量平利跌，静待需求复苏

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company has experienced a 25% year-on-year increase in operating expenses, reaching 611 million yuan in 2023, with sales expenses up 7.35% to 146 million yuan and management expenses up 6.96% to 369 million yuan. R&D expenses increased by 8.53% to 140 million yuan, while financial expenses rose by 77 million yuan due to exchange rate fluctuations [2]. - The company is the leading domestic producer of magnetic materials, with a sintered neodymium iron boron production capacity of 25,000 tons by the end of 2023, an increase of 3,000 tons from the end of 2022. The bonded neodymium iron boron factory also reached a capacity of 1,500 tons [2]. - The product matrix is comprehensive, offering high-performance and cost-effective products. The company has launched a high-abundance rare earth magnet series, with the highest content exceeding 40% of the total rare earth amount, expanding applications into more demanding fields such as acoustic devices and industrial motors [2][9]. - The implementation of the "old-for-new" policy is expected to boost demand for materials, as the energy-saving effects of rare earth permanent magnet motors remain favorable, and the penetration rate is still low, indicating a broad demand space in the industrial motor sector [2]. Financial Forecasts and Valuation - Revenue forecasts for 2024-2026 are 9.22 billion yuan, 10.74 billion yuan, and 11.95 billion yuan, respectively. The net profit attributable to the parent company is projected to be 304 million yuan, 406 million yuan, and 513 million yuan for the same period, with corresponding EPS of 0.25 yuan, 0.33 yuan, and 0.42 yuan. The PE ratios are expected to be 36.14, 27.06, and 21.41 times, respectively [2][12].