新股覆盖研究：英思特

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the relevant market index by more than 15% over the next 6-12 months [32]. Core Insights - The company, Yinstar (301622.SZ), specializes in the research, production, and sales of rare earth permanent magnet materials, primarily serving major clients like Apple, Microsoft, and Xiaomi. It has established a strong partnership with Apple, which contributes significantly to its revenue [10][23]. - In the latest reporting period, the company achieved a revenue of 849 million yuan from January to September 2024, representing a year-on-year growth of 28.11%, and a net profit of 138 million yuan, with a year-on-year increase of 29.66% [11][28]. - The company is expanding its business into the electric vehicle sector, which is projected to be a major growth area for rare earth materials, as the demand for high-performance magnets in electric vehicles is expected to rise significantly [25][22]. Financial Performance - The company reported revenues of 670.3 million yuan, 1.134 billion yuan, and 951.8 million yuan for the years 2021, 2022, and 2023, with year-on-year growth rates of 78.73%, 69.14%, and -16.04% respectively. The net profits for the same years were 127.8 million yuan, 199.3 million yuan, and 138.3 million yuan, with year-on-year growth rates of 79.91%, 55.92%, and -30.58% respectively [4][11]. - For 2024, the company forecasts a revenue increase of 15.69% compared to 2023, with a projected net profit growth of 0.28% [28]. Industry Overview - The rare earth permanent magnet materials industry is experiencing steady growth, with a compound annual growth rate of approximately 12% in demand from 2020 to 2023. The industry is characterized by a balance between supply and demand, with production and consumption steadily increasing [17][19]. - The automotive sector is becoming a significant application area for rare earth materials, with the demand for high-performance magnets in electric vehicles expected to drive growth in this segment [22][25]. Company Highlights - Yinstar has been a core supplier of rare earth permanent magnet materials to Apple, with a strong history of collaboration. In 2023, revenue from Apple-related products reached 628 million yuan, accounting for 71% of the company's main business revenue [23][10]. - The company is actively expanding into non-consumer electronics applications, particularly in the electric vehicle sector, and has established a new production line for sintered neodymium-iron-boron magnets to support this growth [25][10]. Comparable Company Analysis - Compared to its peers, Yinstar's revenue for 2023 was 951.8 million yuan, which is below the average revenue of 4.579 billion yuan for comparable companies. However, its sales gross margin of 26.25% is positioned in the higher range among its industry peers [29][28].