Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under pressure due to declining product prices, but the magnetic components segment is expected to open a second growth curve [1] - The company has seen a significant increase in production and sales volume, with total production reaching 15,154 tons in 2023, a year-on-year increase of 18.52% [1][5] - The automotive sector, particularly in new energy vehicles, has become the largest downstream application for the company, contributing to a revenue increase of 55% year-on-year [1] Financial Performance Summary - The company reported a revenue of 6,688 million yuan in 2023, a decrease of 6.7% year-on-year [1][4] - The net profit for 2023 was 564 million yuan, down 19.8% year-on-year, with a non-recurring net profit of 493 million yuan, down 27.7% [1][4] - The gross margin for the magnetic materials business was 15.32% in 2023, an increase of 0.22 percentage points year-on-year [1] Production and Sales Insights - The company’s total sales volume for magnetic materials reached 15,122 tons in 2023, reflecting a year-on-year increase of 25.60% [1][5] - The average selling price of products decreased from 50.5 million yuan per ton to 38.1 million yuan per ton, a decline of 35.64% [1][5] - The company is expanding its production capacity, with plans for a new production line in Mexico, which is expected to significantly benefit from market growth [1] Future Outlook - The company forecasts a net profit of 694 million yuan for 2024, with expected growth rates of 23% for the following years [1] - The report anticipates that the company will maintain a high capacity utilization rate of 90% in 2024, with continued expansion in the magnetic components segment [1]

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2] Core Views - The company's performance is under pressure due to a decline in product prices, but long-term growth potential remains promising [6] - In 2023, the company achieved a revenue of 6.688 billion yuan, a year-on-year decrease of 6.66%, and a net profit of 564 million yuan, down 19.78% year-on-year [5][6] - The company plans to increase its production capacity, with high-performance neodymium-iron-boron capacity expected to reach 38,000 tons per year by the end of 2024 [6][8] Summary by Sections Financial Performance - The company reported a gross margin of 16.07% in 2023, slightly down from 16.18% in 2022, primarily due to fluctuations in rare earth material prices [6] - The net cash flow from operating activities significantly increased to 1.518 billion yuan in 2023 [6] - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares (including tax) [5] Production and Capacity - 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 [6] - The company is optimizing its product structure, with high-performance products accounting for 87.28% of total production [6] - The company is constructing several projects, including a new production line in Mexico, which will enhance its competitiveness in sectors like robotics and new energy vehicles [6][8] Future Projections - Revenue projections for 2024 and 2025 are 9.1 billion yuan and 10.8 billion yuan, respectively, with expected growth rates of 36.1% and 18.7% [7] - The forecasted net profit for 2024 is 855 million yuan, with further increases expected in subsequent years [8]

