Core Viewpoint - The article discusses the financial performance of Northern Rare Earth in 2024, highlighting a decline in revenue and net profit primarily due to falling rare earth product prices, despite an increase in sales volume across major product categories [2][3]. Group 1: Financial Performance - In 2024, Northern Rare Earth reported a revenue of 32.966 billion yuan, a year-on-year decrease of 1.58%, and a net profit attributable to shareholders of 1.004 billion yuan, down 57.64% year-on-year [2]. - The decline in net profit is attributed to the overall downward trend in prices of key rare earth products, particularly praseodymium and neodymium [3]. - The average prices for key products in 2024 were as follows: Praseodymium oxide at 392.57 yuan/kg (-25.99%), Dysprosium oxide at 1,832.31 yuan/kg (-21.32%), Terbium oxide at 5,749.52 yuan/kg (-37.15%), and Lanthanum oxide at 4.00 yuan/kg (-26.74%) [3]. Group 2: Sales Volume - Despite the price decline, the company saw an increase in sales volume for its main products in 2024: rare earth oxides (30,573.32 tons, +6.07%), rare earth salts (104,051.25 tons, +19.26%), and rare earth metals (35,326.95 tons, +13.77%) [3]. Group 3: Future Plans and Goals - The company is investing up to 7.8 billion yuan in a green smelting upgrade project, with the first phase expected to be operational by October 15, 2024 [4]. - The project aims to enhance the company's processing capabilities, allowing for the handling of 19.8 million tons of mixed rare earth concentrate annually, with various extraction and crystallization capacities [4]. - For 2025, the company has set ambitious operational targets, aiming for revenue of over 37.217 billion yuan and a total profit of over 2.82 billion yuan, representing year-on-year increases of 12.9% and 53.5%, respectively [4]. Group 4: Industry Outlook - Rare earth prices are currently at a low point, with expectations for a market reversal driven by new applications such as robotics and flying cars [5]. - Global demand for praseodymium and neodymium is projected to reach 117,000 tons and 126,900 tons in 2025 and 2026, respectively, with year-on-year growth rates of 9.7% and 8.4% [5]. - The industry is expected to maintain a state of tight supply and demand balance moving forward [5].

Group 1 - Northern Rare Earth (600111.SH) reported a Q4 net profit of 1.004 billion yuan, the highest quarterly profit for the year, with a 53.5% growth target for total profit in 2025. The 2024 revenue was 32.966 billion yuan, down 1.58% year-on-year, and net profit decreased by 57.64% due to falling rare earth product prices, despite an increase in sales volume of major products. The company is advancing green smelting upgrades and is awaiting an industry turnaround as rare earth prices are at a low point [3][4]. - Xiamen Xiangyu (600057.SH) achieved a revenue of 366.7 billion yuan in 2024, a decrease of 20.12% year-on-year, with a net profit of 1.419 billion yuan, down 9.86%. The decline in revenue was influenced by falling commodity prices, although overall operating volume remained stable year-on-year [3][4]. - Zhenan Technology (300767.SZ) reported a revenue of 420 million yuan and a net profit of -140 million yuan for 2024, compared to 690 million yuan and -40 million yuan in the previous year. In Q4 2024, the company achieved a revenue of 100 million yuan and a net profit of -80 million yuan [4]. - Zhenyu Technology (300953.SZ) saw a revenue increase of 18.45% to 7.129 billion yuan in 2024, with a net profit of 254 million yuan, up 493.77%. The company proposed a cash dividend of 2.1 yuan per share and a stock bonus of 4 shares for every 10 shares held [4]. - Yingweitong (002334.SZ) reported a Q1 2025 revenue of 840 million yuan, down 11% year-on-year and 29% quarter-on-quarter, with a net profit of 35 million yuan, down 26% year-on-year and 74% quarter-on-quarter [4]. Group 2 - Jiangxin Home (301061.SZ) achieved a revenue of 2.55 billion yuan in 2024, an increase of 32.6% year-on-year, with a net profit of 680 million yuan, up 67.6%. In Q4 2024, the revenue was 700 million yuan, a year-on-year increase of 49.8%, and net profit was 250 million yuan, up 197.2% [5]. - Ziyan Food (603057.SH) reported a revenue of 3.363 billion yuan in 2024, down 5.28% year-on-year, with a net profit of 346 million yuan, up 4.50%. In Q1 2025, the revenue was 564 million yuan, down 18.86% year-on-year, and net profit was 15 million yuan, down 71.80% [6].

