从年薪的变动来看，2024未变更CFO的上市公司中，多数上市公司调增了CFO年薪。其中，英思特 CFO姚建唯薪酬涨幅最大，同比增长90.84%；博威合金CFO鲁朝辉年薪降幅最大，同比减少33.43%。 专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股CFO数据报告》显示，2024年A股上 市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为81.48万元。 着年报披露收官，金属新材料行业（申万二级分类）上市公司CFO薪酬面纱也被揭开。据数据统计，金 属新材料行业上市公司为CFO支付的最高年度薪酬是正海磁材，为CFO高波支付年薪255万元；为CFO 支付的最低年度薪酬是大地熊，为CFO王自以支付年薪仅33.49万元。其中为CFO发放超百万年薪的上 市公司共有3家，分别为云路股份、新莱福、正海磁材。 以下，我们重点来看为CFO发放年薪百万及以上的上市公司经营状况。2024年，正海磁材为CFO高波支 付年薪255万元，超出行业 ...

Group 1 - The report analyzes the rare earth industry chain, highlighting China's dominant position in global rare earth resources, with reserves of 44 million tons, accounting for 38% of the total [1][10][12] - China is the largest supplier of rare earths, with a well-established separation industry and advanced technology. The country has set a quota of 270,000 tons for 2024, with light rare earths accounting for approximately 250,000 tons and medium-heavy rare earths for 20,000 tons [1][10][15] - Major companies in the rare earth sector include Northern Rare Earth, China Rare Earth, and Shenghe Resources, with Northern Rare Earth leading in the production of rare earth oxides, salts, and metals [1][16] Group 2 - The rare earth permanent magnet industry in China is the largest globally, with a production volume exceeding 250,000 tons in 2024. The demand for rare earth permanent magnets is driven by sectors such as automotive and consumer electronics, particularly in the context of electric vehicles and humanoid robots [2][38] - The report emphasizes the investment opportunities in the rare earth industry, driven by increasing demand and potential price rises. Key companies to watch include Northern Rare Earth, China Rare Earth, Shenghe Resources, Kinglong Magnet, and Zhenghai Magnetic Materials [1][38] Group 3 - The global supply of rare earths is increasing, with significant contributions from the United States, Australia, and Southeast Asia. The U.S. has a reserve of 19 million tons and is ramping up production, while Australia has 5.7 million tons of reserves and is expanding its processing capabilities [22][26] - China has established a complete rare earth industry chain, from raw materials to end products, and is expected to export 123,000 tons of rare earths and products in 2024, with an export value of 25.6 billion yuan, reflecting a year-on-year increase of 7.7% [21][22]

Investment Rating - The industry rating is "Outperform" [2] Core Insights - The report highlights the supply-demand imbalance and rebalancing in the base metals sector, with a focus on the cyclical nature of recession and recovery [3][10] - In the precious metals sector, central bank gold purchases and a shift in risk appetite are expected to drive gold prices upward [4][26] - The small metals sector is characterized by cyclical demand trends, with both supply-demand tug-of-war and long-term opportunities [5][46] - The rare earth permanent magnet sector is anticipated to enter a new cycle, driven by the growing demand for high-performance materials in electric vehicles [6][65] - The report discusses the sandwich structure of investment in new metal materials, emphasizing long-term technological trends and short-term performance elasticity [7][80] Summary by Sections Base Metals - Base metals are closely tied to manufacturing and economic cycles, with copper facing supply constraints primarily at the mining level due to previous capital expenditure limitations [3][15] - Aluminum supply is bottlenecked at the smelting stage, with profitability per ton determining operational capacity [22][24] Precious Metals - Central banks have significantly increased gold purchases, contributing to rising demand [27][32] - The correlation between gold prices and U.S. Treasury yields has shifted, indicating a market response to extreme risks [35][36] Small Metals - The small metals sector shows stronger price elasticity compared to industrial metals, with tungsten and tin being highlighted for their strategic importance and demand from the electronics sector [5][49][55] Rare Earths - The demand for high-performance neodymium-iron-boron magnets is expected to grow, particularly in the automotive sector, while supply remains rigid [6][75] - The report notes a tightening supply-demand balance in the rare earth sector, driven by increasing demand from various applications [6][75] New Metal Materials - The investment framework for new metal materials is described as a sandwich structure, focusing on long-term trends, mid-term growth attributes, and short-term performance [7][80] - The report identifies key investment opportunities in semiconductor materials and high-performance applications driven by AI and power density trends [83][84]

