公司评级：增持（维持） 近十二个月公司表现 % 1 个月 3 个月 12 个月 相对收益 8 19 70 绝对收益 8 23 89 证券研究报告 2026 年 03 月 01 日 湘财证券研究所 公司研究 金力永磁（300748.SZ） 新能源及节能领域高端磁材保持领先，重点布局具身智能磁组件 ❑ 新能源及节能领域需求持续增长，公司龙头地位稳定 2025 年新能源汽车增长良好，为公司提供业绩保障，2025 年前三季度 公司在新能源及节能领域产品销量快速增长。尽管全球新能源汽车三大 市场同时面临增速转折期的大背景下，新能源汽车产销增长 2026 年压 力将逐步凸显，阶段性减速大概率不可避免，但受益于技术迭代、产品 力推动、汽车下乡及海外出口市场支撑以及补贴政策支持依旧延续等因 素，预计新能源汽车产销仍将保持稳定增长。2025 年全球新增风电装机 容量再创新高，风电新增装机有望持续增长。公司在关键下游领域建立 了细分市场领先地位，与现有客户关系稳定，产品定制化，客户黏性较 高，未来高性能磁材产能规模仍有扩张空间。稀土行业政策趋紧推动供 需平衡，产业链价格逐步回升有望推动公司盈利能力平稳修复。公司生 产基地靠近原料 ...

会场外，另一项最高礼遇也临沂城拉开帷幕。与"凤凰榜"颁授同步，位于人民广场、奥体中心、临沂北站等黄金位置的展示牌上，显示着上榜企业名单。 而夜幕降临后，更多楼宇之上的电子屏，也将为这些企业亮起。 当一座城以这样的礼遇向企业致敬，散发出的是与企业携手共进的决心和信心之光。 齐鲁晚报.齐鲁壹点高松 春天的每一缕清风都像是诗篇的序幕。 当沂河畔的玉兰花悄悄绽放，一场惠及临沂民营企业的经贸盛会正在涌动发展浪潮。 2月25日下午，作为临沂市"新春第一会"的民营经济大会暨第三届临商大会，进行了"凤凰榜"颁授仪式，139家企业分别上榜凤凰金榜、凤凰银榜、凤凰青 榜。 会场内，23位作出突出贡献的企业家，佩戴红花，与临沂市领导并肩入场，在主席台前排落座。不论是入场还是合影，会议多个环节都体现了让企业家 站"C位"的尊崇。 就像一场双向奔赴，张宝亮在大会现场的讲话中，用了超过1/3的篇幅回应企业所思所盼。从降本纾困、培育龙头、聚力科创、广拓市场、护航发展、亲 清同行等6个方面，明确了临沂市委、市人民政府将如何做企业坚实后盾，主动靠前服务，全力营造稳定可预期的发展环境。 作为临沂本地培育成长的创新型企业，春光科技（603657） ...

证券日报网讯 2月25日，正海磁材在互动平台回答投资者提问时表示，公司专业从事高性能钕铁硼永磁 材料的研发、生产与销售，公司产品可广泛应用于新能源、节能化和智能化等"三能"高端应用领域。公 司具有良好的商业生态，已形成以汽车市场（尤其是节能与新能源汽车）为主，其他各主要应用领域均 衡发展的良性格局。 （文章来源：证券日报） ...

格隆汇2月25日丨正海磁材(300224.SZ)在互动平台表示，公司专业从事高性能钕铁硼永磁材料的研发、 生产与销售，公司产品可广泛应用于新能源、节能化和智能化等"三能"高端应用领域。公司具有良好的 商业生态，已形成汽车市场（尤其是节能与新能源汽车）为主，其他各主要应用领域均衡发展的良性格 局。 ...

格隆汇2月25日丨英洛华(000795.SZ)在投资者互动平台表示，公司主要从事钕铁硼磁性材料、微特电机 产品、健康器材产品以及电子声学产品的生产和销售。公司部分产品目前有少量应用于工业机器人。公 司一直在持续关注和紧跟机器人行业的发展趋势，更聚焦于未来的商业化批量落地，并做好人才、技术 和产品储备。 ...

证券日报网讯2月25日，英洛华（000795）在互动平台回答投资者提问时表示，公司主要从事钕铁硼磁 性材料、微特电机产品、健康器材产品以及电子声学产品的生产和销售。公司部分产品目前有少量应用 于工业机器人。公司一直在持续关注和紧跟机器人行业的发展趋势，更聚焦于未来的商业化批量落地， 并做好人才、技术和产品储备。 ...

