博迁新材（605376）：24年营收同比+37.2%，受益AI驱动高端MLCC镍粉需求增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [5][6]. Core Insights - The company is expected to benefit from the increasing demand for high-end MLCC nickel powder driven by AI applications, with a projected revenue growth of 37.2% year-on-year in 2024 [2][3]. - The company's net profit for 2024 is forecasted to be 0.87 billion yuan, representing a significant increase of 370.7% year-on-year, although slightly below expectations [2][5]. - The report highlights the successful introduction of new nickel powder products into major overseas customer supply chains, which is anticipated to drive sales growth in the coming years [3][4]. Financial Performance Summary - Revenue: The company reported a revenue of 9.45 billion yuan in 2024, up 37.2% year-on-year, with a projected revenue of 12.40 billion yuan in 2025 [2][17]. - Net Profit: The net profit for 2024 is expected to be 0.87 billion yuan, with projections of 1.86 billion yuan in 2025 and 2.44 billion yuan in 2026 [5][17]. - Gross Margin: The gross margin for 2024 is reported at 20.91%, an increase of 5.87 percentage points year-on-year [2][13]. - Earnings Per Share (EPS): The EPS is projected to be 0.33 yuan in 2024, increasing to 0.71 yuan in 2025 [5][17]. Business Segment Analysis - Nickel-based Products: This segment is the largest, contributing 6.85 billion yuan in revenue in 2024, with a year-on-year growth of 36.9% [3][4]. - Copper-based Products: Revenue from this segment is expected to reach 1.22 billion yuan in 2024, reflecting a growth of 56.4% year-on-year [3][4]. Market Position - The company is positioned as a leader in the domestic MLCC nickel powder market, with significant growth potential due to the rising demand from AI-driven applications [5][6].