Investment Rating - The industry rating is maintained at "Overweight" [1][10] Core Insights - The rare earth permanent magnet industry experienced a price increase of 12.69% last week, outperforming the benchmark (CSI 300) by 7.19 percentage points, with the industry valuation (TTM P/E) rising to 93.62x, reaching 98.9% of its historical percentile [1][4] - The report indicates that the demand for rare earth materials is currently weak, with limited new orders and a stable price trend for neodymium-iron-boron magnets due to low procurement willingness from end-users [2][10] - The supply side remains high, with September neodymium-iron-boron production levels still elevated, but growth is slowing due to base effect [2][10] Summary by Sections Market Trends - The rare earth permanent magnet industry is facing a weak and stable price environment, primarily due to low procurement intentions from neodymium-iron-boron magnet enterprises and insufficient end-user demand [2][10] - The demand in the air conditioning sector is expected to increase in November-December, while demand in the elevator and fuel vehicle sectors is declining [2][10] Price Movements - Last week, the prices of rare earth raw materials showed signs of weakness after a previous increase, with neodymium prices slightly rising and heavy rare earth prices stabilizing [1][2] - The average price of praseodymium-neodymium oxide increased by 0.47% to 425,000 CNY/ton, while the average price of praseodymium-neodymium metal rose by 0.58% to 523,000 CNY/ton [1][2] Industry Performance - The industry is currently experiencing overcapacity and intense competition, which is expected to pressure the mid-term supply-demand balance and suppress price levels and industry profit growth [2][10] - The report highlights that the industry is in a bottoming phase, requiring time to build momentum for recovery [2][10]
稀土永磁行业周报：稀土原料价格冲高乏力，新增需求不佳下钕铁硼价格维持弱稳
Xiangcai Securities·2024-11-13 01:53