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 ...

江苏博迁新材料股份有限公司 第三届监事会第十八次会议决议公告 证券代码： 605376 证券简称：博迁新材 公告编号：2025-027 （一）审议通过《关于公司 2025 年第一季度报告的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）及指定信 息披露媒体披露的《江苏博迁新材料股份有限公司 2025 年第一季度报告》。 表决结果：3 票赞成，0 票反对，0 票弃权。 特此公告。 江苏博迁新材料股份有限公司 监事会 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 江苏博迁新材料股份有限公司（以下简称"公司"）第三届监事会第十八次 会议通知于 2025 年 4 月 23 日以邮件送达的方式通知了全体监事，会议于 2025 年 4 月 28 日以通讯的方式召开，本次会议应出席监事 3 人，实际出席监事 3 人， 会议由监事会主席蔡俊先生主持，本次会议的召开符合有关法律、行政法规、部 门规章、规范性文件和公司章程的规定。 二、监事会会议审议情况 2025 年 4 月 30 ...

证券代码： 605376 证券简称：博迁新材 公告编号：2025-026 江苏博迁新材料股份有限公司 第三届董事会第十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况： 江苏博迁新材料股份有限公司(以下简称"公司")第三届董事会第十九次会 议于 2025 年 4 月 28 日以通讯的方式召开。本次会议于 2025 年 4 月 23 日以邮件 送达的方式通知了全体董事。会议应出席董事 9 人，实际出席董事 9 人，公司监 事及高级管理人员列席了此次会议。会议由董事长王利平先生召集并主持，召集 和召开的程序符合《中华人民共和国公司法》及公司章程的规定。 二、董事会会议审议情况： （一）审议通过《关于公司 2025 年第一季度报告的议案》 本议案已经公司第三届董事会审计委员会第十六次会议审议通过。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）及指定信 息披露媒体披露的《江苏博迁新材料股份有限公司 2025 年第一季度报告》。 表决结果：9 票赞成，0 票反对， ...

江苏博迁新材料股份有限公司 内幕信息知情人登记管理制度 江苏博迁新材料股份有限公司 内幕信息知情人登记管理制度 第一章 总则 整签署书面确认意见。监事会应当对本制度实施情况进行监督，公 司不设监事会的，由审计委员会对本制度实施情况进行监督。 第三条 证券事务部是公司唯一的信息披露机构。未经公司董事会批准同意， 公司任何部门和个人不得向外界泄露、报道、传送有关涉及公司内 幕信息及信息披露的内容。对外报道、传送的文件、软（磁）盘、 录音（像）带、光盘等涉及内幕信息及信息披露内容的资料，须经 1 第一条 为规范江苏博迁新材料股份有限公司（以下简称"公司"）内幕信 息管理，做好内幕信息保密工作，根据《中华人民共和国证券法》 （以下简称"《证券法》"）《上市公司信息披露管理办法》《上市公 司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》等 有关法律、法规、规范性文件的规定，以及《公司章程》等规定， 结合公司实际情况，特制定本制度。 第二条 公司内幕信息管理工作由董事会统一领导和管理，公司董事会应当 按照相关规则要求及时登记和报送内幕信息知情人档案，并保证内 幕信息知情人档案真实、准确和完整。董事长为主要责任 ...

