Summary of Jinli Permanent Magnet Conference Call Company Overview - Jinli Permanent Magnet is a leading enterprise in the global rare earth permanent magnet industry, focusing on the research, production, and sales of high-performance neodymium-iron-boron permanent magnet materials, magnetic components, embodied robots, electronic rotors, and the recycling of rare earth permanent magnet materials [2][3][10]. Key Financial Performance - In Q1 2025, Jinli reported revenue of 1.754 billion RMB, a year-on-year increase of 14% [2][3]. - The company's capacity utilization rate exceeded 90%, with a significant increase in the production and sales volume of magnetic materials, which grew over 40% year-on-year [2][3]. - The gross profit margin reached 15.7%, showing improvements both year-on-year and quarter-on-quarter [2][3]. - Net profit and net profit excluding non-recurring items saw significant growth [2][3]. Revenue Breakdown - Revenue from the electric vehicle sector accounted for 50% of total revenue, while energy-efficient variable frequency air conditioning contributed 30% [2][3]. - Export sales amounted to approximately 312 million RMB, representing 18% of total revenue, with sales to the U.S. accounting for less than 7% [2][3]. Capacity Expansion Plans - By the end of 2024, the company will have an annual production capacity of 38,000 tons, expected to reach 40,000 tons by the end of 2025 [2][5]. - The Baotou Phase III project is anticipated to be completed by 2027, adding 60,000 tons of capacity and featuring advanced collaborative robots and electronic rotor production lines [2][5]. Share Buyback Plan - The company announced an A-share buyback plan, reflecting confidence in future development and company value, funded by self-owned or raised funds [2][6][8]. - The buyback aims to cancel or reduce registered capital to enhance company value [2][6][8]. Market Conditions and Strategies - Changes in the rare earth supply-demand relationship, including U.S. MP Materials' import restrictions and supply fluctuations from Myanmar, have led to reduced supply and increased prices [2][16]. - The company is actively applying for export licenses to meet the demands of global electric vehicle and wind power customers [2][10][16]. - The management emphasizes cost control, optimized procurement strategies, and group coordination to navigate external market challenges [4][14][15]. Gross Margin Insights - The improvement in gross margin is closely linked to the stability of raw material prices, despite fluctuations in rare earth prices [7][12]. - The gross margin increased due to both capacity release and effective cost management strategies [11][12]. Future Outlook - The company maintains an optimistic outlook for future gross margin improvements, contingent on raw material price stability and effective cost control measures [13][20]. - The demand for high-performance magnetic materials is expected to grow, supported by China's dominant position in global rare earth supply [16][21]. Conclusion - Jinli Permanent Magnet's strong Q1 performance, strategic capacity expansions, and proactive market strategies position the company favorably in the competitive landscape of the rare earth permanent magnet industry, with a positive outlook for future growth and profitability [17][20].

Core Viewpoint - Jiangxi Jinli Permanent Magnet Technology Co., Ltd. reported significant growth in Q1 2025, with a revenue of 1.754 billion yuan, a year-on-year increase of 14.19%, and a net profit of 106 million yuan, up 331.10% year-on-year [1] Group 1: Company Performance - In Q1 2025, the company focused on the new energy and energy-saving sectors, particularly in electric vehicles, energy-efficient air conditioning, wind power generation, robotics, and low-altitude aircraft [1] - Revenue from the electric vehicle and auto parts sector reached 882 million yuan, accounting for 50.28% of total revenue, while the energy-efficient air conditioning sector generated 513 million yuan, making up 29.25% of total revenue [2] - The company achieved a production capacity utilization rate exceeding 90%, with raw material output of approximately 8,770 tons and finished product output of about 6,600 tons, both showing over 40% growth compared to the previous year [2] Group 2: Industry Demand and Trends - The demand for rare earth permanent magnet materials is expanding due to their applications in energy-saving technologies, aligning with national policies promoting green manufacturing [3] - Global consumption of high-performance rare earth permanent magnet materials increased from 47,500 tons in 2018 to 102,500 tons in 2023, with a compound annual growth rate (CAGR) of approximately 16.6% [3] - The AI robotics market is expected to see significant growth by 2025, with high-performance neodymium-iron-boron magnets being critical components for robots and industrial servo motors [4] Group 3: Future Outlook - The company aims to establish a production capacity of 60,000 tons of high-performance rare earth permanent magnet materials by 2027 and develop advanced production lines for humanoid robot magnetic components [4] - The low-altitude economy is projected to create a substantial market for high-performance neodymium-iron-boron magnets, with an expected demand of 10,000 to 20,000 kg per unit, potentially leading to a market increment of several thousand tons by 2025 [4]

