Core Viewpoint - Longi Technology is enhancing its overseas layout by investing approximately 210 million yuan in the second phase of its Vietnam project, aiming to upgrade production capacity and localize the supply of raw materials for permanent magnetic ferrite [1][2]. Group 1: Investment and Expansion - The investment of about 210 million yuan will be used to construct the second phase of the Vietnam project, which will add 10,000 tons of permanent magnetic ferrite wet-pressed magnetic tile capacity and 25,000 tons of pre-burned material capacity [2]. - The project is set to begin construction in September 2025 and will be completed in 36 months, contributing to the company's long-term stable development [2][3]. Group 2: Financial Performance - In the first half of 2025, Longi Technology achieved operating revenue of 591 million yuan, a year-on-year increase of 6.36%, and a net profit of 85.25 million yuan, up 31.82% from the previous year [5]. - The growth in profit is attributed to increased capacity at the Vietnam subsidiary, improved scale effects, and a reduction in losses from the soft magnetic business [5]. Group 3: Business Segments - Longi Technology operates in three main business segments: permanent magnetic, soft magnetic, and inductors, effectively diversifying market risks [4]. - The permanent magnetic ferrite segment has a capacity of 50,000 tons and is widely used in automotive, variable frequency appliances, and power tools [4]. Group 4: Research and Development - The company emphasizes technological innovation, with R&D expenses exceeding 5% of revenue, amounting to 31.35 million yuan in the first half of 2025 [5][6]. - Longi Technology holds over 200 national patents, covering key processes in the production of high-performance magnetic tiles [6]. Group 5: Market Position - As of September 15, the company's stock price was 62.02 yuan per share, with a year-to-date increase of approximately 102%, and a total market capitalization exceeding 7 billion yuan [7].

Core Viewpoint - Longi Technology (龙磁科技) is initiating a new round of expansion plans, investing approximately 210 million yuan in its subsidiary in Vietnam to enhance production capacity and localize supply chains for permanent magnet materials [1][2]. Group 1: Expansion Plans - The company plans to invest about 210 million yuan in the second phase of its project, which is set to start construction in September 2025 and will take 36 months to complete [1]. - The new project aims to add 10,000 tons of permanent magnet ferrite wet-pressed magnetic tile capacity and 25,000 tons of pre-burned material capacity [1]. - The expansion is expected to enhance the company's production scale and extend its supply chain upstream [1]. Group 2: Current Production Capacity - Currently, Longi Technology has a total permanent magnet capacity of 50,000 tons, distributed across Anhui and Vietnam, with the Vietnam subsidiary achieving a capacity of 12,000 tons after recent upgrades [2]. - The Vietnam base is experiencing high demand, with multiple clients requesting increased shares due to tight supply conditions influenced by rare earth and trade policies [2]. Group 3: Financial Performance - In the first half of the year, Longi Technology reported revenue of 591 million yuan, a year-on-year increase of 6.36%, and a net profit of 85.25 million yuan, reflecting a growth of 31.82% [3].

各位投资者早上好我是金融新闻的一个投资者关系总监刘继扬首先呢由我来介绍一下我们二十几年的这个研究业绩用词呢涉及研发生产和销售高性能银行用的材料存储件和稀土回收的一家高薪企业那我们下调的产品呢主要应用于行人缘汽车节能电池供应发电机器人还有工业自由电机3C等等领域 那我们这个行业呢也是国家政客大力支持啊这个符合这个现在新制生产力的这么一个行业那二十四年呢在呃之前在建的包头二期宁波还有高州赣州高校减肥减低项目呢您按规划建设并允许投入这个使用 那20年前年呢我们整个这个稀土种子材料的实际产量已经达到了3.2万吨那到20年底呢我们也具备了3.8万吨的这个毛坯生产能力预计25年呢我们将建成4万吨的这个高性能稀土种子的产能还有这个先进的原型机组建的生产线这一页呢主要是介绍我们公司主要产品的这个特性以及一些这个相应的板块还有客户 我们呢其实是一家民营企业我们是这个行业中唯一一家A加H上市的公司那我们的股东呢也非常多样化我们的实控人呢大概是我们A加H股大概32%左右的这么一个股份这张呢主要介绍一下我们整个公司的历史我们是08年8月份成立一开始呢是涉足于封建后来涉足于这个空调以及汽车 从2014年全年我们的产能利用率超过90%整 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company achieved a revenue of 6.763 billion RMB in 2024, a year-on-year increase of 1.13%, but the net profit attributable to shareholders was 291 million RMB, down 48.37% year-on-year, which was below expectations [1][4] - The company is expected to see significant demand growth in emerging fields such as humanoid robots, with a potential surge in product demand anticipated in 2025-2026 [1][3] - The company has actively expanded into new downstream applications, with the electric vehicle sector generating 3.314 billion RMB in revenue in 2024, a year-on-year increase of 38.62%, accounting for 49% of total revenue [3] Revenue and Profitability - In Q4 2024, the company reported a revenue of 1.749 billion RMB, a year-on-year increase of 6.82% and a quarter-on-quarter increase of 5.85%, with a net profit of approximately 94.16 million RMB, up 35.62% year-on-year and 21.96% quarter-on-quarter [1][2] - The company's high-performance NdFeB production and sales volumes reached 21,600 tons and 20,900 tons respectively in 2024, representing year-on-year increases of 42.40% and 37.88% [2] - The overall gross margin for 2024 was 11.13%, down 4.94 percentage points year-on-year, while Q4 2024 gross margin improved to 14.28%, up 1.46 percentage points quarter-on-quarter [2] Forecast and Valuation - The company’s EPS for 2025-2027 is projected to be 0.57 RMB, 0.79 RMB, and 0.81 RMB respectively, with a downward adjustment of 16.18% and 7.06% for 2025 and 2026 [4] - The target price for the company is set at 24.29 RMB, with a corresponding target price of 15.90 HKD for H shares, reflecting a 64.37% premium based on the average A/H premium over the last 30 days [4][7]