Core Viewpoint - The company, Dadi Bear, has high-performance rare earth permanent magnet materials applicable in the aerospace sector, but lacks military qualifications [2] Group 1: Company Operations - Dadi Bear established a joint venture with Northern Rare Earth in 2011 to ensure stable supply of rare earth raw materials [2] - Since 2022, Northern Magnetic Materials, formed from the restructuring of four magnetic material enterprises under Northern Rare Earth, has become the main supplier of rare earth raw materials for the company [2] - The company has also established partnerships with multiple rare earth suppliers to secure the safety of its raw material supply [2]

大地熊回复称，目前公司烧结钕铁硼总体产能约10,000吨/年，公司"高综合性能烧结钕铁硼永磁体及器 件研发与产业化项目"等项目正按计划建设中，公司将根据下游市场需求变化情况，制定并推进产能提 升计划，逐步释放产能规模。 格隆汇1月27日｜有投资者在互动平台向大地熊提问：很多厂商公布了产能提升计划，大地熊25年的产 能和后面的产能提升预期大概是多少？ ...

有投资者在互动平台向 大地熊提问：请问贵公司的产品能否用于 商业航天的火箭、 军工领域的 导弹？ 是否有进入这些领域的相关资质？目前是否有和 北方稀土或 中国稀土等建立紧密联系锁定原材料？ 大 地熊回复称，公司高性能 稀土永磁材料可以应用于航空航天领域，但公司未有军工相关资质。2011年 公司与北方稀土成立合资公司，保障了公司稀土原材料的稳定供应；2022年以来，原北方稀土下属四家 磁材企业整合重组成立的北方磁材成为公司稀土原材料的主要供应商。同时，公司还与业内多家稀土供 应商建立合作关系，多渠道保障公司稀土原材料供应安全。 ...

Core Viewpoint - The company has high-performance rare earth permanent magnet materials suitable for aerospace applications but lacks military-related qualifications [1] Group 1: Product Applications - The company's products can be applied in the aerospace sector, specifically for rockets [1] - The company does not possess qualifications for military applications, such as missiles [1] Group 2: Supply Chain and Partnerships - In 2011, the company established a joint venture with Northern Rare Earth to ensure stable supply of rare earth materials [1] - Since 2022, Northern Magnetic Materials, formed from the restructuring of four magnetic material enterprises under Northern Rare Earth, has become the main supplier of rare earth materials for the company [1] - The company has also established partnerships with multiple rare earth suppliers to secure the safety of its raw material supply [1]

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term raw material supply tightness is expected to support nickel prices, with LME nickel spot price reaching $18,630 per ton, up 5.70% from January 16 [1] - The cobalt market is anticipated to see continued price increases due to structural supply tightness, with electrolytic cobalt priced at 438,000 yuan per ton, down 3.74% from January 16 [2][5] - Domestic antimony supply remains tight, providing price support, with antimony ingot prices at 160,500 yuan per ton [6] - Lithium carbonate prices are expected to continue rising, with a market average of 171,100 yuan per ton, up 8.36% from January 16 [8][19] - Supply uncertainties in the rare earth market are expected to support prices, with significant global supply concentration in China [10][20] - Tin prices are supported by overseas supply uncertainties, with LME tin prices at $54,200 per ton, up 9.66% from January 16 [11][21] - Tungsten market supply-demand imbalance is notable, with white tungsten concentrate prices at 535,500 yuan per ton, up 5.93% from January 16 [13][22] - Uranium supply tightness is expected to persist, with global uranium prices at $63.51 per pound [14][15] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are supported by supply constraints, with Indonesia's nickel mining production quota expected to be reduced to 250-260 million tons [1][16] - Cobalt supply is projected to tighten further, with Congo's export quotas confirmed to extend into 2026 [2][17] Antimony Industry Update - Antimony supply remains tight, with domestic prices expected to rise due to export restrictions and seasonal supply issues [6][18] Lithium Industry Update - Lithium carbonate prices are expected to remain strong due to demand support and supply uncertainties, particularly regarding the recovery of key lithium mines [8][19] Rare Earth Industry Update - The rare earth market is facing supply tightening due to export bans and geopolitical factors, with China maintaining a dominant position [10][20] Tin Industry Update - Tin prices are supported by uncertainties in overseas supply, particularly from Myanmar and Congo [11][21] Tungsten Industry Update - The tungsten market is experiencing a supply-demand imbalance, with prices expected to rise due to limited new supply [13][22] Uranium Industry Update - Uranium prices are supported by ongoing supply tightness and geopolitical factors affecting production [14][15]

