高端产品需求攀升 悦安新材是一家专注于微纳金属粉体新材料研发、生产和销售的高新技术企业，处于粉末冶金行业上 游，主要产品为羰基铁粉和雾化合金粉，重点聚焦于500纳米至50微米粒径领域，并以这两种材料为基 础材料深加工成软磁粉末、金属注射成型喂料和吸波材料。 据了解，微纳金属粉体产品作为一种重要的新型工业制造基础原材料，广泛应用于3C精密件、电子元 器件、汽车零部件、金刚石工具、电动工具、微波吸收材料、3D打印材料等终端应用领域。 作为国内领军企业，悦安新材是国内极少数同时具备羰基铁粉规模化生产能力，并掌握水雾化、气雾化 合金粉双工艺平台的企业，技术与工艺水平稳居国内第一梯队，尤其在微纳级粉体的均一性控制、杂质 含量管控等核心环节，已形成独特优势，能够快速响应新能源汽车、消费电子等新兴领域的个性化需 求，在中高端市场的渗透率正逐步提升。 需求上升叠加成本下降，微纳金属粉体行业龙头上半年净利润实现了正增长。 8月27日晚间，江西悦安新材料股份有限公司(以下简称"悦安新材")发布2025年半年报，报告期内公司 实现营业收入2.03亿元，同比下降0.76%；归属于上市公司股东的净利润3798.64万元，同比增长 3. ...

Core Viewpoint - The article emphasizes the growing importance of polymer electromagnetic composite materials in addressing electromagnetic interference and ensuring the stable operation of electronic devices, particularly in the context of rapid advancements in AI, 5.5G/6G, and other emerging industries [1][4]. Forum Information - The forum will take place on September 11-12, 2025, in Hefei, Anhui, organized by Ningbo Detai Zhongyan Information Technology Co., Ltd. (DT New Materials) [2]. - The conference will be chaired by Qian Xigao, an academician of the Chinese Academy of Engineering [2]. Core Topics - The forum will cover the current status and future trends of electromagnetic composite materials, including high-frequency, high-speed, and high-density interconnect copper-clad board materials [4]. - Discussions will focus on the exploration of polymer composite materials for the 6G era [4]. Research Progress - Advances in polymer-based electromagnetic shielding composite materials, including performance tuning and structural design for various polymers such as PET, epoxy resin, and PEEK [5]. - Research on absorbing composite materials and their performance adjustments, including materials like epoxy resin and PU [5]. - Development of thermal conductive composite materials and low dielectric loss polymers, with a focus on materials like LCP and PTFE [5]. Substrate Materials and Power Devices - Key materials and packaging methods for electromagnetic shielding in advanced electronic packaging [6]. - Processing techniques for electromagnetic composite materials, including fibers, foams, and films [6]. - Applications of new materials such as MOFs and COFs in electromagnetic materials [6]. Emerging Fields - The forum will explore the transformation of the electromagnetic materials industry chain, particularly in relation to AI servers, new energy vehicles, and robotics [8]. - Discussions will include the development of materials for antennas and base stations in the context of 5.5G/6G [10]. Overall Conference Agenda - The event will feature over 100 new materials and technologies, providing a platform for sharing the latest research and innovations in electromagnetic materials [15]. - It will also include specialized activities such as school-enterprise cooperation and technology achievement matching [15]. Related Conferences - The event will coincide with other conferences focusing on engineering plastics, new energy vehicles, and embodied robotics, highlighting the interconnectedness of these industries [16].

