Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company achieved a revenue of 6.763 billion yuan in 2024, a year-on-year increase of 1.13%, but the net profit attributable to shareholders dropped by 48.37% to 291 million yuan due to declining rare earth prices [1][3]. - Despite a 37.88% increase in total sales volume of high-performance rare earth permanent magnet materials to 20,900 tons in 2024, the decline in prices offset the volume growth, leading to a gross margin decrease from 16.07% in 2023 to 11.13% in 2024 [1][2]. - The company is expanding its production capacity, with a current capacity of 38,000 tons per year and plans to add 20,000 tons by the end of 2025, which will strengthen its market position in the growing sectors of electric vehicles and renewable energy [2][3]. - The company is recognized for its strong R&D capabilities, with over 90% of its high-performance products utilizing advanced technologies, and is actively involved in the development of magnetic components for humanoid robots, which is expected to be a future growth driver [2][3]. Financial Summary - The company's revenue and net profit forecasts for 2025-2027 are as follows: - 2025: Revenue of 8.146 billion yuan, net profit of 516 million yuan - 2026: Revenue of 9.763 billion yuan, net profit of 702 million yuan - 2027: Revenue of 11.781 billion yuan, net profit of 859 million yuan - The expected EPS for 2025, 2026, and 2027 are 0.38 yuan, 0.51 yuan, and 0.63 yuan respectively, with corresponding PE ratios of 52, 38, and 31 [3][4].

Core Insights - The company reported a revenue of 6.763 billion yuan for 2024, a year-on-year increase of 1.13%, while the net profit attributable to shareholders decreased by 48.37% to 291 million yuan [1] - The production of neodymium-iron-boron magnetic steel reached 21,600 tons in 2024, a 42.40% increase, with a production capacity of 38,000 tons per year by the end of 2024 [1][2] - The average price of rare earths is expected to decline by 25% in 2024, with a recovery trend observed in early 2025 [1] Revenue and Profitability - In Q4 2024, the company achieved a revenue of 1.749 billion yuan, with a year-on-year increase of 6.84% and a net profit of 94 million yuan, reflecting a growth of 36.23% year-on-year [1] - The sales price of neodymium-iron-boron magnetic steel fell to 283,300 yuan per ton, a decrease of 25.69% year-on-year, impacting overall profitability [2] - The gross margin for 2024 was 11.08%, down 4.24 percentage points from the previous year, with a unit gross profit of 31,400 yuan per ton, a decline of 46.25% [2] Production Capacity and Future Outlook - The company plans to expand its production capacity to 60,000 tons of high-performance rare earth permanent magnet materials by 2027, with new projects underway [2] - The company is actively exploring new application areas such as humanoid robots and low-altitude flying vehicles, with significant revenue growth in sectors like new energy vehicles and industrial servos [3] - Revenue projections for 2025, 2026, and 2027 are estimated at 8.953 billion, 9.883 billion, and 10.852 billion yuan, respectively, with corresponding net profits of 557 million, 779 million, and 904 million yuan [3]

