Summary of Conference Call Company and Industry Overview - The conference call primarily discusses a company involved in the research, production, and sales of high-performance materials, particularly in the fields of new energy vehicles, automotive components, energy-saving power supplies, wind power generation, and robotics [2][3]. Key Points and Arguments 1. **Market Recovery**: The overall market has shown signs of recovery since September, with the industry chain also experiencing a rebound [1]. 2. **Production Capacity**: The company has a production capacity utilization rate exceeding 90%, with automotive applications accounting for approximately 50% of revenue [3][12]. 3. **Profitability Challenges**: The company faced a significant decline in net profit, down 60% year-on-year to 200 million yuan for the first three quarters of 2024, but showed recovery in Q3 with a net profit of 77 million yuan, up 320% from Q2 [4][5]. 4. **Gross Margin Improvement**: The gross margin improved from 10% in the first three quarters to 12.8% in Q3, indicating a positive trend in profitability [5]. 5. **R&D Investments**: The company is actively investing in R&D, particularly in humanoid robotics, and has established partnerships with well-known manufacturers in this field [5][15]. 6. **Future Growth Projections**: The company anticipates a 20% to 30% growth in downstream demand for new energy vehicles, electric air conditioning, and wind power in the coming year [6]. 7. **Sustainability Initiatives**: The company emphasizes its commitment to ESG (Environmental, Social, and Governance) practices, with 30% of raw materials sourced from recycling [6]. 8. **Market Position**: The company has achieved a market share of 26.6% in the new energy vehicle sector, tripling its share since 2020 [14]. 9. **International Expansion**: The company is expanding its international presence, including a new production project in Mexico [15]. 10. **Talent Acquisition**: The company is implementing measures to attract high-end talent for R&D, including stock incentive plans [39][40]. Additional Important Insights - **Supply Chain Dynamics**: The domestic rare earth supply is tightening, with a 13% year-on-year decline in imports, indicating potential supply constraints in the industry [10][11]. - **Long-term Industry Outlook**: The company and analysts believe that the rare earth industry is approaching a turning point, with expected demand growth driven by new applications in robotics and electric vehicles [11][46]. - **Technological Advancements**: The company is focusing on advanced materials that are lightweight and high-performance, which are critical for the development of electric vehicles and other applications [7][26]. - **Financial Health**: The company has maintained a strong cash dividend policy, with a payout ratio approaching 80% and a dividend yield of approximately 1.25% [18]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's current status, challenges, and future growth potential within the industry.

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 截至月份: 2024年11月30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12月4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 (如上市) | 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 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

Group 1 - The establishment of Jinli Permanent Magnet (Ganzhou) New Materials Co., Ltd. has been reported, with a registered capital of 100 million yuan [1] - The legal representative of the new company is Mao Huayun, and its business scope includes research and development of electronic special materials, production of magnetic materials, sales of rare earth functional materials, and manufacturing of non-ferrous metal alloys [1] - Jinli Permanent Magnet holds 100% ownership of the newly established company [2]

证券代码：300748 证券简称：金力永磁 公告编号：2024-066 江西金力永磁科技股份有限公司 关于投资设立全资子公司的进展公告 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。 江西金力永磁科技股份有限公司（以下简称"公司"）2024 年 10 月 24 日召 开第四届董事会第三次会议审议通过《关于投资设立全资子公司的议案》，为整 合集团业务和资产，优化内部资源配置，提高经营管理效率，公司拟将母公司现 有生产经营性资产进行剥离，在江西省赣州市经济技术开发区（即母公司实际经 营地址）投资设立生产型全资子公司。 2024 年 11 月 18 日，公司完成了上述生产型全资子公司工商登记手续，公 司已取得了赣州经济技术开发区行政审批局颁发的《营业执照》，工商登记的相 关信息如下： 公司名称：金力永磁（赣州）新材料有限公司 统一社会信用代码：91360703MAE4RR8839 类 型：有限责任公司（自然人投资或控股的法人独资） 住 所：江西省赣州市赣州经济技术开发区金岭西路 81 号研发办公楼 法定代表人：毛华云 注册资本：壹亿元整 成立日期：2024 年 11 ...

