Core Viewpoint - New Lai Fu's stock price has fallen below its initial public offering price after a brief recovery, indicating potential market concerns regarding its recent asset acquisition plans and overall financial health [1][2] Group 1: Stock Performance - New Lai Fu's stock closed at 38.69 yuan, down 1.23%, falling below the 39.06 yuan IPO price [1] - The stock had a brief increase of 10.34% on its first trading day after resuming trading, closing at 39.17 yuan [1] Group 2: Recent Announcements - On April 27, New Lai Fu announced plans to issue shares and pay cash to acquire 100% equity of Jin Nan Magnetic Materials, which will become a subsidiary post-transaction [1] - The company plans to raise additional funds by issuing shares to no more than 35 specific investors, in compliance with regulations set by the China Securities Regulatory Commission [1] Group 3: Fundraising Details - New Lai Fu's IPO on June 6, 2023, involved issuing 26,230,723 shares at a price of 39.06 yuan per share, raising a total of 1,024.57 million yuan [2] - The net amount raised after deducting issuance costs was 945.18 million yuan, exceeding the original target by 115.18 million yuan [2] - The funds are intended for various projects, including the construction of a composite functional materials production base and a new rare earth permanent magnet materials production line [2]

事件 点评 盈利预测、估值与评级 4 月27 日公司发布2025 年一季报，实现营收17.54 亿元，环比+0.29%、同比+14.19%；归母净利润为 1.61 亿元，环比+70.48%、同比+57.85%；扣非归母净利润为1.06 亿元，环比+30.70%、同比 +331.10%。 预计公司25-27 年营收分别为92.5/110.0/140.0 亿元，归母净利润分别为6.29/8.22/12.21 亿元，EPS 分别 为0.46/0.60/0.89 元，对应PE 分别为44.58/34.13/22.98 倍。维持"买入"评级。 风险提示 量价齐升，业绩超预期。1Q25 氧化镨钕和钕铁硼市场均价分别环比+3.29%、+1.60%至42.96 万元/吨和 201 元/公斤；销量显著增长，1Q25 公司磁材成品产量约0.66 万吨，磁材成品销量约0.6 万吨，较上年同 期均增长超40%。量价齐升带来盈利能力显著改善,1Q25 公司毛利率环比+1.44pct 至15.68%，毛利环比 +10.44%至2.75 亿元。考虑公司生产经营的季节性，1Q25 业绩超预期。 整体费用控制良好，研发费用保持增长。1Q25 ...

本届盛典以"绘制中国产业版图，感知中国经济韧性"为主题，首次重磅发布"中国有影响力的城市产业 名片"，80张产业名片熠熠生辉，勾勒出一幅气势恢宏的中国产业版图。 在百年未有之大变局加速演变的背景下，产业链韧性已成为衡量一国经济抵抗风险能力的重要指标，是 保障现代经济安全稳定运行的重要条件。在全球产业链深度重构的背景下，《中国产业地理盛典》 以"产业地理版图"为锚点，见证中国产业链的磅礴韧性，为中国在复杂变局中保持战略定力、把握机遇 提供了有力实践和信心支撑。 一张张产业名片背后依托是工业和信息化部工业文化发展中心权威发布的《中国有影响力的城市产业名 片》报告。 该报告在遵循客观性、系统性、科学性原则的基础上，立足区域（城市）产业名片的定位、定义、内 涵、要素和机制，基于产业、名片、生态三大系统构建了3级共28个指标的评价体系，以定量指标为 主，辅以部分定性指标，构建了一套高水准、具有前瞻性的评价框架。 根据这一评价框架，盛典重磅推出三大产业名片，其中，"强国之基"聚焦为中国经济夯筑强大工业底 座、锻造核心能力的基石产业。中国智能家电产业地标青岛市、中国磁性材料产业地标宁波市、中国工 程机械产业地标长沙市等28 ...