Core Insights - The company reported a revenue of 418 million RMB for 2024, a year-on-year increase of 13%, but a net profit of 70 million RMB, a decrease of 12% year-on-year [1] - The company plans to distribute a cash dividend of 2.50 RMB per 10 shares, totaling 30 million RMB, with a payout ratio of 42.62% [5] - The company expects revenue growth for 2025-2027, projecting revenues of 499 million, 654 million, and 898 million RMB respectively, with corresponding net profits of 101 million, 130 million, and 195 million RMB [6] Financial Performance - In Q1 2025, the company achieved a revenue of 96 million RMB, a 9% increase year-on-year but a 10% decrease quarter-on-quarter [1] - The overall gross margin for 2024 was 35.40%, down 5.06 percentage points year-on-year, primarily due to increased costs from projects transitioning to fixed assets [1] Product Performance - The demand for soft magnetic powder increased due to the rise in automotive intelligence, leading to a revenue of 153 million RMB in 2024, a 19% increase year-on-year [4] - The revenue from atomized alloy powder products reached 46 million RMB in 2024, reflecting a 13% year-on-year increase, with sales volume up by 27% [2] - The revenue from carbonyl iron powder products was 122 million RMB in 2024, a 6% increase year-on-year, although the gross margin decreased by 4.91 percentage points due to production ramp-up effects [3] Capacity Expansion - The company is in the process of ramping up production capacity for its carbonyl iron powder and atomized alloy powder projects, with the carbonyl iron powder project expected to add 6,000 tons per year upon completion [4] - The first phase of the Ningxia project, which includes a 3,000-ton carbonyl iron powder project, is expected to enter trial production in 2025 [4] Investment Outlook - The company maintains an "Accumulate-A" rating, with a target price adjustment to 32.4 RMB per share, based on anticipated performance improvements from new production lines [6]

2025 年 05 月 08 日 悦安新材(688786.SH) MIM 技术替代和电感需求增长，新产能 渐迎释放 公司发布 2024 年报和 2025 年一季报 2024 年公司实现营收 4.18 亿元，同比+13%；归母净利 0.70 亿 元，同比-12%，扣非归母净利 0.67 亿元，同比-9%。2025Q1 实现 营收 0.96 亿元，同比+9%，环比-10%；归母净利 0.17 亿元，同比 +0.3%，环比+20%；扣非归母净利润 0.16 亿元，同比+7%，环比 +7%。 公司全年整体毛利率 35.40%，同比-5.06pct，主要因募投项目转 固，但项目仍处于产能爬坡阶段，折旧等营业成本增加。 电感需求增长提振软磁粉需求，技术替代提升 MIM 需求 ✔雾化合金粉：产销量和毛利率均同增。24 年全年雾化合金粉系 列产品营收 0.46 亿，同比+13%。24 年全年产品销售 867 吨，同 比+27%；产量 913 吨，同比 33%。毛利率 19.08%，同比+2.21pct。 ✔羰基铁粉：产销量维持增长，毛利率或受募投项目爬产影响。 24 年全年羰基铁粉系列产品营收 1.22 亿，同比+6%，24 ...

Core Viewpoint - New Lai Fu (301323.SZ) announced a plan to acquire 100% equity of Guangzhou Jin Nan Magnetic Materials Co., Ltd. and raise supporting funds, aiming to boost its stock price and performance amid slowing growth since its IPO [2][9]. Group 1: Acquisition Details - The acquisition target, Jin Nan Company, is familiar to investors as it shares the same actual controller, Wang Xiaoming, with New Lai Fu [2][5]. - Jin Nan Company, established in 2009, specializes in the production and sales of motor magnetic strips, absorbing materials, and soft magnetic alloy cores [4]. - New Lai Fu's stock price has been volatile, with a significant drop since its peak post-IPO, leading to a need for strategic changes through this acquisition [9][11]. Group 2: Financial Performance - New Lai Fu's revenue from 2021 to 2024 was 782 million, 715 million, 771 million, and 886 million yuan, with year-on-year growth rates of 30.75%, -8.66%, 7.88%, and 14.94% respectively [9]. - The company's net profit during the same period was 133 million, 128 million, 138 million, and 145 million yuan, showing fluctuations and a slowing growth trend [10]. - Jin Nan Company's projected revenues for 2023 and 2024 are 421 million and 502 million yuan, with net profits of 57.1 million and 83.4 million yuan respectively [8]. Group 3: Market Reaction - On the first day of resuming trading, New Lai Fu's stock rose by 10.34%, closing at 39.17 yuan [3]. - The stock price has been under pressure, remaining close to the issue price, indicating market skepticism about the effectiveness of the acquisition [11][13].