Financial Performance - In 2024, the company achieved a revenue of 6.763 billion yuan, a year-on-year increase of 1.13% [3] - Domestic sales revenue was 5.541 billion yuan, up 1.88% year-on-year, while overseas sales revenue reached 1.222 billion yuan, with approximately 418 million yuan from exports to the Americas [3] - The net profit attributable to shareholders was 291 million yuan, a decrease of 48.37% compared to the previous year [3] - The net cash flow from operating activities was 508 million yuan [3] Production and Sales - The company maintained a production capacity utilization rate of over 90% in 2024 [4] - High-performance magnetic material output was approximately 29,300 tons, a year-on-year increase of 39.48% [4] - Sales volume of high-performance magnetic materials reached about 20,900 tons, up 37.88% year-on-year, marking the highest production and sales in the company's history [4] Revenue by Application - Sales revenue from the new energy vehicle and automotive parts sector was 3.314 billion yuan, with a growth of 38.62% [5] - Revenue from variable frequency air conditioners was 1.540 billion yuan, increasing by 61.81% [5] - Wind power sales revenue was 497 million yuan, with a slight growth of 2.03% [5] R&D and Future Projects - The company is actively developing humanoid robot magnetic components and has begun small-scale deliveries [6] - A new project for producing 20,000 tons of high-performance rare earth permanent magnet materials is underway, with a planned construction period of 2 years [7] Dividend Policy - Since its listing in 2018, the company has consistently implemented cash dividends, with cumulative cash dividends exceeding 1 billion yuan, accounting for over 44% of cumulative net profit attributable to shareholders [8] - The proposed dividend for 2024 is 1.2 yuan per 10 shares, totaling approximately 164 million yuan, which would represent over 90% of the net profit for the year [8] Raw Material Supply and Inventory - The company has established long-term strategic partnerships with major rare earth suppliers, with 63% of its annual procurement coming from North Rare Earth Group and China Rare Earth Group [9] - In 2024, the company utilized 2,575 tons of recycled rare earth materials, accounting for 30.4% of total rare earth material usage [9]

Investment Rating - The report maintains an "Accumulate" rating with a target price of 24.90, up from the previous forecast of 19.26 [1][10]. Core Views - The company has passed its performance pressure period, with expectations for continued recovery in earnings. The recovery is supported by a new capacity plan of 20,000 tons, which is expected to solidify long-term growth [2][10]. - The company is actively expanding into the humanoid robotics sector, which may open a second growth curve [2][10]. Financial Summary - Revenue for 2023 was 6,688 million, with a slight increase to 6,763 million expected in 2024, followed by significant growth to 9,629 million in 2025, representing a 42.4% increase [4]. - Net profit attributable to the parent company was 564 million in 2023, projected to drop to 291 million in 2024, but expected to rebound to 718 million in 2025, marking a 146.7% increase [4]. - Earnings per share (EPS) is forecasted to be 0.52 in 2025 and 0.71 in 2026, with a new estimate of 0.82 for 2027 [10]. Market Data - The company's stock price has fluctuated between 10.13 and 24.59 over the past 52 weeks, with a current market capitalization of 26,757 million [5]. - The company has a total equity of 7,016 million, with a book value per share of 5.11 [6]. Production and Pricing Trends - The company’s production of magnetic steel is expected to reach approximately 22,000 tons in 2024, a 42% increase year-on-year [10]. - Average prices for praseodymium-neodymium oxide and 45H neodymium iron boron have shown a gradual increase, contributing to the recovery of the company's performance [10]. Strategic Developments - The company plans to invest 1.05 billion in a new project at its Baotou base to produce 20,000 tons of high-performance rare earth permanent magnet materials, expected to be operational in two years [10]. - Research and development expenditures are projected to reach 320 million in 2024, accounting for approximately 4.7% of revenue, indicating a commitment to innovation [10].

Core Viewpoint - The company reported a revenue of 6.763 billion yuan for 2024, a year-on-year increase of 1.13%, but the net profit attributable to shareholders was 291 million yuan, down 48.37% year-on-year, which was below expectations [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 1.749 billion yuan, representing a year-on-year increase of 6.82% and a quarter-on-quarter increase of 5.85% [1] - The company's high-performance neodymium-iron-boron production and sales volumes for 2024 were 21,600 tons and 20,900 tons, respectively, with year-on-year increases of 42.40% and 37.88% [2] - The overall gross margin for 2024 was 11.13%, down 4.94 percentage points year-on-year, while the gross margin for Q4 2024 was 14.28%, up 1.46 percentage points quarter-on-quarter [2] Group 2: Business Development - The company is actively expanding into emerging downstream applications, with the revenue from the new energy vehicle sector reaching 3.314 billion yuan in 2024, a year-on-year increase of 38.62%, accounting for 49% of total revenue [3] - The company has delivered small batches of magnetic components for humanoid robots, leveraging its extensive research and supply experience in the robotics field [3] Group 3: Profit Forecast and Valuation - Due to a weakening competitive landscape in the industry in the second half of 2024, the company has adjusted its gross margin and profit forecasts for 2025-2026, expecting EPS of 0.57 yuan, 0.79 yuan, and 0.81 yuan for 2025-2027, respectively [4] - The target price for the company is set at 24.29 yuan, based on a PE ratio of 42.63 for 2025, reflecting a cautious approach without granting valuation premiums [4]

