金力永磁：订单滞后拖累延续，分红比例有所提高

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 3.362 billion RMB for H1 2024, a year-on-year decrease of 2.00%, and a net profit attributable to shareholders of 120 million RMB, down 64.02% year-on-year [2] - The delay in executing locked-price orders continues to drag down performance, with Q2 2024 revenue at 1.825 billion RMB, a quarter-on-quarter increase of 18.81% and a year-on-year increase of 2.58% [2] - The company has increased its dividend payout ratio, proposing a cash dividend of 0.8 RMB per 10 shares, amounting to approximately 107 million RMB, with a payout ratio close to 90% [2] - The company has solidified its market share in the new energy vehicle sector, with a year-on-year increase of 220.63% in magnetic steel assembly capacity, reaching 2.45 million vehicles, maintaining a global market share of over 30% [2] - The company is advancing cost reduction and efficiency improvements while maintaining high levels of R&D investment, with R&D expenses increasing by 4.00% to 78 million RMB in 2024 [2] Summary by Sections Financial Performance - H1 2024 revenue was 3.362 billion RMB, with a net profit of 120 million RMB, reflecting significant declines compared to the previous year [2] - Q2 2024 gross margin decreased by 2.52 percentage points to 7.51%, with gross profit down 11.04% to 137 million RMB [2] - The company expects revenues of 7.620 billion RMB, 9.220 billion RMB, and 10.720 billion RMB for 2024, 2025, and 2026 respectively, with net profits projected at 348 million RMB, 572 million RMB, and 705 million RMB [5] Market Position - The company has increased its market share in the air conditioning sector, with magnetic steel assembly capacity rising by 68.64% to 46.37 million units, achieving a domestic market share of 29.53% [2] - The company is establishing an integrated resource control structure, with a subsidiary planning to acquire a 9.8% stake in Hastings, which is expected to produce 37,000 tons of rare earth concentrate annually after its first phase is completed in H1 2026 [2]