Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the air conditioning, wind power, and robotics industries, with a focus on domestic and international market dynamics. Key Points and Arguments Air Conditioning Market - The demand for variable frequency air conditioners is increasing due to mandatory energy efficiency standards in the country, making them the market mainstream [1] - Domestic penetration rates for air conditioning are still significantly lower compared to Japan and South Korea, with a gap of 20-30 percentage points [1] - Extreme weather conditions in developed countries, such as the UK and Germany, have increased the need for air conditioning, contributing to stable growth in the market [1] Wind Power Sector - The wind power sector is experiencing growth due to government stimulus policies and advancements in offshore wind technology [2] - Domestic wind turbine manufacturers are seeing an increase in orders, shifting focus from primarily overseas projects to domestic ones [2] Robotics Development - The company anticipates a production plan for approximately 1,000 units by 2025, with expectations for small-scale production to begin in the first half of next year [3][4] - The company is positioned as a supplier of modules and magnets for robotics, with a focus on meeting high standards set by clients [5][6] Profitability and Market Dynamics - The company aims to recover its gross margin to at least 15% next year, with a long-term goal of reaching around 20% as market conditions stabilize [19][20] - The current profit margins are at historical lows due to fluctuating raw material prices and competitive pressures [19][20] Strategic Partnerships and Market Position - The company maintains an open approach to partnerships, focusing on high-volume clients, particularly in North America, where demand and profit margins are higher [10][11] - The company is also exploring investments in robotics and other sectors through industry funds to enhance its market position and profitability [12] Supply Chain and Material Costs - The company is observing trends in material costs, particularly in the wind power sector, where locking in prices is more common due to the size of components [16] - The impact of raw material prices on profitability is significant, with ongoing discussions about securing favorable pricing for future orders [19] Future Outlook - The company expresses confidence in its ability to capture market share and improve profitability as the industry recovers from its lowest points [28] - The overall sentiment is optimistic regarding the growth potential in the air conditioning and wind power sectors, as well as advancements in robotics technology [28][29] Other Important but Possibly Overlooked Content - The company is actively monitoring the competitive landscape and adjusting its strategies based on market demands and technological advancements [12][28] - There is a focus on the importance of government policies in driving demand for energy-efficient products, particularly in the industrial sector [21][22] - The company is also considering the implications of international regulations and market dynamics on its operations and strategic decisions [24][25]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 5.014 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.7%, and a net profit attributable to shareholders of 197 million yuan, down 60.2% year-on-year [1] - The company has increased its market share by leveraging sufficient orders, with a production capacity utilization rate exceeding 90% and a year-on-year increase of approximately 40% in the sales volume of high-performance magnetic materials [2] - The average market price of core raw material praseodymium-neodymium was 475,200 yuan per ton, a decrease of about 28.69% compared to the same period in 2023, leading to a gross margin of 10.03% for the first three quarters of 2024 [2] - The company is increasing R&D investment and actively entering the humanoid robot market, which is expected to enhance production efficiency and reduce costs [2] - The forecasted net profits for 2024-2026 are 305 million, 612 million, and 693 million yuan, corresponding to P/E ratios of 78, 39, and 34 times respectively [2] Financial Summary - For 2024, the expected revenue is 7.643 billion yuan, with a year-on-year growth of 14.3%, and a net profit of 305 million yuan, reflecting a year-on-year decrease of 46% [3][7] - The gross margin is projected to be 10.0% in 2024, with a return on equity (ROE) of 4.2% [3][7] - The earnings per share (EPS) for 2024 is estimated at 0.23 yuan, with a P/E ratio of 77.42 [3][7]

