Investment Rating - The report gives a "Buy" rating for the company for the first time, with a target price of 25.42 CNY based on a 31x PE valuation for 2026 [3][6]. Core Viewpoints - The company is a leading supplier of high-performance rare earth permanent magnet materials, with significant growth expected in the next three years due to rapid development in the humanoid robot industry and increasing capacity [3][10]. - The company has a strong market position in the fields of new energy vehicles, energy-efficient variable frequency air conditioning, and wind power generation, with a projected increase in market share and revenue [10][23]. Summary by Sections Company Overview - The company is a global leader in high-performance rare earth permanent magnet materials, established in 2008, and serves various sectors including new energy vehicles, wind power, and robotics [14][10]. - The company has a clear long-term strategic plan, with production capacity expected to grow from 38,000 tons in 2024 to 60,000 tons by 2027 [17][18]. Capacity and Cost - The company is positioned to achieve significant production capacity in humanoid robot magnetic components, with a focus on optimizing the supply chain and cost structure [46][10]. - The domestic rare earth industry is expected to recover, which will enhance the company's profitability as it benefits from rising rare earth prices [10][46]. Financial Performance - The company reported a revenue of 6,688 million CNY in 2023, with a projected increase to 17,882 million CNY by 2027, reflecting a compound annual growth rate of approximately 36.6% [5]. - The net profit attributable to the parent company is expected to grow from 564 million CNY in 2023 to 1,374 million CNY in 2027, indicating a strong recovery and growth trajectory [5]. Market Position and Competitive Advantage - The company holds a significant market share in various sectors, with 30.2% in new energy vehicles, 54.4% in energy-efficient variable frequency air conditioning, and 36.5% in wind power generation [10][23]. - The company has established long-term partnerships with leading domestic and international firms, enhancing its competitive edge in the market [10][14]. Research and Development - The company maintains a stable R&D investment rate of around 4-5%, with a focus on technological innovation and product development [10][17]. - The number of R&D personnel has been increasing, which supports the company's ability to innovate and maintain its competitive position in the industry [32][10].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1] Core Insights - The non-ferrous metals sector has been significantly increased in holdings, with copper and gold seeing the most substantial increases in Q1 2025. The sector is currently in an "overweight" position, reflecting positive market sentiment and expectations for continued growth [2][3] - The report highlights a positive outlook for Q2 2025, driven by domestic macroeconomic policies aimed at boosting internal demand, which is expected to benefit the industrial metals sector, particularly aluminum [3][5] - The report identifies specific investment opportunities within the sector, recommending increased holdings in rare earth magnetic materials and companies with strong cost control and favorable customer structures in aluminum processing [3][4] Summary by Sections Industry Overview - In Q1 2025, the non-ferrous metals sector outperformed the market, with a sector increase of 12.0%, ranking first among 28 major industries [5][12] - The sector's performance is attributed to global monetary policy shifts towards easing and enhanced expectations for domestic economic recovery [5][12] Sub-Sectors Performance - **Precious Metals**: The precious metals sector showed the best performance in Q1 2025, with gold and silver prices increasing by 36.4% and 32.6% year-on-year, respectively. The sector's net profit rose by 51.8% year-on-year [45][46] - **Base Metals**: Base metals, excluding nickel, saw price increases, with copper and aluminum prices rising by 11.3% and 7.4% year-on-year. The net profit for copper increased by 79.6% year-on-year [38][41] - **Rare Metals**: The rare metals sector is expected to benefit from supply constraints and increasing demand, particularly in the cobalt market, which has seen price increases due to supply disruptions [51][53] Holdings Situation - In Q1 2025, the overall holding ratio for the non-ferrous metals sector increased to 1.30%, up from 1.09% in Q4 2024, indicating a shift from underweight to a slight overweight position [56][57]

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: 2025年5月7日 I. 法定/註冊股本變動 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: 2025年4月30日 狀態: 新提交 | 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 | | ...

3、会议召开的合法及合规性：本次年度股东大会会议的召集、召开程序符 合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 证券代码：300748 证券简称：金力永磁 公告编号：2025-027 江西金力永磁科技股份有限公司 关于召开公司 2024 年年度股东大会的公告 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"、"本公司"）第四届 董事会第五次会议审议通过《关于提议召开公司 2024 年年度股东大会的议案》， 公司拟召开 2024 年年度股东大会，并授权公司董事长负责公告和通函披露前的 核定、确定年度股东大会召开的相关具体事宜。现将股东大会的有关事项通知如 下： 一、召开会议基本情况 1、股东大会届次：2024 年年度股东大会 2、会议召集人：公司第四届董事会 4、会议召开时间： （1）现场会议时间：2025 年 5 月 28 日（星期三）下午 14:30 （2）网络投票时间：2025 年 5 月 28 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 28 日上午 09 ...

