Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved record high production and sales in 2024, with revenue of 6.8 billion yuan, a year-on-year increase of 1%, and a gross margin of 11%. The net profit attributable to shareholders was 290 million yuan, down 48% year-on-year, with a net profit margin of 4% [1][2] - The company is expanding its production capacity, with plans to build an additional 20,000 tons of high-performance magnetic material capacity by 2025, bringing total capacity to 60,000 tons [3] - The company is actively developing its humanoid robot business, with expected revenue of 196 million yuan in 2024, a year-on-year increase of 5.17% [4] Summary by Sections Financial Performance - In 2024, the company reported quarterly revenues of 1.54 billion, 1.83 billion, 1.65 billion, and 1.75 billion yuan, with Q4 showing a quarter-on-quarter increase of 7% and 6% respectively. The net profit for Q4 was 94 million yuan, up 36% quarter-on-quarter [1][2] - The gross margin for Q4 improved to 14%, reflecting a recovery from previous high inventory costs and a favorable pricing environment for rare earth materials [2] Production Capacity and Expansion - The company has successfully launched new production capacity, achieving a total production of 21,600 tons of magnetic materials in 2024, a 42% increase year-on-year [2] - By 2025, the company plans to complete the construction of 40,000 tons of magnetic material capacity, with specific projects in Ningbo, Baotou, and Ganzhou [3] Business Development - The company is extending its product line into downstream magnetic component manufacturing, particularly in the humanoid robot sector, with a new production line in Mexico expected to be completed by 2025 [4] - The investment in the new production line is approximately 720 million yuan, aimed at serving the U.S. market and capitalizing on the demand from mass-produced robots [4] Future Profitability Projections - The report projects net profits for 2025-2027 to be 560 million, 709 million, and 864 million yuan respectively, with corresponding P/E ratios of 50, 39, and 32 [4]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company achieved record high production and sales in 2024, with revenue of 6.8 billion yuan, a year-on-year increase of 1%, and a gross margin of 11%. However, the net profit attributable to the parent company was 290 million yuan, down 48% year-on-year, with a net profit margin of 4% [1][2] - The company is expanding its production capacity, with plans to build an additional 20,000 tons of high-performance magnetic material capacity by 2025, which will increase total capacity to 60,000 tons [3][4] - The company is also extending its business into the downstream magnetic component manufacturing, particularly in humanoid robots, with a new production line in Mexico expected to be completed by 2025 [4] Summary by Sections Financial Performance - In 2024, the company reported quarterly revenues of 1.54 billion, 1.83 billion, 1.65 billion, and 1.75 billion yuan, with Q4 showing a quarter-on-quarter increase of 7% and 6% respectively. The net profit for Q4 was 94 million yuan, up 36% quarter-on-quarter [1][2] - The gross margin improved in Q4 to 14% as the impact of high-priced inventory diminished, compared to an annual gross margin of 11%, which was down 5 percentage points year-on-year [2] Production Capacity and Expansion - The company has successfully launched new production capacity in 2024, producing 21,600 tons of finished magnetic materials, a 42% increase year-on-year. The main applications of these products are in automotive parts, air conditioning, and wind power generation [2] - By January 2025, the company plans to invest 1.05 billion yuan in a project to produce 20,000 tons of high-performance rare earth permanent magnetic materials, with a construction period of two years [3] Business Development - The humanoid robot business is growing, with revenue from this sector reaching 196 million yuan in 2024, a year-on-year increase of 5.17%. The company is collaborating with well-known technology firms to develop magnetic components for humanoid robots [4] - The new production line in Mexico, with an investment of approximately 720 million yuan, is expected to cater to the U.S. market and benefit from the mass production of robots like Optimus [4] Future Profitability Projections - The company has revised its profit forecasts downward due to declining magnetic material prices, expecting net profits of 560 million, 709 million, and 864 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 50, 39, and 32 [4][6]