证券代码：300748 证券简称：金力永磁 江西金力永磁科技股份有限公司 投资者关系活动记录表 编号：2024-014 | --- | --- | --- | --- | --- | |---------------------|----------------------------------------------------------|--------------------|-----------------------------------------------------------|--------| | 投资者关系 活动类别 | √ 特定对象调研 □ 媒体采访 □ 新闻发布会 □ 现场参观 □ 其他 | □ □ □ | 分析师会议 业绩说明会 路演活动 （请文字说明其他活动内容） | | | 形式 | | 现场 ☐网上 | 电话会议 | | | | | 机构名称 | | 姓名 | | | | 长江证券 | | 王筱茜 | | | | 长江证券 | | 许红远 | | | | 工银安盛 | | 赵博容 | | | | 国泰基金 | | 曾辉 | | | | 海富通 | | 李亚辉 | | ...

这个我们以来的一个增长点里面然后呢除此之外呢空调空调其实因为这个国家这个强制提升这个能效标准啊等等这些所以这个变频空调呢现在呢就成为了市场的主流这个变频空调呢现在呢它必须要使用这个吸尘泳池这个压缩机所以这个这个这个其实呢是一个非常稳定的这么一个需求啊因为国内的渗透率其实还是跟日韩比啊 还是有一定的差距,尤其跟日本比,有二三十个点的这么一个差距。同样的,海外像一些泛中国家,比如说东南亚、印度这些,他们其实渗透率更低,可能这二三十甚至都有个位数有的国家。他们其实也贡献了很多海外销量的增长。 所以加之一些极端天气的影响像其实一些欧洲发达国家本来就是不需要中空调像英国、德国这些现在这个极端天气使得他们也需要去中空调包括说在印度可能有五十几度的这种极端天气包括我们国内今年二月份、一月份有稻春寒等等这些所以叠加起来空调增长我觉得还是相对来说也是比较稳健的 另外其实风电方面我们也看到虽然前几年有一些抢装技术物件这些更迭但是现在国家其实在风电领域也有一些刺激政策一些深海等等这些海上风电这些其实我们也了解到海风它其实很多还是国内的国内的场合还是半直区的多一点国外其实还是主要以直区为主 这个其实直区就用的吸塑泳池量就比较大半直区 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 5.014 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.7%, and a net profit attributable to shareholders of 197 million yuan, down 60.2% year-on-year [1] - The company has increased its market share by leveraging sufficient orders, with a production capacity utilization rate exceeding 90% and a year-on-year increase of approximately 40% in the sales volume of high-performance magnetic materials [2] - The average market price of core raw material praseodymium-neodymium was 475,200 yuan per ton, a decrease of about 28.69% compared to the same period in 2023, leading to a gross margin of 10.03% for the first three quarters of 2024 [2] - The company is increasing R&D investment and actively entering the humanoid robot market, which is expected to enhance production efficiency and reduce costs [2] - The forecasted net profits for 2024-2026 are 305 million, 612 million, and 693 million yuan, corresponding to P/E ratios of 78, 39, and 34 times respectively [2] Financial Summary - For 2024, the expected revenue is 7.643 billion yuan, with a year-on-year growth of 14.3%, and a net profit of 305 million yuan, reflecting a year-on-year decrease of 46% [3][7] - The gross margin is projected to be 10.0% in 2024, with a return on equity (ROE) of 4.2% [3][7] - The earnings per share (EPS) for 2024 is estimated at 0.23 yuan, with a P/E ratio of 77.42 [3][7]

