A股金属新材料板块竞价活跃，九菱科技高开超5.5%，金力永磁高开4.5%，大地熊、正海磁材、中科磁 业等均开涨超2%。 订阅A股市场资讯 +订阅 ...

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].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector experienced a weekly increase of 1.26%, ranking it in the middle among all primary industries. Precious metals saw a significant rise of 5.58%, while industrial metals increased by 1.86% [1][14]. - The report highlights that tariff policies and a cooling U.S. Treasury auction have negatively impacted macroeconomic sentiment, leading to a weakening in industrial metals [1][24]. - Gold prices have surged due to deteriorating U.S. fiscal conditions, with COMEX gold closing at $3,357.70 per ounce, a 4.75% increase week-on-week [4][49]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.57%, while the non-ferrous metals sector rose by 1.26%, outperforming the index by 1.83 percentage points [14]. - Among the sub-sectors, precious metals led with a 5.58% increase, followed by industrial metals at 1.86%, while small metals and new materials declined [1][14]. Industrial Metals - **Copper**: As of May 23, LME copper was priced at $9,614 per ton, up 1.76% week-on-week. Supply remains tight due to mining incidents, but domestic smelting capacity is unaffected [2][32]. - **Aluminum**: LME aluminum closed at $2,466 per ton, down 0.62%. The supply side is impacted by the shutdown of bauxite mines in Guinea, leading to a significant rise in alumina prices [3][36]. - **Zinc**: LME zinc price increased by 0.78% to $2,713 per ton, with inventories decreasing [39]. - **Tin**: LME tin price fell by 0.46% to $32,665 per ton, with mixed inventory trends [45]. Precious Metals - Gold prices have risen significantly due to concerns over U.S. fiscal health, with a notable increase in both COMEX and SHFE gold prices [4][49]. - The report notes that the U.S. credit rating downgrade and a lackluster Treasury auction have further weakened market sentiment, contributing to the rise in gold prices [51][49]. Rare Earths - The report indicates stable supply and moderate demand for rare earths, with prices showing a slight decline [4]. News Highlights - The report discusses the implications of U.S. tariff policies and their potential impact on the market, particularly in relation to gold and industrial metals [4][51].

Group 1 - The company issued 14 million convertible bonds with a total amount of 1.4 billion yuan, with an initial conversion price of 13.23 yuan per share [1] - The conversion period for the bonds is from May 29, 2023, to November 22, 2028 [1] - The conversion price will be adjusted based on the company's profit distribution and other corporate actions, following specific formulas outlined in the prospectus [2] Group 2 - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares for the 2024 fiscal year, with the record date set for May 29, 2025 [3][4] - The total cash dividend amount is approximately 166.46 million yuan, based on a total share count of 832,322,867 shares [4] - Following the dividend distribution, the adjusted conversion price for the bonds will be 12.63 yuan per share, effective from May 30, 2025 [4]

| 证券代码：300224 | 证券简称：正海磁材 公告编号：2025-06-03 | | --- | --- | | 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 2024年年度权益分派实施公告 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。 特别提示： 1、烟台正海磁性材料股份有限公司（以下简称"公司"）回购专用证券账户 中的 5,391,586 股公司股份不参与本次权益分派。公司 2024 年年度权益分派方 案为：以公司现有总股本剔除已回购股份 5,391,586 股后的 832,322,867 股为基 数，向全体股东每 10 股派 2.000000 元人民币，实际现金分红总额为人民币 166,464,573.40 元（含税）。 2、本次权益分派实施后计算除权除息价格时，按公司总股本折算每 10 股现 金分红 = 实 际 现 金 分 红 总 额 / 总股本 *10=166,464,573.40 元 /837,714,453*10=1.987127 元（保留六位小数，最后一位直接截取，不四舍五 入）。本次权益分派实施后的 ...

| 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 关于调整正海转债转股价格的公告 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。 1、债券代码：123169 债券简称：正海转债 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 20 ...