Investment Rating - The report maintains a positive outlook on the rare earth industry, highlighting investment opportunities driven by demand growth and price increases [4]. Core Insights - China holds the largest rare earth reserves globally, with 44 million tons, accounting for 38% of the world's total [4][16]. - The demand for high-performance rare earth permanent magnets is expected to grow significantly, particularly in the automotive and consumer electronics sectors [4]. - The report emphasizes the leading position of Chinese companies in the rare earth permanent magnet industry, with a focus on companies like Northern Rare Earth, China Rare Earth, and Shenghe Resources [4]. Summary by Sections 1. Global Supply of Rare Earth Resources - China is the largest supplier of rare earths, with a well-established separation industry and significant technological advantages [27]. - The report outlines the increasing production and export quotas for rare earths in China, with a total quota of 270,000 tons for 2024, including 250,000 tons of light rare earths [27]. 2. Definition and Global Distribution of Rare Earths - Rare earths consist of 17 elements, including 15 lanthanides, yttrium, and scandium, with significant reserves found in China, Brazil, and the USA [16][20]. 3. Production and Export of Rare Earths in China - Major companies in China include Northern Rare Earth and Shenghe Resources, with production figures for 2024 indicating substantial output in various rare earth products [30][37]. - China exported 123,000 tons of rare earth products in 2024, with a total export value of 25.6 billion yuan, reflecting a 7.7% year-on-year increase [37]. 4. Overseas Supply of Rare Earths - The report discusses the increasing production of rare earths in the USA and Australia, with significant developments in the Mountain Pass mine and Lynas Corporation's operations [40][48]. 5. Rare Earth Prices - Current prices for key rare earth products are reported to be reasonable, with potential for further increases, particularly for praseodymium-neodymium oxide and dysprosium oxide [64]. 6. Rare Earth Permanent Magnet Industry - The report highlights the growing demand for rare earth permanent magnets in various applications, including electric vehicles and consumer electronics, with production expected to exceed 250,000 tons in 2024 [88]. 7. Key Companies in the Rare Earth Sector - Northern Rare Earth is identified as a leading player with significant production capacity and a focus on high-end magnetic materials [123]. - China Rare Earth is noted for its comprehensive industry chain, covering resource development to deep processing [127]. - Shenghe Resources is recognized for its overseas resource layout and strategic partnerships [138].

| 证券代码：300224 | 证券简称：正海磁材 公告编号：2025-05-07 | | --- | --- | | 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 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 ...

Group 1 - The company, Zhenghai Magnetic Materials, focuses on the research and manufacturing of high-end rare earth permanent magnetic materials and components [2] - The company's products are widely applicable in high-end application fields related to "three energies," including new energy vehicles, wind power, energy-saving electrical appliances, and intelligent equipment [2] - Specific applications of the company's products include energy-saving elevators, humanoid robots, low-altitude flying vehicles, and smart consumer electronics like smartphones [2]

Core Viewpoint - The company, Zhenghai Magnetic Materials, is focused on high-performance neodymium-iron-boron permanent magnet materials and has shown significant growth in revenue and product innovation, particularly in the electric vehicle and energy-saving sectors. Group 1: R&D and Product Development - The company adheres to a dual strategic approach of "leading technology" and "rare earth resource balance," achieving a 47% year-on-year increase in authorized and pending invention patents, totaling approximately 302 by the end of 2024, indicating advanced technical capabilities [2] - In 2024, the coverage of products utilizing grain optimization technology (TOPS) reached 97%, while diffusion technology (THRED) exceeded 80%, with a 50% year-on-year increase in the production of non-heavy rare earth magnets [2] Group 2: Sales and Market Strategy - The company employs a cost-plus pricing model while considering production complexity, achieving continuous sales growth for seven consecutive years, with sales in the energy-saving and new energy vehicle markets increasing by 25% and 28% year-on-year, respectively [2] - The company has established a comprehensive service model for high-end applications, collaborating with clients on R&D to enhance product development efficiency and success rates [4] Group 3: Product Advantages - The company's products are characterized by "low heavy rare earth content, low weight loss, high consistency, high working temperature, and high coating reliability," maintaining a leading position in performance and quality in the global market [5] - Continuous development of series products such as "non-heavy rare earth magnets," "low heavy rare earth magnets," and "ultra-light rare earth magnets" ensures competitive performance and cost [5] Group 4: Procurement and Supply Chain - The company combines strategic and dynamic procurement methods to ensure stable raw material supply, establishing a robust supplier management and quality control system [6] Group 5: Market Competitiveness - The company has achieved 100% coverage of the top 10 international automotive brands, top 5 domestic automotive brands, and top 5 new energy vehicle brands, indicating strong market penetration in the energy-saving and new energy vehicle sectors [7] Group 6: Financial Performance - In Q1 2025, the company reported a main revenue of 1.459 billion, a year-on-year increase of 24.38%, while net profit attributable to shareholders was 69.49 million, a decrease of 10.94% [9] - The company has a debt ratio of 55.89% and a gross margin of 13.39% [9] Group 7: Future Outlook - The company aims to become a leader in the global permanent magnet materials industry, focusing on technological innovation, continuous improvement, and exceeding customer expectations [8]