Key Points Company Overview 1. **Industry and Product Focus**: The company, D95, specializes in the research, development, production, and sales of high-performance permanent magnet materials and components for various applications, including new energy vehicles, wind turbines, air conditioners, 3C products, robots, and industrial motors. [1] 2. **Recognition and Partnerships**: The company's products have been recognized by leading domestic and international companies, and it has established long-term stable partnerships with them. [2] 3. **Production Base**: The company has three production bases in Ganzhou, Baotou, and Ningbo. It is currently constructing a 12,000-tonne capacity project in Baotou, a 3,000-tonne high-end permanent magnet and 100 million sets of component capacity project in Ningbo, and a high-efficiency and energy-saving motor permanent magnet base project in Ganzhou. [2] 4. **Product Applications and Customers**: The company's products are used by the top 10 global new energy vehicle producers, five of the top 10 global wind turbine manufacturers, and eight of the top 10 global variable frequency air conditioner producers. [2] 5. **Downstream Industry Focus**: The company actively explores new changes and emerging industries in the downstream market and collaborates with world-renowned customers in the research and development of permanent magnet components for humanoid robots. [3] 6. **Shareholder Structure**: The company is a private enterprise with Jiangxi Ruidi, Ganzhou Xinseng, and Ganzhou Geshu as its major shareholders. [3] 7. **Development History**: The company was listed on the Shenzhen Stock Exchange in 2018 and on the Hong Kong Stock Exchange in 2022. [3] 8. **Q3 2023 Financial Performance**: The company's revenue in the first nine months of 2023 was approximately 5.1 billion yuan, a slight increase from the same period last year. However, its net profit decreased by 60% to 200 million yuan. [4] 9. **Q3 2023 Profit Improvement**: The company's gross profit margin increased by 5.3 percentage points to 12.8% in the third quarter, compared to the second quarter. [5] 10. **Strategic Development**: The company adheres to long-termism and strategic layout, focusing on stable customer groups and orders while gradually releasing production capacity based on order situations. [5] 11. **Strategic Partnerships**: The company has established long-term strategic partnerships with major rare earth enterprises such as North China Rare Earth and China Rare Earth. [5] 12. **Technology and Product Development**: The company attaches great importance to technology and product development, aiming to enhance its competitive advantage. [6] 13. **ESG Construction**: The company is committed to ESG and promotes carbon neutrality through various means, such as using recycled rare earth materials, environmentally friendly packaging materials, and green electricity in factories. [6] Q&A Session 1. **Q4 2023 Outlook**: The company expects to achieve a total of 20,000 tons of finished products in 2023, a 30% increase from the previous year. [8] 2. **Price and Profit Trends**: The company believes that the price of rare earth materials will remain stable in the short term, and profit recovery will require a process. [18] 3. **Competitive Strategy**: The company aims to increase market share and profitability during industry downturns and benefit from the leading effect during industry recovery. [20] 4. **Industry Analysis**: The company believes that the rare earth industry is dominated by Chinese companies, and it is confident in its leading position. [27] 5. **Geopolitical Risk**: The company has taken measures to mitigate geopolitical risks, including establishing a factory in Mexico and investing in upstream raw materials. [29] 6. **Humanoid Robot Component Supply**: The company is currently in the research and development stage of humanoid robot component supply and is actively exploring cooperation opportunities with customers. [32] 7. **Mexico Factory**: The Mexico factory is primarily aimed at serving North American customers, but the company is open to other customers. [35] 8. **Domestic Robot Manufacturers**: The company is primarily focused on North American customers for humanoid robot component supply but maintains an open attitude towards domestic manufacturers. [36]

证券代码：300748 证券简称：金力永磁 江西金力永磁科技股份有限公司 投资者关系活动记录表 编号：2024-013 | --- | --- | --- | --- | |----------------------------|----------------------------------------------------------------------------------|----------------------------------------------------------------------|------------------------------------------------------------------| | 投资者关系 活动类别 \n形式 | √ 特定对象调研 □ □ 媒体采访 □ □ 新闻发布会 □ □ 现场参观 □ 其他 \n现场 ☐网上 | 分析师会议 业绩说明会 路演活动 （请文字说明其他活动内容） \n电话会议 | | | | | | | | | 机构名称 | | 姓名 | | | REST Superannuation | | Jos ...

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: 2024年10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: 2024年11月5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 ...

股票交易异常波动的公告 证券代码：300748 证券简称：金力永磁 公告编号：2024-065 江西金力永磁科技股份有限公司 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。 一、股票交易异常波动情况 江西金力永磁科技股份有限公司（以下简称"公司"）股票于 2024 年 11 月 1 日、2024 年 11 月 4 日、2024 年 11 月 5 日连续三个交易日收盘价涨幅偏离值 累计达到 31.85%，根据深圳证券交易所相关规定，属于股票交易异常波动的情 形。 二、公司关注并核实情况的说明 针对公司股票交易异常波动，公司董事会就相关问题进行了核实，现将有关 情况说明如下： 1、公司未发现前期披露的信息存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 5、经核查，公司、控股股东和实际控制人在股票异常波动期间不存在买卖 公司股票的情形。 6、经自查，公司不存在违反公平信息披露规定的情形。 三、是否存在应披露而未披露信息的说明 公司于 2024 年 10 月 25 日在巨潮资讯网披露了《2024 ...