Core Viewpoint - Jiangxi Jinli Permanent Magnet Technology Co., Ltd. reported a focus on core business and capacity expansion despite challenges from declining rare earth material prices, achieving record sales in high-performance magnetic materials [1][2] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 6.763 billion yuan, a year-on-year increase of 1.13% [1] - The total sales volume of high-performance rare earth permanent magnet materials reached 20,900 tons, a year-on-year increase of 37.88% [1] - The net profit attributable to shareholders was 291 million yuan, a year-on-year decrease of 48.37% due to raw material price fluctuations and intensified competition [2] Group 2: Business Segments - Revenue from the new energy vehicle and auto parts business reached 3.314 billion yuan, with a sales volume increase of 38.62%, supporting approximately 5.5 million new energy passenger vehicles [2] - The energy-efficient variable frequency air conditioning sector generated revenue of 1.540 billion yuan, with a sales volume increase of 61.81% [2] - Wind power revenue was 497 million yuan, with a sales volume increase of 2.03%, supporting around 12 GW of installed capacity [2] Group 3: Capacity Expansion and Future Plans - The actual production capacity of high-performance rare earth permanent magnet materials reached 32,000 tons, with a utilization rate exceeding 90% [3] - By the end of 2024, the company aims to achieve a production capacity of 38,000 tons per year, with plans to reach 40,000 tons by 2025 [3] - The company is investing in a "green intelligent manufacturing project" for 20,000 tons of high-performance rare earth permanent magnet materials, targeting a total capacity of 60,000 tons by 2027 [3] Group 4: Emerging Opportunities - The company is actively developing magnetic components for humanoid robots, anticipating significant demand growth in this area [4] - Revenue from the 3C sector reached 213 million yuan, with a year-on-year sales increase of 104.54% [4] - The company is also making progress in the low-altitude aircraft sector, aligning with national strategies [4] Group 5: Dividend Policy - Since its listing in 2018, the company has distributed over 1 billion yuan in cash dividends, with a planned dividend of 164 million yuan for 2024 [5] - The total cash dividend for 2024 is expected to exceed 90% of the net profit attributable to shareholders [5] - The company aims to maintain a customer-oriented approach while focusing on core magnetic material business and technological innovation [5]

江西金力永磁科技股份有限公司 第四届监事会第四次会议决议公告 证券代码：300748 证券简称：金力永磁 公告编号：2025-006 本公司及监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 3 月 18 日以 电话、邮件、书面方式通知各位监事，第四届监事会第四次会议于 2025 年 3 月 28 日（星期五）在江西赣州公司会议室以现场表决方式召开。本次监事会由监事会主 席刘秋君女士主持，会议应出席监事 3 名，实际出席监事 3 名。本次会议的召集、 召开和表决程序符合《中华人民共和国公司法》等法律法规和《公司章程》的有关 规定，合法有效。会议经表决，审议通过如下议案： 一、审议通过《关于<公司 2024 年度监事会工作报告>的议案》 根据 2024 年监事会的工作情况，监事会制定了《2024 年度监事会工作报告》， 内容包括 2024 年监事会会议召开情况和监事会对公司在 2024 年内有关事项的核查 意见。报告期内监事会会议的通知、召开、表决程序符合《公司法》和《公司章程》 的有关规定。 表决结果：赞 ...

证券代码：300748 证券简称：金力永磁 公告编号：2025-005 江西金力永磁科技股份有限公司 第四届董事会第五次会议决议公告 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 3 月 18 日以电话、邮件、书面方式通知各位董事，公司第四届董事会第五次会议于 2025 年 3 月 28 日（星期五）在江西赣州公司会议室以现场表决方式召开。会议由董 事长蔡报贵先生召集并主持，会议应出席董事 9 名，实际出席董事 9 名。会议的 召集召开和表决程序符合《中华人民共和国公司法》及《公司章程》的有关规定。 会议经表决，审议通过如下议案： 一、审议通过《关于<公司 2024 年度首席执行官（CEO）工作报告>的议案》 公司董事会认真听取了首席执行官（CEO）蔡报贵先生向董事会汇报的《2024 年度首席执行官（CEO）工作报告》，认为 2024 年度公司经营管理层有效执行 了董事会、股东大会的各项决议，使公司保持了持续稳定的发展，取得了良好的 经营业绩，该报告客观、真实地反映了经营层 2024 年度主要 ...

