27 August 2025 | 9:15PM HKT Boqian New Materials (605376.SS) Improving outlook for MLCC electrode materials; reviving opportunities for solar conductive materials; maintain Neutral on valuation 605376.SS 12m Price Target: Rmb47.00 Price: Rmb46.80 Upside: 0.4% We raise our EPS estimates substantially (38-47%) and correspondingly our SoTP-based 12-m TP (to Rmb47.0 from Rmb23.0 previously), post 2Q25 results (NP +48% yoy) which revealed faster-than-expected recovery of the company's MLCC electrode material bus ...