上 市 公 司 有色金属 2024 年04月 03 日 金力永磁 (300748) 公 司 研 究 ——产量产能持续增长，关注人形机器人磁组件业务 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  事件：公司公告 2023 年业绩，Q4 业绩承压，基本符合预期。1）2023 年实现营收 66.9 亿元（yoy-6.7%），归母净利润 5.6 亿元（yoy-19.8%)，扣非归母净利润 4.9 亿元 证 （yoy-27.7%），毛利率为 16.1%，扣除 2022年度因港股上市融资取得的汇兑收益 1.5 市场数据： 2024年04月02日 券 收盘价（元） 15.69 亿元及本年新增研发费用 1640 万元等因素影响，2023 年度公司净利润较 2022 年度基 研 一年内最高/最低（元） 32.33/12.89 本保持稳定。2）2023Q4实现营收16.4亿元（yoy-16.1%，qoq+1.1%），归母净利润 究 市净率 3.0 0.7 亿元（yoy-19.8%，qoq-57.1%），扣非归母净利润 0.6 亿元（yoy+371.0%， 报 息率（分红/股价） - 告 流通 A ...

公 司 研 究 金力永磁（300748.SZ）：量增价跌， 2024年4月3日 推荐/维持 稀土价格回落拖累业绩表现 东 金力永磁 公司报告 兴 ——2023 年年报业绩点评 证 券 财务要点：公司披露2023年年度业绩预告，实现收入66.88亿元，同比下滑 公司简介： 股 6.66%；实现归母净利润5.64亿元，同比下滑19.78%。 金力永磁成立于 2008 年，是集研发、生产 份 和销售高性能钕铁硼永磁材料于一体的高 有 量增价跌，稀土价格回落拖累业绩表现。23 年公司营收未能实现正增长，主 新技术企业，是国内新能源和节能环保领域 限 要是由于稀土原材料价格大幅下跌，以金属镨钕为例，23 年底平均含税价为 高性能稀土永磁材料的领先供应商。其产品 公 55.75万元/吨，较年初87.64万元/吨下跌36.4%。尽管23 年公司高性能稀土 被广泛应用于新能源汽车及汽车零部件、节 司 永磁材料总销量 1.51 万吨，较去年增长 25.6%，但量增不抵价跌。净利润增 能变频空调、3C 电子、风力发电、节能电 梯、机器人及智能制造、轨道交通等领域。 速不及营收增速，主要是由于原料采购到成品销售有时间差，价格下降周 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 01 日 金 力永磁(300748.SZ) 证券研究报告 稀土跌价影响利润表现，产能扩建具备 稀土及磁性材料 投资评级 买入-A 成长潜力 维持评级 公司发布 2023 年度报告 6个月目标价 23.02元 股价 (2024-03-29) 15.38元 2023 年全年公司营业收入 66.88 亿元，同比-6.66%；归母净利润 5.64 亿元，同比-19.78%。其中 2023 年 Q4 营业收入 16.37 亿元，同比- 交易数据 16.10%、环比+1.05%；Q4归母净利润 0.69亿元，同比+335.17%、环 总市值(百万元) 20,682.58 比-57.05%；Q4 扣非归母净利润 0.55 亿元，同比+371.04%、环比- 流通市值(百万元) 17,436.29 63.17%。 总股本(百万股) 1,344.77 流通股本(百万股) 1,133.70 新能源车应用占比维持高位，稀土跌价影响吨净利表现 12个月价格区间 13.67/31.58元 ✔下游结构：2023年新能源车、变频空调、风电领域、机器人及 ...

