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].

证券代码：605376 证券简称：博迁新材 公告编号：2025-034 江苏博迁新材料股份有限公司 关于持股 5%以上股东减持计划实施完毕 暨减持结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，江苏博迁新材料股份有限公司（以下简称"公司"） 持股 5%以上股东宁波众智聚成创业投资合伙企业（有限合伙）（以下简称"众智 聚成"）持有公司无限售流通股 22,029,000 股，占公司总股本的 8.42%。上述股 份全部为公司首次公开发行股票前已持有的股份，并已于 2021 年 12 月 8 日上市 流通。 减持计划的实施结果情况 至 8.00%。具体内容详见公司于 2025 年 5 月 10 日披露的《江苏博迁新材料股份 有限公司关于持股 5%以上股东权益变动触及 1%的提示性公告》（公告编号： 2025-030）。 公司于 2025 年 5 月 30 日收到持股 5%以上股东众智聚成出具的《关于持股 比例变动触及 1%刻度的告知函》，众智聚成于 2025 ...

证券代码：605376 证券简称：博迁新材 公告编号：2025-034 江苏博迁新材料股份有限公司 关于持股 5%以上股东减持计划实施完毕 暨减持结果公告 本公司董事会、全体董事及相关股东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： 近日，公司收到持股 5%以上股东众智聚成出具的《关于减持计划实施完毕 暨减持结果告知函》，截至 2025 年 6 月 10 日，众智聚成在减持计划实施期间通 过集中竞价交易方式累计减持公司股份 2,616,000 股，占公司总股本的 1%；通 过大宗交易方式累计减持公司股份 5,232,000 股，占公司总股本的 2%，本次减 持计划实施完毕。众智聚成合伙人王君平先生，系公司实际控制人王利平先生近 亲属，其通过众智聚成间接持有的公司股份不参与本次股份减持。 2 股东持股的基本情况 本次减持计划实施前，江苏博迁新材料股份有限公司（以下简称"公司"） 持股 5%以上股东宁波众智聚成创业投资合伙企业（有限合伙）（以下简称"众智 聚成"）持有公司无限售流通股 22,029,000 股，占公司总股本的 8.42 ...

Core Viewpoint - Jiangsu Boqian New Materials Co., Ltd. announced a reduction in shareholding by a major shareholder, Ningbo Zhongzhi Jucheng Venture Capital Partnership, which decreased its stake from 6.85% to 6.00% through block trading, impacting the company's equity structure [1][2]. Group 1 - The shareholder, Ningbo Zhongzhi Jucheng, reduced its holdings by 221.70 thousand shares, representing 0.85% of the total share capital of the company [1]. - The reduction in shareholding did not trigger mandatory tender offer obligations [1]. - The company confirmed that the reduction does not violate any prior commitments or plans made by the shareholder [1]. Group 2 - The reduction occurred between June 4 and June 5, 2025, and the shareholder's new holding is now 1,569.60 thousand shares [1]. - The company will continue to monitor the shareholder's compliance with reduction regulations and ensure timely information disclosure [2].

证券代码：605376 证券简称：博迁新材 公告编号：2025-033 江苏博迁新材料股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 宁波众智聚成创业投资合伙企业（有限合伙）保证向本公司提供的信息真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 6.85% | | | | 权益变动后合计比例 | 6.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 上述信息披露义务人无一致行动人。 二、 权益变动触及 1%刻度的基本情况 江苏博迁新材料股份有限公司（以下简称"公司"）于 2025 年 6 月 6 日收 到持股 5%以上股东宁波众智聚成创业投资合伙企业（有限合伙）（以下简称"众 ...

证券代码：605376 证券简称：博迁新材 公告编号：2025-032 江苏博迁新材料股份有限公司 2.信息披露义务人信息 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 宁波众智聚成创业投资合伙企业（有限合伙）保证向本公司提供的信息真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 8.00% | | | | 权益变动后合计比例 | 6.85% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | √其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 ...

