JLMAG(SZ:300748) SINOLINK SECURITIES·2024-03-28 16:00Investment Rating - The report upgrades the investment rating to "Buy" [1] Core Views - In 2023, the company achieved a revenue of 6.688 billion RMB, a year-on-year decrease of 6.66%, and a net profit attributable to shareholders of 564 million RMB, down 19.78% year-on-year [1] - The sales volume of magnetic materials increased by 25.6% to 15,122 tons, while the average selling price decreased by 24.54% to 381,200 RMB per ton [1] - The company is expanding its production capacity and focusing on the automotive and robotics sectors, with a projected capacity of 40,000 tons by 2025 [1] Summary by Sections Financial Performance - Revenue for 2023 was 6.688 billion RMB, with a growth rate of -6.66% compared to 2022 [4] - Net profit for 2023 was 564 million RMB, reflecting a decrease of 19.78% year-on-year [4] - The diluted earnings per share (EPS) for 2023 was 0.419 RMB, down from 0.839 RMB in 2022 [4] Business Segments - Revenue from the new energy vehicle sector reached 3.303 billion RMB, an increase of 14.33% year-on-year [1] - The production of magnetic components for humanoid robots is being actively developed, with a project in Mexico aimed at producing 1 million sets annually [1] Future Projections - Expected revenues for 2024, 2025, and 2026 are projected to be 7.500 billion RMB, 8.916 billion RMB, and 10.860 billion RMB, respectively [1] - Forecasted net profits for the same years are 635 million RMB, 827 million RMB, and 1.056 billion RMB, respectively [1] - The company is expected to maintain a PE ratio of 32.64, 25.05, and 19.62 for the years 2024, 2025, and 2026, respectively [1]