Jiangsu Boqian New Materials Stock (605376) 天风证券·2025-04-23 08:23Investment 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].