2月25日，金力永磁涨5.22%，截至发稿，报39.50元/股，成交10.61亿元，换手率2.42%，总市值543.36 亿元。 易方达创业板ETF（159915）成立日期2011年9月20日，最新规模1004.46亿。今年以来收益3.47%，同 类排名3491/5570；近一年收益48.37%，同类排名671/4305；成立以来收益278.05%。 易方达创业板ETF（159915）基金经理为成曦、刘树荣。 截至发稿，成曦累计任职时间9年297天，现任基金资产总规模2369.54亿元，任职期间最佳基金回报 131.04%， 任职期间最差基金回报-67.89%。 刘树荣累计任职时间8年225天，现任基金资产总规模1276.84亿元，任职期间最佳基金回报194.12%， 任职期间最差基金回报-48.01%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，江西金力永磁科技股份有限公司位于江西省赣州市经济技术开发区金岭西路81 ...

Core Viewpoint - Shandong Chunguang Technology Group Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise approximately 750.71 million yuan, focusing on the research, production, and sales of soft magnetic ferrite materials [1]. Group 1: Company Overview - The company specializes in the research, production, and sales of soft magnetic ferrite powder, and has expanded its product line to include soft magnetic ferrite cores, electronic components, and power supplies, creating a synergistic development across its business segments [1]. - Chunguang Group has established itself as one of the few manufacturers capable of large-scale supply of high-quality soft magnetic ferrite materials, thanks to years of product innovation and process improvements [1]. Group 2: Market Position and Sales - The sales volume of soft magnetic ferrite powder (excluding internal sales) for the reporting periods were 76,800 tons, 82,200 tons, 101,600 tons, and 50,100 tons, with the company ranking first in domestic sales for the years 2022, 2023, and 2024 [1]. - The company's products are widely used in various sectors, including new energy vehicles, smart home appliances, communication power supplies, green lighting, photovoltaic energy storage, the Internet of Things, and medical applications, indicating a strong competitive advantage in capacity, performance, and reliability [1]. Group 3: Financial Performance - The company reported revenues of approximately 1.015 billion yuan, 930 million yuan, 1.077 billion yuan, and 546 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - Net profits for the same periods were approximately 77.14 million yuan, 87.03 million yuan, 98.89 million yuan, and 58.51 million yuan [2]. - Total assets as of June 30, 2025, were approximately 1.344 billion yuan, with total liabilities showing an asset-liability ratio of 8.67% for the parent company and 47.15% for the consolidated entity [3].

Group 1 - Morgan Stanley increased its stake in Jinli Permanent Magnet (06680) by 254,200 shares at a price of HKD 21.7208 per share, totaling approximately HKD 5.5214 million [1] - After the increase, the total number of shares held by Morgan Stanley is approximately 16.6448 million, representing a holding percentage of 7.09% [1]

Core Viewpoint - The stock price of Placo New Materials (300811) rose significantly by 6.43% to close at 79.45 yuan, with a trading volume of 1.113 billion yuan and a market capitalization of 23.025 billion yuan, indicating strong performance compared to the market index [1] Group 1: Recent Events - Recent rare earth prices have increased, potentially impacting the cost structure for magnetic material companies [1] - Placo New Materials confirmed that its chip inductors are being used in NVIDIA's AI chip GPU-H100 and are suitable for DDR5 memory modules, with performance indicators leading and currently in small batch testing [1] - The company continues to collaborate with Huawei in the fields of photovoltaics and energy storage, highlighting its business layout in popular sectors such as AI servers and storage chips [1] Group 2: Institutional Perspectives - Institutions maintain a neutral outlook on Placo New Materials, with a target price of 84.40 yuan, suggesting an upside potential of approximately 6.23% from the current stock price [1] - Profit forecasts indicate a projected net profit growth of 31.43% and revenue growth of 26.16% for 2026, primarily driven by demand for AI servers [1] - Recent institutional ratings have not shown significant changes, but the growth potential in the chip inductor sector has been frequently mentioned [1] Group 3: Financial Performance - For the first nine months of 2025, the company achieved operating revenue of 1.301 billion yuan, a year-on-year increase of 6.03%, and a net profit attributable to shareholders of 294 million yuan, up 2.48% year-on-year [2] - The revenue share from the chip inductor business is rapidly increasing, although it has not yet become the company's largest product line [2] - Financial data reflects steady growth for the company, although the growth rate has slowed compared to previous periods [2]