博迁新材（605376）：业绩符合预期，主业基本面持续改善，光伏铜代银加速推进

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].