注册制新股纵览：天和磁材：国内先进的高性能稀土永磁材料提供商

Investment Rating - The investment rating for Tianhe Magnetic Materials is positioned in the lower-middle level of the AHP model, with a score of 1.89 excluding liquidity premium factors, and 1.93 considering liquidity premium factors, corresponding to the 25.5% and 36.1% percentiles respectively [3][17]. Core Insights - Tianhe Magnetic Materials is a leading domestic provider of high-performance rare earth permanent magnetic materials, with a comprehensive product system that includes over a hundred types of products primarily used in industries such as new energy vehicles, wind power generation, and consumer electronics [4][19]. - The demand for rare earth permanent magnetic materials is expected to grow significantly, with a projected global consumption of 227,100 tons by 2028, reflecting a compound annual growth rate (CAGR) of 17.2% from 2023 to 2028 [5][25]. - The company has maintained a high capacity utilization rate, with its sintered neodymium-iron-boron products achieving over 103% utilization, and plans to expand production capacity through new projects [28][39]. Summary by Sections 1. AHP Score and Expected Allocation Ratio - Tianhe Magnetic Materials' AHP score is 1.89, placing it in the 25.5% percentile of the non-technology innovation system AHP model, indicating a lower-middle level performance [3][17]. 2. Fundamental Highlights and Features 2.1 Advanced Domestic Provider - The company has established a robust business system focusing on neodymium-iron-boron and samarium-cobalt materials, serving key industries with high-quality products recognized by major clients [4][19]. 2.2 Demand Growth Driven by Downstream Development - The market for high-performance rare earth permanent magnetic materials is expanding rapidly, driven by advancements in electronic information, digital communication, and new energy vehicles [5][25]. 2.3 High Capacity Utilization and Expansion Projects - The company is addressing capacity bottlenecks with new projects aimed at increasing production capabilities, including a project to produce an additional 2,000 tons of high-performance neodymium-iron-boron materials annually [28][39]. 3. Comparable Company Financial Metrics 3.1 Revenue Scale and Growth - Tianhe Magnetic Materials' revenue for 2021, 2022, 2023, and H1 2024 was 1.825 billion, 2.885 billion, 2.651 billion, and 1.267 billion respectively, which is below the average of comparable companies [31][30]. 3.2 Gross Margin and R&D Expenditure - The company's gross margin has been higher than the average of comparable companies in recent years, but its R&D expenditure as a percentage of revenue remains relatively low [35][36]. 4. Fundraising Projects and Development Vision - The company plans to raise funds for several projects, including the high-performance neodymium-iron-boron industrialization project and the upgrade of its R&D center, which are expected to enhance production efficiency and innovation capabilities [39][40].