Core Viewpoint - The company experienced a significant decline in net profit for 2024, with a year-on-year decrease of 48.37%, despite a slight increase in revenue. Financial Performance - In 2024, the company achieved revenue of 6.763 billion yuan, a year-on-year increase of 1.13% [1] - The net profit attributable to shareholders was 291 million yuan, down 48.37% year-on-year [1] - The non-recurring net profit attributable to shareholders was 170 million yuan, a decrease of 65.49% year-on-year [1] - The company received government subsidies amounting to 131 million yuan, which contributed to other income [1] - In Q4 2024, the company reported revenue of 1.749 billion yuan, a year-on-year increase of 6.82% and a quarter-on-quarter increase of 5.85% [1] - The Q4 net profit attributable to shareholders was 94 million yuan, up 35.62% year-on-year and 21.96% quarter-on-quarter [1] - The total cash dividend planned is 164 million yuan, which accounts for 93.00% of the 2024 net profit attributable to shareholders [1] Profitability and R&D - The company's gross margin for 2024 was 11.13%, a decrease of 4.94 percentage points year-on-year [2] - The net profit margin was 4.35%, down 4.13 percentage points year-on-year [2] - The gross margin for the neodymium-iron-boron magnetic steel segment was 11.08%, a decline of 4.26 percentage points compared to 2023 [2] - The average price of praseodymium and neodymium metals in 2024 was 485,000 yuan per ton, down 24.97% year-on-year [2] - The processing fees for neodymium-iron-boron magnetic steel decreased from 135,300 yuan per ton in 2022 to 85,500 yuan per ton in 2024 [2] - The R&D expense ratio for 2024 was 4.74%, an increase of 3.09 percentage points year-on-year [2] - The company's asset-liability ratio at the end of 2024 was 42.12%, an increase of 1.63 percentage points from the end of 2023 [2] Production Capacity and Output - In 2024, the company produced 29,300 tons of neodymium-iron-boron magnetic steel blanks, an increase of 39.48% [3] - The finished product output was 21,600 tons, up 42.40% year-on-year [3] - The finished product sales reached 20,900 tons, a year-on-year increase of 37.88% [3] - The actual production capacity for magnetic material blanks reached 32,000 tons, with a utilization rate exceeding 90% [3] - By the end of 2024, the company had a production capacity of 38,000 tons per year for magnetic material blanks [3] - The company plans to establish a production line for 40,000 tons of high-performance rare earth permanent magnet materials and humanoid robot magnetic components by 2025 [3]

金力永磁 (6680 HK/300748 CH) 产销量高增，新兴领域需求带动下公 司未来业绩可期 华泰研究 年报点评 2025 年 3 月 31 日│中国内地/中国香港 其他金属非金属新材料及加工 金力永磁发布年报，2024 年实现营收 67.63 亿元（yoy+1.13%），归母净利 2.91 亿元（yoy-48.37%），低于我们预期的 3.48 亿元归母净利。公司 24Q4 实现营收 17.49 亿元（yoy+6.82%，qoq+5.85%），归母净利 9415.93 万元 （yoy+35.62%，qoq+21.96%）。公司传统板块业绩伴随行业景气度上行实 现明显修复，未来公司产品在人形机器人等新兴领域需求或于 25-26 年迎来 放量之年，我们维持增持评级。 公司 24Q4 毛利率修复明显，带动公司四季度业绩同环比高增 证券研究报告 根据公司年报，2024 年公司高性能钕铁硼产销量分别为 2.16/2.09 万吨， yoy+42.40%/+37.88%,公司产销量增长主要系公司新建产能达产贡献。盈利 方面，2024 年公司综合毛利率为 11.13%，yoy-4.94pct,其中 24Q4 公司毛 ...