证券代码：300748 证券简称：金力永磁 公告编号：2025-026 江西金力永磁科技股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东持股情 况的公告 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 2025 年 4 月 25 日召开第四届董事会第六次会议及第四届监事会第五次会议，审议通过《关于< 回购公司股份方案>的议案》：公司拟使用公司自有资金或自筹资金（股票回购 专项贷款等）以集中竞价交易方式回购公司 A 股股份，其中自筹资金（股票回 购专项贷款等）占回购资金总额比例不超过 90%，回购股份的资金总额不低于人 民币 10,000 万元（含），不超过人民币 20,000 万元（含），回购价格不超过人 民币 31.18 元/股（含），本次回购的股份将依法全部用于注销并减少注册资本。 具体内容详见公司 2025 年 4 月 28 日在巨潮资讯网（www.cninfo.com.cn）披露的 《关于回购公司 A 股股份方案公告》（公告编号：2025-025）。 根据《上市公司股份回购规则》《深圳证 ...

Summary of Key Points from the Conference Call Industry Overview - The humanoid robot industry is currently in a stage of hardware definition and technological iteration, with significant advancements in core components expected to positively impact related stocks [2][22]. Core Components and Technology - Magnetic components, as a critical part of rare earth permanent magnet materials, are essential for enhancing the performance of servo motors in humanoid robots, particularly in terms of dynamic response, impact resistance, and disturbance resistance [1][3]. - The design of motor structures significantly influences the amount of rare earth permanent magnet materials used and the production processes, necessitating strong design capabilities from companies to optimize motor structures and enhance performance [1][11]. Key Players and Developments - **Jinli Permanent Magnet**: Recognized as a leading enterprise in the rare earth permanent magnet industry, with rapid sales growth and plans for significant capacity expansion by 2025, including a project for 30,000 tons of high-end magnetic materials and a production line for humanoid robot components in Mexico [14][15]. - **Zhenghai Magnetic Materials**: Has a strong presence in the new energy vehicle sector and is actively developing partnerships in the humanoid robot field, contributing to incremental growth [4][17]. - **Yunsheng**: A traditional magnetic materials company with stable sales growth in aluminum, iron, and copper, and has made rapid progress in humanoid robots, establishing connections with potential clients [18]. - **Inlohua**: Offers integrated power system solutions, leveraging its early mover advantage to better meet the needs of humanoid robots [19][20]. Motor Types and Applications - The frameless torque motor and hollow cup motor are highlighted for their compact structure and lightweight characteristics, making them suitable for specific functions in humanoid robots [1][5]. - Different types of motors are used based on the radial ratio of joints, reflecting the varying functional demands of different robot parts [7]. Future Trends and Requirements - The humanoid robot industry demands specialized, non-standardized self-developed motors tailored to specific applications, moving away from traditional standardized products [7][13]. - The development of magnetic materials, particularly magnetic components, is crucial for the advancement of the entire industry chain, influencing the optimization of key components like servo drives and motors [8][22]. Investment Opportunities - Companies such as Jinli Permanent Magnet, Zhenghai Magnetic Materials, Yunsheng, Inlohua, and others are recommended for investment due to their potential benefits from technological breakthroughs in humanoid robots [23][24]. Additional Insights - The integration of various transmission components with motors significantly impacts module performance, necessitating a focus on producing suitable rare earth permanent magnet materials and magnetic components to maximize overall module performance [6][22]. - The importance of magnetic component manufacturers in the humanoid robot industry is emphasized, as they play a critical role in meeting specific functional requirements and driving technological advancements [22].

"需求端，传统领域如家电和消费电子受益以旧换新政策，需求得到有力支撑；同时，新能源汽车领域维持高景 气度，进一步推动了稀土需求的增长。此外，从远期来看，人形机器人产业的发展有望为稀土市场打开新的成长空 间。因此，稀土的需求预期将保持较高的增速。"申万宏源有色金属团队告诉《国际金融报》记者，当前稀土板块处 于"价格底部+政策催化+需求预期改善"三重驱动节点，且中美博弈背景下，稀土战略价值凸显，板块估值具备上修空 间。 五一假期后的首个交易日，A股士气高涨，截至午盘，4839只个股飘红。 稀土磁材是人形机器人核心原材料之一，今日人形机器人概念也大涨，截至午盘涨2.8%。 | թ | 代码 | 名称 | ● | 米幅% ↑ | 最新 | 成交额 | 周涨幅% | | --- | --- | --- | --- | --- | --- | --- | --- | | 0 | 861546 | 人形机器人 | 1 | 1257.51 | 2.80 | 2.80 | 34.25 | | 1 | 300918 | 南山智尚 | 1 | 19.98 | 24.92 | 9.49 7 | 19.98 | | 2 | 30131 ...

