证券研究报告：有色金属 | 公司点评报告 2024年4月16日 股票投资评级 金力永磁(300748) 买入|维持 业绩短期内承压，看好高性能磁材应用前景 个股表现 ⚫ 短期业绩承压，持续优化产品结构 3 月 29 日晚，公司发布 2023 年度报告。2023 年，公司实现营 金力永磁 有色金属 11% 业收入 66.88 亿元，同比下降 6.66%，其中境外销售收入 12.49 亿 6% 元，同比增长 52.57%；实现归母净利润 5.64 亿元，同比下降 1% 19.78%；净利润下降主要系 2022 年度因港股上市融资取得汇兑收益 -4% -9% 1.5亿元及2023年研发费用投入较2022年度有所增长。 -14% 23Q4，公司实现营业收入16.37亿元，环比增长1.06%，同比下 -19% 降 16.10%；实现归母净利润 0.69 亿元,环比下降 57.05%，同比增长 -24% -29% 335.17%。 -34% 2023-04 2023-06 2023-09 2023-11 2024-02 2024-04 按产品领域，2023 年公司产品主要涉及新能源汽车及汽车零部 资料来源：聚源，中邮证券 ...

JL MAG RARE-EARTH CO., LTD. 江西金力永磁科技股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：6680） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 江西金力永磁科技股份有限公司（「本公司」）董事會（「董事會」）謹 此 宣 佈，將 於 2024年4月26日（星 期 五）舉 行 董 事 會 會 議，以（其 中 包 括）考慮及批准本公司及其 附屬公司截至2024年3月31日 止 三 個 月 的 未 經 審 核 第 一 季 度 業 績 及 其 公 佈。 承董事會命 江西金力永磁科技股份有限公司 董事長 於 本 公 告 日 期，董 事 會 成 員 包 括 執 行 董 事 蔡 報 貴 先 生 及 呂 鋒 先 生；非 執 行 董 事 胡 志 濱 先 生、李 忻 農 先 生、梁 敏 輝 先 生 及 李 曉 光 先 生 ...

