属于高附加值的产业吧他的毛利率其实比这个车还是要偏高一些了因此对运生而言新能源汽车消费电子机械硬盘等等几个行业吧预计会贡献一个基本面的增长啊总算还是保持一个比较乐观的一个态度同时呢人型机器人等新兴的领域包括像飞行汽车等等运生也都有布局像人型机器人呢这个运生他已经是实现了量产了啊那么这个呢也是可以炒未来的一个空间的 然后像公司呢还有一些比较核心的因素啊可以再给大家分享一下比如说啊他们的产能现在是两点一万吨吧啊从目前的公开信息来看呢应该是暂列行业第四但是他们实际的他的开工率啊是非常高的他开工率在今年应该是数一数二的所以说呢他在今年啊这个实际的成品产量就是女解缝的成品产量有望冲击啊行业前三 那么明年呢可能高卓那边的机器再扩5000吨出来后年再扩1万吨出来所以说到2026年底的时候他有现在的2.1万吨的产能应该有往后到3年多的产能这个时候呢到时应该是行业前二的一个水平了吧啊因此呢在业内的成长属性还是比较凸显的啊并且他的利用率啊但实际上他的对单是非常饱满的啊在业内应该是非常优秀的这个呢也凸显出整个磁台体系的竞争格局在好转的一个原因吧 其实在过往几年就是比较难比如一些这个小厂或者二线厂啊在其他厂中呢可能他的经济能力不饱满 ...

2 稀土供需改善，利好磁材企业利润释放 http://www.stocke.com.cn 8/27 请务必阅读正文之后的免责条款部分 2.1 供给端：增速见拐点 （2）中重稀土矿开采指标：2024 年 1.9 万吨，连续 6 年持平； 0 50000 0 50000 100000 150000 200000 250000 300000 201620172018201920202021202220232024 岩矿型稀土（轻；吨REO） 离子型稀土（中重为主；吨REO） 100000 150000 200000 250000 300000 合计 从增速拐点推断，在稀土价格经历大幅调整后，国家政策端或已充分认知产业供需现 状，在今年第一批指标增速收紧、但未见稀土价格明显回暖的情况下，果断在第二批指标 中释放出负增速，给予市场信心——换言之，市场对稀土行业的指标限制有了更强的预期。 图10： 今年我国稀土开采指标 27 万吨（同比+6%，前值 21%） 图11： 今年我国稀土冶炼指标 25 万吨（同比+4%，前值 21%） 2.1.2 海外+回收：缅甸受阻+MP 留库存，其他矿山 2027 年之前难放量 资料来源： ...

