证券代码：300224 证券简称：正海磁材 债券代码：123169 债券简称：正海转债 烟台正海磁性材料股份有限公司 投资者关系活动记录表 编号：2024-008 | --- | --- | --- | --- | --- | --- | |-------------------------|------------------------------------------|------------------------------------------------------|-------|-------|-------| | | 特定对象调研 □分析师会议 | | | | | | | □媒体采访 □业绩说明会 | | | | | | 投资者关系活 | □新闻发布会 □路演活动 | | | | | | 动类别 | □现场参观 | | | | | | | □其他（请文字说明其他活动内容） | | | | | | 参与单位名称 及人员姓名 | 山东国投：沙宗全、黄 国泰君安：兰 洋 | 真 | | | | | | | | | | | | 时间 | 2024 年 11 月 8 日 | | | | | | ...

正海磁材（300224.SZ） 金属新材料 证券研究报告/公司点评报告 2024 年 10 月 16 日 聚焦磁材主业，盈利筑底 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：300224 证券简称：正海磁材 债券代码：123169 债券简称：正海转债 烟台正海磁性材料股份有限公司 投资者关系活动记录表 | --- | --- | --- | |---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------| | | □特定对象调研 □分析师会议 | | | | □媒体采访 | √业绩说明会 | | 投资者关系活 | □新闻发布会 □路演活动 | | | 动类别 | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | | 中信证 ...

证券代码：300224 证券简称：正海磁材 公告编号：2024-19-20 债券代码：123169 债券简称：正海转债 烟台正海磁性材料股份有限公司 关于 2023 年年度报告的更正公告 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。 烟台正海磁性材料股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日 在巨潮资讯网（www.cninfo.com.cn）上披露了《2023 年年度报告》。经事后审核 及公司自查，发现部分数据信息填报有误，现对相关内容进行更正（更正内容以 加粗表示）。本次更正不涉及公司财务报表调整，不会对公司 2023 年度财务状况 及经营成果产生影响，具体如下： 一、"第三节 管理层讨论与分析"之"四、主营业务分析"之"2、收入与成 本"之"（2）占公司营业收入或营业利润 10%以上的行业、产品、地区、销售模 式的情况" | --- | --- | --- | --- | --- | --- | --- | |-------------------------|------------------|---------------- ...

Financial Performance - Revenue for the first half of 2024 was RMB 2.54 billion, a decrease of 19.59% compared to the same period last year[10] - Net profit attributable to shareholders was RMB 149.59 million, down 37.94% year-on-year[10] - Basic earnings per share (EPS) was RMB 0.18, a decrease of 37.93% year-on-year[10] - Net cash flow from operating activities was negative RMB 178.08 million, a significant decrease of 224.60% compared to the same period last year[10] - Total operating revenue for the first half of 2024 was RMB 2,539,015,434.27, a decrease of 19.6% compared to RMB 3,157,771,491.00 in the same period of 2023[116] - Net profit for the first half of 2024 was RMB 150,110,795.04, a decrease of 38.1% compared to RMB 242,391,489.58 in the same period of 2023[118] - Operating profit decreased to 158.8 million yuan from 294.06 million yuan, a significant drop[121] - Net profit declined to 155.01 million yuan from 261.13 million yuan, reflecting a 40.6% decrease[121] - Total comprehensive income for the first half of 2024 reached RMB 155,009,793.79, reflecting strong financial performance[133] - Total comprehensive income for the period reached RMB 261,128,086.50[135] Assets and Liabilities - Total assets at the end of the reporting period were RMB 7.93 billion, a decrease of 5.31% compared to the end of the previous year[10] - Total liabilities as of the end of the first half of 2024 were RMB 3,612,889,796.95, a decrease of 2.8% compared to RMB 3,715,437,079.56 at the end of the first half of 2023[115] - Total equity as of the end of the first half of 2024 was RMB 3,908,680,594.42, a decrease of 1.1% compared to RMB 3,953,096,124.25 at the end of the first half of 2023[115] - Total assets as of the end of the first half of 2024 were RMB 7,521,570,391.37, a decrease of 1.9% compared to RMB 7,668,533,203.81 at the end of the first half of 2023[115] - Total owner's equity at the end of the period was RMB 3,871,009,448.70[130] - Total equity at the end of the first half of 2024 was RMB 3,908,680,594.42, reflecting a solid financial position[134] - Total equity at the end of the first half of 2024 was RMB 3,760,744,318.91, reflecting a steady increase from the previous period[133] Cash Flow - Net cash flow from operating activities was negative RMB 178.08 million, a significant decrease of 224.60% compared to the same period last year[10] - Cash flow from operating activities was negative at -178.08 million yuan, compared to -54.86 million yuan in the previous year[123] - Cash flow from investing activities improved to 38.88 million yuan from -72.01 million yuan[125] - Cash flow from financing activities was negative at -190.84 million yuan, compared to -278.5 million yuan in the previous year[125] - Net cash flow from operating activities was negative RMB 49,915,557.52, compared to negative RMB 195,752,766.06 in the previous period[126] - Net cash flow from investing activities was negative RMB 11,532,703.97, a significant decline from positive RMB 431,297,352.57 