Financial Performance - The company reported a significant increase in revenue, with total revenue reaching 1.5 billion RMB, representing a year-on-year growth of 25%[4]. - The company's operating revenue for 2023 was approximately ¥6.69 billion, a decrease of 6.66% compared to the previous year[15]. - The net profit attributable to shareholders for 2023 was approximately ¥563.69 million, representing a decline of 19.78% year-over-year[15]. - The net profit after deducting non-recurring gains and losses was approximately ¥493.40 million, down 27.68% from the previous year[15]. - The company anticipates a revenue guidance of 1.8 billion RMB for the next fiscal year, reflecting a growth rate of 20%[4]. - The total revenue for 2023 was approximately ¥6.69 billion, a decrease of 6.66% compared to ¥7.17 billion in 2022[43]. - Revenue from neodymium iron boron magnets accounted for 86.20% of total revenue, totaling approximately ¥5.76 billion, down 5.23% from ¥6.08 billion in 2022[44]. - The company achieved a net profit of 563.69 million RMB, a decrease of 19.78% compared to the previous year[35]. User Growth and Market Expansion - User data showed an increase in active users by 15%, reaching a total of 2 million active users by the end of 2023[4]. - The company is focusing on expanding its market presence in Europe and North America, targeting a 20% increase in market share in these regions over the next two years[4]. - The company is expanding its market presence, targeting an increase in market share by 10% in the Asia-Pacific region over the next year[116]. Research and Development - The company has allocated 200 million RMB for research and development in new technologies, aiming to enhance product performance and reduce production costs[4]. - R&D expenses for 2023 amounted to 354 million yuan, representing 5.29% of total revenue[31]. - The company plans to invest 100 million RMB in R&D for new technologies over the next two years, focusing on sustainable energy solutions[116]. - The company aims to develop high-performance magnetic steel for electric vehicles, enhancing temperature resistance and meeting market demands[56]. - The company plans to enhance its R&D efforts, focusing on improving production technology and expanding its product range, including the introduction of new high-performance magnetic materials and components[83]. Production and Capacity - 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%[31]. - The company achieved revenue of 1.324 billion yuan in the energy-saving variable frequency air conditioning sector, with sales capable of equipping around 54 million variable frequency air conditioning compressors[29]. - The company has a total annual production capacity of 23,000 tons for high-performance neodymium-iron-boron permanent magnets, with ongoing projects to further increase this capacity[83]. Strategic Acquisitions and Partnerships - Strategic acquisitions are planned to enhance supply chain capabilities, with a target of completing at least two acquisitions by the end of 2024[4]. - The company has established long-term strategic partnerships with major rare earth suppliers, optimizing procurement strategies to mitigate price fluctuations[31]. - The company established a wholly-owned subsidiary in Mexico to invest in a new production line with an annual capacity of 1 million sets of magnetic components[40]. Environmental and Social Responsibility - The company has invested approximately ¥24.89 million in environmental protection and health safety during the reporting period[42]. - The company received multiple awards for its ESG performance, including AAA ratings from national ESG evaluations and recognition as a leading practice case in 2023[41]. - The company is actively involved in social responsibility initiatives, awarding scholarships totaling approximately ¥3.76 million to 1,060 university students since 2012[42]. - The company has committed to not transferring benefits to other entities or individuals under unfair conditions, ensuring the protection of company interests[159]. Risk Factors - Risk factors include fluctuations in raw material prices and potential regulatory changes affecting the rare earth industry[4]. - The company faces risks related to fluctuations in rare earth raw material prices, which could adversely affect production and sales[88]. - The company is focused on proactive management of foreign exchange risks due to increasing overseas sales and potential currency fluctuations[90]. Governance and Shareholder Engagement - The company has established a performance evaluation system for directors and senior management, promoting transparency in hiring practices[95]. - The company has conducted multiple investor communications, including phone conferences and on-site research, to maintain transparency and engagement[92]. - The company emphasizes a consistent and reasonable cash dividend policy, aiming for at least 10% of the distributable profit to be distributed in cash annually[134]. - The company has established a clear decision-making process for profit distribution, requiring approval from more than half of the independent directors[136]. Financial Management and Investments - The company reported a net cash flow from operating activities increased significantly to approximately ¥1.52 billion, a 389.41% increase compared to the previous year[15]. - The company has entrusted CNY 190 million in financial management, with an unexpired balance of CNY 145.90 million[182]. - The company has a guarantee of 100 million yuan for Jinli Baotou Technology, with an actual occurrence of 10,000 yuan[180]. Shareholder Structure and Equity Incentives - The company has a total of 8,015,784 shares in its repurchase account, which may be used for employee stock ownership plans in the future[87]. - The company has implemented an equity incentive plan, resulting in significant share increases for several executives, including a total of 153,600 shares for Vice General Manager Lu Ming[102]. - The total number of shares held by the top ten shareholders includes 69,120,000 shares held by Ganzhou Industrial Investment Holding Group, representing 5.14% of the total shares[199]. Compliance and Regulatory Matters - The company has confirmed that all commitments made in the prospectus were fulfilled during the reporting period[163]. - The company has not encountered any major environmental issues or violations during the reporting period[155]. - The company has not reported any litigation related to derivative investments during the reporting period[72].

[Table_Main] 证券研究报告 | 公司点评 金力永磁(300748.SZ) 2024年03月28日 金力永磁（300748.SZ）：23 年稀 买入（维持） 所属行业：有色金属/金属新材料 土价格下降导致业绩承压，未来 当前价格(元)：15.41 随公司规划产能放量有望迎来新 证券分析师 翟堃 一轮业绩成长周期 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 张崇欣 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn 投资要点 研究助理 事件：公司发布2023年年度报告，业绩承压。公司2023年营业收入66.88亿元，  康宇豪 同比-6.66%；归母净利润5.64亿元，同比-19.78%；扣非归母净利润4.93亿元， 邮箱：kangyh＠tebon.com.cn 同比-27.68%。 市场表现 2023年稀土原材料价格大幅下降，对公司营收及毛利率产生不利影响。根据亚洲  金属网、中国稀土行业协会等公布数据， 2023 年金属镨钕 1-12 月平均价格为 金力永磁 沪深300 26% 65.14 万元/吨，较 2022 ...

