有色金属：以史为镜，再迎稀土磁材布局机会

Investment Rating - The report indicates a positive outlook for the rare earth magnets sector, suggesting an investment rating of "Outperform" based on expected growth in demand and production capacity [26][28]. Core Insights - The rare earth magnets layout opportunity is anticipated to re-emerge, driven by historical trends and current market dynamics [1]. - China's dominance in rare earth resources is highlighted, with 46% of global reserves and 68% of production as of 2023, positioning it as a key player in the industry [4][5]. - The demand for magnetic materials is expected to grow significantly due to the rise of electric vehicles and wind energy installations, with a notable increase in consumption of NdFeB materials [9][10]. Summary by Sections Rare Earth Prices and Regulations - The price of praseodymium and neodymium oxide has shown fluctuations influenced by trade policies and regulatory changes, including the implementation of the "Rare Earth Management Regulations" in 2024 [2][6]. - China's rare earth mining and smelting indicators are projected to grow at a controlled pace, with total mining and smelting separation indicators set at 270,000 tons and 254,000 tons for 2024, reflecting year-on-year growth rates of 5.9% and 4.2% respectively [17] [6]. Market Demand and Production - The production of sintered NdFeB magnets in China reached 187,700 tons in 2023, marking a 9.8% increase from the previous year, with a stable operational rate of 50.13% [10]. - Jinli Permanent Magnet is expanding its production capacity, aiming for 40,000 tons by 2025, with current capabilities at 23,000 tons [18][15]. Future Projections - The report forecasts continued growth in the production of NdFeB magnets, with expectations of 27,000 tons in 2024, driven by increasing demand from the automotive sector [15][16]. - The construction of new projects, such as the Mexico-based component production line, is expected to enhance the company's market share and meet rising customer demands in various sectors [13][18].