in the previous period[127] - Net cash flow from financing activities was negative RMB 200,052,238.57, compared to negative RMB 724,946,370.91 in the previous period[127] - Cash and cash equivalents at the end of the period decreased to 210.46 million yuan from 491.76 million yuan[125] - Cash and cash equivalents at the end of the period were RMB 179,508,526.14, down from RMB 431,429,767.86 at the beginning of the period[127] Investments and Financial Management - The company's self-owned funds entrusted for bank wealth management amounted to 11,111,766.48 yuan, aimed at improving the efficiency of capital utilization[16] - Investment income amounted to RMB 16.54 million, accounting for 10.65% of total profit, primarily from bank wealth management and cash management[37] - The company invested 10,000 million yuan of its own funds from October 26, 2023, to February 20, 2024, with an annualized yield of 3.25%, resulting in an actual profit of 101.59 million yuan[47] - An investment of 12,000 million yuan of its own funds from January 16, 2024, to April 23, 2024, yielded an annualized return of 3.41%, generating an actual profit of 143.21 million yuan[48] - A 20,000 million yuan investment of its own funds from January 31, 2024, to May 1, 2024, achieved an annualized yield of 3.30%, with an actual profit of 153.74 million yuan[48] - The company allocated 10,000 million yuan of its own funds from April 2, 2024, to July 9, 2024, with an annualized yield of 3.87%, resulting in an expected profit of 103.91 million yuan and an actual profit of 95.68 million yuan[48] - An investment of 10,000 million yuan of its own funds from April 12, 2024, to May 17, 2024, yielded an annualized return of 2.90%, generating an actual profit of 29.48 million yuan[48] - The company invested 5,000 million yuan of its own funds from January 10, 2024, to February 21, 2024, with an annualized yield of 2.94%, resulting in an actual profit of 15.75 million yuan[48] - A 7,900 million yuan investment of its own funds from February 7, 2024, to April 15, 2024, achieved an annualized yield of 2.76%, with an actual profit of 38.16 million yuan[48] - The company allocated 10,000 million yuan of its own funds from February 23, 2024, to May 23, 2024, with an annualized yield of 3.40%, resulting in an actual profit of 74.53 million yuan[48] - An investment of 20,000 million yuan of its own funds from February 27, 2024, to March 22, 2024, yielded an annualized return of 3.20%, generating an actual profit of 42.01 million yuan[48] - The company invested 10,000 million yuan of its own funds from April 2, 2024, to May 16, 2024, with an annualized yield of 2.97%, resulting in an actual profit of 31.71 million yuan[48] - Total funds managed by the company amount to 594,900 thousand yuan, with a total interest income of 734.68 thousand yuan and a total principal of 2,790.11 thousand yuan[49] Subsidiaries and Investments - The company's subsidiary, Shanghai Da Jun Power Control Technology Co., Ltd., reported a net loss of 33,586,306.19 yuan, with total assets of 443,933,089.41 yuan and negative equity of 285,326,240.57 yuan[53] - Nantong Zhenghai Magnetic Materials Co., Ltd., another subsidiary, achieved a net profit of 27,552,671.66 yuan, with total assets of 2,116,375,187.86 yuan and equity of 192,974,490.02 yuan[53] - The company did not engage in any derivative investments during the reporting period[50] - No significant assets or equity were sold by the company during the reporting period[52] - The company did not have any entrusted loans during the reporting period[51] Risks and Challenges - The company faces risks from changes in the international political and economic environment[54] - The company's export business accounts for a significant proportion, and adverse changes in international political and economic environments or trade policies (such as significant tariff increases or import/export restrictions) could negatively impact the company's foreign sales and profitability[55] - The company's high-performance NdFeB permanent magnet materials business relies heavily on rare earth metals such as neodymium, praseodymium-neodymium, terbium, and dysprosium-iron. Fluctuations in the prices of these raw materials could adversely affect the company's profitability if not managed effectively[55] - The company is strengthening its strategic partnerships with major suppliers like China Rare Earth Group and Northern Rare Earth Group to ensure stable