证券研究报告 公 2024年04月01日 司 报 告 金力永磁(300748) │ 行 业： 有色金属/金属新材料 公 投资评级： 买入（维持） 司 当前价格： 15.71元 年 产销量稳步增长，未来成长可期 目标价格： 18.87元 报 点 事件： 评 基本数据 公司发布2023年年度报告，公司 2023年实现营业收入66.88亿元，同比 总股本/流通股本(百万股) 1,344.77/1,334.44 下降 6.66%；归母净利润 5.64 亿元，同比下降 19.78%；扣非归母净利润 4.93亿元，同比下降27.68%；基本每股收益0.42元，同比下降20.75%。 流通A股市值(百万元) 17,810.41 2023 Q4公司实现营业收入16.37亿元，同比下降16.10%；归母净利润0.69 每股净资产(元) 5.22 亿元，同比增长335.17%；扣非归母净利润0.55亿元，同比增长371.04%。 资产负债率(%) 40.49 ➢ 23年高性能永磁产销量稳步增长 一年内最高/最低(元) 32.33/12.89 2023年，公司高性能稀土永磁总销量15122吨，同比增长25.60%；产量15154 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under pressure due to declining product prices, but the magnetic components segment is expected to open a second growth curve [1] - The company has seen a significant increase in production and sales volume, with total production reaching 15,154 tons in 2023, a year-on-year increase of 18.52% [1][5] - The automotive sector, particularly in new energy vehicles, has become the largest downstream application for the company, contributing to a revenue increase of 55% year-on-year [1] Financial Performance Summary - The company reported a revenue of 6,688 million yuan in 2023, a decrease of 6.7% year-on-year [1][4] - The net profit for 2023 was 564 million yuan, down 19.8% year-on-year, with a non-recurring net profit of 493 million yuan, down 27.7% [1][4] - The gross margin for the magnetic materials business was 15.32% in 2023, an increase of 0.22 percentage points year-on-year [1] Production and Sales Insights - The company’s total sales volume for magnetic materials reached 15,122 tons in 2023, reflecting a year-on-year increase of 25.60% [1][5] - The average selling price of products decreased from 50.5 million yuan per ton to 38.1 million yuan per ton, a decline of 35.64% [1][5] - The company is expanding its production capacity, with plans for a new production line in Mexico, which is expected to significantly benefit from market growth [1] Future Outlook - The company forecasts a net profit of 694 million yuan for 2024, with expected growth rates of 23% for the following years [1] - The report anticipates that the company will maintain a high capacity utilization rate of 90% in 2024, with continued expansion in the magnetic components segment [1]

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2] Core Views - The company's performance is under pressure due to a decline in product prices, but long-term growth potential remains promising [6] - In 2023, the company achieved a revenue of 6.688 billion yuan, a year-on-year decrease of 6.66%, and a net profit of 564 million yuan, down 19.78% year-on-year [5][6] - The company plans to increase its production capacity, with high-performance neodymium-iron-boron capacity expected to reach 38,000 tons per year by the end of 2024 [6][8] Summary by Sections Financial Performance - The company reported a gross margin of 16.07% in 2023, slightly down from 16.18% in 2022, primarily due to fluctuations in rare earth material prices [6] - The net cash flow from operating activities significantly increased to 1.518 billion yuan in 2023 [6] - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares (including tax) [5] Production and Capacity - The total production of high-performance rare earth permanent magnet materials reached 15,154 tons in 2023, an increase of 18.52% year-on-year [6] - The company is optimizing its product structure, with high-performance products accounting for 87.28% of total production [6] - The company is constructing several projects, including a new production line in Mexico, which will enhance its competitiveness in sectors like robotics and new energy vehicles [6][8] Future Projections - Revenue projections for 2024 and 2025 are 9.1 billion yuan and 10.8 billion yuan, respectively, with expected growth rates of 36.1% and 18.7% [7] - The forecasted net profit for 2024 is 855 million yuan, with further increases expected in subsequent years [8]

Financial Performance - The company reported a significant increase in revenue, with total revenue reaching 1.5 billion RMB, representing a year-on-year growth of 25%[4]. - The company's operating revenue for 2023 was approximately ¥6.69 billion, a decrease of 6.66% compared to the previous year[15]. - The net profit attributable to shareholders for 2023 was approximately ¥563.69 million, representing a decline of 19.78% year-over-year[15]. - The net profit after deducting non-recurring gains and losses was approximately ¥493.40 million, down 27.68% from the previous year[15]. - The company anticipates a revenue guidance of 1.8 billion RMB for the next fiscal year, reflecting a growth rate of 20%[4]. - The total revenue for 2023 was approximately ¥6.69 billion, a decrease of 6.66% compared to ¥7.17 billion in 2022[43]. - Revenue from neodymium iron boron magnets accounted for 86.20% of total revenue, totaling approximately ¥5.76 billion, down 5.23% from ¥6.08 billion in 2022[44]. - The company achieved a net profit of 563.69 million RMB, a decrease of 19.78% compared to the previous year[35]. User Growth and Market Expansion - User data showed an increase in active users by 15%, reaching a total of 2 million active users by the end of 2023[4]. - The company is focusing on expanding its market presence in Europe and North America, targeting a 20% increase in market share in