天和磁材分析师会议-20250530

Group 1: Research Basic Information - The research object is Tianhe Magnetic Materials, and the reception time is May 30, 2025. The listed company's reception staff includes the director and general manager Chen Ya, the director and deputy general manager Yuan Yi, the director, financial controller, and board secretary Zhang Haichao, and the independent director Zhu Zhenyu [16] Group 2: Detailed Research Institutions - The reception object is investors who participated in the company's 2024 annual and Q1 2025 performance briefing online, and the type is "other" [19] Group 3: Main Content Company's Business Strategy and Achievements - In 2024, facing a complex business environment with falling rare - earth raw material prices and intensified industry competition, the company adopted the "Three Persistences" strategy: persisting in technology R & D drive, high - end market positioning, and intelligent production management, achieving key breakthroughs in core business areas [23] - The company achieved three structural changes in operating indicators in 2024: capacity scale breakthrough with an annual production capacity of 9,300 tons of high - performance rare - earth permanent magnet materials and a record - high blank output of 10,355 tons, a year - on - year increase of 23.51%; product structure optimization with new energy vehicle and parts business revenue of 164,143.96 million yuan, accounting for 63.38% of operating income and a year - on - year increase of 6.09%, effectively offsetting the decline in traditional fields; enhanced technology reserves with 107 authorized patents by the end of 2024, including 48 in countries and regions such as Europe, Japan, and the US, and 59 in China [23] Company's Financial Performance - In 2024, the company's sales revenue was 2,589,705,100 yuan, a decrease of 61,636,600 yuan or 2.32% compared to the previous year. The net profit was 136,085,400 yuan, a decrease of 32,720,400 yuan or 19.38% compared to the previous year. The non - recurring profit - adjusted net profit was 132,087,100 yuan, a decrease of 29,380,500 yuan or 18.20% compared to the previous year [29] Product - related Information - In Q1 2025, the product shipment volume remained basically stable compared to the same period last year [26] - The company's Q1 2025 gross profit margin was higher than the 2024 annual gross profit margin due to the stable recovery of domestic rare - earth product market prices, improved operational efficiency, optimized business structure, and the nature of customized products [30] - The company's Q1 2025 operating income was 525,437,500 yuan, slightly lower than 557,500,600 yuan in Q1 2024, remaining basically stable [30] Future Development and Growth Points - The company will continue to adhere to the "Three Persistences" strategy, strengthen R & D, optimize costs, expand high - end markets, improve management and informatization levels, promote ESG work, and advance the production of fundraising projects to release capacity and drive performance growth [26][27] - Humanoid robots will be an important demand growth point for neodymium - iron - boron magnetic components in the future. The company will develop high - end customers in fields including humanoid robots in 2025 [26][28] Industry Chain and Prospect - The rare - earth permanent magnet material industry chain consists of the upstream rare - earth industry, the mid - stream rare - earth permanent magnet material industry, and downstream end - use fields such as new energy vehicles, wind power generation, energy - saving home appliances, 3C consumer electronics, robots, and rail transit. The expansion of downstream markets will drive the continuous increase in the demand for rare - earth permanent magnet materials [26] Other Information - Rare - earth permanent magnet materials are a type of permanent magnet materials based on intermetallic compounds formed by rare - earth metal elements RE (Sm, Nd, Pr, etc.) and transition - group metal elements TM (Fe, Co, etc.) [30]