| 证券代码：300224 | 证券简称：正海磁材 | 公告编号：2025-01-06 | | --- | --- | --- | | 债券代码：123169 | 债券简称：正海转债 | | 1 烟台正海磁性材料股份有限公司 六届董事会第四次会议决议公告 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"）六届董事会第四次会 议于 2025 年 8 月 22 日在公司会议室以通讯方式召开，会议通知于 2025 年 8 月 22 日以电话、电子通讯及邮件方式发出。经全体董事同意，豁免本次会议通知 时间要求。本次董事会会议应出席董事 9 人，实际出席会议董事 9 人。会议由董 事长王庆凯先生主持，公司全体监事及相关高管人员列席了本次会议。会议的召 开符合《公司法》和公司《章程》的规定。 会议以记名投票方式进行表决，经与会董事表决，审议通过了以下决议： 一、审议通过《关于提前赎回正海转债的议案》 自 2025 年 7 月 25 日至 2025 年 8 月 22 日，公司股票已满足任意连续 30 个 交易日中至少有 15 个 ...

Core Viewpoint - The report by Pacific Securities on Zhenghai Magnetic Materials emphasizes the company's focus on its core business and high-quality development, resulting in a "buy" rating for the stock [1] Financial Performance - In the first half of 2025, the company achieved total operating revenue of 3.057 billion yuan, a year-on-year increase of 20.42% - Profit before tax reached 104 million yuan, a decrease of 33.2% year-on-year - Net profit attributable to shareholders was 113 million yuan, down 24.39% year-on-year, with operating costs rising by 26.39%, leading to pressure on gross margin and profitability [2] Industry Position and Product Development - The company leads the nation in rare earth permanent magnet technology and production volume - Continuous R&D efforts on "heavy rare earth-free magnets," "low heavy rare earth magnets," and "ultra-light rare earth magnets" have reduced production costs and improved product performance, ensuring a technological edge in high-performance NdFeB permanent magnet materials - By 2024, the company's rare earth permanent magnet production capacity is expected to reach 30,000 tons, with an output of 20,781 tons, and rare earth permanent magnet revenue accounting for over 99% of total revenue [3] Market Demand and Strategic Positioning - Long-term growth in demand for rare earth permanent magnets is anticipated, driven by the increasing penetration of electric vehicles, with approximately 2-3 kg of rare earth magnets used per pure electric vehicle and about 1.5 kg per plug-in hybrid vehicle - Emerging markets such as humanoid robots and eVTOLs are expected to drive further demand - The company has established comprehensive coverage of top international and domestic automotive brands, with a 100% coverage rate among the top 10 global automotive brands and top 5 domestic brands [4] Supply Chain and Pricing Dynamics - China remains the largest supplier of rare earth resources globally, with a 2024 quota of 270,000 tons, reflecting a 6.36% year-on-year increase for light rare earths and a stable supply for heavy rare earths - The price of rare earths has been on the rise since 2025, benefiting the entire industry chain, and the company is expected to gain from this upward trend [5] Investment Outlook - The company is positioned as a leader in rare earth permanent magnet technology and production, with a diverse client base including many well-known domestic and international companies - The forecast for net profit attributable to shareholders for 2025-2027 is 290 million yuan, 480 million yuan, and 590 million yuan, respectively, with corresponding P/E ratios of 53x, 32x, and 26x, leading to an "accumulate" rating [6]

Group 1: Zhenghai Magnetic Materials (正海磁材) - In the first half of 2025, Zhenghai Magnetic Materials achieved total revenue of 3.057 billion yuan, a year-on-year increase of 20.42%, but net profit decreased by 24.39% [1] - The company experienced improved operational efficiency in Q1, but faced profit pressure in Q2 due to changes in the international economic environment and intensified domestic market competition [1] - Product shipments increased by over 20% year-on-year, with shipments in the energy-saving and new energy vehicle markets growing by over 30% [1] Group 2: Shengyi Electronics (生益电子) - Shengyi Electronics reported a 91.00% increase in revenue and a 452.11% increase in net profit for the first half of 2025, driven by optimized product structure and a higher proportion of high-value-added products [2] - The company is focusing on the 800G high-speed switch market in telecommunications and enhancing its presence in the automotive electronics sector [2] - The Thai production base project is progressing steadily, having received investment incentives, and the smart computing center's first phase has begun trial production [2] Group 3: Desay SV (德赛西威) - Desay SV achieved revenue of 14.644 billion yuan in the first half of 2025, a year-on-year increase of 25.25%, with net profit rising by 45.82% [3] - The company has established overseas branches and commenced production in factories located in Indonesia and Mexico, with a smart factory in Spain expected to start mass production in 2026 [3] - The smart driving business generated revenue of 4.147 billion yuan, reflecting a year-on-year growth of 55.49%, while the smart cockpit business saw sales of 9.459 billion yuan, up 18.76% [3] Group 4: Livzon Pharmaceutical Group (丽珠集团) - Livzon Pharmaceutical Group anticipates single-digit revenue growth for the year, with profit growth expected to outpace revenue growth [4] - The company has submitted a listing application for P-CAB tablets and expects approval for injection products in the first half of 2029 [4] - The market potential for microsphere products is significant, with ongoing development in long-acting microsphere formulations and psychiatric products [4]

