人形机器人快速发展，稀土永磁材料需求或将快速增长。 因为 稀土资源作为重要战略资源，国内供给指 标趋严，叠加下游需求持续增长，行业供需改善，产业链长期价格和盈利中枢有望上移。 近期，中国对稀土实施出口限制，作为对美国关税的全面回应，限制了用于制造武器、电子产品和一系 列消费品的矿物供应。出口商现在必须向商务部申请许可证，这个过程可能需要六七周到几个月的时 间。 特斯拉首席执行官埃隆马斯克周二 表示，其擎天柱人形机器人的生产受到了中国稀土磁体出口限制的影 响。 他说，中国希望保证其稀土磁体不会用于军事用途，其尝试正在与中国相关方沟通，以获得使用稀 土磁体的出口许可证。 在特斯拉 2025 年第一季度更新报告中，公司刚刚首次向外界展示了 Optimus 人形机器人试生产线。 特斯拉表示，Optimus 的生产时间表保持不变，公司正朝着尽快生产出能够完成有用工作的首批人形机 器人的目标迈进。 ▍ 稀土永磁对人形机器人的意义 稀土永磁是由稀土元素制成的永磁材料，以其强大的磁性能在 电子、通信 、汽车、医疗和航空航天等领 域得到广泛应用。 这类材料通过将稀土金属（如钐、钕）与过渡金属（如铁、钴）混合，采用粉末冶金 方法 ...

据央视新闻报道，当地时间4月2 2日，特斯拉首席执行官埃隆·马斯克表示，由于中国对稀土 实施出口管制，公司人形机器人"擎天柱"（Op timu s）的生产受到影响。 马斯克称， 特斯拉正在与中国方面合作，争取获得出口许可，以便将稀土磁铁用于人形机器 人 。 据此前消息，马斯克表示，特斯拉预计将在今年生产数千台"擎天柱"机器人。 根据《中华人民共和国出口管制法》等有关法律法规，4月4日，商务部会同海关总署发布关 于对钐、钆、铽、镝、镥、钪、钇等7类中重稀土相关物项实施出口管制措施的公告，并于发 布之日起正式实施。 商务部新闻发言人当日表示，此次中国政府依法对相关物项实施出口管制，目的是更好维护 国家安全和利益，履行防扩散等国际义务。相关物项具有军民两用属性，对其实施出口管制 是国际通行做法。中国作为一个负责任大国，将相关物项列管，体现了坚定维护世界和平与 地区稳定的一贯立场。中方愿通过双边出口管制对话交流机制，加强对外交流与合作，促进 合规贸易。 据证券时报网此前报道，高性能钕铁硼永磁材料是机器人伺服电机的核心材料。公开资料显 示，单台人形机器人通常需要4 0个以上伺服电机，每个电机需要5 0 - 1 0 0克 ...

马斯克求购稀土！ 午后开盘，稀土永磁概念股直线拉升。金力永磁涨超10%，龙磁科技、正海磁材、德宏股份涨超5%，银河磁体、中 科三环、大地熊、宁波韵升、英洛华等跟涨。 特斯拉公司首席执行官马斯克22日表示，其"擎天柱"人形机器人的生产受到了中国对稀土磁体出口限制的影响。特 斯拉正在与北京方面合作，以获得使用稀土磁体的出口许可证。马斯克说，中国希望保证其稀土磁体不用于军事目 的。 事实上，今天机器人板块亦出现集体涨停行情。从此前的市场联动来看，机器人板块的炒作逻辑每次都会延伸至稀 土永磁板块。 稀土永磁上一波牛市诞生于2021年的新能源行情。这一轮是否会诞生于人形机器人行情呢？这可能取决于人形机器 人对稀土永磁的需求量。 根据高盛乐观预测，2030年人形机器人出货量将达到89万台，2025年—2030年复合增长率为53%。 从产业端来看， 除特斯拉之外，海内外众多头部科技公司都已布局人形机器人赛道，并在陆续推出人形机器人，比如美国 AgilityRobotics的Digit机器人、国内宇树科技的Unitree G1人形机器人等。技术端，AI技术近两年取得了突破性进 展，2025年3月18日，英伟达在GTC上发布全 ...

