研报掘金丨国海证券：维持新莱福“买入”评级，铜镍粉体驱动价值重估

格隆汇07-21

国海证券研报指出，新莱福平台型企业迎成长拐点，铜镍粉体驱动价值重估。公司深耕功能材料多年，构建微纳粉体制备、功能复合材料加工、电子陶瓷元件加工等底层共性能力并向多领域外延；吸附功能材料、辐射防护材料（2025年营收同比+102.06%、毛利率53.61%）等细分市场行业领先。公司已备案500吨镍基、1500吨铜基微纳电子粉体产能，切入MLCC与光伏两大高景气主线。镍粉方面，AI服务器单机MLCC...

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