"稀土管制让美国慌了" 美军工稀土储备仅够数月 特朗普当地时间4月24日签署行政令允许海底采矿，外媒称此举旨在加大对深海稀土矿物开采力度。白宫前高级经济官 员、美国前国际贸易谈判代表罗德曼则指出："中国对稀土实施出口管制的信号已经让美国政府感到慌乱，美国军工企 业稀土储备仅够支撑数月。"这一判断直指核心敏感问题：稀土材料对美国军事工业链的高度依赖性。 以下是一些A股稀土永磁题材概念股及解析： 中国稀土（000831）：国内中重稀土整合平台，由国资委直接控股，承担国家稀土资源战略运营任务，拥有领先的资 源储备，掌控南方离子型稀土矿 40% 储量，在中重稀土方面具有重要地位，受益于资源定价权提升。 中国稀土行业迎来开门红，多家上市公司一季度业绩大幅向好。中国稀土一季度实现营收7.28亿元，同比增长 141.32%，净利润7261.81万元，主要原因是稀土市场部分产品价格回升，公司调整了销售策略，营业收入增加，成功 扭亏为盈。北方稀土更是预计一季度净利润同比增长超过716%，达到4.25亿-4.35亿元。广晟有色同样实现扭亏，预计 净利润4000万-5000万元。这一系列亮眼业绩表明稀土行业已开始企稳回升。 北方稀 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, driven by increased sales and improved pricing in the rare earth materials market [1][2]. Financial Performance - Q1 2025 revenue reached 1.754 billion yuan, representing a quarter-on-quarter increase of 0.29% and a year-on-year increase of 14.19% [1] - Net profit attributable to shareholders was 161 million yuan, with a quarter-on-quarter increase of 70.48% and a year-on-year increase of 57.85% [1] - Non-recurring net profit was 106 million yuan, showing a quarter-on-quarter increase of 30.70% and a year-on-year increase of 331.10% [1] Market Dynamics - The average market prices for praseodymium-neodymium oxide and neodymium iron boron increased by 3.29% and 1.60% respectively, reaching 429,600 yuan/ton and 201 yuan/kg [2] - The company's finished magnetic material production was approximately 6,600 tons, with sales of about 6,000 tons, both showing over 40% growth compared to the same period last year [2] Profitability and Cost Management - The gross margin improved to 15.68%, with a quarter-on-quarter increase of 1.44 percentage points, and gross profit increased by 10.44% to 275 million yuan [2] - Operating expenses were well-controlled, decreasing by 10.97% to 138 million yuan, with a slight reduction in expense ratios [2] - R&D expenses increased by 10.67% year-on-year to 83 million yuan, indicating continued investment in innovation [2] Shareholder Confidence - The company plans to repurchase shares with a budget of 100 to 200 million yuan, at a price not exceeding 31.18 yuan per share, representing approximately 0.23%-0.47% of the total share capital [2] Industry Outlook - The overall recovery in rare earth prices is expected to benefit the company, driven by export controls and reduced overseas supply [3] - The demand for rare earth materials is anticipated to grow due to applications in humanoid robots and low-altitude economies, enhancing the market for magnetic materials [3] - The company is positioned to gain from the natural "inventory gains" during the rising price cycle of rare earth materials [3] Earnings Forecast and Valuation - Projected revenues for 2025, 2026, and 2027 are 9.25 billion, 11 billion, and 14 billion yuan respectively, with net profits of 629 million, 822 million, and 1.221 billion yuan [4] - Earnings per share (EPS) are expected to be 0.46, 0.60, and 0.89 yuan, with corresponding price-to-earnings (PE) ratios of 44.58, 34.13, and 22.98 [4] - The company maintains a "buy" rating based on these projections [4]

