown significant growth, with the latter achieving a revenue increase of 37.76% [5] Strategic Initiatives - The company is focusing on the AI computing industry, particularly in data center cooling solutions, with a 72% increase in sales of copper cooling products [5] - The company is enhancing its overseas production capabilities, with projects in Thailand and Vietnam progressing well [5] - The sales of recycled copper products have increased by 61%, aligning with global trends towards sustainable sourcing [5]