Jiangsu Boqian New Materials Stock (SH:605376)2026-01-20 02:20Company and Industry Summary Company: 博迁新材 (Bojian New Materials) Key Points - Industry Context: The demand for AI servers is driving an increase in power consumption, necessitating the use of nickel powder as a key material for internal electrodes in MLCCs (Multilayer Ceramic Capacitors) to ensure stability [1][2] - Product Development: The evolution of AI servers requires MLCCs to upgrade towards miniaturization, high capacitance, and high-temperature resistance, which in turn drives the development of nickel powder towards smaller particle sizes, higher purity, and better thermal resistance [1][2] - Technical Advantages: The company produces nickel powder using a self-developed PVD (Physical Vapor Deposition) method, which offers high yield, uniform microstructure, high tap density, and even distribution of alloy elements. The production equipment is designed and assembled in-house, showcasing significant technical barriers [2] - Market Position: The company has achieved mass production of nickel powder with a particle size of 80nm, maintaining a global supply dominance. This capability is supported by extensive know-how accumulated in various production stages, particularly in high-temperature metal evaporation [2] - Long-term Contracts: To secure future stable supply, downstream customers are proactively signing long-term agreements with the company. Recently, a significant contract was signed with customer X, committing to supply between 5,420 to 6,495 tons of nickel powder from August 2025 to December 2029, with annual supply volumes nearly matching the company's expected shipments for 2024 [2] - Copper Powder Business: With silver prices reaching new highs, the photovoltaic industry is expected to shift from silver paste to copper paste, which could lead to significant growth in the company's copper powder business starting in 2026, provided subsequent validations are successful [2] - Revenue Forecast: The company is projected to achieve revenues of 1.195 billion, 2.210 billion, and 3.181 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 245 million, 612 million, and 911 million yuan. Corresponding P/E ratios are expected to be 63, 25, and 17 times [2] Risk Factors - Risks: Potential risks include underperformance in technology development, increased market competition, and lower-than-expected downstream demand [3]