Boqian New Materials (2025-2026 Interpretation)

English summary

### Boqian New Materials (2025-2026 Interpretation) Time: 2026-07-30 09:17:47 Content: Boqian New Materials is currently at a critical intersection of the explosive demand for MLCC in AI servers and the company's aggressive capacity expansion. Performance hit a record high in Q1 2026, but attention should be paid to the pressure of performance delivery under high valuation, the short-term impact of new capacity ramp-up on gross margins, and the risk of over-reliance on a single customer. 1. Company Profile: A 'shovel seller' in the AI computing era, a leading PVD powder platform company. Boqian New Materials is not a simple material processing factory; its core barrier lies in its physical vapor deposition (PVD) technology platform, which gives it a high technological moat in the high-end metal powder field: Core business (MLCC nickel powder): It is a core supplier to Samsung Electro-Mechanics, the global MLCC leader, with nickel-based products accounting for over 74% of revenue. Against the backdrop of surging demand for miniaturized, high-capacity MLCCs in AI servers, the company's ultra-fine nickel powder of 200nm and below has become a scarce resource, and is experiencing simultaneous volume and price increases. ...