暗盘资金正涌入这些股票，点击速看>>> 稀土永磁板块午后拉升，金力永磁（300748）涨超10%，龙磁科技（300835）涨超7%，银河磁体 （300127）、正海磁材（300224）、大地熊跟涨。 ...

Group 1 - The core viewpoint indicates that despite a projected decline in rare earth material prices in 2024, the company is expected to see an increase in sales volume of high-performance rare earth permanent magnet materials by 37.88% to 20,900 tons, although profit growth may not match revenue growth due to raw material cost fluctuations and intensified industry competition [1][2] - The average price of metal praseodymium and neodymium is expected to drop to 490,000 yuan per ton in 2024, a decrease of approximately 25% from the average of 650,000 yuan per ton in 2023 [1] - The company's gross profit margin is projected to decrease to 11.13% in 2024 from 16.07% in 2023, reflecting a reduction of 4.94 percentage points [1] Group 2 - The company is expected to produce 21,600 tons of neodymium-iron-boron magnetic steel products in 2024, representing a year-on-year increase of 42.40%, driven by the commissioning of ongoing projects [2] - By the end of 2024, the company will have a production capacity of 38,000 tons per year for high-performance rare earth permanent magnet materials, with plans to reach 40,000 tons by 2025 [2] - The price of rare earth materials has shown signs of stabilization since Q2 2024, with a projected 11% increase in metal praseodymium and neodymium prices by the end of March 2025, indicating a gradual recovery in business profitability [2]

Core Insights - The company reported a revenue of 6.763 billion yuan for 2024, a year-on-year increase of 1.13%, while the net profit attributable to shareholders decreased by 48.37% to 291 million yuan [1] - The production of neodymium-iron-boron magnetic steel reached 21,600 tons in 2024, a 42.40% increase, with a production capacity of 38,000 tons per year by the end of 2024 [1][2] - The average price of rare earths is expected to decline by 25% in 2024, with a recovery trend observed in early 2025 [1] Revenue and Profitability - In Q4 2024, the company achieved a revenue of 1.749 billion yuan, with a year-on-year increase of 6.84% and a net profit of 94 million yuan, reflecting a growth of 36.23% year-on-year [1] - The sales price of neodymium-iron-boron magnetic steel fell to 283,300 yuan per ton, a decrease of 25.69% year-on-year, impacting overall profitability [2] - The gross margin for 2024 was 11.08%, down 4.24 percentage points from the previous year, with a unit gross profit of 31,400 yuan per ton, a decline of 46.25% [2] Production Capacity and Future Outlook - The company plans to expand its production capacity to 60,000 tons of high-performance rare earth permanent magnet materials by 2027, with new projects underway [2] - The company is actively exploring new application areas such as humanoid robots and low-altitude flying vehicles, with significant revenue growth in sectors like new energy vehicles and industrial servos [3] - Revenue projections for 2025, 2026, and 2027 are estimated at 8.953 billion, 9.883 billion, and 10.852 billion yuan, respectively, with corresponding net profits of 557 million, 779 million, and 904 million yuan [3]

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]

包头天和磁材科技股份有限公司（股票简称：天和磁材；股票代码：603072）于2025年1月3日登陆上交所主 板，公司本次发行价格为12.30元/股，公开发行股票数量为6607万股。值得一提的是，天和磁材也成为2025年上 交所上市的首只新股。 基于深厚的研发功底与丰富的产业化经验，天和磁材已构筑起一个包含十五大系列（烧结钕铁硼八大系列与烧 结钐钴七大系列），涵盖逾百种牌号的产品矩阵。通过搭建起详尽的配方与产品数据库，公司能够敏捷地应对 下游多个应用领域及装备组件的多样化配套需求，实现快速响应与精准服务。 目前，天和磁材已成功通过多家行业龙头企业的供应商审核，建立了长期稳定的合作关系，形成了高端客户群 体，并荣获多项嘉奖，包括"关键供应商"、"价值流最佳实践奖"等，拥有高认可度和美誉度。 与国家战略同频共振，坚持技术创新路线 在当今全球经济一体化和科技日新月异的时代背景下，新材料产业作为高新技术的基础和先导，正日益成为各 国竞相发展的战略高地。近年来，我国基于"五位一体"总体布局和"四个全面"战略布局，坚定不移地秉持创新、 协调、绿色等发展理念，积极推进创新驱动型战略和可持续发展战略，为新材料产业的蓬勃发展注入 ...