Financial Performance - The company's operating revenue for 2023 was RMB 6,687.9 million, a decrease of 6.7% compared to the previous year[5]. - The net profit attributable to the parent company for 2023 was RMB 563.7 million, a decrease of 19.8% year-on-year[5]. - The cash flow from operating activities for 2023 was RMB 101.8 million, representing a significant increase of 389.5% compared to the previous year[17]. - The gross margin for the year improved to 35%, up from 30% in the previous year, reflecting better cost management[24]. - The company's operating revenue for the year ended December 31, 2023, was RMB 6,687.9 million, a decrease of 6.7% compared to RMB 7,165.2 million for the year ended December 31, 2022[32]. - The net profit attributable to the owners of the parent company for the year was RMB 563.7 million, down 19.8% from RMB 702.7 million in the previous year[33]. - The net cash flow from operating activities increased significantly to RMB 1,517.8 million, a rise of 389.4% compared to RMB 310.1 million in 2022[33]. - The gross profit margin for 2023 was 16.07%, slightly down from 16.18% in 2022[40]. - The company's revenue for the reporting period was RMB 6,687.9 million, a decrease of RMB 477.3 million or 6.7% compared to RMB 7,165.2 million in 2022[112]. - The net profit attributable to the parent company was RMB 563.7 million, down RMB 139.0 million or 19.8% from RMB 702.7 million in 2022, primarily due to a significant decrease in foreign exchange gains and increased R&D expenses[112]. Production and Capacity - In 2023, the sales volume of high-performance rare earth permanent magnet materials reached 15,122 tons, an increase of 25.6% year-on-year[5]. - The annual production capacity of high-performance rare earth permanent magnet materials has reached 23,000 tons, with an annual capacity utilization rate exceeding 90%[6]. - The company plans to gradually increase the annual production capacity of high-performance rare earth permanent magnet materials to 40,000 tons by 2025[6]. - The total production of high-performance rare earth permanent magnet materials reached 15,154 tons in 2023, an increase of 18.52% year-on-year[67]. - The company produced 13,226 tons of high-performance rare earth permanent magnet materials using grain boundary diffusion technology, a 32.72% increase year-on-year, accounting for 87.28% of total production[67]. - The company has reported a 15% increase in production capacity, now reaching 10,000 tons of rare earth magnets annually[25]. - The company plans to establish a production capacity of 40,000 tons of high-performance rare earth permanent magnet materials by 2025, with current capacity utilization exceeding 90%[71]. - The company is investing in a new production line in Mexico with an annual capacity of 1 million sets of magnetic components, enhancing its competitiveness in humanoid robots and new energy vehicles[71]. Market and Product Development - The company’s products have been adopted by five of the top ten global wind turbine manufacturers in 2023[20]. - The sales volume of the company's new energy vehicle drive motor magnetic steel products can equip approximately 3.9 GW of wind power generation capacity, reducing carbon emissions by about 645 million tons per year[20]. - New product development includes the launch of a high-performance neodymium-iron-boron permanent magnet, which is expected to enhance market competitiveness[25]. - The company is actively pursuing market expansion, with plans to enter two new international markets by the end of 2024[24]. - Revenue from the new energy vehicle and automotive parts segment accounted for 49.5% of total revenue in 2023, compared to 47.5% in 2022[37]. - Revenue from the new energy vehicle and automotive parts segment was RMB 3,303.2 million, accounting for 57.3% of total revenue, up from 47.5% in 2022[114]. - The company is recognized as a leading supplier of magnetic steel for drive motors in the global new energy vehicle industry, with major manufacturers utilizing its products[67]. - The company aims to maintain its leading position in the fields of new energy vehicles, energy-saving variable frequency air conditioning, and wind power generation, while actively exploring markets in humanoid robots, 3C, and rail transportation[103]. Research and Development - The company has invested RMB 200 million in R&D for new technologies, focusing on improving the efficiency of rare earth materials[25]. - The company's R&D expenses amounted to RMB 354 million in 2023, representing 5.29% of its operating revenue[69]. - The company is committed to enhancing its R&D efforts to improve production technology and expand its product range, focusing on high-performance magnetic materials and components[104]. - The company has established long-term strategic partnerships with major rare earth suppliers, allowing for better management of raw material costs and supply stability[73]. - The company holds 115 authorized and pending patents in regions including Europe, the United States, and Japan as of December 31, 2023[87]. Environmental, Social, and Governance (ESG) - The company has established an ESG committee in 2023 to enhance its ESG strategy and performance, achieving a leading level in global industry ESG ratings[6]. - The company aims to expand its global business footprint while adhering to low-carbon development principles and fulfilling sustainable development responsibilities[7]. - The company emphasizes ESG initiatives, aiming to reduce carbon emissions and support carbon neutrality through various sustainable practices[75]. - The company achieved a carbon emission reduction of approximately 34.02 million tons through the sales of its magnetic products in various sectors, including new energy vehicles[94]. - The company has invested approximately RMB 24.89 million in environmental protection and health safety during the reporting period[97]. - The company has completed a photovoltaic power station project with a total installed capacity of approximately 2.6 MW in Ganzhou, and is constructing a "green sponge factory" in Ningbo[105]. - The company is committed to sustainable development and aims to reduce carbon emissions through various initiatives, including the construction of photovoltaic power stations and collaboration with leading new energy companies[105]. Shareholder and Corporate Governance - The company has distributed cash dividends exceeding RMB 600 million since its listing, with the 2023 dividend plan proposing a distribution of RMB 26 per 10 shares, totaling approximately RMB 347.6 million, which is over 60% of the net profit attributable to the parent company[93]. - The company is committed to maintaining high standards of corporate governance and improving its internal management and control systems[153]. - The company ensures that all shareholders enjoy equal status and rights during the general meetings[154]. - The company has a significant concentration of ownership, with major shareholders holding 387,100,160 A-shares, which is part of a controlled corporation[160]. - The company maintains independence from its controlling shareholders in terms of business, assets, and finances, ensuring autonomous operational capabilities[162]. - The company has established a comprehensive performance evaluation system for senior management, guided by principles of responsibility, incentive, performance, and competition[165]. - The company has implemented a robust internal control system to ensure effective governance and risk management[164]. - The board consists of 9 members, including 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors, ensuring strong independence[173].

