下游客户为保未来稳定供应，抢先与博迁新材签订长协以锁定公司产能。公司近期与重要客户X公司签 署《战略合作协议书》，协议约定公司在自2025年8月到2029年12月底总计近4年半的时间里向客户X供 应5420-6495吨镍粉产品，平均每年供应量与公司2024年一年出货量几乎持平，且平均单价范围远超24 年公司镍粉销售均价。 大算力驱动AI服务器功耗上升，整体稳定性受到较大挑战。为维护服务器内部高功耗电路稳定运行， 更多、性能更好的MLCC被广泛应用于GPU等高性能芯片电源周围、电压调节模块周围、封装基板内部 等，而镍粉是MLCC中关键的内电极材料。 AI服务器发展要求MLCC朝着小型化、高容化和耐高温等方向升级迭代，进而推动其中作为内电极原材 料的镍粉向着小粒径、高纯度、耐高温等方向发展。 小粒径、高纯度镍粉具有极高的技术壁垒，公司采用自研的PVD法生产的镍粉具有粉体得率高，显微组 织均匀，振实密度高、合金元素分布均匀等优势，制粉环节所需的生产设备均为公司自行设计并组装。 公司在生产各环节均积累了大量know-how，尤其是高温金属蒸发环节，率先实现了80nm粒径镍粉的量 产并保持全球大批量独供至今。 风险提示 ...

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]

Group 1 - The A-share market saw a strong performance in the non-ferrous metal sector on September 29, with several stocks hitting the daily limit, including Boqian New Materials and Vanadium Titanium Co., which both reached a 10% increase [1][2] - The overall market showed positive momentum, with the Shanghai Composite Index rising by 0.13%, the Shenzhen Component Index by 1.11%, and the ChiNext Index by 1.77% [2] - The trading volume in the Shanghai and Shenzhen markets was 12.937 trillion yuan, a decrease of 880 billion yuan compared to the previous day, with over 3,000 stocks in the market experiencing gains [2] Group 2 - Boqian New Materials (stock code: 605376) is a leading global supplier of high-end metal powder materials, focusing on the research, production, and sales of nano and sub-micron nickel and copper powders [4] - Nickel powder is a core product for Boqian, playing a crucial role in the internal electrode materials of MLCCs (Multi-layer Ceramic Capacitors), with significant demand driven by the electronics and automotive sectors [4] - The company has a strategic cooperation agreement with Company X to supply between 5,420 tons and 6,495 tons of nickel powder from August 2025 to December 2029, estimated to be worth between 4.3 billion yuan and 5 billion yuan at current prices [4]

9月28日晚间，博迁新材（605376.SH，股价54.08元，市值141.47亿元）公告称，公司及其子公司宁波广新进出口有限公司与某公司（以下简称"X公司"）签 署了《战略合作协议书》（以下简称《协议书》）。 图片来源：博迁新材公告 除了上述风险，博迁新材还提到，公司产品报价为原材料平均价格加工费模式，主要原材料采购价格受大宗商品及相关商品期货价格的影响较大，原材料价 格波动将会影响产品售价进而影响销售金额。此外，博迁新材外销业务主要以美元结算，结算货币与人民币之间的汇率可能随着国内外政治、经济环境的变 化产生波动，具有较大不确定性。 至于对上市公司业绩的影响，根据博迁新材在公告中的说法，协议的履行预计将对博迁新材本年度及以后期间的经营业绩产生积极影响。不过，《协议书》 存在一定交货周期，具体收入需根据协议履约、交货进度逐步体现，收入确认存在不确定性，预计的销售金额不构成业绩预测。 《每日经济新闻》记者注意到，随着人工智能（AI）的快速发展，博迁新材成为产业链上的受益企业。 根据博迁新材近期在接待投资者时的说法，由于AI服务器的功耗是普通服务器的5倍甚至10倍以上，与普通服务器相比，AI服务器需要更多的ML ...

（原标题：博迁新材拿下镍粉产品大单销售额预计超43亿） 博迁新材表示，协议的履行预计将对公司本年度及以后期间的经营业绩产生积极影响。因协议存在一定 时间交货周期，具体收入需根据协议履约、交货进度逐步体现，收入确认存在不确定性，预计的销售金 额不构成业绩预测。 公开信息显示，博迁新材主营业务为电子专用高端金属粉体材料的研发、生产和销售，产品主要包括纳 米级、亚微米级镍粉和亚微米级、微米级铜粉、银粉、银包铜粉、合金粉。其中镍粉主要应用于MLCC 的生产，并广泛应用到消费电子、汽车电子等其他工业领域。2025年上半年，公司实现销售收入5.19亿 元，同比增长18.30%；实现净利润1.06亿元，同比增长93.34%。 9月28日晚间，博迁新材(605376)公告称，公司及子公司广新进出口与某公司（下称"X公司"）签署《战 略合作协议书》，约定自2025年8月起至2029年12月31日期间，预计向X公司销售5420—6495吨镍粉产 品。按照预计数量、公司目前产品售价及汇率估算，销售金额约43亿元至50亿元。 此次合作的达成，一方面基于博迁新材在镍粉领域的技术积累与品质优势，另一方面受益于MLCC行业 的持续增长。 ...