金力永磁（300748.SZ）2024 年年报点评 业绩持续好转，期待人形机器人磁组件放量 2025 年 03 月 31 日 ➢ 事件：2025 年 3 月 28 日，公司发布 2024 年年报。2024 年，公司实现营 收 67.63 亿元，同比增长 1.1%，归母净利润 2.91 亿元，同比减少 48.4%，扣非 归母净利润 1.70 亿元，同比减少 65.5%。单季度看，Q4 公司实现营收 17.5 亿 元，同比增长 6.8%，环比增长 5.9%，归母净利润 0.94 亿元，同比增长 35.6%， 环比增长 22.0%，扣非归母净利润 0.81 亿元，同比增长 46.3%，环比增长 46.6%。 业绩符合业绩预告。 ➢ 2024 年公司归母净利润同比减少 2.7 亿元，主要是由于稀土价格回落，毛 利同比减少 3.2 亿元。量：2024 年底公司已经具备 3.8 万吨/年的磁材产能，全 年实际产能已经达到 3.2 万吨，产能利用率达 90%以上，磁材成品产量达到 2.16 万吨，同比增长 42.4%。价格：2024 年金属镨钕均价同比减少 25%至 49 万元 /吨，由于原材料价格变动滞后，公司产品售价也 ...

证券研究报告 | 2025年03月31日 盈利能力随行业下降，研发费用率提升。2024 年，公司毛利率为 11.13%， 同比下降 4.94pct；净利率为 4.35%，同比下降 4.13pct。分业务板块来看， 钕铁硼磁钢毛利率为 11.08%，较 2023 年同比下降 4.26pct，公司主营业务 盈利能力下降主要由于稀土磁材行业整体需求增速不及预期，2024 年金属镨 钕均价为 48.50 万元/吨，较 2023 年同比下降 24.97%；加之行业高点磁材产 能扩张较为严重，导致加工费下滑，公司 2022-2024 年钕铁硼磁钢加工费分 别为 13.53/11.38/8.55 万元/吨。与此同时，公司注重研发，2024 年公司研 发费用率为 4.74%，较 2023 年同比提升 3.09pct。截至 2024 年末，公司的 资产负债率为 42.12%，较 2023 年末提升 1.63pct。 公司产能和产量稳步提升。2024 年，公司实现钕铁硼磁钢毛坯产量 2.93 万 吨（+39.48%），成品产量2.16 万吨（+42.40%），成品销量2.09 万吨（+37.88%）， 产销量创公司历史最高水平。 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 30 年 月 日 金力永磁（300748.SZ） 全年产销量创历史新高，磁材&组件产能扩容成长可期 事件：公司披露 2024 年报。2024 年公司实现营收 68 亿元，同比+1%， 毛利率 11%；归母净利 2.9 亿元，同比-48%，净利率 4%，位于此前业绩 预告中位偏下（2.7-3.3 亿元）。分季度看，2024Q1-4 公司实现营收 15.4/18.3/16.5/17.5 亿 元 ， Q4 同环比 +7%/+6% ， 归 母 净 利 1.0/0.18/0.77/0.94 亿元，Q4 同环比+36%/+47%。 全年产销创历史新高，高价库存扰动缓解 Q4 业绩环比改善。（（1）量：2024 年公司新增产能如期投产，全年产磁材成品 2.16 万吨，同比+42%，创历 史新高。公司产品主要用于汽零、空调、风力发电领域，按销售金额分别 占比 56%/26%/8%。（（2）价：2024 年稀土磁材市场呈现"前低后高"价 格走势，全年镨钕金属价格下跌 25%至 49 万元/吨。下半年以来，受到缅 甸封关及传统旺季影响，稀土价格呈现走强趋势 ...