江西金力永磁科技股份有限公司 关于 2024 年度利润分配预案的公告 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。 证券代码：300748 证券简称：金力永磁 公告编号：2025-009 一、审议程序 1、公司董事会审计委员会审议情况 2025 年 3 月 18 日，江西金力永磁科技股份有限公司（以下简称"公司"） 第四届董事会审计委员会第三次会议审议通过了《关于 2024 年度利润分配预案 的议案》，2024 年度利润分配预案符合公司财务实际情况，有利于公司长远发 展需要，审计委员会全体委员同意 2024 年度利润分配预案，并同意将该议案提 交公司董事会审议。 2、公司董事会审议情况 2025 年 3 月 28 日，公司第四届董事会第五次会议审议通过了《关于 2024 年度利润分配预案的议案》，公司 2024 年度利润分配预案综合考虑了公司盈利 能力、财务状况、未来发展预期等因素，兼顾股东回报与公司发展综合考虑，有 利于与全体股东共享公司成长的经营成果，符合《公司法》、《公司章程》和中 国证监会关于上市公司现金分红的相关规定，董事会同意公司 2024 年度 ...

江西金力永磁科技股份有限公司 非经常性损益专项说明 2024 年 12 月 31 日 非经常性损益的专项说明 安永华明（2025）专字第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董事会： 我们审计了江西金力永磁科技股份有限公司2024年度合并及公司的财务报表（统 称"财务报表"），并于2025年3月28日出具了编号为安永华明（2025）审字第 70036270_A01号的无保留意见审计报告。 根据中国证券监督管理委员会《公开发行证券的公司信息披露解释性公告第1号— —非经常性损益》的规定，江西金力永磁科技股份有限公司管理层编制了后附的2024 年度的非经常性损益明细表。我们对上述非经常性损益明细表进行专项说明如下： 基于我们为财务报表整体发表审计意见的审计工作，我们未发现上述非经常性损 益明细表中对非经常性损益的披露在所有重大方面不符合上述中国证券监督管理委员 会的相关规定。 本报告仅供江西金力永磁科技股份有限公司2024年度报告披露使用，不适用于其 他用途。 1 非经常性损益的专项说明（续） 安永华明（2025）专字第70036270_A01号 江西金力永磁科技股 ...

内部控制审计报告 江西金力永磁科技股份有限公司 内部控制审计报告 2024 年 12 月 31 日 安永华明（2025）专字第70036270_A05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： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了江西金力永磁科技股份有限公司（以下简称"贵公司"）2024 年 12 月 31 日的财 务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是企业董事会的 责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计报告推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，江西金力 ...

江西金力永磁科技股份有限公司 已审财务报表 2024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 | - | 133 | | 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 | | 1 | | 审计报告 安永华明（2025）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 ...

章程 二零二五年三月 江西金力永磁科技股份有限公司 | 第一章 | 则 总 | 2 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 3 | | 第三章 | 股 份 | 3 | | 第一节 | | 股份发行 3 | | 第二节 | | 股份增减和回购 5 | | 第三节 | | 股份转让 6 | | 第四节 | | 购买公司股份的财务资助 8 | | 第五节 | | 股票和股东名册 9 | | 第四章 | | 股东和股东大会 12 | | 第一节 | 股东 | 12 | | 第二节 | | 股东大会的一般规定 15 | | 第三节 | | 股东大会的召集 19 | | 第四节 | | 股东大会的提案与通知 21 | | 第五节 | | 股东大会的召开 24 | | 第六节 | | 股东大会的表决和决议 28 | | 第五章 | 董事会 | 33 | | 第一节 | 董事 | 33 | | 第二节 | | 董事会 35 | | 第三节 | | 独立董事 40 | | 第四节 | | 董事会专门委员会 45 | | 第五节 | | 董事会秘书 47 | | 第六章 | | 首席执行官 ...