Core Viewpoint - The company reported a slight increase in revenue for 2024 but a significant decline in net profit, indicating challenges in maintaining profitability amidst falling raw material prices and increased competition [1][3]. Financial Performance - In 2024, the company achieved revenue of 6.763 billion yuan (+1.13%) and a net profit of 291 million yuan (-48.37%), with a basic EPS of 0.22 yuan [1]. - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares, totaling 271 million yuan, which is 93% of the net profit [1]. - For Q1 2025, revenue reached 1.754 billion yuan (+14.19% YoY, +0.29% QoQ) and net profit was 161 million yuan (+57.85% YoY, +70.48% QoQ) [1]. Production and Sales - The company has successfully increased production and sales of neodymium-iron-boron magnets, achieving a capacity utilization rate of over 90% [1]. - High-performance rare earth permanent magnet products accounted for over 90% of production, with sales volumes reaching historical highs of 21,579 tons (+42.4%) and 20,850 tons (+37.9%) [1]. Price Trends - The average price of praseodymium-neodymium in 2024 was 490,000 yuan/ton, a decrease of approximately 25% from 650,000 yuan/ton in 2023 [2]. - The decline in raw material prices has led to a lagging decrease in the average price of neodymium-iron-boron magnets, but increased sales volume has mitigated the negative impact [2]. Market Segmentation - The company has seen significant revenue growth in various sectors: - New energy vehicles: 3.314 billion yuan (+38.62% YoY) - Variable frequency air conditioners: 1.540 billion yuan (+61.81% YoY) - Wind power: 497 million yuan (+2.03% YoY) - Robotics and industrial servo motors: 196 million yuan (+5.17% YoY) - 3C sector: 213 million yuan (+104.54% YoY) [2]. Profitability Metrics - The company's gross margin and net margin for 2024 were 11.13% and 4.35%, respectively, reflecting a decline due to falling prices and increased competition [3]. - In Q1 2025, gross margin and net margin improved to 15.70% and 9.26%, respectively, driven by strong demand in the new energy vehicle and variable frequency air conditioning sectors [3]. Capacity Expansion Plans - By the end of 2024, the company will have an annual production capacity of 38,000 tons for neodymium-iron-boron magnets, with plans to expand to 40,000 tons in 2025 [4]. - The company is investing in a new project in Baotou to produce 20,000 tons of high-performance rare earth permanent magnets, aiming for a total capacity of 60,000 tons by 2027 [4]. Employee Incentives - The company has proposed an employee stock ownership plan with a total funding of up to 85.52 million yuan, aimed at enhancing employee motivation and aligning interests with company performance [4]. Share Buyback - The company plans to repurchase A-shares worth between 100 million and 200 million yuan, reflecting confidence in its future prospects [5]. Future Revenue Projections - Revenue forecasts for 2025-2027 are 9.09 billion yuan, 11.01 billion yuan, and 13.22 billion yuan, with expected growth rates of 34.4%, 21.1%, and 20.1% respectively [6]. - Net profit projections for the same period are 638 million yuan, 793 million yuan, and 988 million yuan, with growth rates of 119.2%, 24.3%, and 24.7% respectively [6].

Market Overview - The Shanghai Composite Index is at 3305.11 points, below the six-month moving average, with a change of 0.80% [1] - The total trading volume of A-shares is 646.819 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 272 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Zhongcheng Technology: 14.42% deviation, with a price increase of 14.99% [1] - Oulutong: 10.01% deviation, with a price increase of 11.78% [1] - Jiusheng Electric: 9.22% deviation, with a price increase of 19.97% [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the six-month moving average with smaller deviation rates include: - Yongdong Co., Sumeida, and Yuhua Tian, which have just crossed the six-month line [1] Additional Stocks with Notable Performance - Other stocks with notable performance include: - Benlang New Materials: 8.45% deviation, with a price increase of 10.35% [1] - Quanzhu Co.: 8.00% deviation, with a price increase of 9.85% [1] - Chuanrun Co.: 7.95% deviation, with a price increase of 10.03% [1]

Investment Rating - The report recommends "Jinli Permanent Magnet" as a key investment opportunity in the humanoid robot materials sector, while also suggesting to pay attention to "Zhenghai Magnetic Materials," "Ningbo Yunsheng," "InnoLux," and "Instech" [3]. Core Insights - The humanoid robot industry is driven by diverse functional demands, necessitating advanced motor designs, particularly in joint servo motors, which are crucial for movement capabilities [1][9]. - Magnetic components are identified as critical parts of servo motors, with the design and adaptation of these components creating significant barriers to entry in the market [2][38]. - The development of rare earth permanent magnet materials is pivotal for the humanoid robot sector, marking a new era in material design for magnetic components [3][51]. Summary by Sections 1. Joint Servo Motors: Core of Humanoid Robot Movement - Electric motors serve as the primary power source for humanoid robots, with unique functional requirements such as high torque density, dynamic response, lightweight, and low noise [1][9]. - Different joint configurations require tailored motor designs, indicating substantial room for improvement in current humanoid robot joint structures [1][20]. 2. Magnetic Components: Key Parts of Servo Motors - Magnetic components are part of the deep processing of rare earth permanent magnet materials, with complex production processes affecting motor performance [2][38]. - The performance of permanent magnet materials is critical, with specific grades determining customization capabilities for manufacturers [2][50]. - Future designs must align magnetic components with motor structures to optimize performance, creating competitive advantages for companies in the humanoid robot field [2][38]. 3. Investment Recommendations and Key Targets - The report emphasizes the importance of rare earth permanent magnet materials in humanoid robots, recommending "Jinli Permanent Magnet" and highlighting other companies like "Zhenghai Magnetic Materials" and "Ningbo Yunsheng" as potential investment opportunities [3][4].