Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's Q1 2025 performance exceeded expectations, with revenue of 1.754 billion RMB, a quarter-on-quarter increase of 0.29% and a year-on-year increase of 14.19%. The net profit attributable to shareholders was 161 million RMB, reflecting a quarter-on-quarter increase of 70.48% and a year-on-year increase of 57.85% [2][3] - The prices of praseodymium and neodymium oxide and neodymium iron boron increased by 3.29% and 1.60% respectively, contributing to significant growth in sales volume, with a production of approximately 6,600 tons and sales of about 6,000 tons, both up over 40% year-on-year [3] - The company demonstrated effective cost control, with operating expenses decreasing by 10.97% quarter-on-quarter to 138 million RMB, while R&D expenses increased by 10.67% year-on-year to 83 million RMB [3] - The company announced a share buyback plan of 100 to 200 million RMB, indicating confidence in its future performance [3] Revenue and Profit Forecast - The company is projected to achieve revenues of 9.25 billion RMB, 11 billion RMB, and 14 billion RMB for the years 2025, 2026, and 2027 respectively, with net profits of 629 million RMB, 822 million RMB, and 1.221 billion RMB for the same years [5][10] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.46 RMB, 0.60 RMB, and 0.89 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 44.58, 34.13, and 22.98 [5][10] Market Conditions - The overall recovery of rare earth prices is anticipated to benefit the company, driven by export controls and a significant reduction in overseas mining supply, alongside a moderate increase in domestic mining quotas [4] - The demand for rare earth materials is expected to grow due to applications in humanoid robots and low-altitude economies, which may create new opportunities in the magnetic materials sector [4]

Core Viewpoint - The company, Jinli Permanent Magnet, reported strong financial performance for Q1 2025, with significant growth in revenue and net profit, indicating enhanced profitability in its core business [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.754 billion yuan, a year-on-year increase of 14.19% [1] - The net profit attributable to shareholders was 161 million yuan, reflecting a year-on-year growth of 57.85% [1] - Compared to Q4 2024, revenue increased by 0.29%, while net profit rose by 71.82% and non-recurring net profit grew by 92.73% [1] Production and Capacity - The company’s production capacity continued to be released, with a utilization rate exceeding 90% for new capacity [1] - The output of magnetic material blanks reached 8,770 tons, and finished magnetic material production was approximately 6,600 tons, with sales of finished products around 6,024 tons, all showing over 40% growth compared to Q1 2023 [1] Business Structure - The new energy vehicle sector generated revenue of 882 million yuan, accounting for 50.28% of total revenue, maintaining a leading market position [2] - Revenue from energy-saving variable frequency air conditioning reached 513 million yuan, representing 29.25% of total revenue, solidifying competitive advantages [2] - International market expansion was notable, with export sales reaching 312 million yuan, making up 17.76% of total revenue, including 122 million yuan in sales to the U.S., which accounted for 6.94% of total revenue [2] Emerging Business Initiatives - The company is actively developing emerging businesses, achieving breakthroughs in the field of embodied robotics, with small batch deliveries of motor rotor products in collaboration with a well-known international technology company [2] - Jinli Permanent Magnet aims to leverage new capacity releases to strengthen its presence in core application areas such as new energy vehicles, energy conservation, and robotics, focusing on market share expansion through technological innovation and efficient management [2] Share Buyback Plan - Concurrently with the Q1 2025 performance announcement, the company disclosed a share buyback plan, reflecting confidence in future growth [3] - The buyback will occur at a price not exceeding 31.18 yuan per share, with a total fund allocation between 100 million and 200 million yuan, aimed at reducing registered capital [3] - Management emphasizes that the buyback is a key component of the company's strategy while maintaining a focus on investor interests [3]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,754,254,463.18, representing a 14.19% increase compared to CNY 1,536,247,143.43 in the same period last year[10] - Net profit attributable to shareholders for Q1 2025 was CNY 160,525,258.63, a significant increase of 57.85% from CNY 101,692,621.31 year-on-year[10] - The net profit after deducting non-recurring gains and losses surged by 331.10% to CNY 105,876,943.19 from CNY 24,559,682.72 in the previous year[10] - The basic and diluted earnings per share for Q1 2025 were both CNY 0.12, reflecting a 50.00% increase from CNY 0.08 in the same quarter last year[10] - The company achieved operating revenue of RMB 1.754 billion, a year-on-year increase of 14.19%[29] - Net profit attributable to shareholders reached RMB 161 million, up 57.85% year-on-year[29] - The company’s net profit excluding non-recurring gains and losses was RMB 106 million, reflecting a significant increase of 331.10% year-on-year[29] - Operating profit increased to ¥184,223,659.37, a rise of 60.6% compared to ¥114,654,714.32 in the last period[38] Assets and Liabilities - The total assets at the end of Q1 2025 amounted to CNY 13,775,686,575.86, up 12.02% from CNY 12,297,311,673.87 at the end of the previous year[11] - The total assets of the company as of March 31, 2025, were RMB 13.776 billion, an increase from RMB 12.297 billion at the beginning of the period[33] - The total liabilities increased to ¥6,500,122,037.63 from ¥5,179,863,454.31, reflecting a growth of 25.5%[35] - Total equity attributable to the parent company reached ¥7,170,608,090.39, up from ¥7,016,033,171.08, indicating a growth of 2.2%[35] Cash Flow - The net cash flow from operating activities improved by 43.03%, reducing the outflow to CNY -350,442,034.40 from CNY -615,182,046.97 in the previous year[10] - Operating cash flow improved by 43.03%, with a net outflow of approximately ¥350.44 million, primarily due to reduced material procurement expenses[18] - Cash flow from financing activities generated a net inflow of $309,308,075.36, up from $55,280,366.64 in the previous period, reflecting stronger financing efforts[45] - The company reported a significant decrease in cash and cash equivalents, ending the period with $1,514,443,970.05, down from $2,347,082,156.47[45] Shareholder Information - The total number of common shareholders at the end of the reporting period was 77,461[19] - The largest shareholder, Jiangxi Ruide Venture Capital Co., Ltd., holds 28.21% of shares, amounting to 387,100,160 shares[20] - The second-largest shareholder, HKSCC Nominees Limited, holds 16.59% of shares, totaling 227,640,800 shares[20] Operational Highlights - In Q1 2025, the company’s production capacity utilization rate exceeded 90%, with raw magnetic material output of approximately 8,770 tons, finished magnetic material output of about 6,600 tons, and sales volume of finished magnetic materials reaching around 6,024 tons, all increasing by over 40% compared to the same period last year[29] - Revenue from the new energy vehicle and auto parts sector amounted to RMB 882 million, accounting for 50.28% of total operating revenue[29] - Revenue from energy-saving variable frequency air conditioning reached RMB 513 million, representing 29.25% of total operating revenue[29] - Export sales revenue was RMB 312 million, making up 17.76% of total operating revenue, with sales to the United States contributing RMB 122 million, or 6.94% of total operating revenue[29] - The company is focusing on expanding its market and production capacity in the new energy and energy-saving sectors, particularly in new energy vehicles and components, energy-saving air conditioning, and robotics[28] Expenses - Total operating costs amounted to ¥1,621,523,660.51, up 8.3% from ¥1,497,437,075.56 in the prior period[37] - Research and development expenses were ¥82,764,290.89, an increase of 10.4% from ¥74,588,597.44 in the previous period[37] - Sales expenses increased by 67.00% to approximately ¥17.68 million, attributed to a 40% growth in sales volume and higher market expansion costs[18] Other Comprehensive Income - The company reported a decrease in other comprehensive income, which was -¥50,430,748.99 compared to -¥42,492,378.41 in the prior period[35] - Other comprehensive income after tax attributable to the parent company was -$48,856,950.64, a substantial decline from -$2,709,351.23 in the previous period[39]