Summary of the Conference Call for 博迁新材 Company Overview - 博迁新材 reported a revenue of 945 million yuan in 2024, representing a year-on-year growth of 37.22% [2] - The net profit reached 87.48 million yuan, a significant increase of 300% year-on-year, driven by the recovery in the consumer electronics market and the development of the AI industry [2][3] - The company specializes in the production of nano-sized metal and non-metal powders, including nickel, copper, silver, and alloy powders [3] Financial Performance - In Q1 2025, the company achieved sales revenue of nearly 200 million yuan with a gross margin exceeding 35%, an increase of 8 percentage points compared to Q4 2024 [2][3] - The estimated annual shipment of nickel powder for 2025 is approximately 1,600 tons, up from 1,400 tons in 2024 [2][7] Production Capacity and Expansion Plans - 博迁新材 operates over 160 production lines with an annual output capacity of 2,000 to 2,200 tons of finished powder [5] - The company is closely monitoring the validation of automotive-grade MLCC products and may expand nickel powder production lines if validation is successful [9] Market Demand and Trends - The demand for high-end nickel powder is primarily driven by high-end consumer electronics and AI servers, particularly for ultra-high-capacity MLCC applications [8] - The AI server market represents a new growth area for nano-sized nickel powder [8] - The company is also in the client validation phase for photovoltaic-grade copper powder, with potential for significant market expansion if successful [15] Customer Base - Major customers include Samsung Electro-Mechanics (over 50% of revenue), Yageo, and Huaxin Technology [10] - Samsung Electro-Mechanics has begun supplying automotive-grade MLCCs to Tesla and BYD, indicating potential future demand growth [3][10] Competitive Landscape - 博迁新材 is the first company globally to industrialize the production of M24C nickel powder using plasma technology, giving it a competitive edge [11] - The company utilizes both chemical and physical methods for production, with physical methods offering advantages in producing small particle sizes [11][13] Pricing and Profitability - The gross margin for Q1 2025 was reported at 35%, with expectations to restore margins to 2021 levels, indicating potential for further growth [17][27] - Product pricing is based on raw material costs plus processing fees, with high-end products priced significantly higher [26] Risks and Challenges - The ongoing US-China trade tensions and tariff issues may impact the recovery of the high-end consumer electronics market [8][18] - The company does not export directly to the US, but its products may be affected by tariffs through downstream consumer electronics [18] Conclusion - 博迁新材 is positioned for growth in the high-end nickel powder market, driven by demand from consumer electronics and AI applications, with a strong focus on production capacity and customer validation processes. The company is optimistic about maintaining and improving its profitability in the coming years.

Group 1 - The legal opinion letter is issued by Beijing Zhonglun (Shanghai) Law Firm regarding Jiangsu Boqian New Materials Co., Ltd. for the 2024 annual shareholders' meeting scheduled on May 13, 2025 [1][2] - The law firm confirms that the meeting's convening and voting procedures comply with applicable laws, the company's articles of association, and the rules for shareholder meetings [3][6][15] - The meeting was convened by the company's board of directors, and the notice was published on April 19, 2025, detailing the agenda and voting procedures [5][6] Group 2 - The total shares represented at the meeting were 109,558,700, accounting for approximately 41.88% of the total voting shares [7] - A total of 181 shareholders participated in the voting, representing 30,996,780 shares, which is about 11.85% of the total voting shares [7][8] - The meeting was held at the conference room of Ningbo Guangxin Nano Materials Co., Ltd., a wholly-owned subsidiary of the company [6] Group 3 - The meeting approved several proposals, including the 2024 annual report and the profit distribution plan, with voting results showing overwhelming support [9][10][12] - Specific voting results included 140,518,580 shares in favor of the board's work report, representing 99.9737% of the votes cast [9][10] - The proposals requiring separate counting for minority investors were also approved, with significant majority support [15]

证券代码：605376 证券简称：博迁新材 公告编号：2025-031 江苏博迁新材料股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 13 日 (二)股东大会召开的地点：浙江省宁波市海曙区石碶街道万金路 588 号宁波广新 纳米材料有限公司（公司全资子公司）会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 187 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 140,555,480 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 53.7291 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，董事长王利平先生主持，公司采用现场投票与网络 投票相结合的方式进行表 ...