金力永磁 20251022 摘要 金运磁材在 2025 年第三季度的业绩表现如何？ 2025 年前三季度，金运磁材实现营收约 54 亿元人民币，同比增长约 7%。其 中，主营业务收入近 50 亿元，同比增长超过 12%。主要收入来源包括新能源 汽车、风力发电和节能变频空调，占总收入的 80%以上。公司还在具身机器人 电机转子和低空飞行器领域实现了小批量交付。利润方面，公司归母净利润达 到 5.15 亿元，同比增长超过 160%；扣非净利润为 1.3 亿元，同比增长超过 380%。毛利率也有显著提升，前三季度平均毛利率接近 20%，第三季度更是 超过 25%。 公司通过调整库存周期和采购策略应对稀土价格波动，目前库存已回归 到 2~3 个月水平。三季度毛利率改善受益于存货成本优势和产品结构优 化，未来希望通过多种方式保持毛利率在 15%~20%的区间。 公司预计全年产销量增长 20%~30%，通过灵活调价策略应对市场变化， 维持较高盈利水平。新能源汽车和空调领域对重稀土需求较高，公司订 单持续稳定，未来有望进一步增加。 公司对 10 月份出台的新出口管制措施有何看法？这些措施对公司订单有何影 响？ 10 月 9 ...

记者丨董鹏 编辑丨朱益民 金力永磁的对美出口，不减反增。 10月20日晚间，该公司对外披露三季报，前三季度公司实现营收53.73亿元， 其中对美国出口销售收入为3.54亿元，同比增长43.92%。 其背后，是金力永磁在产业链内部的不可替代性。根据公开的行业统计数据，该公司已成为全国，乃至全球稀土永磁材料行业产销量排名第一 的企业。 在新能源汽车领域，公司产品被全球前十大新能源汽车生产商用于生产驱动电机；在风电领域，全球前十大风电整机厂商中的五家为公司客 户。 外部出口保持稳定的同时，金力永磁受益于毛利率的修复，今年整体盈利能力也得到了明显提升。 今年三季度，公司归母净利润达到2.11亿元，同比增长172.7%。 四季度如若保持这一盈利水平，金力永磁全年利润规模有望超越2022年的高 点。 这并非没有可能，目前机构对公司也抱有较高的盈利预期。 Wind数据显示，今年8月以来，卖方给出的金力永磁2025年预期净利润普遍在7亿元以上，部分卖方更是给出了8亿元左右的预期值。 二级市场表现上，今年8月以来， 金力永磁股价共计上涨39.06%。10月21日收跌1.02%，最新市值报504亿元。 出口增长背后 中国生产，全 ...

Core Viewpoint - The company Jinli Permanent Magnet (300748) expects a significant increase in net profit for the first three quarters of the year, projecting between 505 million to 550 million yuan, representing a year-on-year growth of 157% to 179% [2]. Financial Performance - The projected non-recurring net profit is between 415 million to 460 million yuan, indicating a year-on-year increase of 365% to 415% [2]. - In the first half of 2025, the company achieved sales revenue of 1.675 billion yuan in the new energy vehicle and auto parts sector, with a corresponding sales volume growth of 28.14% [3]. - The variable frequency air conditioning sector generated sales revenue of 1.050 billion yuan, with a sales volume increase of 19.85% [3]. Business Operations - Jinli Permanent Magnet is a high-tech enterprise engaged in the R&D, production, and sales of high-performance neodymium-iron-boron permanent magnetic materials, magnetic components, embodied robot motor rotors, and rare earth recycling [2]. - The company has established a dedicated division for embodied robot motor rotors, with plans for small batch deliveries of related products by the third quarter of 2025 [3]. - The company is actively expanding its production capacity, with a planned actual production capacity of 32,000 tons for magnetic materials in 2024, and aims to reach an annual capacity of 38,000 tons by the end of 2024 [3]. Market Position and Strategy - Jinli Permanent Magnet has formed long-term stable partnerships with leading companies in various fields, including new energy vehicles, energy-efficient variable frequency air conditioning, wind power generation, robotics, and industrial servo motors [2]. - The company is adapting to market demands by investing in specialized facilities, equipment, and teams to enhance its production capabilities [3]. - The company is also addressing the volatility of rare earth material prices through flexible inventory strategies, ensuring delivery capabilities and maintaining operational stability [2].

