JLMAG(300748) 国泰君安·2025-04-01 07:03Investment Rating - The report maintains an "Accumulate" rating with a target price of 24.90, up from the previous forecast of 19.26 [1][10]. Core Views - The company has passed its performance pressure period, with expectations for continued recovery in earnings. The recovery is supported by a new capacity plan of 20,000 tons, which is expected to solidify long-term growth [2][10]. - The company is actively expanding into the humanoid robotics sector, which may open a second growth curve [2][10]. Financial Summary - Revenue for 2023 was 6,688 million, with a slight increase to 6,763 million expected in 2024, followed by significant growth to 9,629 million in 2025, representing a 42.4% increase [4]. - Net profit attributable to the parent company was 564 million in 2023, projected to drop to 291 million in 2024, but expected to rebound to 718 million in 2025, marking a 146.7% increase [4]. - Earnings per share (EPS) is forecasted to be 0.52 in 2025 and 0.71 in 2026, with a new estimate of 0.82 for 2027 [10]. Market Data - The company's stock price has fluctuated between 10.13 and 24.59 over the past 52 weeks, with a current market capitalization of 26,757 million [5]. - The company has a total equity of 7,016 million, with a book value per share of 5.11 [6]. Production and Pricing Trends - The company’s production of magnetic steel is expected to reach approximately 22,000 tons in 2024, a 42% increase year-on-year [10]. - Average prices for praseodymium-neodymium oxide and 45H neodymium iron boron have shown a gradual increase, contributing to the recovery of the company's performance [10]. Strategic Developments - The company plans to invest 1.05 billion in a new project at its Baotou base to produce 20,000 tons of high-performance rare earth permanent magnet materials, expected to be operational in two years [10]. - Research and development expenditures are projected to reach 320 million in 2024, accounting for approximately 4.7% of revenue, indicating a commitment to innovation [10].