2023年年报业绩点评：量增价跌，稀土价格回落拖累业绩表现

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company experienced a revenue decline of 6.66% year-on-year, with projected revenue of 6.6886 billion yuan for 2023 and a net profit of 564 million yuan, down 19.78% year-on-year [2][3] - The decline in performance is attributed to a significant drop in rare earth material prices, particularly for praseodymium and neodymium, which fell by 36.4% from the beginning of the year [2] - Despite a 25.6% increase in sales volume of high-performance rare earth permanent magnet materials to 15,100 tons, the revenue decline outweighed the volume increase due to falling prices [2] - The company is expected to benefit from capacity expansion, with a projected increase in production capacity to 38,000 tons per year by the end of 2024 [2] - The company holds a 28.5% market share in the global electric motor magnet market for new energy vehicles, with significant growth expected in this sector [2] Financial Summary - Revenue projections for 2024-2026 are 7.46685 billion yuan, 9.2787 billion yuan, and 11.42023 billion yuan, respectively, with corresponding net profits of 657.2 million yuan, 846.64 million yuan, and 1.09946 billion yuan [3][7] - Earnings per share (EPS) are forecasted to be 0.49 yuan, 0.63 yuan, and 0.82 yuan for 2024, 2025, and 2026, respectively [3][7] - The company’s price-to-earnings (PE) ratio is projected to decrease from 32 in 2024 to 19 in 2026, indicating potential valuation improvement [3][7] Company Overview - The company, established in 2008, specializes in the research, production, and sales of high-performance neodymium-iron-boron permanent magnet materials, serving various sectors including new energy vehicles, energy-efficient air conditioning, and robotics [4] - The company is recognized as a leading supplier of high-performance rare earth permanent magnet materials in the domestic new energy and energy-saving sectors [4]