每经AI快讯，天风证券8月27日发布研报称，给予博迁新材（605376.SH）买入评级。评级理由主要包 括：1）产品结构优化叠加原料降本，公司盈利能力显著修复；2）AI服务器需求快速增长，成为高阶 MLCC需求的主要驱动力；3）新一轮资本开支印证镍粉高景气度。风险提示：需求波动风险；行业竞 争加剧风险；汇率波动风险；原材料价格波动风险；客户集中度较高风险；知识产权诉讼风险。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 胡玲） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

公司报告 | 半年报点评 博迁新材（605376） 证券研究报告 业绩大幅改善，新一轮资本开支印证镍粉高景气度 中报业绩：25H1 实现营收 5.19 亿元，同比+18.3%；归母净利润 1.06 亿元， 同比+93.3%；扣非净利润 0.98 亿元，同比+124.6%。其中 Q2 实现营收 2.69 亿元，同比+12.7%，环比+7.6%；实现归母净利润 0.58 亿元，同比+47.8%， 环比+20.5%。 产品结构优化叠加原料降本，公司盈利能力显著修复 营收端，25H1 实现营收 5.19 亿元，同比+18.3%，其中 Q2 营收同比+12.7%， 环比+7.6%，主要系消费电子延续复苏态势，同时适配 AI 服务器及车载应 用的高性能 MLCC 需求强劲，提振上游粉体材料需求，同时产品结构明显 改善。盈利端，25H1 公司毛利率 33.18%，Q2 毛利率 33.92%，环比+1.54pcts， 其中 25H1 核心产品镍粉毛利率 37.5%，同比+13.8pcts 提升明显。期间沪 镍均价 12.5 万元/吨，yoy-8.1%，原料价格中枢下移助力公司盈利能力修复。 费用端，25H1 期间费用率 10 ...

证券研究报告·公司点评报告·能源金属 2025 年 08 月 25 日 博迁新材（605376） 2025 年半年报点评：业绩同比高增，镍基延 续复苏态势、铜基降银持续推进 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 688.91 | 945.31 | 1,184.34 | 2,207.82 | 3,267.88 | | 同比（%） | (7.72) | 37.22 | 25.29 | 86.42 | 48.01 | | 归母净利润（百万元） | (32.31) | 87.48 | 249.50 | 500.85 | 650.04 | | 同比（%） | (121.05) | 370.73 | 185.23 | 100.74 | 29.79 | | EPS-最新摊薄（元/股） | (0.12) | 0.33 | 0.95 | 1.91 | 2.48 | | P/E（现价&最新摊薄） | (409.27) | ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 57.3 CNY based on a 30x PE for 2026 [7]. Core Views - The company is positioned as a leader in electronic powder materials, leveraging its advanced technology to expand into the new energy sector, which is expected to become a second growth driver [12]. - The company has a strong management team with a dual focus on technology and market development, continuously investing in R&D to enhance its competitive edge [17]. - The recovery of the MLCC (Multi-layer Ceramic Capacitor) market is anticipated in 2024, driven by the demand from AI servers and high-end consumer electronics, which will positively impact the company's revenue and profitability [38]. Summary by Sections 1. Focus on Electronic Powders and New Energy - The company has deepened its expertise in nano metal powder materials and is accelerating its entry into the new energy sector, aiming to establish a dual main business structure of high-end electronics and photovoltaics [12]. - The company has made significant advancements in nickel powder technology, which is crucial for MLCC production, and is expected to see a recovery in net profit starting in 2024 [23]. 2. AI Server Driven MLCC High-End Development - The MLCC industry is entering a new growth cycle, with a projected global market size increase of 7% in 2024, reaching 104.2 billion CNY [38]. - AI servers are expected to significantly increase the demand for MLCCs, with each server using 4000-6000 MLCCs, which is 2-3 times more than traditional servers [40]. 3. Technological Strength and Market Position - The company is recognized for its leading technology in electronic powders, particularly in the PVD (Physical Vapor Deposition) process, which creates a competitive barrier in the market [12]. - The company has established strong relationships with key clients, benefiting from the recovery of high-end consumer electronics and AI server demand [17]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve a net profit of 249.5 million CNY in 2025, with a year-on-year growth of 185.23%, and an EPS of 0.95 CNY [7]. - The report emphasizes the company's strong market position and technological capabilities, justifying the "Buy" rating and the target price based on future earnings potential [7].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 57.3 CNY based on a 30x PE for 2026 [7]. Core Insights - The company is positioned as a leader in electronic powder materials, leveraging its advanced technology in nickel powder production for MLCCs and expanding into the renewable energy sector, which is expected to drive its second growth phase [7][12]. - The company has a strong management team with a dual focus on technology and market development, which has led to significant R&D investments and a robust product pipeline [12][17]. - The recovery of the MLCC market is anticipated in 2024, with a projected revenue increase driven by the demand from AI servers and high-end consumer electronics [7][38]. Summary by Sections 1. Focus on Electronic Powders and Dual Growth Drivers - The company has deepened its expertise in nano metal powder materials and is expanding into the renewable energy sector, establishing a dual business model focused on high-end electronics and photovoltaic materials [12]. - The company has transitioned from a focus on nano metal powder technology to a broader product range, including copper paste for photovoltaic applications, which is expected to contribute significantly to future revenues [12][28]. 2. AI Server-Driven MLCC High-End Market - The MLCC industry is entering a new growth cycle, with a projected global market size increase of 7% in 2024, reaching 104.2 billion CNY, and further growth expected in 2025 [38]. - AI servers are significantly increasing the demand for MLCCs, with usage per server expected to rise dramatically, thus driving the need for high-performance, small-sized components [40][41]. 3. Technical Strength and Market Position - The company has established itself as a hidden champion in electronic powder materials, with its PVD process creating significant barriers to entry for competitors [7][12]. - The company is deeply integrated with major clients, such as Samsung Electro-Mechanics, which accounts for over 50% of its sales, positioning it well to benefit from the recovery in high-end MLCC demand [7][12]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve a net profit of 249.5 million CNY in 2025, with a growth rate of 185%, and further increases projected for 2026 and 2027 [7]. - The report emphasizes the company's strong market position and technological capabilities, justifying the "Buy" rating and the target price based on future earnings potential [7][12].

