JLMAG(300748) 东兴证券·2025-04-02 12:23Investment 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, the price drop offset the volume increase, leading to a decrease in profit margins [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 electric vehicle and renewable energy sectors [2][3]. - The company is recognized for its advanced technology, with over 90% of its high-performance products utilizing the crystal boundary infiltration technology, and is actively involved in the development of magnetic components for humanoid robots [2][3]. Financial Summary - The company forecasts net profits of 516 million yuan, 702 million yuan, and 859 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.38, 0.51, and 0.63 yuan [3][4]. - The projected revenue growth rates for the next few years are 20.45% in 2025, 19.84% in 2026, and 20.67% in 2027, indicating a recovery trend after the decline in 2024 [4][10]. - The gross profit margin is expected to improve gradually as rare earth prices stabilize, with a forecasted gross margin of 13.00% in 2025 [4][10].