博迁新材(605376)：MLCC镍粉景气回升明确 光伏粉体空间广阔

Core Viewpoint - The company has shown significant growth in revenue and profitability, driven by demand for MLCC nickel powder and potential in photovoltaic copper powder, indicating a positive outlook for future performance [1][2][3]. Group 1: Financial Performance - In 2024, the company achieved total revenue of 945 million yuan, a year-on-year increase of 37.22% [1]. - The company reported a net profit attributable to shareholders of 87 million yuan, marking a turnaround from losses in the previous year [1]. Group 2: Product Performance and Market Trends - The demand for MLCC nickel powder is benefiting from AI-driven product structure optimization, with expectations for nickel powder gross margin to rebound to over 40% by 2025 [2]. - In 2024, the company’s nickel powder shipment reached 1,421 tons, a year-on-year increase of 36% [2]. - The gross margin for nickel-based products in 2024 was 24.4%, an increase of 6 percentage points year-on-year [2]. - The company’s copper powder shipments reached 151 tons in 2024, a significant year-on-year increase of 82%, indicating strong market expansion efforts [2]. Group 3: Future Projections - Revenue projections for the company are estimated at 1.339 billion yuan, 1.767 billion yuan, and 2.484 billion yuan for the years 2025, 2026, and 2027, respectively [3]. - Net profit projections for the same years are expected to be 277 million yuan, 374 million yuan, and 508 million yuan [3]. - The current stock price corresponds to a price-to-earnings ratio of 33, 24, and 18 for the years 2025, 2026, and 2027, respectively, with a "buy" rating assigned [3].