long-term supply of raw materials[55] - The company is implementing a sales-to-production and production-to-procurement strategy, maintaining reasonable inventory levels, and establishing a dynamic pricing mechanism with customers to mitigate risks from raw material price fluctuations[55] - The company is focusing on technological innovation and market trends to maintain a competitive edge in the high-performance NdFeB permanent magnet materials industry[55] - The company is closely monitoring industry policies and development trends, adjusting its business strategies to explore new markets and emerging application areas[55] - The subsidiary Shanghai Da Jun is facing continuous losses due to intensified market competition and adjustments in key customer businesses. The company is implementing a contraction strategy and providing necessary support to mitigate the impact[55] - The company has a high level of accounts receivable, which could pose a risk if macroeconomic conditions or customer operations deteriorate. The company is strengthening its accounts receivable management to ensure timely collection[55][56] Corporate Governance and Awards - The company was awarded the "Golden Roundtable Award·Board Value Creation Award" in 2024, recognizing its governance and value creation[21] - The company held its 2023 Annual General Meeting on April 17, 2024, with a 44.24% investor participation rate[59] - The company has an employee stock ownership plan involving 195 employees, holding a total of 16,000,079 shares, accounting for 1.95% of the company's total share capital[61] Environmental and Social Responsibility - The company's total environmental governance investment in the reporting period was 1.46 million yuan, and the environmental protection tax paid was 480.37 yuan[65] - The company's 4.2MW rooftop photovoltaic power generation project is under installation and is expected to be operational in the second half of 2024, providing 4.5-5 million kWh of electricity annually at full capacity[65] - The company's total hazardous waste disposal was 162.28 tons, with no超标排放情况[64] - The company's COD emissions were 3.818 tons, with a concentration of 60.33 mg/L, and no超标排放情况[64] - The company's ammonia nitrogen emissions were 0.548 tons, with a concentration of 8.66 mg/L, and no超标排放情况[64] - The company's total nickel emissions were 0.0026 kg, with a concentration of 0.0023 mg/L, and no超标排放情况[64] - The company's total copper emissions were 2.046 kg, with a concentration of 0.0343 mg/L, and no超标排放情况[64] - The company's total zinc emissions were 5.398 kg, with a concentration of 0.0903 mg/L, and no超标排放情况[64] - The company's total COD emissions under GB39731-2020 standard were 5.087 tons, with a concentration of 82.66 mg/L, and no超标排放情况[64] - The company's total ammonia nitrogen emissions under GB39731-2020 standard were 0.82 tons, with a concentration of 12.93 mg/L, and no超标排放情况[64] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 51,499[91] - Zhenghai Group Co., Ltd. holds 43.66% of the shares, totaling 358,080,148 shares[91] - The first employee stock ownership plan of Yantai Zhenghai Magnetic Materials Co., Ltd. holds 1.95% of the shares, totaling 16,000,079 shares[91] - Shandong State-owned Assets Investment Holding Co., Ltd. holds 1.85% of the shares, totaling 15,160,642 shares[91] - Zheng Jian, an individual shareholder, holds 1.83% of the shares, totaling 14,998,842 shares[91] - Yantai Zhenghai Electronic Plate Co., Ltd. holds 1.58% of the shares, totaling 12,957,300 shares[91] - Hong Kong Securities Clearing Company Ltd. holds 0.73% of the shares, totaling 5,989,809 shares[91] - China Everbright Bank Co., Ltd. - Xingquan Business Model Preferred Hybrid Securities Investment Fund (LOF) holds 0.58% of the shares, totaling 4,725,349 shares[91] - Bank of Communications Co., Ltd. - Qianhai Open Source Core Resources Flexible Allocation Hybrid Securities Investment Fund holds 0.42% of the shares, totaling 3,485,007 shares[93] - China Construction Bank Co., Ltd. - Guoshou Anbao Smart Life Stock Securities Investment Fund holds 0.42% of the shares, totaling 3,405,789 shares[93] Convertible Bonds and Share Repurchases - The company issued 1,400,000 convertible bonds with a total value of 1,400,000,000 yuan, which entered the conversion period on May 29, 2023[89] - During the reporting period, 535 shares were converted from convertible bonds, increasing the company's total shares to 820,245,644[88] - The initial conversion