证券代码：300748 证券简称：金力永磁 公告编号：2025-025 江西金力永磁科技股份有限公司 关于回购公司 A 股股份方案公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 5、回购股份的资金总额及股份数量：公司拟以自有资金不低于人民币 10,000 万元（含），不超过人民币 20,000 万元（含）进行回购。以拟回购价格上限和 回购资金总额下限测算，预计回购股份数量为 3,207,185 股，约占公司目前总股 本的 0.23%；以拟回购价格上限和回购资金总额上限测算，预计回购股份数量为 6,414,368 股，约占公司目前总股本的 0.47%，具体回购股份的资金总额、股份数 量以回购结束时实际回购的为准。 江西金力永磁科技股份有限公司（以下简称"公司"）本次拟以集中竞价交 易方式回购公司股份方案的主要内容如下： 1、回购股份的种类：公司已发行的人民币普通股（A 股）股票； 2、回购股份的用途：本次回购的股份将依法全部用于注销并减少注册资本； 3、回购股份的价格：不超过 31.18 元/股（含）（不超过董事会审议通过本 次回购股份决议 ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,754,254,463.18, representing a 14.19% increase compared to ¥1,536,247,143.43 in the same period last year[4] - Net profit attributable to shareholders was ¥160,525,258.63, a significant increase of 57.85% from ¥101,692,621.31 year-over-year[4] - The net profit after deducting non-recurring gains and losses surged by 331.10% to ¥105,876,943.19 from ¥24,559,682.72 in the previous year[4] - The company achieved operating revenue of CNY 1.754 billion, a year-on-year increase of 14.19%[14] - Net profit attributable to shareholders reached CNY 161 million, up 57.85% year-on-year[14] - The net profit excluding non-recurring gains and losses was CNY 106 million, reflecting a significant growth of 331.10%[14] - Net profit for the current period was ¥162,513,289.89, representing a 59.0% increase from ¥102,193,377.63 in the previous period[19] - The net profit attributable to the parent company was approximately ¥160.53 million, compared to ¥101.69 million in the previous period, representing a year-over-year increase of 57.6%[20] - The total comprehensive income attributable to the parent company was approximately ¥111.67 million, up from ¥98.98 million, reflecting a growth of 12.8%[20] - Basic and diluted earnings per share increased to ¥0.12 from ¥0.08, marking a 50% increase[20] Assets and Liabilities - The company's total assets increased by 12.02% to ¥13,775,686,575.86 from ¥12,297,311,673.87 at the end of the previous year[4] - Current assets totaled ¥9,087,656,233.87, a rise of 18.1% from ¥7,691,849,512.85 at the beginning of the period[16] - Total liabilities increased to ¥6,500,122,037.63, up 25.5% from ¥5,179,863,454.31 at the start of the period[17] - The total equity attributable to shareholders of the parent company was ¥7,170,608,090.39, up from ¥7,016,033,171.08, reflecting a growth of 2.2%[18] Cash Flow - Cash flow from operating activities showed improvement, with a net outflow of ¥350,442,034.40, a 43.03% reduction from the previous year's outflow of ¥615,182,046.97[4] - Cash inflow from investment activities was approximately ¥205.15 million, while cash outflow was ¥724.48 million, resulting in a net cash outflow of approximately ¥519.33 million[22] - Cash flow from financing activities generated a net inflow of approximately ¥309.31 million, compared to ¥55.28 million in the previous period, indicating a significant increase[22] - The ending cash and cash equivalents balance was approximately ¥1.51 billion, down from ¥2.35 billion in the previous period[22] - The company reported a decrease in cash received from sales of goods and services to approximately ¥1.24 billion, down from ¥1.35 billion[21] - The company’s total operating cash outflow was approximately ¥1.64 billion, compared to ¥2.05 billion in the previous period, showing a reduction in cash outflow[22] Operational Highlights - The weighted average return on equity rose to 2.26%, an increase of 0.84 percentage points compared to 1.42% in the same period last year[4] - The production capacity utilization rate exceeded 90%, with raw magnetic material output of approximately 8,770 tons, and finished magnetic product output of about 6,600 tons, both growing over 40% year-on-year[14] - Revenue from the new energy vehicle and auto parts sector was CNY 882 million, accounting for 50.28% of total revenue[14] - Revenue from the energy-saving variable frequency air conditioning sector