金力永磁（300748）公告，预计2025年1月1日至2025年3月31日归属于上市公司股东的净利润为1.53亿 元～1.63亿元，比上年同期的1.02亿元增长50%～60%。归属于上市公司股东的扣除非经常性损益后的 净利润为9789.06万元～1.08亿元，比上年同期的2455.97万元增长300%～340%。 ...

Financial Performance - The estimated net profit attributable to shareholders for Q1 2025 is projected to be between 152.54 million and 162.71 million RMB, representing a year-on-year increase of 50% to 60%[3] - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 97.89 million and 108.06 million RMB, indicating a year-on-year growth of 300% to 340%[3] - The company's expected operating revenue for Q1 2025 is approximately 1.7 billion RMB, reflecting a year-on-year growth of over 10%[4] - Non-recurring gains and losses (after tax) for Q1 2025 are estimated at around 55 million RMB, compared to 77.13 million RMB in the same period last year[4] - The financial data presented is preliminary and has not been audited by an external auditing firm[6] - The company will provide detailed financial data in the Q1 2025 report, urging investors to make cautious decisions and be aware of investment risks[6] Business Strategy and Focus - The company is focusing on expanding its market presence and increasing production capacity in the new energy and energy-saving sectors[4] - Key application areas include new energy vehicles, energy-saving variable frequency air conditioning, wind power generation, robotics, industrial servo motors, 3C, and low-altitude flying vehicles[4] - The company is collaborating with internationally renowned technology firms on the development of magnetic components for embodied robotics[4]

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; overseas sales revenue was 1.222 billion yuan, with approximately 418 million yuan exported to the Americas [3] - The net profit attributable to shareholders was 483.7 million yuan, a decrease of 2.91% year-on-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, with a high-performance magnetic material output of approximately 2.93 million tons, a year-on-year increase of 39.48% [3] - The sales volume of high-performance magnetic materials reached approximately 2.09 million tons, a year-on-year increase of 37.88%, marking the highest level in the company's history [3] Market Segments New Energy Vehicles - In 2024, global sales of new energy passenger vehicles exceeded 17 million units, a year-on-year increase of 26%, with new energy vehicles accounting for 22% of total global car sales [5] - The company has established partnerships with the top ten global new energy vehicle manufacturers, with its products applied in approximately 5.5 million new energy passenger vehicles [5] Variable Frequency Air Conditioners - The total sales of household air conditioners in 2024 reached approximately 200 million units, a year-on-year increase of 17.8%, with variable frequency air conditioners becoming the market mainstream [6] - The company supplied magnetic materials for approximately 82 million variable frequency air conditioners, with sales revenue increasing by 61.81% [6] Wind Power - In 2024, the global wind power installed capacity increased by 121.6 GW, doubling since 2019 [6] - The company’s magnetic materials were applied in an installed capacity of approximately 12 GW [6] Future Outlook - The company plans to invest in a project with an annual production capacity of 20,000 tons of high-performance rare earth permanent magnet materials, with a construction period of two years [9] - The market share in the new energy vehicle sector is expected to continue to grow, with projected sales of new energy passenger vehicles reaching 20.9 million, 25.1 million, and 30.2 million units from 2025 to 2027 [5] Shareholder Returns - Since its listing in 2018, the company has implemented cash dividends annually, with cumulative cash dividends exceeding 1 billion yuan, accounting for over 44% of cumulative net profit attributable to shareholders [10] - The proposed cash dividend for 2024 is 1.2 yuan per 10 shares, totaling approximately 164 million yuan, which is expected to exceed 90% of the net profit for 2024 [10] Employee Incentives - The company plans to implement an A-share employee stock ownership plan and an H-share restricted stock plan, utilizing 8,015,784 A-shares repurchased in 2023 [11] - Performance targets for the employee stock ownership plan include a net profit growth of no less than 20% in 2025 compared to 2024 [12] Raw Material Supply - The company has established long-term strategic partnerships with major rare earth suppliers, with 63% of its annual procurement coming from these suppliers [13] - In 2024, the company used 2,575 tons of recycled rare earth materials, accounting for 30.4% of total rare earth material usage [13] International Business - In 2024, overseas sales revenue was approximately 1.222 billion yuan, accounting for 18% of total revenue, with the Americas contributing about 418 million yuan [14] - The company is closely monitoring policy changes related to export controls and will comply with relevant regulations [14]

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3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: 2025年4月3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 | ...