these regions over the next two years[4]. - The company is expanding its market presence, targeting an increase in market share by 10% in the Asia-Pacific region over the next year[116]. Research and Development - The company has allocated 200 million RMB for research and development in new technologies, aiming to enhance product performance and reduce production costs[4]. - R&D expenses for 2023 amounted to 354 million yuan, representing 5.29% of total revenue[31]. - The company plans to invest 100 million RMB in R&D for new technologies over the next two years, focusing on sustainable energy solutions[116]. - The company aims to develop high-performance magnetic steel for electric vehicles, enhancing temperature resistance and meeting market demands[56]. - The company plans to enhance its R&D efforts, focusing on improving production technology and expanding its product range, including the introduction of new high-performance magnetic materials and components[83]. Production and Capacity - The company plans to establish a production capacity of 40,000 tons of high-performance rare earth permanent magnet materials by 2025, with current capacity utilization exceeding 90%[31]. - The company achieved revenue of 1.324 billion yuan in the energy-saving variable frequency air conditioning sector, with sales capable of equipping around 54 million variable frequency air conditioning compressors[29]. - The company has a total annual production capacity of 23,000 tons for high-performance neodymium-iron-boron permanent magnets, with ongoing projects to further increase this capacity[83]. Strategic Acquisitions and Partnerships - Strategic acquisitions are planned to enhance supply chain capabilities, with a target of completing at least two acquisitions by the end of 2024[4]. - The company has established long-term strategic partnerships with major rare earth suppliers, optimizing procurement strategies to mitigate price fluctuations[31]. - The company established a wholly-owned subsidiary in Mexico to invest in a new production line with an annual capacity of 1 million sets of magnetic components[40]. Environmental and Social Responsibility - The company has invested approximately ¥24.89 million in environmental protection and health safety during the reporting period[42]. - The company received multiple awards for its ESG performance, including AAA ratings from national ESG evaluations and recognition as a leading practice case in 2023[41]. - The company is actively involved in social responsibility initiatives, awarding scholarships totaling approximately ¥3.76 million to 1,060 university students since 2012[42]. - The company has committed to not transferring benefits to other entities or individuals under unfair conditions, ensuring the protection of company interests[159]. Risk Factors - Risk factors include fluctuations in raw material prices and potential regulatory changes affecting the rare earth industry[4]. - The company faces risks related to fluctuations in rare earth raw material prices, which could adversely affect production and sales[88]. - The company is focused on proactive management of foreign exchange risks due to increasing overseas sales and potential currency fluctuations[90]. Governance and Shareholder Engagement - The company has established a performance evaluation system for directors and senior management, promoting transparency in hiring practices[95]. - The company has conducted multiple investor communications, including phone conferences and on-site research, to maintain transparency and engagement[92]. - The company emphasizes a consistent and reasonable cash dividend policy, aiming for at least 10% of the distributable profit to be distributed in cash annually[134]. - The company has established a clear decision-making process for profit distribution, requiring approval from more than half of the independent directors[136]. Financial Management and Investments - The company reported a net cash flow from operating activities increased significantly to approximately ¥1.52 billion, a 389.41% increase compared to the previous year[15]. - The company has entrusted CNY 190 million in financial management, with an unexpired balance of CNY 145.90 million[182]. - The company has a guarantee of 100 million yuan for Jinli Baotou Technology, with an actual occurrence of 10,000 yuan[180]. Shareholder Structure and Equity Incentives - The company has a total of 8,015,784 shares in its repurchase account, which may be used for employee stock ownership plans in the future[87]. - The company has implemented an equity incentive plan, resulting in significant share increases for several executives, including a total of 153,600 shares for Vice General Manager Lu Ming[102]. - The total number of shares held by the top ten shareholders includes 69,120,000 shares held by Ganzhou Industrial Investment Holding Group, representing 5.14% of the total shares[199]. Compliance and Regulatory Matters - The company has confirmed that all commitments made in the prospectus were fulfilled during the reporting period[163]. - The company has not encountered any major environmental issues or violations during the reporting period[155]. - The company has not reported any litigation related to derivative investments during the reporting period[72].

