JLMAG(SZ:300748) Minsheng Securities·2025-03-31 04:05Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 6.763 billion yuan in 2024, a year-on-year increase of 1.1%, while the net profit attributable to shareholders decreased by 48.4% to 291 million yuan [1][2] - The decline in net profit is primarily attributed to a drop in rare earth prices, which led to a reduction in gross profit [2] - The company has a production capacity of 38,000 tons per year for magnetic materials, with an actual capacity utilization rate exceeding 90% [2] - The average price of metal praseodymium-neodymium decreased by 25% to 490,000 yuan per ton in 2024 [2] - The gross margin for 2024 was reported at 11.13%, a decrease of 4.94 percentage points year-on-year due to intensified competition and changes in product structure [2] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.75 billion yuan, a year-on-year increase of 6.8% and a quarter-on-quarter increase of 5.9% [1] - The net profit for Q4 was 94 million yuan, up 35.6% year-on-year and 22.0% quarter-on-quarter [1] - The company expects net profits to improve significantly in 2025, with projections of 573 million yuan, representing a 97% increase [4] Segment Performance - Revenue from the electric vehicle and auto parts segment was 3.31 billion yuan, a slight increase of 0.3% [2] - The revenue from the variable frequency air conditioning segment increased by 16.3% to 1.54 billion yuan, while the wind power generation segment saw a decline of 15% to 500 million yuan [2] - The company is expanding its production capacity for humanoid robot magnetic components, which is expected to enhance its market competitiveness in the robotics and electric vehicle sectors [3] Future Outlook - The company anticipates a rebound in rare earth prices and continued capacity expansion, projecting net profits of 573 million yuan in 2025, 734 million yuan in 2026, and 1.042 billion yuan in 2027 [3][4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.42 yuan, 0.54 yuan, and 0.76 yuan respectively, with corresponding price-to-earnings (PE) ratios of 48, 38, and 27 [4]