Core Viewpoint - New Lai Fu (301323.SZ) has resumed trading and announced a major asset restructuring plan to acquire 100% equity of Guangzhou Jin Nan Magnetic Materials through a combination of share issuance and cash payment [1][2]. Company Overview - The acquisition is seen as a horizontal integration within the industry, with both companies focusing on magnetic materials but in different segments. Jin Nan Magnetic Materials specializes in rubber-plastic magnets for micro motors, holding a 60% global market share in motor magnetic strips, while New Lai Fu excels in adsorption functional materials and electronic ceramic components [4][5]. Financial Data - For 2024, Jin Nan Magnetic Materials is projected to have a revenue of 502 million yuan and a net profit of 83.41 million yuan, with a net profit margin of 16.63%. New Lai Fu's revenue is expected to be 886 million yuan with a net profit of 145 million yuan. If the merger is completed, New Lai Fu's revenue will increase to 1.386 billion yuan, and net profit will rise to 225 million yuan, with total assets and net assets growing by 33% and 26% respectively [5][10]. Management and Control - The actual controller of both companies, Wang Xiaoming, has raised concerns due to the complex relationship between them. He holds 54% of Shengci Technology, which owns 50% of Jin Nan Magnetic Materials, and has a direct stake of approximately 26.59% in Jin Nan [7][9]. Regulatory Concerns - Regulatory scrutiny has previously been directed at the relationship between the two companies, particularly during New Lai Fu's IPO phase, where questions were raised about potential competition between them. The current acquisition emphasizes their shared industry, raising concerns about the transaction's legitimacy [9]. Financial Pressure - New Lai Fu faces significant financial pressure, with cash reserves dropping from 1.324 billion yuan at the time of its IPO to 283 million yuan, a decrease of 78.6%. The company has a total debt of 154 million yuan, and the source of cash for the acquisition remains unclear, leading to speculation about potential fundraising challenges [10]. Industry Outlook - The demand for magnetic materials is expected to grow significantly, with projections indicating that the global market for magnetic materials will exceed 100 billion USD by 2025, driven by sectors such as industrial automation, new energy vehicles, and robotics. If New Lai Fu can effectively integrate resources, it may position itself among the top players globally [12].

事件 4 月 27 日公司发布 2025 年一季报，实现营收 17.54 亿元，环比 +0.29%、同比+14.19%；归母净利润为 1.61 亿元，环比+70.48%、 同比+57.85%；扣非归母净利润为 1.06 亿元，环比+30.70%、同比 +331.10%。 点评 量价齐升，业绩超预期。1Q25 氧化镨钕和钕铁硼市场均价分别环 比+3.29%、+1.60%至 42.96 万元/吨和 201 元/公斤；销量显著增 长，1Q25 公司磁材成品产量约 0.66 万吨，磁材成品销量约 0.6 万 吨，较上年同期均增长超 40%。量价齐升带来盈利能力显著改 善,1Q25 公司毛利率环比+1.44pct 至 15.68%，毛利环比+10.44%至 2.75 亿元。考虑公司生产经营的季节性，1Q25 业绩超预期。 整体费用控制良好，研发费用保持增长。1Q25 公司期间费用环比 -10.97% 至 1.38 亿 元 ，期间费率分别环比、同比 - 0.99pct/+0.58pct；其中销售费率环比-0.40pct 至 1.03%,财务费 率环比+0.06pct 至-0.68%。公司仍然保持高水平研发投入，1Q25 ...