Group 1: Report Overview - The report is about a research on Boqian New Materials in the small metal industry on May 20, 2025 [1][2][17] Group 2: Research Participants - The participating institutions include online investors [2] Group 3: Company Representatives - The company representatives are Chen Gangqiang (Director and General Manager), Qiu Oute (Director and CFO), Jiang Ying (Director and Board Secretary), and Leng Jun (Independent Director) [17] Group 4: Company Responses to Questions Nickel Powder Business - The company's customers are MLCC and other electronic component manufacturers and electronic paste manufacturers. The Japanese market is being continuously expanded. The demand for small - particle - size nickel powder products has increased due to the upgrade of upstream passive electronic components. In 2024, the company's nickel - based products achieved an operating income of 684,564,670.66 yuan, and the annual sales volume exceeded 1400 tons [24] - The company's production process for different products is unique, and relevant indicators are core technology and business strategies, so they are not disclosed separately. For market share, it is recommended to refer to public third - party industry reports [24][25] - In the first quarter of 2025, the shipment proportion of small - particle - size high - end nickel powder increased significantly compared with the same period in 2024. The company's customers' end - customers cover the AI server field, but the company has no direct cooperation with specific AI server field customers [27] Other Products - New materials in industries such as photovoltaic copper powder, silicon - carbon anode, and 3D printing materials have a long application and promotion verification period due to technical complexity and safety requirements [25] - In 2024, the company's copper - based products achieved an operating income of 121,967,837.44 yuan, and the annual sales volume reached more than 150 tons. The company will strengthen market expansion and cooperate with downstream customers for R & D [26] Financial Issues - The company's performance decline in the fourth quarter of 2024 was mainly due to inventory write - downs and production process adjustments. The cash - flow change in the first quarter of 2025 was normal as the company increased raw material procurement and had growing accounts receivable within the normal payment period [26][27] Information Disclosure - The company strictly complies with relevant laws, regulations, and regulatory requirements for information disclosure, and there is no undisclosed information or insider information leakage [24][26]