点击注册小程序 查看完整报告 事件： 2025年4月19日，北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母 净利润10.04亿元，同比-57.64%。 点评： 2024年业绩下滑主要系稀土产品价格下跌，但公司主要品种销量均增长 Q4单季归母净利润为5.99亿元，为2024年单季最高值。公司2024年归母净利润同比下滑主要系以稀土镨钕 产品为代表主要稀土产品价格总体呈震荡下行走势：2024年 氧化镨钕 / 氧化镝 / 氧化铽 / 氧化镧 产品平均 价格分别为 392.57 / 1,832.31 / 5,749.52 / 4.00元 /公斤，分别同比 -25.99% / -21.32% / -37.15% /-26.74% 。 但公司 2024年主要产品 销量 均同比提升： 公司实现 稀土氧化物 / 稀土盐类 /稀土金属销量分别为 30,573.32吨 / 104,051.25 吨 / 35,326.95吨 ， 同比 +6.07%/ 19.26 %/13.77% 。 推进绿色冶炼升级改造项目， 2025年主要生产经营目标再有提升 特别申明： 本订阅号中所涉及的证券 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【北方稀土（600111.SH）】Q4归母净利润为全年单季最高，2025年生产经营目标利润总额增长53.5%—— 2024年报点评 北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母净利润10.04亿元， 同比-57.64%。2024年业绩下滑主要系稀土产品价格下跌，但公司主要品种销量均增长。推进绿色冶炼升 级改造项目，2025年主要生产经营目标再有提升。稀土价格位于底部区间，静待行业反转。 （王招华/马俊）2025-04-23 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母 净利润2.31亿元，同比增长252 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Views - The company reported a decline in revenue and net profit for 2024, primarily due to falling prices of rare earth products, despite an increase in sales volume [1][2]. - The company aims to enhance its production capabilities through a green smelting upgrade project, with a target revenue of over 37.22 billion yuan and a profit of over 2.82 billion yuan for 2025, representing a year-on-year increase of 12.9% and 53.5% respectively [2]. - The rare earth prices are currently at a low point, with expectations for a rebound due to supply constraints and increasing demand from new applications such as robotics and flying cars [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 32.966 billion yuan, a decrease of 1.58% year-on-year, and a net profit of 1.004 billion yuan, down 57.64% year-on-year [1]. - The average prices for key rare earth products in 2024 saw significant declines, with prices for praseodymium-neodymium oxide down by 25.99% [1]. - Despite price drops, the company reported increases in sales volumes for its main products, with rare earth oxides, salts, and metals rising by 6.07%, 19.26%, and 13.77% respectively [1]. Production and Strategic Initiatives - The company is investing up to 7.8 billion yuan in a green smelting upgrade project, expected to enhance its processing capacity significantly [2]. - The first phase of the project is set to be operational by October 15, 2024, which will improve cost control and raw material processing [2]. Market Outlook - The report anticipates a recovery in rare earth prices due to export controls and supply disruptions, with projected earnings per share (EPS) for 2025 and 2026 at 0.58 yuan and 0.89 yuan respectively, reflecting an upward revision of 7.8% and 8.0% [3]. - The global demand for praseodymium-neodymium oxide is expected to grow by 9.7% and 8.4% in 2025 and 2026, respectively, indicating a tightening supply-demand balance in the industry [3].

