Jiangsu Boqian New Materials Stock (605376) 国海证券·2025-04-21 15:36Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Views - The demand for MLCC nickel powder is expected to benefit from AI-driven product structure optimization, with a projected gross margin recovery to over 40% in 2025. The company’s self-developed nano nickel powder is well-positioned to capture new market opportunities [6]. - The potential for photovoltaic copper powder is significant, which may open a second growth curve for the company. The company aims to enhance market penetration of copper core powders suitable for HJT applications [6]. - Revenue forecasts for the company are optimistic, with expected revenues of 1.339 billion, 1.767 billion, and 2.484 billion yuan for 2025, 2026, and 2027 respectively. Net profits are projected to be 277 million, 374 million, and 508 million yuan for the same years [6][7]. Summary by Sections Recent Performance - In 2024, the company achieved total revenue of 945 million yuan, a year-on-year increase of 37.22%, and a net profit of 87 million yuan, marking a turnaround from losses [3]. Market Data - As of April 21, 2025, the company's stock price is 34.38 yuan, with a market capitalization of approximately 8.99 billion yuan. The stock has shown a 60.1% increase over the past 12 months [5]. Financial Projections - The company’s revenue growth rates are projected at 42% for 2025, 32% for 2026, and 41% for 2027. The net profit growth rates are expected to be 216% for 2025, 35% for 2026, and 36% for 2027 [7][8].