Quan Jing Wang·2025-11-12 01:26Core Insights - The automotive consumption peak season from the fourth quarter to the Chinese New Year is increasingly prominent, driving strong demand in the terminal market and creating opportunities for upstream core component companies [1][2] - Jinli Permanent Magnet, a leader in high-performance neodymium-iron-boron permanent magnet materials, benefits significantly from the electric vehicle (EV) sector, with nearly half of its business directly linked to EV orders [1][2] Industry Overview - The peak effect of the EV industry is expected to fully release in the fourth quarter of 2025, with domestic EV retail sales projected to reach 1.32 million units in October, achieving a penetration rate of over 60%, a historical high [1] - Major automakers like BYD, NIO, and XPeng are setting record delivery volumes, with BYD's monthly sales reaching 441,700 units and NIO exceeding 40,000 units in monthly deliveries [1] Company Performance - Jinli Permanent Magnet's third-quarter report indicates a robust order backlog extending to the second quarter of 2026, with the EV and auto parts sectors being the core growth drivers [2] - Revenue from the EV sector reached 2.615 billion yuan in the first three quarters of 2025, with a year-on-year sales increase of 23.46% and a domestic market share exceeding 30% [2] - The company has established deep partnerships with leading global automakers such as Tesla, BYD, and Volkswagen, providing solid support for peak season orders [2] Global Expansion - Jinli Permanent Magnet's overseas business is also thriving, with export revenue to the U.S. increasing by 43.92% year-on-year in the first three quarters [2] - The company has secured a contract for the BMW iX3 model in Europe and achieved small-scale supply from its Mexico base, further enhancing its global growth potential [2] Market Dynamics - The fourth quarter represents a golden period for automotive consumption, driven by concentrated production by automakers and pre-holiday family car purchases [2] - Jinli Permanent Magnet is positioned to benefit from both the seasonal market advantages and increased material usage per vehicle due to the adoption of the 800V platform, creating dual growth momentum [2]