美银证券：首予金力永磁(06680)“买入”评级 目标价24港元

Core Viewpoint - Bank of America Securities initiates coverage on Jinli Permanent Magnet (06680) H-shares and A-shares, both rated "Buy" with target prices of HKD 24 and RMB 36 respectively, highlighting the company's market expansion potential driven by the new energy heavy truck and humanoid robot sectors, stable upstream material supply, high customer stickiness, rapid market share growth, and attractive current valuation [1][2] Group 1: Company Overview - Jinli Permanent Magnet is a leading global producer of high-performance neodymium-iron-boron permanent magnet materials, securing long-term contracts with two major rare earth suppliers in China to lock in material supply at approximately 10% below spot prices [1] - The high-performance magnetic materials industry has high technical barriers and long certification cycles, leading to long-term contracts with approved suppliers who often collaborate with downstream partners on product development [1] Group 2: Market Potential - The global demand for high-performance magnetic materials is projected to grow at a compound annual growth rate (CAGR) of 9% from 2025 to 2028, with increasing material usage per vehicle due to multi-motor configurations in electric vehicles [1] - New energy heavy trucks benefit from policy support, with material usage approximately three times that of standard electric vehicles, while humanoid robots are expected to see global shipments reach 1.2 million and 10 million units by 2030 and 2035 respectively, increasing the demand for actuators and magnetic materials per robot [1] Group 3: Financial Projections - The market share of Jinli Permanent Magnet is expected to rise from 19% last year to 25% by 2028, with net profit forecasts growing by 30% and 44% in 2026 and 2027 respectively [2] - The target price for H-shares is based on a discounted cash flow model with a weighted average cost of capital of 8.5% and a terminal growth rate of 4%, while the A-share target price incorporates a 73% A/H premium [2] - The current H-share price corresponds to a projected price-to-earnings ratio of approximately 21 times for 2026 to 2027, while the target price reflects a ratio of about 27 times, which is attractive compared to peers in the humanoid robot and electric vehicle components sector, which have ratios of 59 times and 40 times respectively [2]