公司是高性能稀土永磁材料的领先供应商，业务多基地布局公司是集研发、生产和销售高性能钕铁硼永 磁材料、磁组件及稀土永磁材料回收综合利用于一体的高新技术企业，是新能源和节能环保领域高性能 稀土永磁材料的领先供应商。公司主要产品为钕磁铁磁钢产品，被广泛应用于新能源汽车及汽车零部 件、节能变频空调、风力发电、3C、机器人及工业伺服电机、节能电梯、轨道交通等领域。公司自成 立以来陆续布局赣州、包头、宁波生产基地，且公司产品结构逐步向非风电领域拓展。2026 年2 月公司 完成集团架构调整，形成母公司控股、多生产基地集团。 2025 年以来公司营收稳定增长，业绩实现大幅修复，盈利能力明显改善 2023-2024 年公司面临稀土磁材价格下行周期及底部徘徊期，尽管产能持续释放下销量增长抵消了价格 下行对营收的影响，但受行业竞争加剧、阶段性汇兑收益减少、研发费用持续增加及阶段性高库存订单 滞后等因素影响，业绩连续两年出现持续下滑。据Wind 数据，2025 年前三季度公司产能利用充足叠加 稀土磁材价格回升，营收稳步增长，业绩大幅回升。同期实现营收53.73 亿元，同比增长7.16%，其中 主营业务收入48.99 亿元，同比增长 ...

Core Insights - The report from Minsheng Securities highlights that Jinli Permanent Magnet achieved a net profit attributable to shareholders of 515 million yuan in the first three quarters of 2025, representing a year-on-year increase of 161.81% [1] - In Q3 2025, the company reported a net profit of 210 million yuan, marking a year-on-year growth of 172.65% and a quarter-on-quarter increase of 45.75%, aligning with performance forecasts [1] Production Capacity and Growth - The company has successfully built a production capacity of 40,000 tons for rare earth permanent magnet blanks and aims to reach 60,000 tons by 2027 [1] - Jinli is expanding into the humanoid robot magnetic component sector, with a factory in Mexico under construction for a capacity of 1 million sets, and has already made some small batch deliveries in the first three quarters of 2025 [1] Future Profit Projections - Due to rising rare earth prices and continuous capacity expansion, the company is expected to achieve net profits of 721 million yuan, 872 million yuan, and 1.084 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.53 yuan, 0.64 yuan, and 0.79 yuan [1] - The projected PE ratios based on the closing price on October 20 are 76, 63, and 51 times for the years 2025, 2026, and 2027 respectively, maintaining a "recommended" rating [1]

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]