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 ...

Summary of the Conference Call for 博迁新材 Company Overview - 博迁新材 is the only domestic company mastering PVD technology for powder production, benefiting from the recovery of AI servers and high-end consumer electronics, leading to a steady growth in high-end electronic powder demand, expected to reach around 250 million yuan [2][5][30] Key Industry Insights - The global MLCC market size is estimated between 100 billion to 110 billion USD, with a recovery of single-digit growth expected in 2024 and 2025 due to increased demand from AI servers and new energy vehicles [2][16][18] - The photovoltaic (PV) industry is experiencing a trend of reducing silver usage, with copper paste technology accelerating as a substitute, expected to reach an application volume of 30GW to 40GW in the coming year [2][8][32] Core Business Performance - The core business of 博迁新材 is nickel powder, contributing 70% to 80% of revenue, primarily used in MLCC for consumer and automotive electronics. In Q1 2024, revenue reached 250 million yuan with a net profit of nearly 50 million yuan, a 200% year-on-year increase, and a gross margin recovery to 32% [2][13][14][30] - The copper powder market for BC battery scenarios is expected to contribute a market space of over 700 tons by 2026, with significant growth potential [2][6] Financial Projections - The electronic powder business is expected to maintain stable profit levels, projected to reach around 250 million yuan [2][5] - The copper powder business is anticipated to see large-scale introduction in 2026, with expected shipments exceeding 1,000 tons and a gross margin of over 30% [4][31] - Overall, the company expects to achieve around 500 million yuan in revenue by 2026, with a market capitalization potentially reaching 15 billion yuan based on a 30x P/E ratio [4][32] Competitive Advantages - 博迁新材's competitive edge in the electronic powder sector lies in its strong technical capabilities, market position, brand accumulation, and continuous innovation, particularly through its unique PVD process [3][24] - The company has established a strong position in the copper powder market by collaborating with major clients in the PV sector, successfully developing silver-coated copper powder and HCD copper paste with initial shipments [2][9][28] Market Trends and Future Outlook - The demand for MLCCs is significantly driven by AI servers, with usage per server increasing dramatically compared to traditional servers [17] - The company is well-positioned to benefit from the domestic substitution trend in the powder supply chain, particularly in the PV sector [2][9] Key Milestones - Important milestones include the completion of technology validation by major clients in Q3 2025 and the large-scale introduction of copper paste in BC batteries in Q1 2026, which are expected to catalyze further growth [4][33]

Core Viewpoint - The photovoltaic silver powder industry is experiencing price increases, with Jianbang Gaoke Co., Ltd. being a leading player in this sector, despite the overall decline in the photovoltaic industry prices [1][2]. Group 1: Company Overview - Jianbang Gaoke was established in March 2010, focusing on high-tech new energy and advanced materials [2]. - The company ranks first among domestic manufacturers and second globally in photovoltaic silver powder sales, holding a market share of 9.9% [1]. - Revenue for Jianbang Gaoke was 1.759 billion yuan in 2022, projected to reach 3.950 billion yuan in 2024, with profits increasing from 24 million yuan in 2022 to 79 million yuan in 2024 [2]. Group 2: Market Dynamics - The global demand for photovoltaic silver powder is expected to grow significantly, with production increasing from approximately 2,700 tons in 2020 to about 6,600 tons by 2024, reflecting a compound annual growth rate (CAGR) of 25% [3]. - The average price of silver nitrate, a key raw material for silver powder, is projected to rise from 31,000 yuan per ton in 2020 to 40,000 yuan per ton by 2024 [3]. - The price of photovoltaic silver powder is anticipated to increase from 47,000 yuan per ton in 2020 to 65,000 yuan per ton by 2024, with future projections estimating it could reach around 93,000 yuan per ton [3]. Group 3: Competitive Landscape - The industry is witnessing a shift towards silver-coated copper powder as a substitute for silver powder, particularly in heterojunction battery production [1][4]. - Companies like Jianbang Gaoke are actively exploring new product lines, including non-photovoltaic applications and alternative conductive materials, which may pose market risks [5]. - The rise of alternative materials such as silver-coated copper and electroplated copper technology could impact the sales of traditional silver powder products [4].

