NBYS(600366) 国投证券·2024-05-07 17:00Investment Rating - The investment rating for the company is "Accumulate - A" with a 6-month target price of 7.7 CNY, compared to the current stock price of 6.29 CNY [2][27]. Core Views - The company's performance has been negatively impacted by the decline in rare earth prices, but there is an expectation for improvement in Q2 [1][22]. - The company reported a revenue of 5.37 billion CNY in 2023, a decrease of 16.23% year-on-year, and a net profit of -227 million CNY [31][27]. - The company has a production capacity of 21,000 tons per year for neodymium-iron-boron materials, with a delay in the investment project due to market conditions [32][27]. Financial Performance - Revenue for 2023 is projected at 5.07 billion CNY, with a net profit forecast of 384 million CNY for 2024 [35][27]. - The company’s sales in the new energy vehicle sector accounted for 39.2% of its neodymium-iron-boron product revenue in 2023 [23][27]. - The company’s earnings per share (EPS) are expected to be 0.35 CNY in 2024, increasing to 0.60 CNY by 2026 [27][35]. Market Position - The company has established a strong position in the domestic new energy vehicle market, with a market share of 23.2% based on 2023 sales data [32][27]. - The sales revenue from neodymium-iron-boron products in the new energy vehicle sector was 18.32 billion CNY in 2023 [23][27]. Price Trends - The average price of praseodymium-neodymium oxide is expected to fluctuate, with a projected average of 48.6 CNY per ton in Q3 2023 [23][27]. - As of April 30, 2023, the price of praseodymium-neodymium oxide rebounded from 354,000 CNY per ton to 404,000 CNY per ton, an increase of 14% [23][27].