截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西金力永磁科技股份有限公司 呈交日期: 2024年4月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 06680 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 200,745,600 | RMB | | 1 RMB | | 200,745,600 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 200,745,600 | RMB | | 1 RMB | | 200,745,600 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | H | 於香港聯交所上 ...

指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 7,165 6,688 8,889 10,834 12,726 增速（%） 75.61% -6.66% 32.91% 21.88% 17.46% 归母净利润（百万元） 703 564 719 935 1,171 增速（%） 55.09% -19.78% 27.55% 30.04% 25.22% 每股收益（元） 0.52 0.42 0.53 0.70 0.87 市盈率（倍） 30.07 37.48 29.38 22.60 18.05 80.0 71.7 90% 8 100% 70.0 75.6% 66.9 80% 7 85.3% 7.03 80% 68.8% 70% 60.0 60% 6 5.64 60% 55.8% 55.1% 50.0 50% 5 4.53 41.3% 42.5% 40.8 40% 40% 40.0 4 31.6% 30% 20% 30.0 24.2 20% 3 2.44 5.6% 6.6% 20.0 12.9 17.0 1 00 %% 2 1.47 1.57 -19.8%0% 10.0 -6.7%-10% ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 22.4 yuan based on a 35x PE ratio for 2024 [11][18]. Core Insights - In 2023, the company achieved an operating income of 6.688 billion yuan, a year-on-year decrease of 6.66%, and a net profit attributable to the parent company of 564 million yuan, down 19.78% year-on-year [10][15]. - The total output of high-performance rare earth permanent magnet materials was 15,154 tons, an increase of 18.52% year-on-year, with 13,226 tons produced using grain boundary diffusion technology, marking a 32.72% increase [10][15]. - The company’s production capacity is expected to nearly double in two years, with plans to reach 40,000 tons of high-performance rare earth permanent magnet materials by 2025 [10][16]. - The demand from the new energy vehicle sector is driving growth, with significant potential in the robotics market as industrial robots become more widely used [10][17]. Financial Performance Summary - The company’s net profit forecasts for 2024-2026 are 867 million yuan, 1.13 billion yuan, and 1.318 billion yuan, respectively, with corresponding EPS of 0.64, 0.84, and 0.98 yuan [11][18]. - The company’s gross profit margin is projected to improve from 16.1% in 2023 to 19.0% by 2026 [13]. - The total sales volume of high-performance rare earth permanent magnet materials reached 15,122 tons in 2023, reflecting a 25.60% increase year-on-year [10][15]. Production Capacity and Projects - The company has an annual production capacity of 23,000 tons, with a utilization rate exceeding 90% in 2023 [10][16]. - Ongoing projects include the Baotou Phase II project (12,000 tons/year), Ningbo project (3,000 tons/year), and Ganzhou project, all expected to be operational by 2024 [10][16]. Market Demand and Future Outlook - The new energy vehicle sector is identified as the fastest-growing demand area for high-performance rare earth permanent magnet materials, driven by increasing sales and market share [10][17]. - The company is adapting its projects to meet the growing demand in humanoid robots and new energy vehicles, with a significant investment in a new production line in Mexico [10][17].

上 市 公 司 有色金属 2024 年04月 03 日 金力永磁 (300748) 公 司 研 究 ——产量产能持续增长，关注人形机器人磁组件业务 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  事件：公司公告 2023 年业绩，Q4 业绩承压，基本符合预期。1）2023 年实现营收 66.9 亿元（yoy-6.7%），归母净利润 5.6 亿元（yoy-19.8%)，扣非归母净利润 4.9 亿元 证 （yoy-27.7%），毛利率为 16.1%，扣除 2022年度因港股上市融资取得的汇兑收益 1.5 市场数据： 2024年04月02日 券 收盘价（元） 15.69 亿元及本年新增研发费用 1640 万元等因素影响，2023 年度公司净利润较 2022 年度基 研 一年内最高/最低（元） 32.33/12.89 本保持稳定。2）2023Q4实现营收16.4亿元（yoy-16.1%，qoq+1.1%），归母净利润 究 市净率 3.0 0.7 亿元（yoy-19.8%，qoq-57.1%），扣非归母净利润 0.6 亿元（yoy+371.0%， 报 息率（分红/股价） - 告 流通 A ...