Financial Performance - In Q1 2025, the company achieved a revenue of 1.61 billion RMB, representing a year-on-year growth of 57.85% [2] - The net profit attributable to shareholders was 1.06 billion RMB, with a remarkable increase of 331.10% year-on-year [2] - The company’s revenue from the new energy vehicle and auto parts sector was 882 million RMB, accounting for 50.28% of total revenue [3] - Revenue from energy-saving variable frequency air conditioning reached 513 million RMB, making up 29.25% of total revenue [3] - Export sales amounted to 312 million RMB, which is 17.76% of total revenue, with 122 million RMB (6.94%) coming from exports to the United States [3] Production and Capacity - The company’s production capacity utilization exceeded 90% in Q1 2025 [2] - The production volume of magnetic material was approximately 8,770 tons, with finished product output around 6,600 tons and sales of 6,024 tons, all showing over 40% growth compared to the same period last year [2] Share Buyback Plan - The board approved a plan to repurchase A-shares using self-owned or self-raised funds, with a total amount between 100 million RMB and 200 million RMB [4] - Up to 90% of the repurchase funds may come from self-raised funds, and the shares will be canceled to reduce registered capital [4] Market Demand and Trends - Rare earth permanent magnet materials are essential for energy-saving and environmentally friendly applications, aligning with national policies [5] - These materials can save 15% to 20% of energy compared to traditional motors, enhancing their appeal in various sectors [5] - The demand for rare earth materials is expected to grow due to favorable policies promoting new energy vehicles and energy-saving appliances [5] Raw Material Supply and Inventory - The company has established long-term strategic partnerships with major suppliers, with 63% of annual procurement coming from North Rare Earth Group and China Rare Earth Group [7] - In 2024, the company utilized 2,575 tons of recycled rare earth materials, accounting for 30.4% of total rare earth material usage [7] - The company emphasizes a green recovery approach for rare earth materials, ensuring a diversified and low-carbon supply chain [7] Robotics and Low-altitude Aircraft Development - The company is collaborating with international tech firms on the development of embodied robot motor rotors, with initial small-scale deliveries already made [6] - Progress in the low-altitude aircraft sector is also noted, with small batch deliveries occurring [6]

公司点评报告 · 有色金属行业 阎予露 ☎: 010-80927659 回购股份彰显信心 盈利能力有望持续改善。 --2025 年一季报点评 华立 2025 年 04 月 28 日 ☎：021-20252629 金力永磁(股票代码:300748.SZ) 网: huali@chinastock.com.cn 推荐 维持评级 分析师登记编码：S0130516080004 分析师 网: yanyulu@chinastock.com.cn 分析师登记编码：S0130522040004 | 市场数据 | 2025-04-25 | | --- | --- | | 股票代码 | 300748 | | A 股收盘价(元) | 20.45 | | 上证指数 | 3,295.06 | | 总股本(万股) | 137213 | | 实际流通 A 股(万股) | 113434 | | 流通 A 股市值(亿元) | 232 | 相对沪深 300 表现图 2025-03-28 金力永磁 资料来源:Wind,中国银河证券研究院 相关研究 【银河有色】公司点评_金力永磁：订单饱满产销创 新高,产能扩张如期推进 20250331 www.ch ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's Q1 2025 performance exceeded expectations, with revenue of 1.754 billion RMB, a quarter-on-quarter increase of 0.29% and a year-on-year increase of 14.19%. The net profit attributable to shareholders was 161 million RMB, reflecting a quarter-on-quarter increase of 70.48% and a year-on-year increase of 57.85% [2][3] - The prices of praseodymium and neodymium oxide and neodymium iron boron increased by 3.29% and 1.60% respectively, contributing to significant growth in sales volume, with a production of approximately 6,600 tons and sales of about 6,000 tons, both up over 40% year-on-year [3] - The company demonstrated effective cost control, with operating expenses decreasing by 10.97% quarter-on-quarter to 138 million RMB, while R&D expenses increased by 10.67% year-on-year to 83 million RMB [3] - The company announced a share buyback plan of 100 to 200 million RMB, indicating confidence in its future performance [3] Revenue and Profit Forecast - The company is projected to achieve revenues of 9.25 billion RMB, 11 billion RMB, and 14 billion RMB for the years 2025, 2026, and 2027 respectively, with net profits of 629 million RMB, 822 million RMB, and 1.221 billion RMB for the same years [5][10] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.46 RMB, 0.60 RMB, and 0.89 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 44.58, 34.13, and 22.98 [5][10] Market Conditions - The overall recovery of rare earth prices is anticipated to benefit the company, driven by export controls and a significant reduction in overseas mining supply, alongside a moderate increase in domestic mining quotas [4] - The demand for rare earth materials is expected to grow due to applications in humanoid robots and low-altitude economies, which may create new opportunities in the magnetic materials sector [4]