Core Viewpoint - The company, Jinli Permanent Magnet, reported strong financial performance for Q1 2025, with significant growth in revenue and net profit, indicating enhanced profitability in its core business [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.754 billion yuan, a year-on-year increase of 14.19% [1] - The net profit attributable to shareholders was 161 million yuan, reflecting a year-on-year growth of 57.85% [1] - Compared to Q4 2024, revenue increased by 0.29%, while net profit rose by 71.82% and non-recurring net profit grew by 92.73% [1] Production and Capacity - The company’s production capacity continued to be released, with a utilization rate exceeding 90% for new capacity [1] - The output of magnetic material blanks reached 8,770 tons, and finished magnetic material production was approximately 6,600 tons, with sales of finished products around 6,024 tons, all showing over 40% growth compared to Q1 2023 [1] Business Structure - The new energy vehicle sector generated revenue of 882 million yuan, accounting for 50.28% of total revenue, maintaining a leading market position [2] - Revenue from energy-saving variable frequency air conditioning reached 513 million yuan, representing 29.25% of total revenue, solidifying competitive advantages [2] - International market expansion was notable, with export sales reaching 312 million yuan, making up 17.76% of total revenue, including 122 million yuan in sales to the U.S., which accounted for 6.94% of total revenue [2] Emerging Business Initiatives - The company is actively developing emerging businesses, achieving breakthroughs in the field of embodied robotics, with small batch deliveries of motor rotor products in collaboration with a well-known international technology company [2] - Jinli Permanent Magnet aims to leverage new capacity releases to strengthen its presence in core application areas such as new energy vehicles, energy conservation, and robotics, focusing on market share expansion through technological innovation and efficient management [2] Share Buyback Plan - Concurrently with the Q1 2025 performance announcement, the company disclosed a share buyback plan, reflecting confidence in future growth [3] - The buyback will occur at a price not exceeding 31.18 yuan per share, with a total fund allocation between 100 million and 200 million yuan, aimed at reducing registered capital [3] - Management emphasizes that the buyback is a key component of the company's strategy while maintaining a focus on investor interests [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [6] Core Insights - The company has experienced significant growth in operating performance, with a revenue of 1.663 billion yuan in 2024, representing a year-on-year increase of 43.54%, and a net profit attributable to shareholders of 376 million yuan, up 46.90% year-on-year [6][7] - The magnetic inductive components have seen rapid growth, with the chip inductors becoming a second growth curve driven by AI computing demand, achieving a revenue of 386 million yuan, a staggering increase of 275.8% year-on-year [6][7] - The company is expanding its production capacity and developing new products in the soft magnetic core business, with a gross margin of 40.41% in 2024, up 1.16 percentage points year-on-year [6][7] Financial Performance - In 2024, the company achieved a revenue of 1.663 billion yuan, with a year-on-year growth of 44%, and a net profit of 376 million yuan, reflecting a 47% increase [7][14] - The revenue from the magnetic powder core segment reached 1.234 billion yuan, a 20.2% increase year-on-year, while the sales volume was approximately 39,300 tons, up 27.85% [6][7] - The company’s operating cash flow significantly improved, reaching 1.18 billion yuan, indicating enhanced bargaining and collection capabilities with clients [6] Product Development and Market Position - The company has completed a comprehensive product line for magnetic inductive components, covering energy conversion from generation to load, and has gained recognition from major semiconductor manufacturers [6][7] - New product developments include integrated inductors using copper-iron co-firing technology, which can save PCB area by 20-70% and improve power module efficiency by 0.2-2% [6] - The company is also expanding its production capacity with a new modern powder production base, aiming for an annual capacity of 6,000 tons by 2025 [6][7] Future Projections - The company is expected to achieve net profits of 480 million yuan, 573 million yuan, and 679 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 24.4, 20.4, and 17.2 [6][7] - The report anticipates continued growth momentum in the soft magnetic core segment driven by demand from AI servers, photovoltaic installations, and the electric vehicle market [6][7]

本次公司不分配不转赠。 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1400 | 0.1600 | -12.5 | | | 每股净资产（元） | 7.78 | 0 | 0 | 0 | | 每股公积金(元) | 3.49 | 0 | 0 | 0 | | 每股未分配利润(元) | 2.78 | | 0 | | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 5.25 | 5.58 | -5.91 | 6.35 | | 净利润(亿元) | 0.36 | 0.32 | 12.5 | 0.36 | | 净资产收益率(%) | 1.73 | | 0 | | | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 74.09 | 1.1 ...

证券代码：300835 证券简称：龙磁科技 公告编号：2025-009 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 天健会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所未变更。 非标准审计意见提示：□适用 √不适用 公司上市时未盈利且目前未实现盈利：□适用 √不适用 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为： 以期末总股本119,371,904股扣减公司回购专用证券账户持有的公司股份3,488,870股后115,883,034股为基 数，向全体股东每10股派发现金红利2.00元（含税），送红股0股（含税），以资本公积金向全体股东 每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 董事会审议的报告期利润分配预案或公积金转增股本预案 （一）报告期公司主营业务、产品及用途 公司主要从事永磁铁氧体新型功能材料的研发、生 ...

具体来看，今日上榜营业部中，第一大买入营业部为瑞银证券有限责任公司上海浦东新区花园石桥路第 二证券营业部，买入金额为1406.70万元，第一大卖出营业部为东方财富证券股份有限公司拉萨东环路 第二证券营业部，卖出金额为1345.37万元。 近半年该股累计上榜龙虎榜30次，上榜次日股价平均跌0.50%，上榜后5日平均涨0.53%。 资金流向方面，今日该股主力资金净流出6362.75万元，其中，特大单净流出3313.84万元，大单资金净 流出3048.91万元。近5日主力资金净流出4802.62万元。 天和磁材(603072)今日下跌8.12%，全天换手率28.75%，成交额10.06亿元，振幅6.55%。龙虎榜数据显 示，营业部席位合计净买入317.97万元。 上交所公开信息显示，当日该股因日换手率达28.75%上榜，营业部席位合计净买入317.97万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.09亿元，其中，买入成交额为5594.26 万元，卖出成交额为5276.29万元，合计净买入317.97万元。 天和磁材4月18日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出 ...