烟台正海磁性材料股份有限公司（以下简称"公司"）于 2025 年 3 月 23 日 召开五届董事会第二十四次会议审议通过《关于使用闲置自有资金购买理财产品 的议案》，同意公司申请 19 亿元自有资金额度用于购买理财产品，在上述额度内， 资金可以循环滚动使用。同时，董事会授权公司管理层具体实施上述事宜。 近期，公司前期进行的委托理财已有部分赎回以及重新购买，现就相关事宜 公告如下： 一、使用闲置自有资金进行委托理财情况 | 受托方 | 产品名称 | 金额 | 产品类型 | 投资起始日 | 投资 | 投资到期日 | 预期年化 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (万元) | | | 天数 | | 收益率 | | 浦发银行 | | | | | | | | | 烟台开发 | 周周鑫稳健 1 号 | 2,800 | 固定收益类 | 2025-04-30 | 9 | 2025-05-09 | 2.25% | | 区支行 | | | | | | | | | 浦发银行 | | | | | | | | | 烟台开发 | 周周鑫稳健 1 号 | 5, ...

Core Insights - The magnetic sensor market in China is experiencing robust growth, with the market size projected to increase from 3.71 billion yuan in 2018 to 9.95 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 17.87% [1][18] - Key drivers of this growth include sustained demand from consumer electronics, automotive electronics, and industrial automation, as well as the application of emerging technologies [1][18] - The integration of magnetic sensors in various applications such as smartphones, electric vehicles, and smart home devices is further propelling market demand [1][18] Industry Overview - Magnetic sensors are essential components in modern electronic systems, capable of accurately measuring physical quantities by capturing changes in magnetic fields [1][3] - The industry is categorized into Hall sensors and magnetic resistance sensors, with the latter further divided into anisotropic magnetoresistance (AMR), giant magnetoresistance (GMR), and tunnel magnetoresistance (TMR) sensors [3][5] Market Segmentation - Hall sensors dominate the market, holding approximately 69% market share in China, with a market size projected to grow from 3.01 billion yuan in 2017 to 6.55 billion yuan by 2024, at a CAGR of 13.84% [7][19] - The magnetic resistance sensor market is also expanding rapidly, with the market size expected to grow from 660 million yuan in 2018 to 3.33 billion yuan by 2024, achieving a CAGR of 30.96% [21] - AMR sensors are projected to grow from 370 million yuan in 2018 to 1.41 billion yuan by 2024, with a CAGR of 24.98% [22] - GMR sensors are expected to increase from 150 million yuan in 2018 to 560 million yuan by 2024, with a CAGR of 24.55% [22] - TMR sensors are anticipated to grow from 140 million yuan in 2017 to 1.36 billion yuan by 2024, achieving a remarkable CAGR of 46.07% [22] Industry Chain - The magnetic sensor industry chain consists of upstream suppliers of raw materials and core components, midstream manufacturers responsible for design and production, and downstream applications in various sectors such as consumer electronics, automotive electronics, and industrial automation [12][14] Key Companies - Notable companies in the magnetic sensor market include domestic players such as Shanghai Canrui Technology, Suzhou Naxin Microelectronics, and others, alongside global leaders like Allegro, Infineon, and TDK [25][27][29] Development Trends - The industry is focusing on enhancing product sensitivity, temperature stability, miniaturization, and low power consumption to meet the evolving demands of applications in precision measurement, automotive electronics, and IoT devices [31][32][34][35]