Investment Rating - The report upgrades the investment rating to "Buy" [1] Core Views - In 2023, the company achieved a revenue of 6.688 billion RMB, a year-on-year decrease of 6.66%, and a net profit attributable to shareholders of 564 million RMB, down 19.78% year-on-year [1] - The sales volume of magnetic materials increased by 25.6% to 15,122 tons, while the average selling price decreased by 24.54% to 381,200 RMB per ton [1] - The company is expanding its production capacity and focusing on the automotive and robotics sectors, with a projected capacity of 40,000 tons by 2025 [1] Summary by Sections Financial Performance - Revenue for 2023 was 6.688 billion RMB, with a growth rate of -6.66% compared to 2022 [4] - Net profit for 2023 was 564 million RMB, reflecting a decrease of 19.78% year-on-year [4] - The diluted earnings per share (EPS) for 2023 was 0.419 RMB, down from 0.839 RMB in 2022 [4] Business Segments - Revenue from the new energy vehicle sector reached 3.303 billion RMB, an increase of 14.33% year-on-year [1] - The production of magnetic components for humanoid robots is being actively developed, with a project in Mexico aimed at producing 1 million sets annually [1] Future Projections - Expected revenues for 2024, 2025, and 2026 are projected to be 7.500 billion RMB, 8.916 billion RMB, and 10.860 billion RMB, respectively [1] - Forecasted net profits for the same years are 635 million RMB, 827 million RMB, and 1.056 billion RMB, respectively [1] - The company is expected to maintain a PE ratio of 32.64, 25.05, and 19.62 for the years 2024, 2025, and 2026, respectively [1]

Financial Performance - For the fiscal year ending December 31, 2023, the company achieved a revenue of RMB 6,687.9 million, a decrease of 6.7% compared to the previous year[9]. - The net profit attributable to the owners of the parent company for 2023 was RMB 563.7 million, representing a decline of 19.8% year-on-year[9]. - 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 in 2022[35]. - 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[36]. - The basic earnings per share for 2023 was RMB 0.42, a decrease of 20.8% from RMB 0.53 in 2022[35]. - The gross profit margin for 2023 was 16.07%, slightly down from 16.18% in 2022[43]. - The company’s net profit attributable to shareholders in 2023 was RMB 563.7 million, a decrease of 19.78% year-on-year[86]. - The company’s cash flow from operating activities significantly increased to RMB 1.518 billion in 2023[86]. - Revenue from the new energy vehicles and automotive parts segment accounted for 49.5% of total revenue in 2023, compared to 47.5% in 2022[40]. - The average selling price of neodymium iron boron products decreased due to fluctuations in rare earth material prices, while sales volume increased by 25.6% from 12,041 tons in 2022 to 15,122 tons in 2023[116]. Production and Capacity - The sales volume of high-performance rare earth permanent magnet materials reached 15,122 tons, an increase of 25.6% compared to 2022[9]. - The company plans to increase the annual production capacity of high-performance rare earth permanent magnet materials to 40,000 tons by 2025[10]. - The company’s production capacity utilization rate exceeded 90% for the year, with ongoing projects in Baotou, Ningbo, and Ganzhou[10]. - The company achieved total production of high-performance rare earth permanent magnet materials of 15,154 tons in 2023, an increase of 18.52% year-on-year[90]. - The company's production capacity for rough blanks has reached 23,000 tons per year, with a capacity utilization rate exceeding 90% in 2023[93]. - The company plans to establish a production line in Mexico with an annual capacity of 1 million sets of magnetic components, which is currently progressing steadily[94]. Research and Development - Research and development expenses amounted to RMB 354 million in 2023, representing 5.29% of total revenue, indicating a strong commitment to innovation[72]. - The company is investing in new technologies, including advanced heat treatment processes to enhance the performance of its magnetic materials[26]. - The company will continue to invest in R&D for humanoid robot magnetic components and collaborate with global customers to drive innovation[111]. - The company emphasizes a customer-centric approach and aims to improve product quality and service through a matrix project management model[110]. Market and Strategic Goals - The company aims to expand its market presence in the renewable energy sector, particularly in wind power generation[26]. - The company anticipates a revenue growth of 20% for the upcoming fiscal year based on current market trends[27]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the market[28]. - The company has established long-term strategic partnerships with major rare earth suppliers, optimizing procurement strategies to mitigate the impact of price fluctuations on operations[76]. - The company’s strategic goal is to become a global leader in the rare earth permanent magnet materials industry, supported by expanding production capacity and optimizing product structure[104]. Environmental, Social, and Governance (ESG) - The company has established an ESG committee to enhance its ESG strategy and has received recognition for its outstanding ESG practices in 2023[10]. - The company is committed to environmental, social, and governance (ESG) initiatives as part of its corporate strategy[26]. - The company has reduced carbon emissions by approximately 34.02 million tons through the sale of magnetic products in various sectors, including new energy vehicles and wind power[97]. - The company has invested approximately RMB 24.89 million in environmental protection and health safety during the reporting period[100]. - The company emphasizes ESG initiatives, aiming to support carbon neutrality through various measures, including the construction of photovoltaic power stations and technological innovations[78]. Corporate Governance - The company maintains high standards of corporate governance and continuously improves its governance structure and internal management systems[156]. - The company ensures equal rights for all shareholders during the general meetings, adhering to the Articles of Association and relevant laws[157]. - The company has established a performance evaluation and incentive mechanism for senior management, focusing on responsibility, motivation, performance, and competition principles[168]. - The independent non-executive directors have confirmed their independence according to Hong Kong listing rules, ensuring compliance with governance standards[175]. - The company has adopted corporate governance codes and has complied with relevant regulations, with minor deviations noted during specific periods[170].

