新股覆盖研究：天和磁材

Investment Rating - The investment rating for the company is "Buy," indicating an expected increase in stock price relative to the market index over the next 6-12 months [51]. Core Viewpoints - The company focuses on high-performance rare earth permanent magnet materials, primarily serving the downstream sectors of new energy vehicles, wind power generation, energy-saving appliances, and 3C consumer electronics [23][36]. - The company has established itself as a core supplier of high-performance NdFeB materials in China, leveraging its location in Baotou, known as the "Rare Earth Capital," and its dual business model of "raw materials + finished products" [36][40]. - The company is accelerating its international expansion, with a significant increase in export sales, particularly to Europe, Japan, and South Korea, where the sales revenue proportion rose from 23.03% in 2021 to 48.30% in the first half of 2024 [36][40]. Financial Summary - The company reported revenues of 1.825 billion, 2.885 billion, and 2.651 billion yuan for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 58.78%, 58.03%, and -8.09% [5][6][24]. - The net profit attributable to the parent company for the same years was 143 million, 223 million, and 169 million yuan, with corresponding year-over-year growth rates of 9.38%, 55.79%, and -24.25% [9][10][24]. - For the first nine months of 2024, the company achieved revenues of 1.937 billion yuan, a year-on-year decrease of 1.40%, and a net profit of 107 million yuan, down 8.06% year-on-year [24]. Industry Overview - The rare earth permanent magnet materials industry in China benefits from the country's leading position in rare earth reserves and production, which supports the industry's development [31]. - The global demand for high-performance rare earth permanent magnets is expected to grow significantly, driven by advancements in new energy and energy-saving sectors, with a projected compound annual growth rate of 17.2% from 2023 to 2028 [35]. Competitive Comparison - Compared to peer companies, the average revenue for comparable companies in 2023 was 3.949 billion yuan, with an average PS-TTM of 2.74X and an average gross profit margin of 14.34% [46][47]. - The company’s revenue for 2023 was 2.651 billion yuan, which is below the industry average, while its gross profit margin is comparable to that of its peers [46][47].