Core Viewpoint - The credit rating report indicates that the company, Yantai Zhenghai Magnetic Material Co., Ltd., maintains a stable credit rating of AA- due to its high industry recognition and diverse product offerings, despite facing challenges from intensified competition and declining product prices in the neodymium iron boron permanent magnet materials sector [3][5][6]. Company Overview - Yantai Zhenghai is recognized as a leading manufacturer of high-performance sintered neodymium iron boron permanent magnets, with a significant market presence in the new energy vehicle sector [3][5]. - The company has a stable customer base, primarily serving top-tier enterprises in various segments, including new energy vehicles and other high-end applications [4][5][16]. Financial Performance - The company's revenue for 2024 is reported at 55.39 billion, a decrease from 58.74 billion in 2023, with a notable decline in net profit from 0.90 billion to 0.70 billion [4][16]. - The gross profit margin has also decreased from 18.09% in 2023 to 13.55% in 2024, reflecting the impact of lower product prices and increased operational costs [4][16]. Industry Environment - The neodymium iron boron permanent magnet materials industry is experiencing high competition and price volatility, particularly in raw materials, which has led to a significant drop in product prices [5][6][13]. - The demand for high-performance magnets is primarily driven by the new energy vehicle sector, which saw a substantial increase in production and sales in 2024, with new energy vehicle sales reaching 1,286.6 million units, a year-on-year growth of 35.5% [9][10]. Production Capacity and Risks - The company is expanding its production capacity, with a total planned capacity of 18,000 tons at its Nantong base, of which 12,000 tons are already operational [6][24]. - There are concerns regarding the ability to absorb the increased capacity if downstream demand does not align with production increases, posing a risk of excess capacity [6][24]. Raw Material Supply and Pricing - The company relies heavily on rare earth materials, with raw material costs constituting approximately 75% of product costs, making it vulnerable to price fluctuations in the rare earth market [19][20]. - The company has established stable relationships with upstream suppliers, but the concentration of suppliers poses a risk if raw material prices continue to fluctuate significantly [19][20]. Future Outlook - The credit rating agency maintains a stable outlook for the company, citing its strong market position and the potential for revenue support from its core business despite current challenges [5][6]. - The company is expected to continue focusing on expanding its market presence and optimizing its operations to mitigate risks associated with price volatility and competition [5][6].

信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 2022 年烟台正海磁性材料股份有 限公司向不特定对象发行可转换 公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【108】号 01 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 ...

Group 1 - The magnetic materials sector is experiencing a rise, with Longmag Technology (300835) increasing by over 10% [1] - Other companies such as Dadi Bear, Zhenghai Magnetic Materials (300224), Tianhe Magnetic Materials (603072), Ningbo Yunsheng (600366), and Galaxy Magnet (300127) are also seeing gains [1] - There is a notable influx of dark pool funds into these stocks [1]

烟台正海磁性材料股份有限公司（以下简称"公司"）于 2024 年 12 月 18 日 召开的五届董事会第二十二次会议审议通过了《关于使用部分暂时闲置募集资金 进行现金管理的议案》，同意在确保不影响募集资金投资项目款项支付及募集资 金安全的情况下，使用额度不超过人民币 4 亿元的部分暂时闲置募集资金进行现 金管理，用于购买安全性高、流动性好的投资产品（包括但不限于结构性存款、 定期存款、大额存单等），使用期限自公司董事会审议通过之日起 12 个月内有效， 在上述额度和期限范围内，资金可以滚动使用。详细内容见公司于 2024 年 12 月 18 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露的《关于使用部分暂 时闲置募集资金进行现金管理的公告》。 近日，公司注销了部分到期已赎回的募集资金现金管理专用结算账户，现就 相关事宜公告如下： | 证券代码：300224 | 证券简称：正海磁材 公告编号：2025-05-05 | | --- | --- | | 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 关于使用部分暂时闲置募集资金进行现金管理的进展公告 本 ...

