Ge Long Hui·2026-03-26 08:34Core Viewpoint - Bank of America Securities initiates coverage on Jinli Permanent Magnet with a target price of HKD 24 for H-shares and CNY 36 for A-shares, both rated as "Buy" [1] Group 1: Market Potential - The company is expected to benefit from market expansion driven by the new energy heavy truck and humanoid robot sectors [1] - Jinli Permanent Magnet is recognized as a global leader in high-performance neodymium-iron-boron permanent magnet materials [1] Group 2: Supply Chain and Customer Relationships - The company has secured long-term contracts with two major rare earth suppliers in China, locking in raw 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 once customers are approved suppliers [1] - Jinli has established long-term partnerships with leading manufacturers in the electric vehicle and humanoid robot sectors [1] Group 3: Valuation and Market Position - The current valuation of the company is considered not expensive, indicating potential for growth [1] - The company is experiencing rapid market share growth and has high customer stickiness [1]