[Table_Main] 证券研究报告 | 公司点评 金力永磁(300748.SZ) 2024年03月28日 金力永磁（300748.SZ）：23 年稀 买入（维持） 所属行业：有色金属/金属新材料 土价格下降导致业绩承压，未来 当前价格(元)：15.41 随公司规划产能放量有望迎来新 证券分析师 翟堃 一轮业绩成长周期 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 张崇欣 资格编号：S0120522100003 邮箱：zhangcx＠tebon.com.cn 投资要点 研究助理 事件：公司发布2023年年度报告，业绩承压。公司2023年营业收入66.88亿元，  康宇豪 同比-6.66%；归母净利润5.64亿元，同比-19.78%；扣非归母净利润4.93亿元， 邮箱：kangyh＠tebon.com.cn 同比-27.68%。 市场表现 2023年稀土原材料价格大幅下降，对公司营收及毛利率产生不利影响。根据亚洲  金属网、中国稀土行业协会等公布数据， 2023 年金属镨钕 1-12 月平均价格为 金力永磁 沪深300 26% 65.14 万元/吨，较 2022 ...

Investment Rating - The report upgrades the investment rating to "Buy" [1] Core Views - In 2023, the company achieved a revenue of 6.688 billion RMB, a year-on-year decrease of 6.66%, and a net profit attributable to shareholders of 564 million RMB, down 19.78% year-on-year [1] - The sales volume of magnetic materials increased by 25.6% to 15,122 tons, while the average selling price decreased by 24.54% to 381,200 RMB per ton [1] - The company is expanding its production capacity and focusing on the automotive and robotics sectors, with a projected capacity of 40,000 tons by 2025 [1] Summary by Sections Financial Performance - Revenue for 2023 was 6.688 billion RMB, with a growth rate of -6.66% compared to 2022 [4] - Net profit for 2023 was 564 million RMB, reflecting a decrease of 19.78% year-on-year [4] - The diluted earnings per share (EPS) for 2023 was 0.419 RMB, down from 0.839 RMB in 2022 [4] Business Segments - Revenue from the new energy vehicle sector reached 3.303 billion RMB, an increase of 14.33% year-on-year [1] - The production of magnetic components for humanoid robots is being actively developed, with a project in Mexico aimed at producing 1 million sets annually [1] Future Projections - Expected revenues for 2024, 2025, and 2026 are projected to be 7.500 billion RMB, 8.916 billion RMB, and 10.860 billion RMB, respectively [1] - Forecasted net profits for the same years are 635 million RMB, 827 million RMB, and 1.056 billion RMB, respectively [1] - The company is expected to maintain a PE ratio of 32.64, 25.05, and 19.62 for the years 2024, 2025, and 2026, respectively [1]

Financial Performance - For the fiscal year ending December 31, 2023, the company achieved a revenue of RMB 6,687.9 million, a decrease of 6.7% compared to the previous year[9]. - The net profit attributable to the owners of the parent company for 2023 was RMB 563.7 million, representing a decline of 19.8% year-on-year[9]. - The company's operating revenue for the year ended December 31, 2023, was RMB 6,687.9 million, a decrease of 6.7% compared to RMB 7,165.2 million in 2022[35]. - The net profit attributable to the owners of the parent company for the year was RMB 563.7 million, down 19.8% from RMB 702.7 million in the previous year[36]. - The basic earnings per share for 2023 was RMB 0.42, a decrease of 20.8% from RMB 0.53 in 2022[35]. - The gross profit margin for 2023 was 16.07%, slightly down from 16.18% in 2022[43]. - The company’s net profit attributable to shareholders in 2023 was RMB 563.7 million, a decrease of 19.78% year-on-year[86]. - The company’s cash flow from operating activities significantly increased to RMB 1.518 billion in 2023[86]. - Revenue from the new energy vehicles and automotive parts segment accounted for 49.5% of total revenue in 2023, compared to 47.5% in 2022[40]. - The average selling price of neodymium iron boron products decreased due to fluctuations in rare earth material prices, while sales volume increased by 25.6% from 12,041 tons in 2022 to 15,122 tons in 2023[116]. Production and Capacity - The sales volume of high-performance rare earth permanent magnet materials reached 15,122 tons, an increase of 25.6% compared to 2022[9]. - The company plans to increase