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Investing.com - UBS initiated coverage on Jiangsu Boqian New Materials (SS:605376) with a Buy rating and a price target of RMB52.00 on Thursday.
The Chinese company is a leading domestic producer of physical vapour deposition (PVD)-based submicron/nanometre powders, with its main product being Multilayer Ceramic Capacitor (MLCC) nickel powder.
UBS notes that Jiangsu Boqian is currently the second-largest supplier to Samsung (KS:005930) Electro-Mechanics (SEMCO) in this segment.
The investment bank forecasts a 48% net profit compound annual growth rate (CAGR) for the company over 2025-28, driven by rising nickel powder gross profit margins from growing high-end volume and rapid growth in copper powder revenue.
UBS expects the total addressable market for PVD-based nanopowders to expand to RMB40 billion by 2030, compared to the RMB950 million revenue recorded by the company in 2024.
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