Financial Performance - In Q1 2025, the company achieved a revenue of 1.61 billion RMB, representing a year-on-year growth of 57.85% [2] - The net profit attributable to shareholders was 1.06 billion RMB, with a remarkable increase of 331.10% year-on-year [2] - The company’s revenue from the new energy vehicle and auto parts sector was 882 million RMB, accounting for 50.28% of total revenue [3] - Revenue from energy-saving variable frequency air conditioning reached 513 million RMB, making up 29.25% of total revenue [3] - Export sales amounted to 312 million RMB, which is 17.76% of total revenue, with 122 million RMB (6.94%) coming from exports to the United States [3] Production and Capacity - The company’s production capacity utilization exceeded 90% in Q1 2025 [2] - The production volume of magnetic material was approximately 8,770 tons, with finished product output around 6,600 tons and sales of 6,024 tons, all showing over 40% growth compared to the same period last year [2] Share Buyback Plan - The board approved a plan to repurchase A-shares using self-owned or self-raised funds, with a total amount between 100 million RMB and 200 million RMB [4] - Up to 90% of the repurchase funds may come from self-raised funds, and the shares will be canceled to reduce registered capital [4] Market Demand and Trends - Rare earth permanent magnet materials are essential for energy-saving and environmentally friendly applications, aligning with national policies [5] - These materials can save 15% to 20% of energy compared to traditional motors, enhancing their appeal in various sectors [5] - The demand for rare earth materials is expected to grow due to favorable policies promoting new energy vehicles and energy-saving appliances [5] Raw Material Supply and Inventory - The company has established long-term strategic partnerships with major suppliers, with 63% of annual procurement coming from North Rare Earth Group and China Rare Earth Group [7] - In 2024, the company utilized 2,575 tons of recycled rare earth materials, accounting for 30.4% of total rare earth material usage [7] - The company emphasizes a green recovery approach for rare earth materials, ensuring a diversified and low-carbon supply chain [7] Robotics and Low-altitude Aircraft Development - The company is collaborating with international tech firms on the development of embodied robot motor rotors, with initial small-scale deliveries already made [6] - Progress in the low-altitude aircraft sector is also noted, with small batch deliveries occurring [6]

公司点评报告 · 有色金属行业 阎予露 ☎: 010-80927659 回购股份彰显信心 盈利能力有望持续改善。 --2025 年一季报点评 华立 2025 年 04 月 28 日 ☎：021-20252629 金力永磁(股票代码:300748.SZ) 网: huali@chinastock.com.cn 推荐 维持评级 分析师登记编码：S0130516080004 分析师 网: yanyulu@chinastock.com.cn 分析师登记编码：S0130522040004 | 市场数据 | 2025-04-25 | | --- | --- | | 股票代码 | 300748 | | A 股收盘价(元) | 20.45 | | 上证指数 | 3,295.06 | | 总股本(万股) | 137213 | | 实际流通 A 股(万股) | 113434 | | 流通 A 股市值(亿元) | 232 | 相对沪深 300 表现图 2025-03-28 金力永磁 资料来源:Wind,中国银河证券研究院 相关研究 【银河有色】公司点评_金力永磁：订单饱满产销创 新高,产能扩张如期推进 20250331 www.ch ...