the annual production capacity of high-performance rare earth permanent magnet materials to 40,000 tons by 2025[10]. - The company’s production capacity utilization rate exceeded 90% for the year, with ongoing projects in Baotou, Ningbo, and Ganzhou[10]. - The company achieved total production of high-performance rare earth permanent magnet materials of 15,154 tons in 2023, an increase of 18.52% year-on-year[90]. - The company's production capacity for rough blanks has reached 23,000 tons per year, with a capacity utilization rate exceeding 90% in 2023[93]. - The company plans to establish a production line in Mexico with an annual capacity of 1 million sets of magnetic components, which is currently progressing steadily[94]. Research and Development - Research and development expenses amounted to RMB 354 million in 2023, representing 5.29% of total revenue, indicating a strong commitment to innovation[72]. - The company is investing in new technologies, including advanced heat treatment processes to enhance the performance of its magnetic materials[26]. - The company will continue to invest in R&D for humanoid robot magnetic components and collaborate with global customers to drive innovation[111]. - The company emphasizes a customer-centric approach and aims to improve product quality and service through a matrix project management model[110]. Market and Strategic Goals - The company aims to expand its market presence in the renewable energy sector, particularly in wind power generation[26]. - The company anticipates a revenue growth of 20% for the upcoming fiscal year based on current market trends[27]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the market[28]. - The company has established long-term strategic partnerships with major rare earth suppliers, optimizing procurement strategies to mitigate the impact of price fluctuations on operations[76]. - The company’s strategic goal is to become a global leader in the rare earth permanent magnet materials industry, supported by expanding production capacity and optimizing product structure[104]. Environmental, Social, and Governance (ESG) - The company has established an ESG committee to enhance its ESG strategy and has received recognition for its outstanding ESG practices in 2023[10]. - The company is committed to environmental, social, and governance (ESG) initiatives as part of its corporate strategy[26]. - The company has reduced carbon emissions by approximately 34.02 million tons through the sale of magnetic products in various sectors, including new energy vehicles and wind power[97]. - The company has invested approximately RMB 24.89 million in environmental protection and health safety during the reporting period[100]. - The company emphasizes ESG initiatives, aiming to support carbon neutrality through various measures, including the construction of photovoltaic power stations and technological innovations[78]. Corporate Governance - The company maintains high standards of corporate governance and continuously improves its governance structure and internal management systems[156]. - The company ensures equal rights for all shareholders during the general meetings, adhering to the Articles of Association and relevant laws[157]. - The company has established a performance evaluation and incentive mechanism for senior management, focusing on responsibility, motivation, performance, and competition principles[168]. - The independent non-executive directors have confirmed their independence according to Hong Kong listing rules, ensuring compliance with governance standards[175]. - The company has adopted corporate governance codes and has complied with relevant regulations, with minor deviations noted during specific periods[170].