Xin Lang Cai Jing·2025-04-30 02:55Core Viewpoint - The company reported a revenue of 6.763 billion yuan for 2024, a year-on-year increase of 1.13%, but a net profit attributable to shareholders of 291 million yuan, a year-on-year decrease of 48.37% [1] - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares (tax included) for 2024 [1] Financial Performance - In Q1 2025, the company achieved a revenue of 1.754 billion yuan, a year-on-year increase of 14.19%, and a net profit attributable to shareholders of 161 million yuan, a year-on-year increase of 57.85% [2] - For 2024, the company's net profit excluding non-recurring items was 170 million yuan, a year-on-year decrease of 65.49% [1] Production and Sales - The production of high-performance magnetic materials increased significantly in 2024, with a total production of approximately 29,300 tons, a year-on-year increase of 39.48%, and sales of approximately 20,900 tons, a year-on-year increase of 37.88% [3] - In Q1 2025, the company’s production capacity utilization exceeded 90%, with a production of approximately 8,770 tons of magnetic material blanks and 6,600 tons of finished magnetic materials, both showing over 40% growth compared to the same period last year [3] Pricing and Profitability - The average price of praseodymium-neodymium metal in 2024 was 490,000 yuan per ton, a year-on-year decrease of about 25%, leading to a reduction in gross margin by 4.94 percentage points to 11.13% [3] - In Q1 2025, the average price of praseodymium-neodymium metal rose to 528,000 yuan per ton, a year-on-year increase of 2.7% and a quarter-on-quarter increase of 11.5%, resulting in an increase in sales gross margin to 15.7% [3] Capacity Expansion - The company plans to invest in a new project to produce 20,000 tons of high-performance rare earth permanent magnet materials, with a construction period of 2 years, which will increase its annual production capacity to 60,000 tons [4] - A new production line in Mexico for 1 million sets of magnetic components is also progressing steadily, enhancing the company's product delivery capability to meet growing market demand [4] Investment Outlook - The company anticipates continued growth in performance due to the rapid increase in demand for rare earth permanent magnets and the successful implementation of new projects [4] - The net profit forecasts for 2025-2027 have been adjusted to 633 million, 802 million, and 987 million yuan, respectively, reflecting the company's leading technology and market share in high-end products [4]