was CNY 513 million, representing 29.25% of total revenue[14] - Export sales revenue amounted to CNY 312 million, making up 17.76% of total revenue, with exports to the U.S. contributing CNY 122 million, or 6.94% of total revenue[14] - The company is focusing on expanding its market presence in the new energy and energy-saving sectors, particularly in applications for electric vehicles and industrial servo motors[13] - The company is actively collaborating with internationally renowned technology firms for the development of embodied robot motor rotors and capacity construction[13] - The company plans to continue enhancing production capacity while maintaining stable operations in the upcoming quarters[13] Inventory and Expenses - Inventory levels increased by 30.10% to ¥2,833,732,922.06, reflecting the need for stock due to business growth[8] - The company experienced a 67.00% rise in selling expenses, amounting to ¥17,681,229.15, attributed to a 40% increase in sales volume and higher market expansion costs[8] - Total operating costs amounted to ¥1,621,523,660.51, up 8.3% from ¥1,497,437,075.56 in the prior period[19] Other Information - The company received government subsidies totaling ¥63,411,721.41, contributing positively to its financial performance[5] - The company has not yet audited the first quarter report, indicating that the financial data is subject to change[23]

证券代码：300748 证券简称：金力永磁 公告编号：2025-022 江西金力永磁科技股份有限公司 基于对公司未来发展前景的信心和对公司价值的认可，为维护广大投资者的 利益，增强投资者信心，促进公司股票价格合理回归内在价值，综合考虑公司经 营情况、财务状况和发展战略，公司拟使用不低于人民币 10,000 万元（含）、 不超过人民币 20,000 万元（含）的自有资金或自筹资金（股票回购专项贷款等） 以集中竞价交易方式回购公司部分 A 股社会公众股股份，本次回购股份将全部 用于注销并减少注册资本，回购期限为自公司股东大会审议通过本次回购方案之 日起 12 个月内。 表决结果：赞成票 9 票；反对票 0 票；弃权票 0 票。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 江西金力永磁科技股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日 以电话、邮件、书面方式通知各位董事，公司第四届董事会第六次会议于 2025 年 4 月 25 日（星期五）以通讯表决方式召开。会议由董事长蔡报贵先生召集并 主持，会议应出席董事 9 名，实际出席董事 9 名。会 ...

Group 1 - The first Embodied Intelligent Robot Games will be held from April 24 to 26 in Wuxi, with representatives from Yushu and Xiaomi participating in discussions [1] - Tesla CEO Elon Musk announced significant progress in the humanoid robot Optimus, with thousands expected to be operational in Tesla factories by the end of the year [1] - Tesla is increasingly betting on the future of autonomous driving and robotics, including self-driving taxis and humanoid robots [1] Group 2 - Tesla indicated that while it continues to innovate in manufacturing and operational cost reduction, long-term profits related to hardware are expected to accelerate alongside AI, software, and fleet operations profits [1] - New vehicle plans, including more affordable models, are still expected to begin production in the first half of this year, despite reports of potential delays [1] - A report from Open Source Securities highlighted the successful hosting of the world's first humanoid robot half marathon in Beijing, showcasing China's leading position in high-intensity robotic sports [1] Group 3 - According to招商证券, artificial intelligence is a key battleground for major powers, and robots, as the ultimate carriers of AI, are expected to benefit significantly [2] - The report suggests a positive outlook for the humanoid robot sector in the medium to long term, recommending investment opportunities in core components and control systems [2] Group 4 - The related industry chain stocks in Hong Kong include UBTECH (09880), Yujian (02432), Xiaomi Group (01810), SUTENG (02498), Delta Electronics (00179), Horizon Robotics-W (09660), JINLI Permanent Magnet (06680), and Shanghai Electric (02727) [3]