在行业竞争加剧的背景下，公司通过技术创新、组织优化及精益管理，持续提升运营效率与盈利能力。 公司积极应对稀土原材料价格波动风险，灵活调整库存策略，保障交付能力获得客户认可。值得注意的 是，公司新设立的具身机器人电机转子事业部于2025年前三季度已实现小批量产品交付，同时在低空飞 行器领域也取得突破。公司产品广泛应用于新能源汽车、节能变频空调、风力发电等多个领域，目前第 四季度在手订单充足。 格隆汇10月9日丨金力永磁(06680.HK)公告，关于2025年前三季度业绩预告，预计实现归属于上市公司 股东的净利润人民币5.05亿元至5.50亿元，同比增长157%至179%;扣除非经常性损益后的净利润预计为 人民币4.15亿元至4.60亿元，同比大幅增长365%至415%。第三季度净利润预计达人民币2.00亿元至2.45 亿元，同比增长159%至217%。 ...

格隆汇10月9日丨金力永磁(06680.HK)公告，关于2025年前三季度业绩预告，预计实现归属于上市公司 股东的净利润人民币5.05亿元至5.50亿元，同比增长157%至179%;扣除非经常性损益后的净利润预计为 人民币4.15亿元至4.60亿元，同比大幅增长365%至415%。第三季度净利润预计达人民币2.00亿元至2.45 亿元，同比增长159%至217%。 在行业竞争加剧的背景下，公司通过技术创新、组织优化及精益管理，持续提升运营效率与盈利能力。 公司积极应对稀土原材料价格波动风险，灵活调整库存策略，保障交付能力获得客户认可。值得注意的 是，公司新设立的具身机器人电机转子事业部于2025年前三季度已实现小批量产品交付，同时在低空飞 行器领域也取得突破。公司产品广泛应用于新能源汽车、节能变频空调、风力发电等多个领域，目前第 四季度在手订单充足。 ...

Group 1: Company Performance - Jinli Permanent Magnet expects a net profit of 505 million to 550 million yuan for the first three quarters of 2025, representing a year-on-year increase of 157% to 179% [1] - Guangdong Mingzhu anticipates a net profit of 215 million to 263 million yuan for the first three quarters of 2025, reflecting a significant year-on-year growth of 858.45% to 1,071.44% [2] - Wide Special Materials forecasts a net profit of approximately 248 million yuan for the first three quarters of 2025, indicating a year-on-year increase of around 213.92% [6] Group 2: Product Development and Innovations - Jinli Permanent Magnet has established a division for embodied robot motor rotors, with small batch deliveries of related products expected in the first three quarters of 2025 [1] - Ganfeng Lithium has a complete integrated layout for solid-state batteries and has developed key components, including high-energy density batteries with a range of 320Wh/kg to 550Wh/kg [2] - Xingqi Eye Medicine received clinical trial approval for SQ-129, a new drug for treating diabetic macular edema, with no similar products approved domestically or internationally [4] Group 3: Strategic Investments and Projects - Tianhe Magnetic Materials plans to invest 850 million yuan in high-performance rare earth permanent magnet projects, with total investment expected to reach 900 million yuan [7] - Time Space Technology is planning to acquire control of Shenzhen Jiahe Jingwei Electronic Technology Co., Ltd. through a combination of share issuance and cash payment [9] - The company has initiated a project to enhance production capacity and efficiency in offshore wind power casting, contributing to profitability [6]

