Group 1: Company Performance - In Q1 2025, the company achieved revenue of 1.61 billion RMB, a year-on-year increase of 14.19% [2] - The net profit attributable to shareholders was 1.61 billion RMB, up 57.85% year-on-year [2] - The net profit excluding non-recurring gains and losses reached 1.06 billion RMB, reflecting a significant growth of 331.10% [2] Group 2: Export and Compliance - In Q1 2025, export sales revenue was 3.12 billion RMB, accounting for 17.76% of total revenue [3] - Sales revenue from exports to the United States was 1.22 billion RMB, representing 6.94% of total revenue [3] - The company has obtained export licenses for magnetic materials, components, and motor rotors, complying with national regulations [3] Group 3: Raw Material Procurement - In 2024, 63% of the company's raw material procurement came from strategic partnerships with Northern Rare Earth Group and China Rare Earth Group [4] - The company utilized 2,575 tons of recycled rare earth materials, which constituted 30.4% of total rare earth material usage in 2024 [4] - The procurement strategy emphasizes green recycling and risk management through a diversified supply chain [4] Group 4: Business Development - The company is actively involved in the development of embodied robot motor rotors, with initial small-scale deliveries [5] - Investments have been made in specialized facilities and equipment to support the scaling of production in the robotics sector [5] - The low-altitude aircraft sector has also seen small-scale deliveries, indicating progress in this area [5] Group 5: Share Buyback Plan - The board has approved a share buyback plan with a total fund of no less than 100 million RMB and not exceeding 200 million RMB [6][7] - The buyback will be conducted through centralized bidding and aims to reduce registered capital by canceling repurchased shares [7] - The plan reflects the company's confidence in its future development and value recognition [6]

Core Viewpoint - The company reported a significant increase in revenue and profit for 2024 and Q1 2025, driven by strong growth in lithium battery and LED businesses, with expectations for continued high growth in the coming years [1][2]. Financial Performance - For 2024, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 6.756 billion, 488 million, and 429 million yuan, respectively, representing year-on-year growth of +29.4%, +246.4%, and +285% [2]. - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.728 billion, 142 million, and 148 million yuan, respectively, with year-on-year growth of +20.9%, +100.6%, and +204%, but a quarter-on-quarter decline of -9.9%, -31.2%, and -24.9% [2]. Lithium Battery Business - The lithium battery segment generated revenue of 2.587 billion yuan in 2024, a year-on-year increase of 58%, with a gross margin of 21.94%, up 13.5 percentage points [3]. - The company sold 442 million lithium batteries in 2024, marking a year-on-year growth of 100.7%, with expectations to reach 700 million units or more in 2025 due to recovery in the electric tool market and growth in capacity-type shipments [1][4]. Pricing and Cost Structure - The average selling price of lithium batteries decreased from approximately 7.43 yuan per unit in 2023 to around 5.85 yuan in 2024, while the profit per unit increased from 0.42 yuan to approximately 0.51 yuan [3]. - In Q1 2025, the average selling price was estimated at around 5.2 yuan per unit, slightly down by 0.2 yuan, attributed to shipment structure changes [4]. Production Capacity and International Expansion - The company's Malaysian factory commenced production in April 2024, expected to contribute over 200 million units this year, helping to mitigate tariff issues due to lower tariffs in Malaysia [5]. - The company anticipates continued growth in lithium battery shipments, with significant contributions from various sectors including electric tools and emerging applications like robotics and AI data centers [4]. Other Business Segments - The LED business is transitioning to high-value products such as miniLED and microLED, while the metal logistics business is maintaining stable growth, with expected contributions of over 150 million and 170 million yuan, respectively [6]. Profit Forecast - The company projects net profit attributable to shareholders for 2025, 2026, and 2027 to be 692 million, 859 million, and 1.09 billion yuan, with corresponding valuation multiples of 21, 17, and 13 times [7].

Group 1: Financial Performance - In 2024, the company's operating revenue increased by 11.75% year-on-year, primarily driven by growth in the HDI segment and the introduction of global renowned terminal customers [1] - The net profit attributable to shareholders for 2024 was -87,433,652.40 CNY, indicating a reduction in losses compared to previous periods [2] - The company achieved profitability in Q4 2024 and Q1 2025, marking two consecutive quarters of profit [3] Group 2: Product Development and Market Position - The main products, including high-layer PCB, mid-to-high-end HDI, and flexible circuits (FPC), showed stable growth in 2024 [1] - The company is actively developing new technologies and products in AI, high-speed storage, high-frequency communication, smart driving, low-altitude flying vehicles, and robotics [1] - The company has enhanced its product structure by focusing on high-layer boards and high-end HDI boards, with an increasing proportion of products with 8 layers or more [7] Group 3: Capacity and Operational Efficiency - The new factory in Zhuhai is gradually increasing its capacity utilization, with expectations for steady growth in output [2] - The company is implementing strategies to optimize asset structure and cost control, which have improved operational quality and profitability [3] - The company plans to enhance manufacturing and operational efficiency, focusing on high-end products and emerging markets [8] Group 4: Strategic Initiatives and Market Expansion - The company is seeking advantageous mergers and acquisitions to enhance product structure, technology, and expand the value chain [2] - The company has established offices or subsidiaries in Taiwan, Hong Kong, Singapore, and Thailand to expand overseas marketing channels [4] - The company anticipates that the global PCB market will exceed $100 billion by 2027, driven by smart upgrades and emerging applications [6] Group 5: Research and Development - R&D expenses are increasing, focusing on new energy vehicles, smart driving, AI, and high-frequency communication [5] - The company is recognized as a high-tech enterprise and has established provincial and national-level research centers, indicating strong R&D capabilities [5] - The demand for PCBs is expected to grow significantly due to the increasing requirements for computing power and AI applications [6]