Core Viewpoint - The company Dadi Xiong (688077) has announced its earnings forecast for 2025, projecting a significant increase in net profit and non-recurring profit compared to the previous year, indicating strong growth potential in a competitive market environment [4]. Financial Performance - The forecasted net profit for 2025 is estimated to be between 54.20 million to 57.80 million yuan, representing a year-on-year growth of 70.05% to 81.35% [4]. - The expected non-recurring net profit is projected to be between 25.23 million to 28.83 million yuan, showing a substantial year-on-year increase of 259.06% to 310.31% [4]. - The company's current price-to-earnings ratio (TTM) is approximately 67.79 to 72.30 times, with a price-to-book ratio (LF) of about 3.61 times and a price-to-sales ratio (TTM) of around 2.56 times [4]. Business Strategy - The company specializes in high-performance sintered neodymium-iron-boron permanent magnetic materials, injection-molded magnets, and rubber magnets [15]. - In 2025, the company aims to seize market opportunities and expand its market share in the automotive and industrial motor sectors while continuously optimizing its product structure to enhance profitability [15]. - The company is also focused on lean management practices, which have led to steady improvements in operational efficiency and significant year-on-year growth in product sales and production volume [15]. Non-Recurring Gains - The financial department has preliminarily estimated that non-recurring gains will contribute approximately 28.98 million yuan to the net profit for 2025 [16].

Core Viewpoint - Dadi Bear expects a significant increase in net profit for the year 2025, projecting a rise of approximately 22.33 million to 25.93 million yuan, which translates to a year-on-year increase of 70.05% to 81.35% [1] Group 1: Financial Performance - The main reason for the profit increase is attributed to the company's core business performance [1] - The company aims to expand its market share in the automotive and industrial motor sectors while optimizing its product structure to enhance profitability [1] - Non-operating income is expected to contribute approximately 28.98 million yuan to the net profit for 2025 [1] Group 2: Operational Efficiency - The company is actively pursuing lean management practices, leading to steady improvements in operational efficiency [1] - There has been a significant year-on-year increase in product output and sales volume, contributing to the overall growth in net profit [1] - The comprehensive gross profit margin has improved, further supporting the increase in net profit [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to increase by approximately CNY 22.33 million to CNY 25.93 million, representing a year-on-year increase of 70.05% to 81.35%[2] - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is expected to increase by approximately CNY 18.20 million to CNY 21.80 million, reflecting a year-on-year increase of 259.06% to 310.31%[2] - Non-operating gains and losses are expected to increase the net profit for 2025 by approximately CNY 28.98 million[8] - The performance forecast is based on preliminary calculations by the finance department and has not been audited by an external accounting firm[3] - The company emphasizes that the forecast data is subject to change and the final audited financial data will be disclosed in the 2025 annual report[10] - There are no significant uncertainties affecting the accuracy of this performance forecast[9] Historical Financial Data - The total profit for the same period last year was CNY 18.57 million, with a net profit attributable to shareholders of the parent company of CNY 31.87 million[4] - The earnings per share for the previous year was CNY 0.28[5] Business Performance - The company achieved a significant increase in product sales volume and revenue, driven by market expansion in the automotive and industrial motor sectors[7] - The gross profit margin has improved, contributing to the steady growth of net profit[7]

格隆汇1月23日丨大地熊(688077.SH)公布，经财务部门初步测算，安徽大地熊新材料股份有限公司预计 2025年年度实现归属于母公司所有者的净利润与上年同期（法定披露数据）相比，将增加2232.74万元 到2592.74万元，同比增加70.05%到81.35%。 归属于母公司所有者的扣除非经常性损益的净利润与上年同期（法定披露数据）相比，将增加 1,820.00 万元到 2,180.00 万元，同比增加259.06%到310.31%。 ...

证券日报网讯1月16日，大地熊在互动平台回答投资者提问时表示，欧盟一直以来是公司高性能稀土永 磁材料及相关产品重要的出口市场，目前以境内主体直接向其出口为主。 ...