此次合作中，博迁新材将成为X公司在中国境内的独家镍粉供应商，同时X公司获得特定型号产品的独 家购买权。 公告提及，X公司生产能力预计持续增加，对应镍粉需求量同步增加，而博迁新材产品品质持续优化， 可满足X公司的品质要求；因交易涉及商业秘密，公司已履行内部涉密信息披露豁免程序，X公司具体 信息及协议部分内容暂不对外披露。 采购计划方面，为保障供应链稳定，协议约定X公司需提前30天向博迁新材书面通知每月具体采购数 量，博迁新材将据此制定精准的生产计划，确保及时交付。考虑到MLCC(片式多层陶瓷电容器)行业需 求易受下游电子市场波动影响，协议特别约定，若市场环境或X公司自身需求发生变化，双方可协商调 整采购数量。 定价机制方面，博迁新材采用"原材料平均价格+加工费"的报价模式，因主要原材料采购价格受大宗商 品及相关商品期货价格影响较大，协议明确，采购价格在目前价格基础上经友好协商确定。若X公司认 为市场价格发生显著变化，可以提供书面说明，双方另行友好协商。 博迁新材表示，协议的履行预计将对公司本年度及以后期间的经营业绩产生积极影响。因协议存在一定 时间交货周期，具体收入需根据协议履约、交货进度逐步体现，收入确认存在 ...

Core Viewpoint - The company is exploring the potential for its powder technology platform to expand into the solid-state battery and new energy sectors, although no substantial transactions with solid-state battery manufacturers have been established yet [1] Group 1 - An investor inquired about the possibility of the company's powder technology, such as ultrafine copper powder and low-oxygen powder preparation capabilities, being applied to solid-state batteries [1] - The company confirmed that its copper powder products are currently used in vehicle IGBT heat dissipation modules [1] - The company indicated that there are no current substantial transactions with solid-state battery manufacturers, but it encourages stakeholders to pay attention to future announcements [1]

Group 1 - The company Yuyuan Powder Materials (688456.SH) has indicated that its copper powder products can be used in the heat dissipation substrates of automotive IGBT modules [1] - Currently, the company has not established substantial transactions with solid-state battery manufacturers, but it encourages stakeholders to pay attention to future announcements [1]

Group 1 - The company Yuyuan Powder Materials (688456.SH) has indicated that its copper powder products can be used in the heat dissipation substrates of automotive IGBT modules [1] - Currently, the company has not established substantial transactions with solid-state battery manufacturers, but it encourages stakeholders to pay attention to future announcements [1]

Group 1: Industry Overview - The non-ferrous metal sector is experiencing significant activity, with various companies in the resource layout and high-end powder materials, as well as battery materials, seeing stock price increases [1] - Companies are focusing on the development of nickel resources and high-performance materials to capitalize on the growing demand in the battery sector [2] Group 2: Company Highlights - Boqian New Materials (605376.SS) achieved a 10.00% increase in stock price, reaching 48.72 yuan, and is recognized as a leading producer of high-end metal powder materials, particularly nickel powder for MLCC production [1] - Dao Technology (300409.SZ) saw an 8.84% rise in stock price to 24.02 yuan, expanding its overseas nickel resource layout and developing a high-nickel project in Indonesia with a planned annual output of 20,000 tons [1] - Changsheng Technology (300073.SZ) increased by 8.37% to 52.30 yuan, partnering with Zhongwei Co. to develop nickel resources in Indonesia, aiming for an initial production line of 60,000 tons of nickel products [2] - Dongfang Electric Heating (300217.SZ) rose 7.06% to 5.61 yuan, successfully entering the lithium battery material sector with a project producing 20,000 tons of pre-plated nickel [2] - Hanrui Cobalt (300618.SZ) increased by 6.61% to 46.30 yuan, establishing a joint venture in Indonesia to expand its presence in the new energy metal sector [2] - Xingye Silver Tin (000426.SZ) saw a 6.04% increase to 23.35 yuan, with significant nickel resource reserves of 32.84 million tons, providing a solid foundation for future expansion in the nickel industry [3]