江苏博迁新材料股份有限公司2025 年第一季度报告 证券代码：605376 证券简称：博迁新材 江苏博迁新材料股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比上年同 | | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 期增减变动幅度 | | | | | (%) | | | 营业收入 | 249,811,049.60 | 199,887,471.13 | 24.98 | | 归属于上市公司股东的净利 | 47,866,169.95 | 15,578,818.60 | 207.25 | | 润 | | | | | 归属于上市公司股东的扣除 | 41,56 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5][6]. Core Insights - The company is expected to benefit from the increasing demand for high-end MLCC nickel powder driven by AI applications, with a projected revenue growth of 37.2% year-on-year in 2024 [2][3]. - The company's net profit for 2024 is forecasted to be 0.87 billion yuan, representing a significant increase of 370.7% year-on-year, although slightly below expectations [2][5]. - The report highlights the successful introduction of new nickel powder products into major overseas customer supply chains, which is anticipated to drive sales growth in the coming years [3][4]. Financial Performance Summary - **Revenue**: The company reported a revenue of 9.45 billion yuan in 2024, up 37.2% year-on-year, with a projected revenue of 12.40 billion yuan in 2025 [2][17]. - **Net Profit**: The net profit for 2024 is expected to be 0.87 billion yuan, with projections of 1.86 billion yuan in 2025 and 2.44 billion yuan in 2026 [5][17]. - **Gross Margin**: The gross margin for 2024 is reported at 20.91%, an increase of 5.87 percentage points year-on-year [2][13]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.33 yuan in 2024, increasing to 0.71 yuan in 2025 [5][17]. Business Segment Analysis - **Nickel-based Products**: This segment is the largest, contributing 6.85 billion yuan in revenue in 2024, with a year-on-year growth of 36.9% [3][4]. - **Copper-based Products**: Revenue from this segment is expected to reach 1.22 billion yuan in 2024, reflecting a growth of 56.4% year-on-year [3][4]. Market Position - The company is positioned as a leader in the domestic MLCC nickel powder market, with significant growth potential due to the rising demand from AI-driven applications [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company's revenue for 2024 is projected to reach 945.31 million yuan, representing a year-on-year growth of 37.22% [5][11]. - The company has shown a significant recovery in profitability, with a net profit of 87.48 million yuan in 2024, compared to a loss of 32.31 million yuan in 2023 [11][12]. - The demand for high-end nickel powder is expected to rise due to the growth in the MLCC industry and the recovery of the consumer electronics market [3][4]. - The company is accelerating the industrialization of photovoltaic copper instead of silver, which is anticipated to optimize cost-effectiveness in the photovoltaic industry [4]. Revenue and Profitability - In 2024, the company achieved a revenue of 9.45 billion yuan, a 37.2% increase year-on-year, with a net profit of 0.87 billion yuan [1]. - Nickel powder revenue reached 6.8 billion yuan in 2024, up 36.85% year-on-year, with a gross margin of 24.36% [2]. - The gross margin for the company improved to 20.91% in 2024, an increase of 5.87 percentage points year-on-year [2][12]. Market Trends - The global smartphone shipment is expected to grow by 6.4% in 2024, driving demand for MLCCs and subsequently for high-end nickel powder [3]. - The company’s proprietary technology in producing nano nickel powder is well-positioned to meet the increasing demand in the MLCC market [3]. Financial Forecast - The company forecasts net profits of 2.3 billion yuan, 3.3 billion yuan, and 3.8 billion yuan for 2025, 2026, and 2027 respectively, reflecting an upward revision in profit expectations [4][5]. - The projected revenue for 2025 is 1.17 billion yuan, with a growth rate of 23.75% [5][11]. Inventory Management - The company's inventory decreased from 4.35 billion yuan at the end of 2023 to 2.89 billion yuan in 2024, a reduction of 33.53% [2]. Valuation Metrics - The company’s price-to-earnings ratio (P/E) is projected to be 38.66 in 2025, indicating a recovery in profitability [5][12]. - The price-to-book ratio (P/B) is expected to decline from 5.85 in 2024 to 5.29 in 2025, suggesting improved valuation metrics [5][12].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company's revenue for 2024 is projected to reach 945.31 million yuan, representing a year-on-year growth of 37.22% [5][11]. - The company has shown a significant recovery in profitability, with a net profit of 87.48 million yuan in 2024, compared to a loss of 32.31 million yuan in 2023 [11][12]. - The demand for high-end nickel powder is expected to rise due to the growth in the MLCC industry and the recovery of the consumer electronics market [3][4]. - The company is accelerating the industrialization of photovoltaic copper instead of silver, which is anticipated to optimize cost-effectiveness in the photovoltaic industry [4]. Revenue and Profitability - In 2024, the company achieved a revenue of 9.45 billion yuan, a 37.2% increase year-on-year, with a net profit of 0.87 billion yuan [1]. - Nickel powder revenue reached 6.8 billion yuan in 2024, up 36.85% year-on-year, with a gross margin of 24.36% [2]. - The company's overall gross margin improved to 20.91% in 2024, an increase of 5.87 percentage points year-on-year [2][12]. Market Trends - The global smartphone shipment is expected to grow by 6.4% in 2024, driving demand for MLCCs and subsequently for high-end nickel powder [3]. - The company’s proprietary technology for producing nano nickel powder is well-positioned to meet the increasing demand in the MLCC market [3]. Financial Forecast - The forecast for net profit is set at 232.24 million yuan for 2025, 333.92 million yuan for 2026, and 375.92 million yuan for 2027, indicating a strong growth trajectory [5][11]. - The company's EBITDA is projected to grow from 221.64 million yuan in 2024 to 480.54 million yuan by 2027 [5][11]. Inventory Management - The company's inventory decreased from 4.35 billion yuan at the end of 2023 to 2.89 billion yuan in 2024, a reduction of 33.53% [2].