办理小额快速融资相关事宜的公告 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。 江西金力永磁科技股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日 召开的第三届董事会第二十五次会议审议通过了《关于提请股东大会授权董事会 办理小额快速融资相关事宜的议案》。具体情况如下： 为满足公司潜在可能战略布局及项目投资需求等，根据《上市公司证券发行 注册管理办法》（以下简称"《注册管理办法》"）的相关规定，公司董事会提请股 东大会授权董事会决定向特定对象发行融资总额不超过人民币三亿元且不超过 最近一年末净资产百分之二十的股票，授权期限为 2023 年年度股东大会通过之 日起至 2024 年年度股东大会召开之日止。本次授权事宜包括以下内容： 证券代码：300748 证券简称：金力永磁 公告编号：2024-030 江西金力永磁科技股份有限公司 关于提请股东大会授权董事会 （1）发行证券的种类和数量 向特定对象发行融资总额不超过人民币三亿元且不超过最近一年末净资产 百分之二十的中国境内上市的人民币普通股（A 股）。 （2）发行方式、发行对象及向原股东配售的安排以非 ...

证券代码：300748 证券简称：金力永磁 公告编号：2024-021 江西金力永磁科技股份有限公司 关于 2024 年度日常关联交易预计的公告 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。 江西金力永磁科技股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日 召开第三届董事会第二十五次会议和第三届监事会第二十二次会议，审议通过 《关于 2024 年度日常关联交易预计的议案》，现将相关情况公告如下： 一、日常关联交易基本情况 （一）关联交易概述 根据公司 2023 年实际发生日常关联交易情况以及 2024 年业务发展的需要， 公司拟对 2024 年日常关联交易预计，预计 2024 年与关联方发生日常关联交易总 额不超过 15,000 万元； （二）预计日常关联交易类别和金额 公司根据日常经营的需要，对 2024 年度的日常关联交易进行了预计。具体预 计如下： 单位：万元 | 关联交易类 | 关联人 | 关联交易内容关联交易定价 | | 合同签订金额 | 截至披露 日已发生 | 年发 2023 | 实际发生 额占同类 | | --- | --- ...

证券代码：300748 证券简称：金力永磁 公告编号：2024-022 江西金力永磁科技股份有限公司 关于使用部分自有资金进行现金管理的公告 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。 重要内容提示： 1、投资品种：为严格控制资金使用风险，本次现金管理拟用于购买结构性 存款、定期存款、协定存款、大额存单及保本型理财等安全性高、流动性好的短 期（不超过 12 个月）低风险投资产品。 2、投资金额：公司拟使用不超过 10 亿元人民币或等额外币（含本数）自有 资金适时进行现金管理，在上述额度范围内，该额度可循环使用。 3、特别风险提示：本次使用部分自有资金进行现金管理事项尚存在一定的 市场风险、操作风险、监控风险，敬请投资者注意投资风险。 江西金力永磁科技股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日 召开第三届董事会第二十五次会议和第三届监事会第二十二次会议，审议通过 《关于使用部分自有资金进行现金管理的议案》，同意在不影响公司正常经营的 前提下，公司拟使用不超过 10 亿元人民币或等额外币（含本数）自有资金进行 现金管理，有效期自董事会审 ...

江西金力永磁科技股份有限公司 已审财务报表 2023年度 江西金力永磁科技股份有限公司 目 录 | | 页 | | 次 | | --- | --- | --- | --- | | 审计报告 | 1 | - | 7 | | 已审财务报表 | | | | | 合并资产负债表 | 8 | - | 10 | | 合并利润表 | 11 | - | 12 | | 合并股东权益变动表 | 13 | - | 14 | | 合并现金流量表 | 15 | - | 16 | | 公司资产负债表 | 17 | - | 18 | | 公司利润表 | | 19 | | | 公司股东权益变动表 | 20 | - | 21 | | 公司现金流量表 | 22 | - | 23 | | 财务报表附注 | 24 | - | 121 | | 补充资料 | | | | | 1.非经常性损益明细表 | | 1 | | | 2.净资产收益率和每股收益 | | 2 | | 审计报告 安永华明（2024）审字第70036270_A01号 江西金力永磁科技股份有限公司 江西金力永磁科技股份有限公司全体股东： 一、审计意见 我们审计了江西金力永磁科技股份有限公司 ...