Financial Performance - In 2024, the company achieved a revenue of RMB 6,763.3 million, a year-on-year increase of 1.13%, while net profit attributable to the parent company was RMB 291.0 million, a decrease of 48.37%[7]. - The company reported a revenue of RMB 1.2 billion for the fiscal year ending December 31, 2023, representing a year-over-year increase of 15%[36]. - The company has set a revenue guidance of RMB 1.5 billion for the fiscal year 2024, which reflects an expected growth of 25% compared to 2023[36]. - The company reported a gross margin of 35% for the year, an improvement from 30% in the previous year[36]. - The net profit attributable to the parent company's owners for 2024 was RMB 291.0 million, a decrease of 48.37% from RMB 563.7 million in 2023[37]. - The gross profit for 2024 was RMB 752.6 million, representing a decrease of 29.98% compared to RMB 1,074.9 million in 2023[37]. - The company's annual profit margin decreased from 8.48% in 2023 to 4.35% in 2024[125]. - The net cash flow from operating activities was RMB 507.9 million, down 66.53% from RMB 1,517.8 million in 2023[38]. - The net cash flow from financing activities for the year ending December 31, 2024, was RMB 916 million, primarily from bank loans of RMB 908.8 million and H-share issuance proceeds of RMB 197.5 million[129]. Production and Capacity - The company's production capacity utilization rate exceeded 90%, with high-performance magnetic material sales volume increasing by approximately 40% year-on-year, reaching a historical high[10]. - The company produced approximately 29,300 tons of high-performance magnetic materials in 2024, representing a year-on-year increase of 39.48%[69]. - The sales volume of high-performance magnetic materials reached about 20,900 tons in 2024, marking a year-on-year growth of 37.88%[69]. - The company aims to achieve an annual production capacity of 60,000 tons of high-performance rare earth permanent magnet materials by 2027, with a focus on advanced humanoid robot magnetic components[137]. - The company has achieved an actual production capacity of 32,000 tons of high-performance rare earth permanent magnet materials, with a utilization rate exceeding 90%[93]. - By the end of 2024, the company is expected to have a production capacity of 38,000 tons per year for high-performance rare earth permanent magnet materials, with plans to reach 40,000 tons by 2025[93]. Market and Sales - In the new energy vehicle sector, sales revenue from magnetic steel products amounted to RMB 3,313.7 million, with a sales volume growth of 38.62%, enabling the assembly of approximately 5.5 million new energy passenger vehicles[20]. - The company’s sales revenue in the 3C sector reached RMB 213.4 million, with a year-on-year growth of 104.54%[21]. - The company’s sales revenue from energy-saving variable frequency air conditioning magnetic steel products was RMB 1,540.4 million, with a sales volume growth of 61.81%[20]. - The company aims to enhance its market share in sectors such as new energy vehicles, energy-efficient variable frequency air conditioning, wind power generation, and industrial robots[142]. - The company is focusing on high-performance rare earth permanent magnet materials, which are expected to see a compound annual growth rate (CAGR) of over 60%[28]. Research and Development - The company is investing RMB 200 million in R&D for new permanent magnet materials, aiming to enhance product performance and reduce production costs[36]. - The company’s R&D expenditure in 2024 was RMB 321 million, accounting for 4.74% of total revenue[90]. - The company is actively developing humanoid robot magnetic components, with initial small-scale production already underway[85]. - The company plans to increase R&D investment in humanoid robot magnetic components to meet the growing market demand[144]. - The company is leveraging advanced technologies such as crystal boundary penetration technology to improve its product performance[28]. Environmental, Social, and Governance (ESG) - The company’s ESG score improved significantly to 56 points in 2024, reflecting its commitment to sustainable development[8]. - The company is committed to ESG (Environmental, Social, and Governance) initiatives as part of its long-term strategy[28]. - The company has received the ISO 14064 carbon inspection certificate and improved its S&P Global ESG Score to 56, reflecting significant progress in sustainable development[104]. - The company has committed RMB 3,134 million to environmental protection and health safety expenditures during the reporting period[100]. - The company’s green electricity usage accounted for 26% of its total electricity consumption in 2024, with solar power projects generating 4.8 million kWh, reducing carbon emissions by 2,812 tons[98]. Corporate Governance - The company maintains high standards of corporate