Group 1 - MP Materials announced the cessation of rare earth concentrate shipments to China, driven by both commercial interests and geopolitical competition [1][2] - China imports approximately 4% of its total supply of praseodymium and neodymium oxide from the US, and the halt in shipments may lead to a temporary supply contraction [2][3] - The cessation of shipments is expected to drive up rare earth prices, with the rare earth magnetic materials sector likely to experience a reversal [1][3] Group 2 - Supply-side constraints are expected to strengthen due to stricter regulatory measures and potential market exits of smaller enterprises, alongside the impact of MP's shipment halt [3] - Demand for rare earth magnetic materials is anticipated to remain robust, supported by new domestic policies and their critical role in humanoid robots [3]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5] Core Viewpoints - Continuous attention is recommended for investment opportunities in the steel sector, especially given the recent changes in tariffs and the domestic market's pricing dynamics [14][8] - The steel industry has experienced a three-year adjustment period, and current valuations present a high cost-performance ratio [14] - The upstream iron ore supply landscape is expected to undergo significant changes, potentially leading to a recovery of profitability within the domestic steel industry [14] Summary by Sections 1. Core Viewpoints - Continuous focus on investment opportunities in the steel sector is emphasized, particularly in light of recent tariff increases and potential economic stagnation in the U.S. [14] - The steel sector has seen a three-year downturn, but current conditions suggest improved profitability and stability for leading companies [14] 2. Steel Market Overview - The weekly consumption of rebar increased to 2.74 million tons, reflecting an 8.37% week-on-week rise [15][18] - The overall price index for common steel decreased by 0.72%, with specific products showing varied price movements [15][37] 3. Industrial Metals - The copper smelting fee has deepened into negative territory, indicating challenges in the copper market [17] - The production costs for electrolytic aluminum have decreased significantly, leading to improved profitability for producers [17] 4. Precious Metals - Gold prices have shown a notable increase, with COMEX gold closing at $3,341.3 per ounce, a 2.65% rise week-on-week [17] - The increase in tariffs is expected to drive demand for gold as a safe-haven asset, suggesting potential investment opportunities in the gold sector [17] 5. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, indicating strong growth in the new energy sector [16] - The demand for nickel and cobalt remains robust, with notable increases in production and consumption in the electric vehicle market [45][50]

Core Viewpoint - The company reported a revenue of 32.966 billion yuan for 2024, a year-on-year decrease of 1.58%, and a net profit attributable to shareholders of 1.004 billion yuan, down 57.64% year-on-year [1] Financial Performance - In Q4 2024, revenue reached 11.407 billion yuan, with a quarter-on-quarter increase of 33.10% and a year-on-year increase of 33.04; net profit attributable to shareholders was 599 million yuan, with a quarter-on-quarter increase of 66.41% but a year-on-year decrease of 39.52% [1] - The company experienced a significant improvement in performance despite a decrease in sales volume, with key products such as rare earth oxides, metals, and magnetic materials seeing respective sales declines of 20.57%, 28.62%, and 18.42% [2] - Price increases compensated for the decline in sales volume, with prices for praseodymium-neodymium oxide and neodymium iron boron rising by 6.86% and 3.81% respectively [2] - The company's gross profit and gross margin in Q4 2024 were 1.429 billion yuan and 12.53%, reflecting a quarter-on-quarter increase of 56.00% and 1.84 percentage points [2] Cost Management and Efficiency - The company implemented energy consumption optimization actions, significantly reducing electricity consumption in various processes, leading to a 5.1% year-on-year decrease in processing costs per ton of rare earth [3] - The company maintained a stable expense ratio, with R&D expenses remaining high, and the R&D expense ratio in Q4 2024 increased by 0.74 percentage points to 1.35% [2][3] Strategic