Investment Rating - The report maintains an "Overweight" rating for the rare earth permanent magnet industry [1][12]. Core Insights - The rare earth permanent magnet industry outperformed the benchmark by 1.51 percentage points last week, with a weekly increase of 2.49% [1][2]. - The industry valuation (TTM P/E) has rebounded to 53.25x, reaching a historical high percentile of 74.6% [1][2]. - The report indicates a significant decline in the prices of light rare earth minerals, with domestic mixed carbonate rare earth and other key minerals experiencing substantial weekly price drops [1][2]. Market Trends - Last week, the prices of praseodymium and neodymium fell, while heavy rare earth prices, including dysprosium and terbium, also saw significant declines [1][2]. - The demand in the air conditioning sector has been revised upward for October, while demand in the elevator and fuel vehicle sectors has decreased [2][12]. - The supply side shows that the production growth rate of neodymium-iron-boron remains high, with marginal increases noted [2][12]. Price Movements - The average price of praseodymium-neodymium oxide decreased by 2.55% to 420,000 CNY per ton, while the metal price fell by 1.88% to 523,000 CNY per ton [1][2]. - Heavy rare earth prices, such as dysprosium, saw a weekly decline of 3.89% to 173,000 CNY per kilogram [1][2]. - The report highlights that the overall market sentiment has turned cautious, with limited new orders from downstream magnet manufacturers [1][2]. Industry Outlook - Short-term price recovery for rare earth magnetic materials is anticipated due to seasonal demand, but the current supply growth outpaces demand growth, limiting upward price potential [2][12]. - The report emphasizes that the industry is currently in a bottoming phase, requiring time to build momentum for future growth [2][12].
稀土永磁行业周报：上周产业链价格较大幅度回调，钕铁硼9月产量同比仍较快
Xiangcai Securities·2024-10-23 01:39