Core Viewpoint - The company is a global leader in the production of fine-particle nano nickel powder, benefiting from the rapid development of AI and the increasing demand for fine-grade nickel powder in high-capacity MLCCs, initiating a new growth cycle [1] Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 87.48 million yuan, representing a year-on-year increase of 370.73% [2] - The company reported an operating income of 945 million yuan in 2024, a year-on-year growth of 37.22% [2] - A cash dividend of 1.5 yuan per 10 shares (including tax) is proposed, totaling 39.24 million yuan [2] Industry Trends - The explosion of AI is driving the demand for high-end MLCCs, marking the beginning of a new growth cycle [3] - AI terminals require higher stability, power, and compactness from electronic components, leading to a trend towards miniaturization, high frequency, and high power in passive electronic components [3] - AI servers consume five times more power than ordinary servers, with MLCC usage reaching 25,000 pieces per unit, which is 12.5 times that of standard servers [3] Product Development - The company is a leading producer of nano-level electronic specialty high-end metal powder materials, with its 80nm nickel powder reaching a world-class level [4] - The company has successfully introduced fine-particle graded nickel powder products to downstream customers, particularly in the AI server and automotive electronics sectors [4] - The company is focusing on developing basic powder materials suitable for high-capacity automotive MLCCs, which will be a cornerstone for future growth [4] Technological Advancements - The company is advancing the use of copper instead of silver in the photovoltaic industry, which is crucial for cost reduction and efficiency improvement [5] - The company is leveraging core-shell structure bimetal powder preparation technology to develop silver-coated copper powder products with high conductivity and low silver content [5] - The company is exploring the application potential of copper instead of silver electrode technology in the photovoltaic field, aiming to create a differentiated product matrix [5] Future Growth Potential - The company is developing nano-silicon powder for solid-state batteries, with high purity and small particle size advantages [6] - The company is in technical exchanges with leading firms in the solid-state battery industry and is conducting trial evaluations of its nano-silicon materials with multiple domestic and international clients [6] - The completion of the pilot production line for nano-silicon powder positions the company to capitalize on the explosive demand for solid-state battery anode technology [6] Profit Forecast - Revenue projections for the company are estimated at 1.57 billion yuan, 2.42 billion yuan, and 3.34 billion yuan for 2025-2027, with net profits of 250 million yuan, 450 million yuan, and 630 million yuan respectively [7] - Corresponding price-to-earnings ratios are expected to be 36, 20, and 14 times [7]