JLMAG(SZ:300748) Tebon Securities·2025-01-21 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to face a decline in net profit for 2024, with estimates ranging from 271 to 327 million yuan, representing a year-on-year decrease of 42% to 52%. The adjusted net profit is projected to be between 161 to 217 million yuan, reflecting a decline of 56% to 67% year-on-year. Despite this, the company achieved record production and sales volumes, with a net operating cash flow of 420 million yuan [6] - The company plans to invest in a new project to produce 20,000 tons of high-performance rare earth permanent magnet materials, with a total investment of 1.05 billion yuan. This project aims to enhance production capacity to 60,000 tons annually by 2025 [6] - Revenue forecasts for 2024 to 2026 are estimated at 6.507 billion, 8.785 billion, and 10.825 billion yuan respectively, with net profits projected at 318 million, 583 million, and 848 million yuan. The corresponding P/E ratios for 2024 to 2026 are expected to be 82.93, 45.28, and 31.14 [6] Financial Performance - The company reported a total revenue of 6.688 billion yuan in 2023, with a year-on-year growth of 75.6%. However, a decline of 6.7% is expected in 2024 [7][10] - The gross profit margin for 2024 is projected to be 11.5%, down from 16.1% in 2023, with a gradual recovery expected in subsequent years [9][10] - The net profit margin is anticipated to decrease to 4.9% in 2024, with a recovery to 6.7% and 7.9% in 2025 and 2026 respectively [9][10] Market Comparison - The company's stock performance has been compared to the CSI 300 index, showing a relative increase of 3.27% over one month and 45% over three months [4]