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宁波韵升:消费电子领域营收显著增长,稀土价格企稳公司业绩改善

Investment Rating - The report maintains an "Overweight-A" rating for Ningbo Yunsheng with a 6-month target price of 7.7 yuan, implying a 38.5x forward P/E for 2024 [4][8] Core Views - The company's performance improved significantly in Q2 2024, with revenue of 1.28 billion yuan (+2.01% YoY, +24.81% QoQ) and net profit of 39 million yuan, turning profitable both YoY and QoQ [1] - Rare earth prices stabilized in Q2 2024, with praseodymium-neodymium oxide prices rebounding 14% in Q3 to 415,000 yuan/ton, which is expected to boost downstream procurement and further improve the company's performance [2] - The company achieved a 20.4% market share in China's new energy vehicle main drive motor market in H1 2024, with 840,000 sets of main drive motors [3] - Revenue from consumer electronics grew 22% YoY in H1 2024, driven by AI technology applications and inventory replenishment [3] Financial Performance - H1 2024 revenue was 2.31 billion yuan (-14.1% YoY), with net profit of 39 million yuan, turning profitable YoY [1] - NdFeB product revenue was 2.10 billion yuan (-12% YoY) in H1 2024, accounting for 91.2% of total revenue [2] - Revenue breakdown by segment in H1 2024: new energy vehicles 1.00 billion yuan (+8% YoY), consumer electronics 622 million yuan (+22% YoY), industrial and others 480 million yuan (-49% YoY) [2] Market Position - The company holds a leading position in the new energy vehicle motor market with a 20.4% market share in H1 2024 [3] - In consumer electronics, the company expanded its order share among strategic customers, maintaining competitive advantages [3] Future Projections - Revenue is expected to grow to 4.81 billion yuan in 2024, 6.00 billion yuan in 2025, and 8.40 billion yuan in 2026 [4] - Net profit is projected to reach 217 million yuan in 2024, 356 million yuan in 2025, and 522 million yuan in 2026 [4]