Group 1 - The State Council Information Office will hold a press conference on April 28 to discuss policies related to stabilizing employment and the economy, promoting high-quality development [1] - The National Development and Reform Commission, Ministry of Human Resources and Social Security, Ministry of Commerce, and the People's Bank of China will present relevant measures and answer questions [1] Group 2 - The China Council for the Promotion of International Trade will hold a press conference on April 28 to release the global trade friction index for February 2025 and other trade-related data [3] - The press conference will also cover the latest preparations for the third Chain Expo and new policies to support foreign trade [3] Group 3 - The China Meteorological Administration will hold a press conference on April 28 to discuss the national weather and climate characteristics for April, as well as predictions for May [4] Group 4 - The first "Beijing Xiangshan Forum" will take place from April 28 to 30, focusing on global security challenges and opportunities, with participation from over 200 defense officials and experts from more than 30 countries [5] Group 5 - On April 28, a total of 17 companies will have their restricted shares released, amounting to 1.727 billion shares with a total market value of 24.677 billion yuan [6] - Companies with the highest share unlock volumes include China Resources Materials, Chengda Bio, and Wangbian Electric [6] Group 6 - 19 companies announced stock repurchase progress on April 28, with 18 companies disclosing new repurchase plans [7] - The highest repurchase amounts were reported by Tianyuan Environmental Protection, Jinli Permanent Magnet, and Zhenhua Heavy Industry [7] Group 7 - A total of 176 billion yuan in 7-day reverse repos will mature today, with an operation rate of 1.5% [8]

Group 1: Economic Indicators - In the first quarter, the total profit of industrial enterprises above designated size reached 150.936 billion yuan, a year-on-year increase of 0.8% [4] - The Ministry of Commerce and six other departments announced an optimization of the departure tax refund policy, raising the cash refund limit to 20,000 yuan [4][6] Group 2: Company Earnings - Gujing Gongjiu reported a net profit of 5.517 billion yuan for 2024, a year-on-year increase of 20.22%, and proposed a dividend of 50 yuan per 10 shares [8] - Gree Electric reported a net profit of 32.185 billion yuan for 2024, a year-on-year increase of 10.91%, and proposed a dividend of 20 yuan per 10 shares [8] - Luzhou Laojiao reported a net profit of 13.473 billion yuan for 2024, a year-on-year increase of 1.71%, and proposed a dividend of 45.92 yuan per 10 shares [8] - Yake Technology reported a net profit of 872 million yuan for 2024, a year-on-year increase of 50.41%, and proposed a dividend of 2.6 yuan per 10 shares [8] - Yunda Holdings reported a net profit of 1.914 billion yuan for 2024, a year-on-year increase of 17.77%, and proposed a dividend of 2 yuan per 10 shares [8] Group 3: Significant Corporate Announcements - National City Mining reported a net profit of 612 million yuan for the first quarter of 2025, a year-on-year increase of 18,279.65%, primarily due to increased investment income from the sale of subsidiaries [9] - Zhenghe Ecology signed a strategic cooperation agreement with Yanshan (Hebei) Cultural Tourism Development Group, planning a total investment of 2 billion yuan for a tourism integration project [9] - New Life Fortune announced plans to issue shares and pay cash to acquire 100% of Guangzhou Jinnan Magnetic Materials, which is expected to constitute a major asset restructuring [9] - Chengdi Xiangjiang announced that its subsidiary won a bid for a project with a contract value of 1.632 billion yuan, with a construction period of 92 days [10]

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].