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 ...

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 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 金属新材料 | | 前次评级 | 买入 | | 03 月 28 日收盘价（元） | 20.14 | | 总市值（百万元） | 27,634.74 | | 总股本（百万股） | 1,372.13 | | 其中自由流通股（%） | 99.22 | | 30 日日均成交量（百万股） | 43.11 | 股价走势 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 ...

中证报中证网讯(王珞)3月28日晚，江西金力永磁（300748）科技股份有限公司发布2024年度业绩报 告。2024年，公司聚焦主业，克服稀土原材料价格自2022年以来的大幅下跌的不利因素，积极拓展业 务，努力按照规划扩大产能，产能利用率超90%，高性能磁材产品产销量创公司历史最高水平。报告期 内，公司实现营业收入67.63亿元，同比增长1.13%；高性能稀土永磁材料总销量达2.09万吨，同比增长 37.88%。根据公开的行业统计数据，公司已成为全国乃至全球稀土永磁材料行业产销量排名第一的企 业。 人形机器人是未来高性能钕铁硼磁材的重要需求增长点之一，得益于公司早期布局和技术积累，金力永 磁顺应时代潮流，积极配合世界知名科技公司进行人形机器人磁组件的研发，并且已有小批量交付。 2025年人形机器人将迎来发展元年，公司已将人形机器人磁组件技术部门升级为人形机器人磁组件事业 部，并对人形机器人磁组件项目进行了包括专用厂房、专用设备及专业人员等方面的配套投入，具备了 快速规模化投产的能力。未来还将持续加大人形机器人领域磁钢及磁组件的研发投入，积极推进人形机 器人项目产业化的软硬件配套工作，以满足客户不断增长的需求， ...

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 ...