财联社11月1日讯（编辑童古）稀土概念港股急升，截至发稿，金力永磁(06680.HK)涨24%，中国稀土 (00769.HK)涨14%。华泰证券研报指出，缅甸矿山停产以及国内中重稀土因环保等原因供给受限，或导 致中重稀土供需格局短缺。 南向资金持股金力永磁数量占发行股的15.77% 数据显示，南向资金截至10月31日持有金力永磁3167.98万股，持股市值2.39亿港元，较上个交易日减少 898.81万港元，持股数量占发行股的15.77%。 缅甸稀土开采停滞 机构看好中重稀土 华泰证券称，缅甸矿山停产以及国内中重稀土因环保等原因供给受限，或导致中重稀土供需格局短缺。 若原料库存消耗殆尽，中重稀土价格可能出现大幅上涨。轻稀土供需格局亦将改善，但国内供给仍有潜 力，短缺幅度或弱于中重稀土。 缅甸是我国重要的稀土原料来源之一，今年1月至9月，我国从缅甸进口3.1万吨稀土氧化物，占同期氧 化物总进口量的74.9%。 对于缅甸稀土开采停滞，中国稀土相关人士表示，已看到一些媒体相关信息。目前，公司有自采矿，能 保证自身所需。 北方稀土相关人士则表示，原来有进口矿，现在就相当于供给量少了。对于该事件是否会影响稀土价 格，北 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][13] Core Views - The company's performance has shown a quarter-on-quarter improvement, with a significant increase in net profit by 329% compared to the previous quarter, although it remains down 52% year-on-year [1][5] - The company has a strong production capacity utilization rate exceeding 90%, and the sales volume of high-performance magnetic materials has increased by approximately 40% year-on-year [1][6] - The company is strategically expanding its production capacity, with projects in Baotou, Ningbo, and Ganzhou, aiming to reach 40,000 tons of high-performance rare earth permanent magnet materials by 2025 [2][6] - The company is positioned as a leading player in the high-performance neodymium-iron-boron permanent magnet materials sector, benefiting from trends in energy conservation and carbon reduction [2][13] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 5.01 billion yuan, a slight decrease of 0.7% year-on-year, and a net profit of 197 million yuan, down 60.2% year-on-year [1][5] - The projected revenues for 2024-2026 are 6.45 billion, 7.49 billion, and 8.73 billion yuan, with year-on-year growth rates of -3.6%, 16.2%, and 16.5% respectively [2][14] - The projected net profits for the same period are 333 million, 589 million, and 881 million yuan, with year-on-year growth rates of -41.0%, 76.9%, and 49.6% respectively [2][14] - The company's earnings per share (EPS) are expected to be 0.25, 0.44, and 0.66 yuan for 2024-2026, with corresponding price-to-earnings (PE) ratios of 68, 38, and 26 times [2][14]

尊敬的各位领导各位嘉宾上市公司高管以及各位投资者朋友们大家下午好 为深化江西上市公司与投资者之间的交流互动推动辖区上市公司进一步做好投资者关系管理工作通过透明高效的交流帮助广大投资者更全面更深入的来了解江西辖区上市公司的经营发展战略规划与投资价值在中国证券监督管理委员会江西监管局的指导下 江西省上市公司协会深圳市全景网络有限公司联合举办2025年江西辖区上市公司投资者网上集体接待日活动今天的活动汇集了江西辖区87家优秀的上市公司代表 他们将通过全景服务平台与投资者面对面的来进行沟通解答疑问 倾听建议我们也期待借此机会上市公司可以持续优化投资者关系管理增强市场信心共同营造健康共赢的资本市场生态同时全景网将利用视频文字报道等多渠道对活动进行现场实时报道感谢您的关注 接下来请允许我向大家介绍莅临本次活动的嘉宾他们是中国证券监督管理委员会江西监管局党委委员副局长赵江平欢迎您中国证券监督管理委员会江西监管局公司监管处副处长胡颖欢迎您 深圳市全景网络有限公司副总经理李伟欢迎您通商律师事务所合伙人萧敬清欢迎您同时还有江西辖区的87家上市公司欢迎大家的到来 近年来江西资本市场改革发展取得了显著成效上市公司质量是持续提升在注册 ...

金力永磁（300748.SZ） 金属新材料 证券研究报告/公司点评报告 2024 年 10 月 28 日 603 Q3 盈利环比修复 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...