证券日报网2月5日讯 ，博迁新材在接受调研者提问时表示，公司银包铜粉产品主要应用于光伏领域异 质结（HJT）电池低温浆料的制备，核心竞争优势体现在成本与制备工艺两大方面。从成本端来看，降 低银耗是光伏行业核心降本方向，更是电池片非硅环节降本的主要驱动力，叠加现阶段银价持续上涨， 贱金属替代已成行业主流发展趋势，公司产品契合行业降本需求，降本优势显著；从制备工艺来看，公 司采用气相常压下等离子体加热冷凝法（PVD法）制备用于银包铜粉中的铜核粉体，该工艺所获得的铜 粉具备良好的球形度特征，有利于后续银层的均匀致密包覆。 （编辑 王雪儿） ...

证券日报网2月5日讯 ，博迁新材在接受调研者提问时表示，公司的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。目前公司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、铜粉主要应用于MLCC的生产，并广泛应用到消费电子、汽车电子 等领域；银包铜粉产品主要用于制作光伏领域异质结（HJT）电池用低温浆料。公司的下游客户主要为 MLCC 等电子元器件生产商以及各类浆料生产商。 （编辑 王雪儿） ...

济源纳米初创孵化产业园。 寒冬腊月，王屋山下，传统工业城市济源正聚力纳米新赛道，把"猫冬"变"忙冬"，加速换道领跑。 1月21日，在位于济源纳米材料产业园的济源鸿辛橡胶复合材料科技有限公司厂区，一期厂房内，母胶生产线 正高速运转；一路之隔的二期厂房里，新建的橡胶复合材料生产线已进入最后调试阶段，1月底即可投产。 小纳米何以在济源成长为产业"大树"？政府的长期深耕和系统培育是关键。 早在2003年，济源就将纳米产业作为转型发展的突破口，与河南大学共建全省首个纳米材料中试基地，种下 第一粒纳米"种子"。 该公司总经理李飞穿梭于两个厂房之间，语气中透着紧迫与期待："我们的橡胶制品具备高强度、高耐磨和耐 老化等优异特性，广泛应用于工程轮胎、高端密封件等领域，目前订单爆满，产量已跟不上市场需求。新产 线投产后，总产能预计可达2万吨，年产值6.5亿元。" 面对持续增长的市场需求，更大的布局正在展开。"我们计划在海南、云南、山东增建生产基地，其中海南基 地建设今年启动，建成后橡胶制品生产规模有望达到20万吨。"李飞说。 订单催着赶生产，市场推着扩规模，扩张的底气，源于硬核技术的支撑。 "依托河南省纳米材料中试基地（以下简称 ...

济源纳米初创孵化产业园。李向阳 摄 寒冬腊月，王屋山下，传统工业城市济源正聚力纳米新赛道，把"猫冬"变"忙冬"，加速换道领跑。 1月21日，在位于济源纳米材料产业园的济源鸿辛橡胶复合材料科技有限公司厂区，一期厂房内，母胶生产线 正高速运转；一路之隔的二期厂房里，新建的橡胶复合材料生产线已进入最后调试阶段，1月底即可投产。 该公司总经理李飞穿梭于两个厂房之间，语气中透着紧迫与期待："我们的橡胶制品具备高强度、高耐磨和耐 老化等优异特性，广泛应用于工程轮胎、高端密封件等领域，目前订单爆满，产量已跟不上市场需求。新产 线投产后，总产能预计可达2万吨，年产值6.5亿元。" 面对持续增长的市场需求，更大的布局正在展开。"我们计划在海南、云南、山东增建生产基地，其中海南基 地建设今年启动，建成后橡胶制品生产规模有望达到20万吨。"李飞说。 河南海博瑞硅材料科技有限公司车间里也是一派火热生产场景。"我们的特种功能二氧化硅产品，在硅橡胶、 特种轮胎、隔热材料等高端市场供不应求。今年将继续加大研发投入，拓展更多新产品，冲刺超高端应用领 域。"该公司科技副总刘培松说。 企业纷纷投下"信心票"，共同印证了这片产业沃土的强大吸引力。 ...

Core Viewpoint - The photovoltaic silver powder industry is experiencing significant growth, attracting capital markets, while the leading company, Jianbang High-Tech, faces challenges in profitability despite its strong market position [1][2]. Financial Performance - Jianbang High-Tech's revenue is projected to grow from 1.759 billion RMB in 2022 to 3.95 billion RMB in 2024, with net profit increasing from 24.2 million RMB to 79.03 million RMB during the same period [2]. - However, by August 31, 2025, the company's profit dropped to 52.7 million RMB, a year-on-year decline of 32.1%, indicating ongoing pressure on profitability despite revenue growth [2]. - The company's gross margin has remained low, fluctuating between 3.3% and 3.9%, with net profit margins only between 1.4% and 2.2%, primarily due to pricing mechanisms linked to silver nitrate prices [2][3]. Market Position and Competition - Jianbang High-Tech ranks among the top three domestic manufacturers of photovoltaic silver powder in China from 2022 to 2024, holding market shares of 10.1%, 10.0%, and 9.8% respectively [1]. - The company relies heavily on silver powder, which constitutes over 97% of its total revenue, making it vulnerable to fluctuations in demand and pricing [2][3]. Operational Challenges - The company faces high customer and supplier concentration, with the top five customers accounting for 84.4% to 95.4% of revenue, and the top five suppliers representing over 97.7% of total procurement [3]. - Negative cash flow from operating activities has accumulated to approximately 620 million RMB over three years, indicating insufficient cash reserves to meet operational demands [3]. Industry Trends and Risks - The photovoltaic silver powder industry is experiencing overcapacity, with utilization rates around 31.7% for the industry and 36.7% to 43.4% for Jianbang High-Tech [4]. - The trend towards "silver reduction" and "silver-free" technologies in downstream photovoltaic cells poses a significant risk to silver powder demand [5]. Strategic Initiatives - Jianbang High-Tech aims to leverage its upcoming IPO to diversify and innovate, focusing on research and development for non-photovoltaic applications and alternative conductive materials [6]. - The company plans to establish R&D centers in East Asia and new production facilities in the Middle East to capitalize on regional growth opportunities [6].

