金力永磁（300748.SZ）2025 年三季报点评 Q3 盈利大幅改善，期待人形机器人磁组件放量 2025 年 10 月 21 日 ➢ 事件：公司发布 2025 年三季报。2025 年前三季度，公司实现营收 53.73 亿元，同比增长 7.16%，实现归母净利润 5.15 亿元，同比增长 161.81%，实现 扣非归母净利润 4.30 亿元，同比增长 381.94%。单季度看，2025Q3，公司实 现营收 18.66 亿元，同比增长 12.91%，环比增长 6.45%，实现归母净利润 2.1 亿元，同比增长 172.65%，环比增长 45.75%，实现扣非归母净利润 1.96 亿元， 同比增长 254.98%，环比增长 53.04%。符合业绩预告。 ➢ 2025Q3 公司归母净利润同环比均大幅增长，主要得益于磁材产品量价齐 升。①价格：2025 年前三季度，主要稀土原材料市场价格较去年同期整体呈上 升趋势。 2025 年 Q3 镨钕混合金属均价约为 66 万元/吨，同比增长约 37.1%， 环比增长约 24.5%。②量：新能源汽车及汽车零部件领域实现销售收入 26.15 亿 元，对应产品销售量同比增长 23 ...

Core Viewpoint - The company experienced a significant decline in net profit for 2024, with a year-on-year decrease of 48.37%, despite a slight increase in revenue. Financial Performance - In 2024, the company achieved revenue of 6.763 billion yuan, a year-on-year increase of 1.13% [1] - The net profit attributable to shareholders was 291 million yuan, down 48.37% year-on-year [1] - The non-recurring net profit attributable to shareholders was 170 million yuan, a decrease of 65.49% year-on-year [1] - The company received government subsidies amounting to 131 million yuan, which contributed to other income [1] - In Q4 2024, the company reported revenue of 1.749 billion yuan, a year-on-year increase of 6.82% and a quarter-on-quarter increase of 5.85% [1] - The Q4 net profit attributable to shareholders was 94 million yuan, up 35.62% year-on-year and 21.96% quarter-on-quarter [1] - The total cash dividend planned is 164 million yuan, which accounts for 93.00% of the 2024 net profit attributable to shareholders [1] Profitability and R&D - The company's gross margin for 2024 was 11.13%, a decrease of 4.94 percentage points year-on-year [2] - The net profit margin was 4.35%, down 4.13 percentage points year-on-year [2] - The gross margin for the neodymium-iron-boron magnetic steel segment was 11.08%, a decline of 4.26 percentage points compared to 2023 [2] - The average price of praseodymium and neodymium metals in 2024 was 485,000 yuan per ton, down 24.97% year-on-year [2] - The processing fees for neodymium-iron-boron magnetic steel decreased from 135,300 yuan per ton in 2022 to 85,500 yuan per ton in 2024 [2] - The R&D expense ratio for 2024 was 4.74%, an increase of 3.09 percentage points year-on-year [2] - The company's asset-liability ratio at the end of 2024 was 42.12%, an increase of 1.63 percentage points from the end of 2023 [2] Production Capacity and Output - In 2024, the company produced 29,300 tons of neodymium-iron-boron magnetic steel blanks, an increase of 39.48% [3] - The finished product output was 21,600 tons, up 42.40% year-on-year [3] - The finished product sales reached 20,900 tons, a year-on-year increase of 37.88% [3] - The actual production capacity for magnetic material blanks reached 32,000 tons, with a utilization rate exceeding 90% [3] - By the end of 2024, the company had a production capacity of 38,000 tons per year for magnetic material blanks [3] - The company plans to establish a production line for 40,000 tons of high-performance rare earth permanent magnet materials and humanoid robot magnetic components by 2025 [3]