Core Viewpoint - The photovoltaic silver powder industry is experiencing price increases, contrasting with the overall decline in the photovoltaic sector, with Jianbang High-Tech Co., Ltd. being a leading player in this niche market [1][2]. Company Overview - Jianbang High-Tech was established in March 2010, with its subsidiary, Jianbang Colloidal Materials, focusing on high-tech renewable energy and advanced materials [2]. - The company has become one of the first domestic producers capable of manufacturing silver powder compatible with TOPCon battery LECO technology by Q4 2023 [2]. Financial Performance - Jianbang High-Tech's revenue and net profit have shown significant growth: - 2022: Revenue of 1.759 billion RMB, Net Profit of 24.2 million RMB - 2023: Revenue of 2.782 billion RMB, Net Profit of 59.89 million RMB - 2024: Revenue projected at 3.495 billion RMB, Net Profit projected at 79.03 million RMB [2][4][5]. Market Dynamics - The global demand for photovoltaic silver powder is increasing, with production expected to rise from approximately 2,700 tons in 2020 to about 6,600 tons by 2024, reflecting a compound annual growth rate (CAGR) of 25% [5]. - The sales revenue for photovoltaic silver powder is projected to grow at a CAGR of 35% during the same period, driven by rising silver prices [5]. Price Trends - The average price of silver nitrate, a key raw material for silver powder, is expected to rise from 0.31 million RMB/kg in 2020 to 0.40 million RMB/kg by 2024 [5]. - The price of photovoltaic silver powder is anticipated to increase from 0.47 million RMB/kg to 0.65 million RMB/kg during the same timeframe, with future projections suggesting it could reach approximately 0.93 million RMB/kg by 2029 [9]. Competitive Landscape - The industry is witnessing a shift towards silver-coated copper powder as a cost-effective alternative to silver powder, with companies like Jianbang High-Tech exploring new product lines to adapt to market changes [10][11]. - Domestic companies, including Jianbang Colloidal Materials and Boqian New Materials, are making significant advancements in the photovoltaic silver powder sector, gradually increasing their market share and breaking foreign monopolies [10].

公司报告 | 季报点评 博迁新材（605376） 证券研究报告 业绩开门红，预计产品结构改善大幅提升盈利 一季报业绩：25Q1 公司实现营收 2.5 亿，同比+24.98%，环比+14.39%；实 现归母净利润 0.48 亿元，同比+207.25%，环比+1897%；实现扣非后归母净 利润 0.42 亿元，同比+295.86%，环比+918.38%。 产品结构改善或大幅提升盈利，库存结构持续优化 利润端，25Q1 公司毛利率 32.38%，同比+13.59pct，环比+11.92pct；期间 费用率 10.98%，同比-1.35pct，环比+0.62pct，Q1 美元贬值，期间费用率 环比上升主要受财务费用影响。最终录得净利率 19.16%，同比+11.37pct， 环比+18.06pct，盈利能力大幅提升，我们推测主要由于下游需求复苏，公 司小粒径高端镍粉销量逐步回升，产品结构大幅改善。 库存方面，存货账面价值从 24 年报的 2.89 亿降至一季报的 2.66 亿，降低 0.23 亿元。去年 Q4 计提约 1800 万资产减值，今年 Q1 资产减值不到 100 万，公司积极管控库存，逐步甩掉减值包袱和高价 ...

公司报告 | 季报点评 博迁新材（605376） 证券研究报告 业绩开门红，预计产品结构改善大幅提升盈利 一季报业绩：25Q1 公司实现营收 2.5 亿，同比+24.98%，环比+14.39%；实 现归母净利润 0.48 亿元，同比+207.25%，环比+1897%；实现扣非后归母净 利润 0.42 亿元，同比+295.86%，环比+918.38%。 产品结构改善或大幅提升盈利，库存结构持续优化 利润端，25Q1 公司毛利率 32.38%，同比+13.59pct，环比+11.92pct；期间 费用率 10.98%，同比-1.35pct，环比+0.62pct，Q1 美元贬值，期间费用率 环比上升主要受财务费用影响。最终录得净利率 19.16%，同比+11.37pct， 环比+18.06pct，盈利能力大幅提升，我们推测主要由于下游需求复苏，公 司小粒径高端镍粉销量逐步回升，产品结构大幅改善。 库存方面，存货账面价值从 24 年报的 2.89 亿降至一季报的 2.66 亿，降低 0.23 亿元。去年 Q4 计提约 1800 万资产减值，今年 Q1 资产减值不到 100 万，公司积极管控库存，逐步甩掉减值包袱和高价 ...