解码新材料行业2024年报，探寻稀土磁材、航空航天拐点机遇

Investment Rating - The investment rating for the new materials industry is "Positive" [3] Core Insights - The new materials industry is experiencing a continued decline in overall performance, reaching a three-year low, with a slight revenue recovery in Q4 2024 but deteriorating profitability. Economic support policies introduced in Q4 2024 are expected to improve future profitability [1][47] - The industry saw a 1.5% decrease in revenue year-on-year for 2024, with a 19.0% drop in net profit attributable to shareholders. The average gross margin was 14.1%, down 0.6 percentage points year-on-year [11][47] - The weighted average PE ratio for the new materials industry, excluding companies with negative PE, is 67.9, slightly below the historical median [1][41] Summary by Sections 1. 2024 Industry Performance - In 2024, the new materials industry reported a total revenue of 639.998 billion, a 1.5% decrease year-on-year, and a net profit of 29.994 billion, down 19.0% year-on-year. The average gross margin was 14.1%, reflecting a 0.6 percentage point decline [11][47] - The fastest revenue growth was observed in the new energy vehicle structural materials sector, with a year-on-year increase of 12.5%, driven by rising production and demand for lightweight automotive components [15][18] 2. Q4 2024 Performance - In Q4 2024, the new materials industry saw a 6.3% year-on-year increase in revenue, totaling 1730.22 billion, while net profit decreased by 27.5% year-on-year to 55.88 billion. The average gross margin was 13.3%, down 2.0 percentage points year-on-year [26][28] - The rare earth magnetic materials sector experienced the highest revenue and net profit growth in Q4 2024, attributed to price recovery [32][33] 3. Sub-industry Performance - The new energy vehicle structural materials sector led the average stock price increase in 2024, with an average growth of 44.6%, while the aerospace materials and catalytic purification materials sectors faced the largest declines, averaging -5.7% [35][36] - The overall new materials index declined by 0.4% in 2024, underperforming the CSI 300 index by 15.1% [35] 4. Price Trends - In 2024, new materials prices generally saw more declines than increases, with significant drops in lithium carbonate and lithium hydroxide prices, down 22.56% and 19.27% respectively [45][46] 5. Future Outlook - The report suggests monitoring potential recovery in sub-industries such as rare earth magnetic materials and high-growth opportunities in new energy vehicle structural materials, while keeping an eye on declining sectors like aerospace materials and catalytic purification materials for signs of reversal [47]