Revenue and Profit - Revenue for the third quarter was RMB 1,346,838,678.68, a slight increase of 0.66% compared to the same period last year[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 30,603,836.49[2] - Revenue for the first three quarters of 2024 reached 3.654 billion yuan, a decrease of 9.19% year-on-year[11] - Net profit for the first three quarters of 2024 was 69.1393 million yuan, turning a profit compared to the same period last year[11] - Operating revenue for the first three quarters of 2024 was 3,653,624,474.50 RMB, down from 4,023,544,664.66 RMB in 2023[17] - Net profit attributable to the parent company was 3,283,085,959.15 RMB, slightly up from 3,269,042,385.24 RMB in 2023[16] - Net profit for the third quarter of 2024 was RMB 66.36 million, compared to a net loss of RMB 245.86 million in the same period last year[18] - Operating profit for the third quarter of 2024 was RMB 63.27 million, a significant improvement from an operating loss of RMB 319.80 million in the same period last year[18] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 8,940,801,042.20, an increase of 4.42% compared to the end of the previous year[3] - Total assets increased to 8,940,801,042.20 RMB from 8,562,120,814.38 RMB[15] - Total liabilities rose to 3,038,558,999.54 RMB from 2,617,155,031.33 RMB[16] - Short-term borrowings increased to 376,180,480.99 RMB from 315,537,070.83 RMB[15] - Long-term equity investments decreased to 191,268,748.83 RMB from 215,416,096.02 RMB[15] - Fixed assets remained stable at 1,543,747,856.30 RMB compared to 1,528,888,116.92 RMB in 2023[15] - Total equity increased to 5,902,242,042.66 RMB from 5,944,965,783.05 RMB[16] Cash Flow - Cash flow from operating activities for the period was RMB 626,009,582.51, a decrease of 19.64% compared to the same period last year[2] - Cash flow from operating activities for the first nine months of 2024 was RMB 626.01 million, a decrease from RMB 778.98 million in the same period last year[21] - Cash flow from investing activities for the first nine months of 2024 was a net outflow of RMB 810.62 million, compared to a net outflow of RMB 546.21 million in the same period last year[21] - Cash flow from financing activities for the first nine months of 2024 was a net outflow of RMB 110.55 million, compared to a net outflow of RMB 233.90 million in the same period last year[21] - Total cash and cash equivalents at the end of the third quarter of 2024 were RMB 985.14 million, a decrease from RMB 1.34 billion at the end of the same period last year[21] Earnings and Shareholder Information - Basic earnings per share for the third quarter were RMB 0.0283[3] - The number of ordinary shareholders at the end of the reporting period was 67,635[7] - Basic earnings per share for the third quarter of 2024 were RMB 0.0637, compared to a loss per share of RMB 0.2289 in the same period last year[19] Government Subsidies and Other Income - Government subsidies recognized in the current period amounted to RMB 6,165,856.63[4] - Low-risk financial product income for the period was RMB 23,856,231.43, classified as recurring profit and loss[5] Market Share and Product Revenue - Revenue from neodymium magnet materials for new energy vehicles was 1.662 billion yuan, an increase of 24.12% year-on-year[11] - Revenue from neodymium magnet materials for consumer electronics was 996 million yuan, an increase of 22.97% year-on-year[12] - Revenue from neodymium magnet materials for industrial and other applications was 688 million yuan, a decrease of 49.56% year-on-year[12] - The company's neodymium magnet materials held a 22% market share in the domestic new energy passenger vehicle market[12] - The company achieved mass production supply for a domestic humanoid robot customer[12] R&D and Operating Costs - Operating costs for the first three quarters of 2024 were 3,599,820,986.63 RMB, compared to 4,347,652,065.68 RMB in 2023[17] - R&D expenses decreased to 132,528,594.62 RMB from 268,611,822.43 RMB in 2023[17] Comprehensive Income - Total comprehensive income for the third quarter of 2024 was RMB 66.03 million, compared to a comprehensive loss of RMB 244.81 million in the same period last year[19] Monetary Funds and Accounts Receivable - Monetary funds as of September 30, 2024, were 985.726423 million yuan, a decrease from 1.282876164 billion yuan at the end of 2023[13] - Accounts receivable as of September 30, 2024, were 1.954628330 billion yuan, an increase from 1.780700597 billion yuan at the end of 2023[13] - Inventory as of September 30, 2024, was 1.479857925 billion yuan, a decrease from 1.676349905 billion yuan at the end of 2023[13] Return on Equity - Weighted average return on equity (ROE) for the third quarter increased by 1.52 percentage points to 0.52%[3] Gross Profit Margin - The company's gross profit margin increased during the reporting period, contributing to the rise in non-recurring net profit[6]