| 证券代码：300224 | 证券简称：正海磁材 公告编号：2025-18-05 | | --- | --- | | 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 关于正海转债恢复转股的提示性公告 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。 重要内容提示： 1、债券代码：123169 债券简称：正海转债 2、转股起止日期：2023 年 5 月 29 日至 2028 年 11 月 22 日 4、恢复转股日期：2025 年 5 月 30 日 烟台正海磁性材料股份有限公司（以下简称"公司"）因实施 2024 年年度权 益分派，根据《烟台正海磁性材料股份有限公司创业板向不特定对象发行可转换 公司债券募集说明书》及《深圳证券交易所创业板上市公司自律监管指南第 1 号 ——业务办理》等相关规定，自 2025 年 5 月 22 日至本次权益分派股权登记日 （2025 年 5 月 29 日）止，公司可转换公司债券（债券代码：123169；债券简称： 正海转债）暂停转股。具体内容详见公司 2025 年 5 月 21 日在巨潮资讯网上披露 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Viewpoints - The company, Zhenghai Magnetic Materials, reported a revenue of 5.539 billion yuan in 2024, a year-on-year decrease of 5.70%, and a net profit attributable to shareholders of 92 million yuan, down 79.37% year-on-year [4][13]. - In Q1 2025, the company achieved a revenue of 1.459 billion yuan, representing a year-on-year increase of 24.38%, while the net profit attributable to shareholders was 69 million yuan, showing a decline of 10.94% [14]. - The company is focusing on its core business of magnetic materials, particularly in the high-performance neodymium-iron-boron permanent magnet sector, which is facing intense competition and price pressures [5][16]. Company Overview - The latest closing price of the company's stock is 12.59 yuan, with a total market capitalization of 10.5 billion yuan [3]. - The company has a total share capital of 838 million shares, with a debt-to-asset ratio of 54.5% and a price-to-earnings ratio of 114.45 [3]. Financial Performance - The company's revenue from neodymium-iron-boron permanent magnets in 2024 was 5.494 billion yuan, down 4.79% year-on-year, with a gross profit of 779 million yuan, a decrease of 24.60% [17]. - The gross margin for 2024 was 14.18%, down 3.73 percentage points from 2023 [17]. - The company expects revenues to grow to 6.382 billion yuan in 2025, with a projected net profit of 327 million yuan, reflecting a significant recovery [8][10]. Production and Market Development - The company has a production capacity of 30,000 tons for high-performance neodymium-iron-boron permanent magnets, with a utilization rate of 84% at its Yantai base and 62% at its Nantong base [6][18]. - The shipment volume for energy-saving and new energy vehicles increased by 25% in 2024, with a total of 5.61 million sets of electric motors equipped [19]. - The company is advancing the development of non-rare earth products, which have seen a 50% increase in production, enhancing its competitive edge in the market [7][19].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company focuses on its core business of magnetic materials, with continuous improvements in the performance of non-rare earth products [4][7]. - The company reported a decline in revenue and net profit for 2024, with revenue of 5.539 billion yuan, down 5.70% year-on-year, and a net profit of 0.92 billion yuan, down 79.37% year-on-year [4][13]. - In Q1 2025, the company achieved revenue of 1.459 billion yuan, a year-on-year increase of 24.38%, while net profit decreased by 10.94% [14]. Company Overview - The latest closing price is 12.59 yuan, with a total market capitalization of 10.5 billion yuan [3]. - The company has a total share capital of 838 million shares, with a debt-to-asset ratio of 54.5% and a P/E ratio of 114.45 [3]. Performance Analysis - The decline in 2024 performance is attributed to intense competition in the high-performance neodymium-iron-boron permanent magnet industry, leading to price pressures and a decrease in gross margin [5][16]. - The company's neodymium-iron-boron permanent magnet revenue and gross profit for 2024 were 5.494 billion yuan and 0.779 billion yuan, respectively, down 4.79% and 24.60% year-on-year [17]. - The company has a production capacity of 30,000 tons for high-performance neodymium-iron-boron permanent materials, with a utilization rate of 84% at the Yantai base and 62% at the Nantong base [6][18]. Future Outlook - The company is expected to benefit from the continued ramp-up of the Nantong base and a rebound in rare earth prices, projecting revenues of 6.382 billion yuan, 7.141 billion yuan, and 7.872 billion yuan for 2025, 2026, and 2027, respectively [8][10]. - The projected net profits for the same years are 0.327 billion yuan, 0.393 billion yuan, and 0.491 billion yuan, reflecting significant growth [10][11].

证券代码：300224 证券简称：正海磁材 公告编号：2025-18-04 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 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。 特别提示： 一、可转换公司债券基本情况 经中国证券监督管理委员会《关于同意烟台正海磁性材料股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2022〕2654 号）核准， 烟台正海磁性材料股份有限公司（以下简称"公司"）于 2022 年 11 月 23 日向不 特定对象发行了 1,400.00 万张可转换公司债券（以下简称"正海转债"），每张 面值 100 元，发行总额 140,000.00 万元。公司本次发行的可转债转股期限自可 转债发行结束之日起满六个月后的第一个交易日起至可转债到期日止，即 2023 年 5 月 29 日至 2028 年 11 月 22 日止。 正海转债的初始转股价格为 13.23 元/股。 因公司实施 2022 年年度权益分派方案，"正海转债"的转股价格自 2023 年 因公司实施 2023 年年度权益分派方案，"正海转债" ...