governance, continuously improving its governance structure and internal management systems[167]. - The board of directors consists of 9 members, including 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors, with independent directors making up at least one-third of the board[1]. - The company emphasizes the importance of internal control systems and has implemented measures to enhance internal audit supervision and compliance training[181]. - The company has established a high-level corporate governance framework, adhering to the applicable code provisions of the corporate governance code[182]. - The company ensures equal rights for all shareholders during general meetings, adhering to legal and regulatory requirements[168]. Shareholder Information - The top shareholder, Jiangxi Ruide Venture Capital Co., Ltd., holds 28.21% of the shares, with 387,100,160 shares pledged[152]. - The company has a total of 20,171,400 H-shares held by Jiangxi Ruide Venture Capital Co., Ltd., which represents 8.86% of the H-share equity[154]. - The beneficial ownership of A-shares by Jiangxi Ruide Venture Capital Co., Ltd. is 387,100,160, accounting for 33.82% of the relevant equity[154]. - The company has no other corporate shareholders holding 10% or more of the shares, excluding the Hong Kong Central Clearing and Settlement System[162]. - The company’s major shareholders have signed a concerted action agreement, indicating a unified approach to shareholding[155].

Financial Performance - The estimated net profit attributable to shareholders for Q1 2025 is projected to be between 152.54 million and 162.71 million RMB, representing a year-on-year increase of 50% to 60%[3] - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 97.89 million and 108.06 million RMB, indicating a year-on-year growth of 300% to 340%[3] - The company's expected operating revenue for Q1 2025 is approximately 1.7 billion RMB, reflecting a year-on-year growth of over 10%[4] - Non-recurring gains and losses (after tax) for Q1 2025 are estimated at around 55 million RMB, compared to 77.13 million RMB in the same period last year[4] - The financial data presented is preliminary and has not been audited by an external auditing firm[6] - The company will provide detailed financial data in the Q1 2025 report, urging investors to make cautious decisions and be aware of investment risks[6] Business Strategy and Focus - The company is focusing on expanding its market presence and increasing production capacity in the new energy and energy-saving sectors[4] - Key application areas include new energy vehicles, energy-saving variable frequency air conditioning, wind power generation, robotics, industrial servo motors, 3C, and low-altitude flying vehicles[4] - The company is collaborating with internationally renowned technology firms on the development of magnetic components for embodied robotics[4]

Group 1 - The core viewpoint indicates that despite a projected decline in rare earth material prices in 2024, the company is expected to see an increase in sales volume of high-performance rare earth permanent magnet materials by 37.88% to 20,900 tons, although profit growth may not match revenue growth due to raw material cost fluctuations and intensified industry competition [1][2] - The average price of metal praseodymium and neodymium is expected to drop to 490,000 yuan per ton in 2024, a decrease of approximately 25% from the average of 650,000 yuan per ton in 2023 [1] - The company's gross profit margin is projected to decrease to 11.13% in 2024 from 16.07% in 2023, reflecting a reduction of 4.94 percentage points [1] Group 2 - The company is expected to produce 21,600 tons of neodymium-iron-boron magnetic steel products in 2024, representing a year-on-year increase of 42.40%, driven by the commissioning of ongoing projects [2] - By the end of 2024, the company will have a production capacity of 38,000 tons per year for high-performance rare earth permanent magnet materials, with plans to reach 40,000 tons by 2025 [2] - The price of rare earth materials has shown signs of stabilization since Q2 2024, with a projected 11% increase in metal praseodymium and neodymium prices by the end of March 2025, indicating a gradual recovery in business profitability [2]