Group 1 - The quantum computing industry is at a turning point, with large-scale applications expected between 2027 and 2029, driven by hardware iteration speed which determines the scarcity premium of certain stocks [1] - An invisible champion behind the AI explosion is actively developing copper powder, silver-coated copper powder, and nano-silicon powder, targeting new markets in photovoltaics and solid-state batteries, with analysts predicting a high certainty of performance reversal for the company: a net profit CAGR exceeding 80% from 2025 to 2027, with a PE valuation only one-third of the industry average [1]

Core Insights - The increasing power consumption of AI servers driven by high computing capabilities poses significant challenges to overall stability, necessitating the widespread use of more advanced MLCCs around high-performance chips and voltage regulation modules [1] - Nickel powder, a key internal electrode material in MLCCs, is evolving towards smaller particle sizes, higher purity, and high-temperature resistance to meet the demands of AI server development [1] - The company has achieved mass production of nickel powder with a particle size of 80nm, maintaining a global supply advantage, and has signed long-term agreements with key clients to secure future supply [1] Industry Developments - The photovoltaic sector is witnessing accelerated validation and mass production of BC and HJT battery modules, with the company's copper powder and silver-coated copper powder expected to see significant volume growth starting in 2026 [2] - The company is also producing nano-silicon powder using the PVD method for silicon-carbon battery anodes, with trials underway with multiple domestic and international clients, indicating potential for future mass production as the application of silicon-carbon anodes becomes more widespread [2] Financial Projections - Revenue forecasts for the company are projected at 1.195 billion, 2.210 billion, and 3.181 billion yuan for the years 2025 to 2027, with net profits of 245 million, 612 million, and 911 million yuan respectively, corresponding to PE ratios of 63, 25, and 17 times [2]

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]

Summary of the Conference Call for 博迁新材 Company Overview - The company reported a sales revenue of 518.55 million yuan in the first half of 2025, representing an 18.3% year-on-year increase, with a net profit of 105.52 million yuan, up 93.34% year-on-year [3][5][36]. Key Points Industry and Market Trends - The global MLCC market is shifting from scale growth to specification upgrades, with a notable demand for smaller and higher-capacity components driven by AI data centers and electric vehicles [3][7]. - The automotive electronics sector is the largest application market for MLCC, with high-end models requiring approximately 30,000 MLCCs per vehicle [7]. - The photovoltaic industry in China saw over 200 GW of new installations in the first half of 2025, more than doubling year-on-year [8]. Product Performance - Nickel-based products generated sales revenue of 400 million yuan in the first half of 2025, with a gross margin of approximately 37% and a shipment volume exceeding 670 tons [2][5]. - The company’s copper-based products achieved sales revenue of over 53 million yuan, with a gross margin of about 28%, reflecting a 5% year-on-year increase [8]. - The company’s multi-alloy powder shipments increased by over 40% quarter-on-quarter and more than doubled year-on-year [9]. Production Capacity and Expansion Plans - The company plans to build a new factory to add 1,200 tons of ultra-fine nickel powder production capacity and upgrade an existing line to produce an additional 600 tons, totaling 1,800 tons of ultra-fine metal powder [2][6][27]. - A new production line of 600 tons is expected to be operational by the end of Q3 2025, with another line planned for next year [27][28]. Financial Outlook - The company expects to maintain its nickel powder shipment target at around 1,400 tons for the year, despite a projected total shipment of over 1,300 tons in the first half [36]. - The gross margin is anticipated to improve in Q4 2025 due to the introduction of new high-margin products, although overall production capacity will remain stable [37]. Competitive Position and Customer Relationships - The company is the exclusive supplier of high-end nickel powder to Samsung Electro-Mechanics, accounting for over 50% of its revenue [4][19]. - The company’s copper powder technology has a high barrier to entry, making it difficult for competitors to replicate its products [38]. Challenges and Considerations - The company faces challenges in the short term regarding the development of its photovoltaic copper powder products, which require significant improvements in upstream materials or components [16]. - The demand for high-end nickel powder has seen significant growth, but the company’s shipment volumes remain stable due to customer inventory management practices [20]. Future Trends - The multi-alloy powder market is expected to grow at a compound annual growth rate of around 4% over the next seven years, driven by increasing demand for low-loss inductors [9]. - The company is exploring potential adjustments to its pricing strategy in response to market demand changes, although no specific plans have been finalized [29]. Additional Insights - The company’s production capacity is currently fully utilized, with cost reductions primarily achieved through process improvements and yield enhancements [15]. - The shift in customer order structures indicates a trend where domestic manufacturers are taking over lower-end production from Japanese and Korean firms, focusing on high-value products [31][32].