price of "Zhenghai Convertible Bonds" was 13.23 yuan per share, adjusted to 13.03 yuan per share after the 2022 annual equity distribution, and further adjusted to 12.83 yuan per share after the 2023 annual equity distribution[103] - The total issuance amount of "Zhenghai Convertible Bonds" is 1.4 billion yuan, with a cumulative conversion amount of 379,300 yuan and a cumulative conversion of 29,088 shares, accounting for 0.00% of the total shares before the conversion start date[104] - The top 10 holders of convertible bonds include Southern Fund, China Bank, UBS AG, and others, with the largest holder holding 629,248 bonds, accounting for 4.50% of the total[105] - The company repurchased 3,914,560 shares during the reporting period, accounting for 0.4772% of the total shares, with a total expenditure of 36,762,338 yuan[90] Research and Development - R&D expenses for the first half of 2024 were RMB 149,103,697.75, a decrease of 8.8% compared to RMB 163,476,630.36 in the same period of 2023[117] - R&D expenses increased to 107.28 million yuan from 129.74 million yuan, showing a 17.3% reduction[121] - The company's R&D strategy focuses on "staying ahead" and "rare earth resource balance," aiming to reduce the use of heavy rare earth elements and expand the use of ultra-light rare earth elements[30] - The company has established a stable and long-term strategic cooperation relationship with customers through an innovative business model of "high-end positioning, joint R&D, system services, continuous innovation, and strategic cooperation"[31] Market and Industry Trends - China's new energy vehicle production and sales in the first half of 2024 reached 4.929 million and 4.944 million units, respectively, with year-on-year growth of 30.1% and 32%, and a market share of 35.2%[19] - The total control indicators for rare earth mining and smelting separation in China for the first two batches of 2024 were 270,000 tons and 254,000 tons, respectively, with year-on-year growth of 12.50% and 10.43%[17] - In the first half of 2024, China's wind power industry added 25.84GW of installed capacity, a year-on-year increase of 12.4%[20] - The company's high-performance NdFeB permanent magnet materials were installed in 2.23 million sets of energy-saving and new energy vehicle motors, a year-on-year increase of 14%[21] - The company's coverage rate of global EPS and other automotive electrification brands reached 100%, and the coverage rate of global inverter air conditioner compressor brands also reached 100%[21] - The company's high-performance NdFeB permanent magnet materials have a 90% coverage rate among the top 10 international automotive brands, top 5 domestic automotive brands, and top 5 new car-making brands[21] - High-performance NdFeB permanent magnet material shipments increased by 10% year-over-year, but revenue and net profit declined due to intensified market competition, reduced demand in some downstream applications, and lower raw material prices[35] - New energy vehicle motor drive business revenue decreased by 58.09% to RMB 18.32 million, with a gross margin of -14.88%, reflecting ongoing losses and intensified competition[35][36] - Total operating revenue decreased by 19.59% to RMB 2.54 billion, primarily due to lower sales prices caused by declining upstream raw material prices[35] - Operating costs decreased by 18.51% to RMB 2.13 billion, driven by lower rare earth material prices[35] - Net cash flow from operating activities decreased by 224.60% to -RMB 178.08 million, mainly due to increased tax payments and reduced tax refunds[35] - Investment income amounted to RMB 16.54 million, accounting for 10.65% of total profit, primarily from bank wealth management and cash management[37] - Monetary funds decreased by 5.06% to RMB 549.10 million, mainly due to increased payments for matured bills[38] - Construction in progress increased by 1.00% to RMB 305.83 million

证券代码：300224 证券简称：正海磁材 债券代码：123169 债券简称：正海转债 烟台正海磁性材料股份有限公司 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |-------------------------|-----------------------------------------------------------|------------------------------------------------------| | | | 特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活 | □新闻发布会 □路演活动 | | | 动类别 | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | 参与单位名称 及人员姓名 | 浙商证券：熊宇航、沈皓俊 光大资管：孟祥飞 | | | 时间 | 2024 年 7 月 17 日 | | | 地点 | 公司会议室 | | | 上市公司 接待人员姓名 | 副总经理、财务总监兼董事会秘书：高波 证券事务代表：于在海 | | | | 1 、问：请介绍一下公司 ...