Key Points Company Overview 1. **Industry and Product Focus**: The company, D95, specializes in the research, development, production, and sales of high-performance permanent magnet materials and components for various applications, including new energy vehicles, wind turbines, air conditioners, 3C products, robots, and industrial motors. [1] 2. **Recognition and Partnerships**: The company's products have been recognized by leading domestic and international companies, and it has established long-term stable partnerships with them. [2] 3. **Production Base**: The company has three production bases in Ganzhou, Baotou, and Ningbo. It is currently constructing a 12,000-tonne capacity project in Baotou, a 3,000-tonne high-end permanent magnet and 100 million sets of component capacity project in Ningbo, and a high-efficiency and energy-saving motor permanent magnet base project in Ganzhou. [2] 4. **Product Applications and Customers**: The company's products are used by the top 10 global new energy vehicle producers, five of the top 10 global wind turbine manufacturers, and eight of the top 10 global variable frequency air conditioner producers. [2] 5. **Downstream Industry Focus**: The company actively explores new changes and emerging industries in the downstream market and collaborates with world-renowned customers in the research and development of permanent magnet components for humanoid robots. [3] 6. **Shareholder Structure**: The company is a private enterprise with Jiangxi Ruidi, Ganzhou Xinseng, and Ganzhou Geshu as its major shareholders. [3] 7. **Development History**: The company was listed on the Shenzhen Stock Exchange in 2018 and on the Hong Kong Stock Exchange in 2022. [3] 8. **Q3 2023 Financial Performance**: The company's revenue in the first nine months of 2023 was approximately 5.1 billion yuan, a slight increase from the same period last year. However, its net profit decreased by 60% to 200 million yuan. [4] 9. **Q3 2023 Profit Improvement**: The company's gross profit margin increased by 5.3 percentage points to 12.8% in the third quarter, compared to the second quarter. [5] 10. **Strategic Development**: The company adheres to long-termism and strategic layout, focusing on stable customer groups and orders while gradually releasing production capacity based on order situations. [5] 11. **Strategic Partnerships**: The company has established long-term strategic partnerships with major rare earth enterprises such as North China Rare Earth and China Rare Earth. [5] 12. **Technology and Product Development**: The company attaches great importance to technology and product development, aiming to enhance its competitive advantage. [6] 13. **ESG Construction**: The company is committed to ESG and promotes carbon neutrality through various means, such as using recycled rare earth materials, environmentally friendly packaging materials, and green electricity in factories. [6] Q&A Session 1. **Q4 2023 Outlook**: The company expects to achieve a total of 20,000 tons of finished products in 2023, a 30% increase from the previous year. [8] 2. **Price and Profit Trends**: The company believes that the price of rare earth materials will remain stable in the short term, and profit recovery will require a process. [18] 3. **Competitive Strategy**: The company aims to increase market share and profitability during industry downturns and benefit from the leading effect during industry recovery. [20] 4. **Industry Analysis**: The company believes that the rare earth industry is dominated by Chinese companies, and it is confident in its leading position. [27] 5. **Geopolitical Risk**: The company has taken measures to mitigate geopolitical risks, including establishing a factory in Mexico and investing in upstream raw materials. [29] 6. **Humanoid Robot Component Supply**: The company is currently in the research and development stage of humanoid robot component supply and is actively exploring cooperation opportunities with customers. [32] 7. **Mexico Factory**: The Mexico factory is primarily aimed at serving North American customers, but the company is open to other customers. [35] 8. **Domestic Robot Manufacturers**: The company is primarily focused on North American customers for humanoid robot component supply but maintains an open attitude towards domestic manufacturers. [36]

证券代码：300748 证券简称：金力永磁 江西金力永磁科技股份有限公司 投资者关系活动记录表 编号：2024-013 | --- | --- | --- | --- | |----------------------------|----------------------------------------------------------------------------------|----------------------------------------------------------------------|------------------------------------------------------------------| | 投资者关系 活动类别 \n形式 | √ 特定对象调研 □ □ 媒体采访 □ □ 新闻发布会 □ □ 现场参观 □ 其他 \n现场 ☐网上 | 分析师会议 业绩说明会 路演活动 （请文字说明其他活动内容） \n电话会议 | | | | | | | | | 机构名称 | | 姓名 | | | REST Superannuation | | Jos ...

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 截至月份: 2024年10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11月5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 (如上市) | 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 | | 2. 股份分類 ...