Group 1 - The core viewpoint indicates that despite a projected decline in rare earth material prices in 2024, the company is expected to see an increase in sales volume of high-performance rare earth permanent magnet materials by 37.88% to 20,900 tons, although profit growth may not match revenue growth due to raw material cost fluctuations and intensified industry competition [1][2] - The average price of metal praseodymium and neodymium is expected to drop to 490,000 yuan per ton in 2024, a decrease of approximately 25% from the average of 650,000 yuan per ton in 2023 [1] - The company's gross profit margin is projected to decrease to 11.13% in 2024 from 16.07% in 2023, reflecting a reduction of 4.94 percentage points [1] Group 2 - The company is expected to produce 21,600 tons of neodymium-iron-boron magnetic steel products in 2024, representing a year-on-year increase of 42.40%, driven by the commissioning of ongoing projects [2] - By the end of 2024, the company will have a production capacity of 38,000 tons per year for high-performance rare earth permanent magnet materials, with plans to reach 40,000 tons by 2025 [2] - The price of rare earth materials has shown signs of stabilization since Q2 2024, with a projected 11% increase in metal praseodymium and neodymium prices by the end of March 2025, indicating a gradual recovery in business profitability [2]

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, the price drop offset the volume increase, leading to a decrease in profit margins [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 electric vehicle and renewable energy sectors [2][3]. - The company is recognized for its advanced technology, with over 90% of its high-performance products utilizing the crystal boundary infiltration technology, and is actively involved in the development of magnetic components for humanoid robots [2][3]. Financial Summary - The company forecasts net profits of 516 million yuan, 702 million yuan, and 859 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.38, 0.51, and 0.63 yuan [3][4]. - The projected revenue growth rates for the next few years are 20.45% in 2025, 19.84% in 2026, and 20.67% in 2027, indicating a recovery trend after the decline in 2024 [4][10]. - The gross profit margin is expected to improve gradually as rare earth prices stabilize, with a forecasted gross margin of 13.00% in 2025 [4][10].

Core Insights - The company Jinli Permanent Magnet (金力永磁) reported a total revenue of 6.76 billion yuan for 2024, reflecting a year-on-year increase of 1.13% compared to 2023 [2] - The net profit attributable to shareholders decreased significantly by 48.37% to 291 million yuan, down from 563 million yuan in the previous year [2][3] - The net cash flow from operating activities also saw a decline of 66.53%, amounting to 508 million yuan, compared to 1.52 billion yuan in 2023 [2][3] Financial Performance - Total revenue for 2024 was 6,763,289,140.45 yuan, up from 6,687,864,421.33 yuan in 2023 [2] - Net profit attributable to shareholders was 291,043,035.96 yuan, down from 563,692,826.17 yuan in 2023, marking a decrease of 48.37% [2] - The net profit after deducting non-recurring gains and losses was 170,253,183.94 yuan, a decline of 65.49% from 493,403,386.86 yuan in the previous year [2] - The basic earnings per share decreased to 0.22 yuan, down 47.62% from 0.42 yuan in 2023 [2][3] - The weighted average return on equity (ROE) was 4.19%, a decrease of 3.92 percentage points from 8.11% in the previous year [3] Asset and Liability Management - The total assets at the end of 2024 were 12,297,311,673.87 yuan, an increase of 3.99% from 11,825,954,292.65 yuan in 2023 [3] - The asset-liability ratio increased to 42.12%, up by 1.63 percentage points compared to the previous year [3] Research and Development - The total R&D expenditure for 2024 was 321 million yuan, a decrease of 33.07 million yuan or 9.33% from the previous year [3] - The proportion of R&D investment relative to total revenue was 4.74%, down by 0.55 percentage points from the previous year [3] Executive Compensation - The total compensation for directors, supervisors, and senior management in 2024 was 14.14 million yuan [5] - The highest-paid executive was the Chairman and CEO, Cai Baogui, who received 1.5684 million yuan [5]

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]