JLMAG(300748) Huaan Securities·2024-11-08 05:54Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 5.014 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.7%, and a net profit attributable to shareholders of 197 million yuan, down 60.2% year-on-year [1] - The company has increased its market share by leveraging sufficient orders, with a production capacity utilization rate exceeding 90% and a year-on-year increase of approximately 40% in the sales volume of high-performance magnetic materials [2] - The average market price of core raw material praseodymium-neodymium was 475,200 yuan per ton, a decrease of about 28.69% compared to the same period in 2023, leading to a gross margin of 10.03% for the first three quarters of 2024 [2] - The company is increasing R&D investment and actively entering the humanoid robot market, which is expected to enhance production efficiency and reduce costs [2] - The forecasted net profits for 2024-2026 are 305 million, 612 million, and 693 million yuan, corresponding to P/E ratios of 78, 39, and 34 times respectively [2] Financial Summary - For 2024, the expected revenue is 7.643 billion yuan, with a year-on-year growth of 14.3%, and a net profit of 305 million yuan, reflecting a year-on-year decrease of 46% [3][7] - The gross margin is projected to be 10.0% in 2024, with a return on equity (ROE) of 4.2% [3][7] - The earnings per share (EPS) for 2024 is estimated at 0.23 yuan, with a P/E ratio of 77.42 [3][7]