JLMAG(300748) 东兴证券·2025-04-02 11:29Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company achieved a revenue of 6.763 billion yuan in 2024, a year-on-year increase of 1.13%, but the net profit attributable to shareholders dropped by 48.37% to 291 million yuan due to declining rare earth prices [1][3]. - Despite a 37.88% increase in total sales volume of high-performance rare earth permanent magnet materials to 20,900 tons in 2024, the decline in prices offset the volume growth, leading to a gross margin decrease from 16.07% in 2023 to 11.13% in 2024 [1][2]. - The company is expanding its production capacity, with a current capacity of 38,000 tons per year and plans to add 20,000 tons by the end of 2025, which will strengthen its market position in the growing sectors of electric vehicles and renewable energy [2][3]. - The company is recognized for its strong R&D capabilities, with over 90% of its high-performance products utilizing advanced technologies, and is actively involved in the development of magnetic components for humanoid robots, which is expected to be a future growth driver [2][3]. Financial Summary - The company's revenue and net profit forecasts for 2025-2027 are as follows: - 2025: Revenue of 8.146 billion yuan, net profit of 516 million yuan - 2026: Revenue of 9.763 billion yuan, net profit of 702 million yuan - 2027: Revenue of 11.781 billion yuan, net profit of 859 million yuan - The expected EPS for 2025, 2026, and 2027 are 0.38 yuan, 0.51 yuan, and 0.63 yuan respectively, with corresponding PE ratios of 52, 38, and 31 [3][4].