Core Viewpoint - Zhenghai Magnetic Materials has begun small-scale supply of core components such as hollow cup motors and frameless torque motors for humanoid robots to downstream customers, indicating a strategic alignment with emerging applications in the robotics sector [1] Group 1 - The company’s products are highly compatible with core components used in humanoid robots, specifically hollow cup motors and frameless torque motors [1] - Zhenghai Magnetic Materials is actively monitoring changes in downstream application scenarios and has conducted in-depth research in the humanoid robotics field [1] - The company has successfully initiated small-batch supply to downstream clients, showcasing its responsiveness to market demands [1]

Group 1: R&D and Product Development - The company has a total of approximately 302 authorized and pending invention patents, representing a 47% year-on-year increase, achieving international advanced technical strength [1] - In 2024, the coverage of products related to grain optimization technology (TOPS) reached 97%, while diffusion technology (THRED) exceeded 80%; the output of non-rare earth magnets increased by 50% year-on-year [1][2] - The company’s products are highly compatible with core components for humanoid robots, and small batch supplies have been delivered to downstream customers [2] Group 2: Sales and Market Performance - The company’s product sales have achieved continuous growth for seven consecutive years, with sales in the energy-saving and new energy vehicle markets increasing by 25% and 28% respectively [2] - The pricing model is based on cost-plus, considering production difficulty, and the company adopts a sales-driven production management model [1][2] Group 3: Product Advantages - The company’s products feature low rare earth content, low weight loss, high consistency, high working temperature, and high coating reliability, maintaining world-leading performance [3] - Continuous development of series products such as "non-rare earth magnets," "low rare earth magnets," and "ultra-light rare earth magnets" ensures competitive performance, quality stability, and cost-effectiveness [3] Group 4: Procurement and Supply Chain - The procurement model combines strategic and dynamic procurement, ensuring stable supply of raw materials through established channels and a comprehensive supplier management system [3] - The company formulates raw material procurement plans based on production requirements, ensuring a stable supply through bidding or price comparison [3] Group 5: Market Competitiveness and Strategy - The company has a 100% coverage rate with the top 10 international automotive brands and top 5 domestic brands in the energy-saving and new energy vehicle sectors [4] - The development strategy focuses on technological innovation, continuous improvement, and systematic management to achieve the vision of becoming a leader in the global permanent magnet materials industry [4]

Core Viewpoint - The rare earth permanent magnet sector is experiencing a strong market performance, driven by favorable policies, supply-demand dynamics, and new resource discoveries, indicating significant growth potential for related companies and the industry as a whole [1][3][4]. Policy Support - The Chinese government continues to enhance support for the rare earth sector, with the implementation of the "Rare Earth Management Regulations" in October 2024, prohibiting illegal activities related to rare earth products [3]. - The "Rare Earth Industry Development Plan (2025-2030)" aims to optimize resource allocation and promote high-end applications, reinforcing market expectations for regulated industry growth [3]. - Recent statements from the Ministry of State Security emphasize the need for improved management of strategic mineral resources, further solidifying the regulatory framework for the rare earth industry [3]. Market Dynamics - According to a report by China International Capital Corporation, the global supply-demand gap for praseodymium and neodymium oxide is projected to be 28 tons, 1,525 tons, and 1,018 tons from 2025 to 2027, indicating a sustained tight supply and potential for moderate price increases [1]. - The rare earth permanent magnet market is expected to exceed $24.95 billion by 2025, with China dominating over 90% of global production, highlighting its strategic importance in high-end manufacturing sectors [4]. New Resource Discoveries - A recent discovery of a new rare earth mineral, "Neodymium Huanghe Mine," in Inner Mongolia is expected to enhance China's position in the global rare earth supply chain, particularly for neodymium, which is crucial for high-performance permanent magnets [5][6]. Industry Performance - Preliminary half-year reports from rare earth companies indicate strong performance, attributed to rising rare earth prices, growing demand in the renewable energy sector, and benefits from increased industry concentration [7]. - Analysts suggest that domestic rare earth pricing remains relatively low, with potential for price increases supported by government policies, which could further enhance company performance in the sector [7].