证券代码：300224 证券简称：正海磁材 债券代码：123169 债券简称：正海转债 烟台正海磁性材料股份有限公司 投资者关系活动记录表 编号：2024-005 | --- | --- | --- | |--------------|--------------------------------------|------------------------------------------------------| | | | 特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活 | □新闻发布会 □路演活动 | | | 动类别 | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | | 华夏久盈：桑永亮 中泰证券：安永超、程心悦 | | | 国寿养老：甄明昊 华泰证券：李 | 斌、方翔宇 | | | 华泰资管：王国森 | 国寿养老：甄明昊 | | 参与单位名称 | 长信基金：李博华 华安基金：王晓丹 | | | 及人员姓名 | 东方基金：杨贵宾 银华基金：华强强 | | | | 信达澳亚：郭 | 敏 工银瑞信：陈 涵 | | | 金鹰基金 ...

2024 年第一季度报告 | --- | --- | |-------------------------------------------|----------| | | 本报告期 | | 支付的优先股股利（元） | | | 支付的永续债利息（元） | | | 用最新股本计算的全面摊薄每股收益（元/股） | | | --- | --- | --- | --- | --- | |-----------------------------|--------------------------------|--------------------------------|---------------|-------------------------------------------------------------------------| | | | | | 单位：元 | | 项目 | 期末余额 | 年初余额 | 变动比例 | 变动原因分析 | | 应收款项融资 其他流动资产 | 588,283,227.91 34,692,168.67 | 323,533,515.23 24,688,625.02 | ...

请务必阅读正文之后的重要声明部分 图表 1: 公司产业链布局 中 游 上游 下游 资源端 车企、交调、凤电等领域 线钱明链村 ----------------- --------- 新能源车企: 大众汽车、丰曰汽 烟台基地 车、日产汽车、通 权益比例100% 用汽车、福特汽车、 产能：10000吨 现代汽车等 北方稀土、中 国稀土等 → Panasonic GGREEAP 字用电器: 福海厂区 格力、美的、松下、 权益比例100% 戏森技卡等 产能：8000吨 风电: Gamesa 会风科技、东方电 气、西门子歌美观 金风# SIEMENS 商通基地 权益比例100% 产能:建成产能 12000吨,在建6000 鸣 电机: Nieller BOSCH 博世、日本电产等 来源：公司公告，中泰证券研究所 来源：Wind，中泰证券研究所 盈利能力稳定，凸显公司竞争力 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Recommend" rating for the company, with expected EPS of 0.59/0.68/0.78 yuan per share for 2024-2026, and corresponding PE ratios of 19/17/14X [23][50] Core Views - The company's revenue in 2023 was 5.87 billion yuan, a year-on-year decrease of 7.05%, while net profit attributable to the parent company increased by 10.74% to 448 million yuan [30][35] - The growth in net profit is mainly driven by the increase in gross profit, which rose by 153 million yuan year-on-year, primarily due to the significant growth in sales of NdFeB magnetic materials and components [30] - The company's product structure has been optimized, with high-margin NdFeB magnetic material components and drive motor magnets growing faster, contributing to an overall gross margin increase of 3.7 percentage points to 18.09% in 2023 [36][59] Financial Performance - The company's revenue from NdFeB magnetic materials in 2023 was 5.77 billion yuan, accounting for 98.2% of total revenue, with a gross profit of 1.033 billion yuan [6][7][11] - In 2023, the company's NdFeB magnetic material sales volume increased by 12% to 17,178 tons, and component sales surged by 476% to 404,700 units [31] - The automotive sector (including new energy vehicles) accounted for 66% of NdFeB sales, with a 19% year-on-year increase in sales volume to 11,345 tons [31][69] Capacity and Market Position - By the end of 2023, the company had an annual production capacity of 30,000 tons of NdFeB magnetic materials, with plans to reach 36,000 tons by 2026 [53][55] - The company has strengthened its raw material supply chain through a joint venture with China Rare Earth Group, ensuring 25% of its raw material supply [55] - The company's R&D advantages are evident, with three core technologies driving the development of low-heavy rare earth, heavy rare earth-free, and ultra-light rare earth magnet product lines [53][66] Industry Trends - The new energy vehicle sector continues to drive demand for NdFeB magnetic materials, with the company's automotive sector sales volume increasing by 19% in 2023 [31][69] - The company's drive motor magnet deliveries for energy-saving and new energy vehicles reached 4.49 million units, a 29% year-on-year increase [31] - Despite a 33.33% decline in the rare earth price index in 2023, the company's cost reduction and product structure optimization helped maintain profitability [36]