Group 1: Zhenghai Magnetic Materials - In the first half of 2025, Zhenghai Magnetic Materials achieved a total revenue of 3.057 billion yuan, a year-on-year increase of 20.42%, but net profit decreased by 24.39% [1] - The company experienced improved operational efficiency in Q1, but faced profit pressure in Q2 due to changes in the international economic environment and intensified domestic market competition [1] - Product shipments increased by over 20% year-on-year, with shipments in the energy-saving and new energy vehicle markets growing by over 30% [1] - The company has a high coverage of core technologies such as grain optimization and diffusion technology, with a year-on-year increase of 55% in the production of non-rare earth magnets [1] - Zhenghai Magnetic Materials has been recognized as the most valuable materials company in the humanoid robot sector and has begun small batch supply to downstream customers [1] Group 2: Ice Wheel Environment - In the first half of 2025, Ice Wheel Environment reported a revenue of 3.12 billion yuan, a year-on-year decline of 7%, with net profit attributable to shareholders at 266 million yuan, down 20% [2] - The company’s domestic business faced a slowdown in downstream demand, resulting in a revenue of 2.1 billion yuan, while overseas business grew significantly by 30% to 1.02 billion yuan [2] - The company provides compressors and heat exchange devices covering a temperature range of -271℃ to 200℃, with the low-temperature refrigeration segment generating 1.73 billion yuan, accounting for 55% of total revenue [2] - Ice Wheel Environment is implementing a "going to sea" strategy, enhancing its overseas technical capabilities and localizing its sales network [2] Group 3: Yuntianhua - Yuntianhua released its 2025 semi-annual report detailing its phosphate fertilizer exports, phosphate rock prices, and product operations [3] - The company strictly adheres to domestic supply and price stabilization policies for phosphate fertilizer exports, with high sulfur prices impacting costs [3] - Phosphate ammonium production and sales decreased due to product structure adjustments and maintenance, while phosphate rock supply and demand remain tight with prices at high levels [3] - The company is increasing efforts in developing high-end products such as polyoxymethylene, while the market demand for iron phosphate is growing but prices remain low [3] - Yuntianhua plans to distribute dividends of 0.2 yuan per share, with future dividends to be considered based on operational funding needs [3]

Group 1 - The company, Zhenghai Magnetic Materials, announced on August 21 that it adheres to dual strategic research and development approaches: "High and Above" and "Rare Earth Resource Balance" [1] - The "High and Above" strategy focuses on maintaining internal innovation vitality and external leadership in awareness and capability [1] - The "Rare Earth Resource Balance" strategy aims to reduce the use of scarce and high-cost heavy rare earth elements (such as Dysprosium and Terbium) while increasing the adoption of abundant and low-cost light rare earth elements (such as Cerium, Lanthanum, and Yttrium) [1] Group 2 - The company emphasizes the efficient use of various rare earth categories to continuously lower the cost of rare earth permanent magnets [1] - Through a collaborative development mechanism with strategic customers, the company accurately grasps the development direction of niche markets and maintains multidimensional technological leadership [1] - The company ensures compliance with its information disclosure management system, guaranteeing that information disclosed is true, accurate, complete, timely, and fair, without any significant undisclosed information leakage [1]

证券日报网讯 正海磁材8月21日发布公告，在公司回答调研者提问时表示，2025年上半年，公司实现营 业总收入30.57亿元，同比增长20.42%；实现归属于公司股东的净利润1.13亿元，同比下降24.39%；实 现基本每股收益0.14元，同比下降22.22%；实现资产总额86.64亿元，同比下降1.27%；实现净资产39.01 亿元，同比下降1.28%。 （编辑 王雪儿） ...

Core Viewpoint - The company, Zhenghai Magnetic Materials, announced significant growth in its product lines and technology coverage in a recent report, indicating strong performance and future potential in the magnetic materials industry [1] Group 1: Technology Coverage - In the first half of 2025, the coverage rate of products related to the Crystal Grain Optimization Technology (TOPS) is expected to remain above 90% [1] - The coverage rate of products related to the Diffusion Technology (THRED) is approximately 80% [1] Group 2: Production and Shipment Growth - The production of non-heavy rare earth magnets has increased by 55% year-on-year [1] - The shipment volume of ultra-light rare earth magnets has surged by 82% year-on-year [1]

（编辑 王雪儿） 证券日报网讯 正海磁材8月21日发布公告，在公司回答调研者提问时表示，在核心市场占有率持续提升 的同时，公司积极顺应新兴产业发展趋势，全力拓展人形机器人等潜力市场，公司被评为"人形机器人 领域最具价值材料类企业"。公司技术可高度匹配人形机器人用空心杯电机和无框力矩电机等核心部件 需求。公司不仅有与国际知名客户合作近二十年的经验储备，也与国内产业链新兴龙头企业结成密切合 作关系，具有成熟的研发、制造、供货能力，已持续向下游客户小批量供货。 ...

（编辑 王雪儿） 证券日报网讯 正海磁材8月21日发布公告，在公司回答调研者提问时表示，公司高性能钕铁硼永磁材料 主要应用在新能源、节能化和智能化等"三能"高端应用领域，包括新能源汽车、风电等新能源，汽车节 能电气、节能家电、节能电梯，人形机器人和低空飞行器等智能装备、手机等智能消费电子等。公司具 有良好的商业生态，已形成汽车市场（尤其是节能与新能源汽车）为主，其他各主要应用领域均衡发展 的良性格局。 ...

（编辑 王雪儿） 证券日报网讯 正海磁材8月21日发布公告，在公司回答调研者提问时表示，公司密切关注市场动态和政 策变化，灵活调整自身经营策略，积极面对市场竞争，全力拓展市场份额，实现产品出货量同比增长超 过20%。其中，节能和新能源汽车市场出货量同比增长超过30%，共搭载290万台套节能和新能源汽车 电机；家电行业出货量同比增长超过10%。 ...