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 ...

Core Viewpoint - Tianhe Magnetic Materials (603072) reported its first annual results since listing, achieving a raw material output of over 10,400 tons in 2024, a year-on-year increase of 23.51%, and total assets reaching 3.387 billion yuan, solidifying its position in the top tier of China's rare earth permanent magnet industry [1] Group 1: Production and Capacity - In 2024, the company’s raw material output reached 10,400 tons, representing a 23.51% year-on-year growth, positioning it among the industry leaders [2] - The release of production capacity has been a key support for performance, leveraging the full industry chain advantage from rare earth mining to deep processing in Baotou [2] Group 2: Technological Advancements - The company has increased its R&D investment, achieving breakthroughs in key technology areas such as multi-component regulation and grain refinement, with its main products' magnetic performance and corrosion resistance reaching advanced domestic levels [3] - The dual-mode layout of "finished products + raw materials" has enabled the company to penetrate emerging fields like electric vehicle drive motors and low-altitude economy eVTOLs, with revenue from the electric vehicle and components business increasing to 63.38%, up 6.09% year-on-year [3] Group 3: Market Expansion - The company focuses on high-performance rare earth permanent magnet materials, maintaining a business system driven by "neodymium-iron-boron as the mainstay and samarium-cobalt as a supplement," while expanding into new application areas such as electric vehicles, wind power, energy-efficient appliances, and robotics [4] - The low-altitude economy sector is expected to create a market demand of 10,000 tons by 2025, with energy-efficient air conditioning demand reaching 12,400 tons as penetration rates increase [4] - The company’s products have been certified by leading international clients like Bosch and Siemens, with nearly half of its revenue coming from overseas markets, indicating a successful global expansion [4] Group 4: Strategic Vision - In 2025, the company aims to be a leader in high-performance permanent magnet materials, focusing on R&D and technological innovation, while targeting applications in electric vehicles, wind power, smart manufacturing, and emerging industries [5] - The company is committed to implementing three main strategies: "technology-driven enterprise, intelligent manufacturing, and market diversification" to become a top global player in high-performance rare earth permanent magnet materials [5]

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 ...

Core Viewpoint - The surge in rare earth permanent magnet concept stocks is driven by Elon Musk's announcement regarding Tesla's collaboration with Beijing to obtain export licenses for rare earth magnets, leading to significant stock price increases in related companies [1][2][4]. Stock Performance - Key stocks in the rare earth permanent magnet sector, such as Jinli Permanent Magnet and Longmag Technology, saw substantial gains, with Jinli Permanent Magnet rising over 12% and Longmag Technology increasing by more than 8% [2][3]. - A total of 48 rare earth permanent magnet concept stocks closed higher, with Jinli Permanent Magnet leading the gains at over 10.39% [3]. Market Dynamics - The demand for rare earth permanent magnets is increasing, with a notable correlation to the human-shaped robot market, which is expected to see significant growth due to technological advancements and policy support [5][6]. - Goldman Sachs predicts that the shipment of humanoid robots will reach 890,000 units by 2030, with a compound annual growth rate of 53% from 2025 to 2030 [5]. Supply Chain and Regulatory Environment - Recent export restrictions imposed by China on rare earth materials are expected to impact the supply chain, as exporters must now apply for licenses, potentially delaying shipments [4][6]. - China controls over 85% of the global rare earth refining capacity, and current global inventories are estimated to last only 3-6 months, posing risks to production in various industries [6]. Future Outlook - The combination of supply constraints and increasing demand is likely to drive up rare earth prices, with institutions optimistic about a sustained upward trend in price levels [6].

Core Viewpoint - Tesla's production of humanoid robots, "Optimus," is impacted by China's export controls on rare earth materials, specifically affecting the supply of rare earth magnets necessary for the robots' servo motors [1][2][3]. Group 1: Impact of Export Controls - China's Ministry of Commerce announced export controls on seven categories of heavy rare earth materials, including samarium, gadolinium, and dysprosium, effective April 4 [3]. - The purpose of these controls is to safeguard national security and fulfill international obligations, reflecting China's commitment to maintaining global peace and stability [3]. Group 2: Demand for Rare Earth Materials - Tesla plans to produce thousands of "Optimus" robots this year, with each robot requiring approximately 3.5 kg of high-performance neodymium-iron-boron magnets [3][10]. - The demand for rare earth materials in humanoid robots is projected to be significant, with Goldman Sachs predicting that humanoid robot shipments could reach 890,000 units by 2030, representing a compound annual growth rate of 53% from 2025 to 2030 [9][10]. Group 3: Market Reaction - Following the announcement of export controls, rare earth permanent magnet stocks surged, with companies like Jinli Permanent Magnet and Longmag Technology seeing significant stock price increases of over 10% and 7.79%, respectively [4][6][7].

Core Viewpoint - The surge in rare earth permanent magnet stocks is primarily driven by Tesla CEO Elon Musk's comments regarding the impact of China's export restrictions on rare earth magnets for the production of humanoid robots [1][2]. Group 1: Market Reaction - Rare earth permanent magnet stocks experienced a sharp increase, with Jinli Permanent Magnet rising over 10%, and other companies like Longmag Technology and Zhenghai Magnetic Materials also seeing gains of over 5% [1][2]. - The robotics sector also saw significant gains, with stocks like Yujian and Horizon Robotics increasing by over 13% and 14% respectively, indicating a strong market correlation between robotics and rare earth magnets [2]. Group 2: Supply Chain and Export Restrictions - China's recent export restrictions on rare earth materials are a response to U.S. tariffs, affecting the supply of minerals used in weapons, electronics, and consumer goods [2][4]. - Exporters now need to apply for licenses from the Chinese Ministry of Commerce, a process that could take several weeks to months, potentially impacting production timelines for companies reliant on these materials [2][4]. Group 3: Demand Forecast - Goldman Sachs predicts that humanoid robot shipments could reach 890,000 units by 2030, with a compound annual growth rate of 53% from 2025 to 2030 [3]. - The demand for rare earth permanent magnets in humanoid robots is estimated to be around 3.5 kg per robot, leading to a projected total demand of 3,115 tons by 2030 if the shipment target is met [4]. Group 4: Industry Dynamics - The use of rare earth permanent magnets in servo motors is crucial for the precise movement of humanoid robots, enhancing motor efficiency and control precision [4]. - China controls over 85% of global rare earth refining capacity, with the U.S. relying on China for 80% of its rare earth imports, highlighting the geopolitical implications of supply chain dependencies [4].

格隆汇4月23日｜A股市场稀土永磁板块拉升，其中，金力永磁(300748)涨超12%，龙磁科技涨超8%， 宜安科技(300328)涨7%，银河磁体(300127)、大地熊、正海磁材(300224)涨超5%，德宏股份(603701)、 九菱科技、宁波韵升(600366)、中科三环(000970)、中科磁业、英洛华(000795)涨超4%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 特斯拉马斯克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。马斯克 说，中国希望保证其稀土磁体不用于军事目的。他补充说，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。 (责任编辑：宋政 HN002) | 代码 | 名称 | | 涨幅% ↓ | 总市值 | | --- | --- | --- | --- | --- | | 300748 | 金力永磁 | 1 | 12.24 | 299 ...

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]