Investment Rating - The report maintains an "Overweight-A" rating for Ningbo Yunsheng with a 6-month target price of 7.7 yuan, implying a 38.5x forward P/E for 2024 [4][8] Core Views - The company's performance improved significantly in Q2 2024, with revenue of 1.28 billion yuan (+2.01% YoY, +24.81% QoQ) and net profit of 39 million yuan, turning profitable both YoY and QoQ [1] - Rare earth prices stabilized in Q2 2024, with praseodymium-neodymium oxide prices rebounding 14% in Q3 to 415,000 yuan/ton, which is expected to boost downstream procurement and further improve the company's performance [2] - The company achieved a 20.4% market share in China's new energy vehicle main drive motor market in H1 2024, with 840,000 sets of main drive motors [3] - Revenue from consumer electronics grew 22% YoY in H1 2024, driven by AI technology applications and inventory replenishment [3] Financial Performance - H1 2024 revenue was 2.31 billion yuan (-14.1% YoY), with net profit of 39 million yuan, turning profitable YoY [1] - NdFeB product revenue was 2.10 billion yuan (-12% YoY) in H1 2024, accounting for 91.2% of total revenue [2] - Revenue breakdown by segment in H1 2024: new energy vehicles 1.00 billion yuan (+8% YoY), consumer electronics 622 million yuan (+22% YoY), industrial and others 480 million yuan (-49% YoY) [2] Market Position - The company holds a leading position in the new energy vehicle motor market with a 20.4% market share in H1 2024 [3] - In consumer electronics, the company expanded its order share among strategic customers, maintaining competitive advantages [3] Future Projections - Revenue is expected to grow to 4.81 billion yuan in 2024, 6.00 billion yuan in 2025, and 8.40 billion yuan in 2026 [4] - Net profit is projected to reach 217 million yuan in 2024, 356 million yuan in 2025, and 522 million yuan in 2026 [4]

2024 年半年度报告 公司代码：600366 公司简称：宁波韵升 宁波韵升股份有限公司 2024 年半年度报告 1 / 172 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人竺晓东、主管会计工作负责人张迎春及会计机构负责人（会计主管人员）张玺芳 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用。 六、 前瞻性陈述的风险声明 √适用 □不适用 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意投 资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能存在的风险，敬请查阅第三节" ...

各位投资者和广大支持宁波运生的伙伴朋友们大家下午好感谢各位对宁波运生的关心和支持下面由本人来简要介绍公司2023年度及2024年第一季度的经营发展情况 宁波运生自1995年进入稀土泳池材料行业以来专业从事稀土泳池材料的研发制造和销售公司的主要业务是为客户提供高端稀土泳池材料应用的解决方案并致力于向下游的持组线应用领域延伸是全球领先的稀土泳池材料应用方案的解决供应商 银铁盆作为第三代稀土泳池材料主要由银铁盆三种元素构成具有高盛值密度高脚腕力和高质能级的特点广泛应用于新能源汽车消费电子城市轨道交通工业机器人节能家电风力发电等绿色潜能环保领域稀土泳池下游应用较为广泛因此与宏观经济整体波动相关度较高 2023年受全球经济环境和行业周期等因素影响铝铁粉泳制材料下游市场需求减弱消费电子工业电机等部分主要市场领域表现低迷行业竞争进一步加剧叠加上游稀土泳制材料市场价格持续下跌导致铝铁粉泳制材料市场价格和产品毛利率均出现下降 面对不利的外部环境公司紧抓低碳化智能化电气化发展趋势以中长期发展规划为引领坚持以客户为中心和长期主义深入贯彻大客户战略继续深耕新能源汽车应用消费电子工业及其他应用三大领域2023年度公司实现铝铁盆泳池材料 ...

各位投资者和广大支持宁波运生的伙伴朋友们大家下午好感谢各位对宁波运生的关心和支持下面由本人来简要介绍公司2023年度及2024年第一季度的经营发展情况 宁波运生自1995年进入稀土泳池材料行业以来专业从事稀土泳池材料的研发制造和销售公司的主要业务是为客户提供高端稀土泳池材料应用的解决方案并致力于向下游的持组线应用领域延伸是全球领先的稀土泳池材料应用方案的解决供应商 银铁盆作为第三代稀土泳池材料主要由银铁盆三种元素构成具有高盛值密度高脚腕力和高质能级的特点广泛应用于新能源汽车消费电子城市轨道交通工业机器人节能家电风力发电等绿色潜能环保领域稀土泳池下游应用较为广泛因此与宏观经济整体波动相关度较高 2023年受全球经济环境和行业周期等因素影响铝铁粉泳制材料下游市场需求减弱消费电子工业电机等部分主要市场领域表现低迷行业竞争进一步加剧叠加上游稀土泳制材料市场价格持续下跌导致铝铁粉泳制材料市场价格和产品毛利率均出现下降 面对不利的外部环境公司紧抓低碳化智能化电气化发展趋势以中长期发展规划为引领坚持以客户为中心和长期主义深入贯彻大客户战略继续深耕新能源汽车应用消费电子工业及其他应用三大领域2023年度公司实现铝铁盆泳池材料 ...