Developments - The company is advancing its magnetic materials and rare earth motor business, with plans for expansion and production of rare earth permanent magnet motors [3] - The strategic value of rare earths is expected to increase due to export controls and a significant reduction in overseas mining supply, alongside a moderate growth in domestic mining quotas [3] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 34.8 billion, 40.5 billion, and 45.8 billion yuan, with net profits of 2.1 billion, 2.5 billion, and 3.5 billion yuan respectively, leading to corresponding EPS of 0.58, 0.69, and 0.97 yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 32.966 billion RMB for 2024, a year-on-year decrease of 1.58%, and a net profit attributable to shareholders of 1.004 billion RMB, down 57.64% year-on-year [2] - In Q4 2024, the company achieved a revenue of 11.407 billion RMB, with a quarter-on-quarter increase of 33.10% and a year-on-year increase of 33.04% [2] - The company experienced a significant improvement in performance on a quarter-on-quarter basis, despite a decline in sales volume for key products [3] - The company has implemented cost reduction and efficiency improvement measures, resulting in a 5.1% year-on-year decrease in processing costs per ton of rare earth [4] - The strategic value of rare earths is expected to increase due to rising prices and supply constraints, with potential new demand from downstream applications [4] Summary by Sections Financial Performance - The company's revenue for 2024 is projected to be 32.966 billion RMB, with a revenue growth rate of -1.58% [10] - The net profit for 2024 is expected to be 1.004 billion RMB, reflecting a net profit growth rate of -57.64% [10] - Q4 2024 revenue reached 11.407 billion RMB, with a gross profit of 1.429 billion RMB and a gross margin of 12.53% [3] Cost Management - The company has successfully reduced unit costs through energy consumption optimization, leading to a decrease in processing costs [4] - The company maintained stable operating expense ratios while continuing to invest heavily in R&D, with a R&D expense ratio of 1.35% in Q4 2024 [3] Market Outlook - The report anticipates continued recovery in the supply-demand dynamics of rare earths, driven by export controls and a reduction in overseas mining supply [4] - The company is expected to benefit from the growing demand in sectors such as robotics and low-altitude economy, enhancing the strategic importance of rare earth materials [4] Earnings Forecast - Revenue projections for 2025, 2026, and 2027 are 34.849 billion RMB, 40.530 billion RMB, and 45.816 billion RMB, respectively [5] - Net profit forecasts for the same years are 2.106 billion RMB, 2.500 billion RMB, and 3.490 billion RMB, with corresponding EPS of 0.583, 0.692, and 0.965 RMB [5]

Core Viewpoint - Northern Rare Earth reported a decline in revenue and net profit for the fiscal year 2024, primarily due to falling prices of key rare earth products, yet it remains a leader in the industry with the largest market capitalization [1][2]. Financial Performance - In 2023, Northern Rare Earth's operating revenue was 32.966 billion yuan, a year-on-year decrease of 1.58% - The net profit attributable to shareholders was 1.004 billion yuan, down 57.64% year-on-year [1]. Production and Sales - The production of rare earth oxides decreased by 7.26% to approximately 15,500 tons, while sales increased by 6.07% to about 30,600 tons, with inventory down 39.61% to around 23,000 tons [2]. - Rare earth salts production fell by 1.60% to about 125,300 tons, with sales rising by 19.26% to approximately 104,100 tons, but inventory increased by 18.30% to about 137,600 tons [2]. - Rare earth metals production rose by 19.84% to about 36,900 tons, with sales up 13.77% to approximately 35,300 tons, although inventory surged by 78.12% to 3,606.90 tons [2]. Market Outlook - The overall rare earth market is expected to remain weak in 2024, but with gradual improvements in supply and demand dynamics, the price fluctuations of major rare earth products have narrowed compared to the past three years [1]. Future Goals - For 2025, Northern Rare Earth aims to achieve operating revenue of at least 37.217 billion yuan and a total profit of over 2.820 billion yuan, while ensuring alignment between employee income, economic efficiency, and labor productivity [2].