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 ...

（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 ...

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].

Core Insights - The report highlights Jiangsu Boqian New Materials Co., Ltd.'s commitment to corporate social responsibility, focusing on environmental, social, and governance (ESG) practices for the year 2024 [1][2][4]. Company Overview - Jiangsu Boqian New Materials Co., Ltd. was established in 2010 and specializes in the research, production, and sales of high-end nano metal powder materials, becoming a pioneer in the application of nano metal materials in China [2][3]. - The company has a total of 164 valid authorized patents as of the end of 2024, showcasing its focus on technological innovation [2]. Innovation and Technology - The company is dedicated to exploring cutting-edge technologies, particularly in ultra-fine nano metal materials for electronic devices, and has made significant advancements in high-performance capacitor electrode nickel powder [2][3]. - Boqian New Materials aims to enhance the lightweight and miniaturization of products across various sectors, including consumer electronics, new energy vehicles, and aerospace [2]. Green Development - Under the "dual carbon" goals, the company prioritizes green development, adhering to regulations, pollution prevention, energy conservation, and continuous improvement [2][3]. - In 2024, the company invested significantly in environmental protection, utilizing clean energy with an annual photovoltaic power generation of over 3.36 million kilowatt-hours [2]. Employee Welfare - The company emphasizes a people-oriented approach, focusing on talent selection, training, and retention, and has established a scholarship program to support research talent [2][3]. - Boqian New Materials aims to create a dynamic win-win situation between corporate growth and employee development [2]. Corporate Governance - The company has established a robust governance structure, ensuring clear responsibilities among the board of directors, supervisory board, and management, thereby protecting the interests of all shareholders [4][5]. - The board consists of nine members, including three independent directors, and has maintained a 100% attendance rate in meetings [4][5]. Investor Relations - The company has a comprehensive information disclosure system, adhering to regulations to ensure transparency and protect investor rights [5][6]. - In the reporting period, the company distributed cash dividends totaling 83.71 million yuan, reflecting its commitment to sharing profits with investors [5][6].

Core Viewpoint - Jiangsu Boqian New Materials Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased demand in the MLCC market and improvements in product structure [1][2]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 518.55 million yuan, an increase of 18.30% compared to the same period last year [2]. - The total profit reached approximately 116.86 million yuan, representing a 103.05% increase year-on-year [2]. - The net profit attributable to shareholders was approximately 105.52 million yuan, up 93.34% from the previous year [2]. - The net cash flow from operating activities was approximately 120.72 million yuan, down 34.80% compared to the previous year [2]. - The company's total assets increased by 7.89% to approximately 1.93 billion yuan, while net assets rose by 4.32% to approximately 1.60 billion yuan [2]. Industry and Main Business Analysis - The company's main business focuses on the research, production, and sales of high-end metal powder materials for electronic applications, particularly nickel and copper powders used in MLCC production [3][4]. - The global MLCC market is experiencing steady growth, driven by advancements in AI technology, increased penetration of electric vehicles, and a recovery in consumer electronics demand [3][4]. - The automotive electronics sector is the largest application market for MLCCs, accounting for 30.5% of the total market size [3]. - The demand for MLCCs is expected to grow significantly due to the rising production of AI servers and electric vehicles, which require high-performance electronic components [4][5]. Operational Performance and Strategic Focus - The company has optimized its product structure and increased R&D investment to enhance the performance of its core materials, particularly in response to the growing demand for high-performance MLCCs [6][7]. - The company is focusing on improving the preparation processes for nickel-based products and enhancing the quality of its metal powders to meet the evolving needs of the MLCC market [7][8]. - The company has established a comprehensive quality management system and has received multiple certifications, ensuring the reliability and performance of its products [11][12]. Competitive Advantages and Future Outlook - The company holds 185 valid patents, demonstrating its commitment to technological innovation and industry leadership [10][11]. - The management team has extensive experience in the metal powder materials industry, contributing to the company's strategic direction and market expansion [13][14]. - The company aims to maintain its competitive edge by continuously adapting to market trends and customer demands, particularly in the high-end MLCC segment [6][7].

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].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company reported strong Q1 2025 performance with revenue of 250 million, a year-on-year increase of 24.98% and a quarter-on-quarter increase of 14.39%. The net profit attributable to shareholders reached 48 million, up 207.25% year-on-year and 1897% quarter-on-quarter [1]. - The improvement in product structure is expected to significantly enhance profitability, with a gross margin of 32.38%, up 13.59 percentage points year-on-year and 11.92 percentage points quarter-on-quarter. The net profit margin reached 19.16%, an increase of 11.37 percentage points year-on-year and 18.06 percentage points quarter-on-quarter [2]. - The MLCC industry is entering a new growth cycle, driven by the recovery in the consumer electronics market and the demand for high-end nickel powder, which is expected to boost sales [3]. - The company is positioned to benefit from the accelerated industrialization of copper-alternative silver products in the photovoltaic sector, leveraging its core powder preparation technology [4]. Financial Summary - Revenue projections for 2025 are estimated at 1.17 billion, with a growth rate of 23.75%. The net profit attributable to shareholders is projected to be 232 million, reflecting a growth rate of 165.49% [5][10]. - The company’s EBITDA is expected to reach 318 million in 2025, with a corresponding EV/EBITDA ratio of 29.86 [5][10]. - The company’s total assets are projected to be 2.45 billion by 2025, with a debt-to-equity ratio of 30.62% [12].