稀土永磁行业周报：上周稀土原料价格有所分化，钕铁硼价格再度走低

Investment Rating - The report maintains an "Overweight" rating for the rare earth permanent magnet materials industry [2]. Core Insights - The rare earth permanent magnet industry experienced a slight decline of 0.94% last week, underperforming the benchmark by 2.86 percentage points [1]. - The prices of light rare earth minerals remained stable, while medium and heavy rare earth mineral prices decreased [1]. - The market for neodymium-iron-boron remains weak due to insufficient downstream orders and significant price pressure from large manufacturers [2]. - The demand side shows positive trends with PMI data indicating a favorable outlook for the equipment manufacturing sector and sustained growth in new energy vehicle demand [2]. - The industry is currently in a bottoming phase, with supply growth outpacing demand, leading to pressure on prices and industry profits [2]. Summary by Sections Market Performance - The rare earth permanent magnet industry saw a weekly decline of 0.94%, with a TTM P/E ratio down by 0.46x to 36.97x, reflecting a historical valuation drop of 40.3% [1]. - The average price of praseodymium-neodymium oxide decreased slightly by 0.55% to 360,000 CNY/ton, while the metal price fell by 0.67% to 446,000 CNY/ton [1]. Price Trends - Heavy rare earth prices, including dysprosium and terbium, have seen significant declines, with dysprosium oxide and dysprosium iron prices dropping by 6.03% and 5.57% respectively [1]. - The average price of sintered neodymium-iron-boron N35 decreased by 6.83% to 95.5 CNY/kg, while H35 dropped by 4.01% to 167.5 CNY/kg [1]. Production Insights - In June 2024, the production of neodymium-iron-boron maintained a high growth rate, with a total output of 27,038 tons, a year-on-year increase of 49.09% [1]. - The first half of 2024 saw a total production of 154,412 tons, reflecting a year-on-year increase of 36.06% [1].