The Zheshang Securities Research Report pointed out that the performance of Boqian New Materials increased in a circular manner, in line with expectations. 3Q26 achieved revenue of 558 million yuan, +16.33% month-on-month, and achieved net profit of 92 million yuan, or +43.12% month-on-month. It is expected that in Q4, with the further release of the company's additional production capacity and the continued release of orders for high-end nickel-based materials from downstream core customers, the company's performance is expected to grow steadily. Based on the company's PVD powder technology, it is expected to fully benefit from the industry trend of miniaturization of electronic components. The company gradually expanded its second-third growth curve, such as photovoltaic grade copper powder and inductor alloy powder, and its status as a technology platform company continued to improve. The company is expected to achieve revenue of 23.59, 35.98, and 5.324 billion yuan in 2026-2028, +105%, 52%, and 48% year-on-year, and achieve net profit of 4.36, 10.11, and 1,746 billion yuan, and +99%, 132%, and 73% year-on-year, corresponding PE of 45, 19, and 11 times, respectively. Maintain the company's “buy” rating.

The Zheshang Securities Research Report pointed out that the performance of Boqian New Materials increased in a circular manner, in line with expectations. 3Q26 achieved revenue of 558 million yuan, +16.33% month-on-month, and achieved net profit of 92 million yuan, or +43.12% month-on-month. It is expected that in Q4, with the further release of the company's additional production capacity and the continued release of orders for high-end nickel-based materials from downstream core customers, the company's performance is expected to grow steadily. Based on the company's PVD powder technology, it is expected to fully benefit from the industry trend of miniaturization of electronic components. The company gradually expanded its second-third growth curve, such as photovoltaic grade copper powder and inductor alloy powder, and its status as a technology platform company continued to improve. The company is expected to achieve revenue of 23.59, 35.98, and 5.324 billion yuan in 2026-2028, +105%, 52%, and 48% year-on-year, and achieve net profit of 4.36, 10.11, and 1,746 billion yuan, and +99%, 132%, and 73% year-on-year, corresponding PE of 45, 19, and 11 times, respectively. Maintain the company's “buy” rating.