各位投资者和广大支持宁波运生的伙伴朋友们大家下午好感谢各位对宁波运生的关心和支持下面由本人来简要介绍公司2023年度及2024年第一季度的经营发展情况 宁波运生自1995年进入稀土泳池材料行业以来专业从事稀土泳池材料的研发制造和销售公司的主要业务是为客户提供高端稀土泳池材料应用的解决方案并致力于向下游的持组件应用领域延伸是全球领先的稀土泳池材料应用方案的解决供应商 银铁盆作为第三代稀土泳池材料主要由银铁盆三种元素构成具有高圣磁密度高角腕力和高磁能级的特点广泛应用于新能源汽车消费电子城市轨道交通工业机器人节能家电风力发电等绿色潜能环保领域稀土泳池下游应用较为广泛因此与宏观经济整体波动相关度较高 2023年受全球经济环境和行业周期等因素影响铝铁盆泳池材料下游市场需求减弱消费电子工业电机等部分主要市场领域表现低迷行业竞争进一步加剧叠加上游稀土泳池材料市场价格持续下跌导致铝铁盆泳池材料市场价格和产品毛利率均出现下降 面对不利的外部环境公司紧抓低碳化智能化电气化发展趋势以中长期发展规划为引领坚持以客户为中心和长期主义深入贯彻大客户战略继续深耕新能源汽车应用消费电子工业及其他应用三大领域2023年度公司实现铝铁盆泳池材料 ...

78 Tall 公司发布 2023 年年报以及 2024 年一季报。2023 年公司实现营收 53.7 亿元，同比-16.2%，归母净利-2.3 亿元，同比-163.9%，扣非归母净利-2.0 亿元，同比-152.8%。2024 年第一季度公司实现营业收入 10.26 亿元，环比 -23.8%，归母净利润为 0.0 亿元，环比-100.0%；扣非归母净利润-0.07 亿元， 环比-275.0%。向全体股东每 10 股派发 2023 年度现金红利 0.5 元（含税）。 稀土价格止跌反弹，把握新能源汽车和空调需求增量赛道。2024 年第 一批稀土指标增速放缓，供需关系得到改善，稀土价格于 3 月下旬止跌反 弹。2024 年空调和家电行业高景气，是磁材行业需求增长最快的领域，也 是公司业务覆盖范围，后续以旧换新政策将继续推动该领域增长，公司将 因此受益。 风险提示 磁性材料 2024 年 05 月 20 日 一年内股价相对走势 华福证券 诚信专业 发现价值 2 请务必阅读报告末页的声明 分析师声明 投资者应注意，在法律许可的情况下，本公司及其本公司的关联机构可能会持有本报告中涉及的公司所发行的证券并进行交易，也 可 ...

稀土跌价拖累业绩表现，静待市场企稳 稀土跌价拖累业绩表现，Q2 有望好转 | --- | --- | |--------------------|----------------| | | 公司快报 | | | 证券研究报告 | | | 稀土及磁性材料 | | 投资评级 | 增持 -A | | | 维持评级 | | 6 个月目标价 | 7.7 元 | | 股价 (2024-05-07) | 6.29 元 | | 交易数据 | | | 总市值(百万元 | ) 6,992.96 | | 流通市值(百万元 | ) 6,691.84 | | 总股本(百万股 | ) 1,111.76 | | 流通股本(百万股 | ) 1,063.89 | | 12 个月价格区间 | 4.75/9.46 元 | qinjj1@essence.com.cn 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 投资建议： 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 2 公司快报/宁波韵升 本公司具备证券投资咨询业务资格的说明 本报告仅供国投证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因为任 何 ...