Investment Rating - The investment rating for the company is "Buy" with a first-time recommendation [12]. Core Viewpoints - The company, established in 1985, has developed into a leading PCB manufacturer in China, with a strong focus on the automotive sector, particularly in electric vehicles, and is expanding into emerging industries such as artificial intelligence and humanoid robots [4][20]. - The global PCB market has shown a steady upward trend, with a CAGR of approximately 5% from 2017 to 2022, driven by the increasing demand for high-density and high-performance PCBs [8][38]. - The automotive industry is experiencing a surge in electronic applications, leading to a higher demand for automotive PCBs, which are subject to stringent reliability and stability requirements [9][53]. Summary by Sections Company Overview - The company has a workforce of about 6,000 employees, an annual production capacity exceeding 5 million square meters, and annual sales exceeding 4.5 billion yuan [20]. - Major clients include Tesla, Panasonic, Mitsubishi, Bosch Siemens, Dyson, Toyota, and Volkswagen, indicating a strong market presence [4][20]. PCB Market Trends - The PCB industry is moving towards high-density and high-performance products, with increasing requirements for precision and stability due to trends in electronic devices becoming lighter and faster [38][46]. - The automotive PCB market is expected to grow significantly, with a projected compound annual growth rate of 6.20% from 2022 to 2027 [51][66]. Automotive Sector Insights - The company has strategically positioned itself in the automotive sector, particularly in electric vehicles, which are projected to drive demand for PCBs due to their complex electronic systems [67]. - The penetration rate of new energy vehicles in China is expected to reach 40.9% by 2024, highlighting the growing importance of this market segment [68]. Financial Performance - In 2024, the company achieved a revenue of 5.022 billion yuan, an increase of 11.13% year-on-year, with a net profit of 675 million yuan, reflecting a growth of 36.17% [28]. - In the first quarter of 2025, the company reported a revenue of 1.217 billion yuan, up 11.33% year-on-year, and a net profit of 180 million yuan, marking a significant increase of 65.61% [28].

Investment Rating - The report upgrades the investment rating of China General Nuclear Power Technology Co., Ltd. to "Strongly Recommended" [5][11]. Core Viewpoints - The company's performance is under short-term pressure but is strategically positioning for future growth, particularly in high-tech materials and accelerator businesses [1][2][3][4]. - The revenue for 2024 is projected at 6.168 billion yuan, a decrease of 2.9% year-on-year, while the net profit attributable to shareholders is expected to be -362 million yuan, an increase of 50.87% year-on-year [1][12]. - The company is focusing on enhancing the sales of high-margin products and expanding into new markets such as humanoid robots and nuclear fusion technology [2][3]. Summary by Sections Financial Performance - In 2024, the company expects to achieve a revenue of 6.168 billion yuan, with a net profit of -362 million yuan and a net profit margin of -6.92% [12]. - The projected net profits for 2025, 2026, and 2027 are 29.37 million yuan, 87.22 million yuan, and 123.24 million yuan, respectively, indicating a significant recovery [11][12]. Business Segments - The modified polymer materials segment is expected to generate 4.856 billion yuan in revenue for 2024, with a slight decline of 0.9% year-on-year [1]. - The accelerator and irradiation processing segment is projected to achieve a revenue of 519 million yuan, reflecting a growth of 23.11% year-on-year [1][3]. - The medical health segment has completed the construction of a proton industry park, with plans for further development in medical isotopes [4]. Market Opportunities - The company is targeting high-growth markets such as humanoid robots and nuclear fusion technology, with ongoing projects expected to conclude in April 2024 [2]. - The accelerator business is expanding its network with 18 irradiation centers and 62 operational electron accelerators, positioning itself as a leader in the domestic market [3]. Future Outlook - The company aims to increase the sales proportion of high-margin products above 15% by reducing material and management costs [2]. - The projected revenue growth rates for 2025, 2026, and 2027 are 8.08%, 10.96%, and 13.73%, respectively, indicating a positive growth trajectory [12].

证券代码：300748 证券简称：金力永磁 江西金力永磁科技股份有限公司 投资者关系活动记录表 编号：2025-008 | □特定对象调研 | □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 √业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 形式 | ☐现场 网上 ☐电话会议 | | 参与单位/ 人员名称 | 参会人员 99 人，详见附件 | | 时间 | 2025 年 4 月 28 日 | | 地点 | 网上业绩说明会 | | 上市公司接 | 谢辉 首席财务官 | | 待人员姓名 | 赖训珑 董事会秘书 | | | 刘煦阳 投资者关系总监 | | | 年第一季度经营情况？ 1、请简要介绍公司 2025 | | | 答：2025 年第一季度，公司管理层积极开拓市场并同步扩大产能，保持稳健经 营。公司持续聚焦新能源和节能环保领域，专注于新能源汽车及汽车零部件、节能变 | | | 频空调、风力发电、机器人及工业伺服电机、3C、低空飞行器等核心应用领域, 并积 | | 投资者关系 | 极配合国 ...

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 ...