公 司 研 究 金力永磁（300748.SZ）：量增价跌， 2024年4月3日 推荐/维持 稀土价格回落拖累业绩表现 东 金力永磁 公司报告 兴 ——2023 年年报业绩点评 证 券 财务要点：公司披露2023年年度业绩预告，实现收入66.88亿元，同比下滑 公司简介： 股 6.66%；实现归母净利润5.64亿元，同比下滑19.78%。 金力永磁成立于 2008 年，是集研发、生产 份 和销售高性能钕铁硼永磁材料于一体的高 有 量增价跌，稀土价格回落拖累业绩表现。23 年公司营收未能实现正增长，主 新技术企业，是国内新能源和节能环保领域 限 要是由于稀土原材料价格大幅下跌，以金属镨钕为例，23 年底平均含税价为 高性能稀土永磁材料的领先供应商。其产品 公 55.75万元/吨，较年初87.64万元/吨下跌36.4%。尽管23 年公司高性能稀土 被广泛应用于新能源汽车及汽车零部件、节 司 永磁材料总销量 1.51 万吨，较去年增长 25.6%，但量增不抵价跌。净利润增 能变频空调、3C 电子、风力发电、节能电 梯、机器人及智能制造、轨道交通等领域。 速不及营收增速，主要是由于原料采购到成品销售有时间差，价格下降周 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 01 日 金 力永磁(300748.SZ) 证券研究报告 稀土跌价影响利润表现，产能扩建具备 稀土及磁性材料 投资评级 买入-A 成长潜力 维持评级 公司发布 2023 年度报告 6个月目标价 23.02元 股价 (2024-03-29) 15.38元 2023 年全年公司营业收入 66.88 亿元，同比-6.66%；归母净利润 5.64 亿元，同比-19.78%。其中 2023 年 Q4 营业收入 16.37 亿元，同比- 交易数据 16.10%、环比+1.05%；Q4归母净利润 0.69亿元，同比+335.17%、环 总市值(百万元) 20,682.58 比-57.05%；Q4 扣非归母净利润 0.55 亿元，同比+371.04%、环比- 流通市值(百万元) 17,436.29 63.17%。 总股本(百万股) 1,344.77 流通股本(百万股) 1,133.70 新能源车应用占比维持高位，稀土跌价影响吨净利表现 12个月价格区间 13.67/31.58元 ✔下游结构：2023年新能源车、变频空调、风电领域、机器人及 ...

证券研究报告 公 2024年04月01日 司 报 告 金力永磁(300748) │ 行 业： 有色金属/金属新材料 公 投资评级： 买入（维持） 司 当前价格： 15.71元 年 产销量稳步增长，未来成长可期 目标价格： 18.87元 报 点 事件： 评 基本数据 公司发布2023年年度报告，公司 2023年实现营业收入66.88亿元，同比 总股本/流通股本(百万股) 1,344.77/1,334.44 下降 6.66%；归母净利润 5.64 亿元，同比下降 19.78%；扣非归母净利润 4.93亿元，同比下降27.68%；基本每股收益0.42元，同比下降20.75%。 流通A股市值(百万元) 17,810.41 2023 Q4公司实现营业收入16.37亿元，同比下降16.10%；归母净利润0.69 每股净资产(元) 5.22 亿元，同比增长335.17%；扣非归母净利润0.55亿元，同比增长371.04%。 资产负债率(%) 40.49 ➢ 23年高性能永磁产销量稳步增长 一年内最高/最低(元) 32.33/12.89 2023年，公司高性能稀土永磁总销量15122吨，同比增长25.60%；产量15154 ...