Core Viewpoint - The company, Jinli Permanent Magnet (300748.SZ), is focusing on the development of embodied robots, which are expected to be a significant growth area for the company in the future [1] Group 1: Business Development - The company has established a division specifically for the development of motor rotors for embodied robots [1] - Small batch deliveries of motor rotors and magnetic materials for embodied robots are expected in the first half of 2025 [1]

Group 1 - The core viewpoint is that embodied robots are seen as a trend in the development of human productivity, indicating a significant growth potential in the robotics sector for the company [1] - The company has established a division for embodied robot motor rotors, signaling a strategic focus on this emerging technology [1] - Small batch deliveries of embodied robot motor rotors and magnetic materials are expected in the first half of 2025, highlighting the company's commitment to this new business line [1]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.507 billion CNY, a year-on-year increase of 4.33% [2] - Main business revenue reached 3.226 billion CNY, growing by 11.08% [2] - Net profit attributable to shareholders was 305 million CNY, up 154.81% [2] - Net profit excluding non-recurring gains and losses was 234 million CNY, a significant increase of 588.18% [2] Export and Sales - Overseas sales revenue for the first half of 2025 was 513 million CNY, a decrease of 13.58% [3] - Sales revenue from exports to the United States was 217 million CNY, an increase of 45.10% [3] Production Capacity and Revenue Structure - The actual production capacity for rare earth permanent magnet materials reached 32,000 tons in 2024, with a target of 60,000 tons by 2027 [4] - Revenue from the new energy vehicle and auto parts sector was 1.675 billion CNY, with a sales volume increase of 28.14% [4] - Revenue from the variable frequency air conditioning sector was 1.050 billion CNY, with a sales volume increase of 19.85% [4] - Other sectors included wind power (214 million CNY), robotics and industrial servo motors (133 million CNY), and 3C products (101 million CNY) [4] Robotics and R&D - The company upgraded its R&D department to focus on embodied robot motor rotors, indicating a strategic shift towards this growth area [5] - Initial small-batch product deliveries have been made, positioning robotics as a potential key growth driver [5] Rare Earth Recycling - The company holds a 51% stake in Yinhai New Materials, specializing in rare earth recycling [6] - Yinhai New Materials achieved revenue of 78.89 million CNY and a net profit of 13.59 million CNY in the first half of 2025 [6] Dividend Policy - The company has implemented a cash dividend policy since its listing in 2018, with cumulative cash dividends exceeding 1.2 billion CNY, accounting for over 47% of the net profit attributable to shareholders [7] - For the first half of 2025, a cash dividend of 1.80 CNY per 10 shares is proposed, totaling approximately 247 million CNY, which represents 81% of the net profit for the period [8]

Core Viewpoint - Kinglong Permanent Magnet has accelerated its share buyback and dividend distribution to boost investor confidence, reflecting strong financial performance and market positioning [1][2][3]. Share Buyback and Dividend - The company completed a share buyback plan from August 25 to September 2, repurchasing 3.6655 million shares for a total of 142 million yuan [1][2]. - A cash dividend of 247 million yuan is proposed for the 2025 mid-year, representing 81% of the net profit attributable to shareholders [1][3]. Financial Performance - In the first half of 2025, the company achieved a net profit of 305 million yuan, a year-on-year increase of 154.81% [1][5]. - Revenue for the same period reached 3.507 billion yuan, with a year-on-year growth of 4.33% [5][6]. Market Position and Innovation - Kinglong Permanent Magnet is a leading supplier of rare earth permanent magnet materials, serving major clients in the new energy vehicle, air conditioning, and wind power sectors [4][5]. - The company has invested 1.7 billion yuan in R&D in the first half of 2025, with total R&D expenses over the past three and a half years amounting to 1.18 billion yuan [6][5]. Sales Breakdown - In the first half of 2025, sales in the new energy vehicle sector reached 1.675 billion yuan, with a sales volume increase of 28.14% [6]. - The variable frequency air conditioning sector generated 1.050 billion yuan in sales, with a sales volume increase of 19.85% [6].