证券研究报告|行业研究报告 [Table_Date] 2025 年 8 月 8 日 [Table_Title] MP Materials2025Q2 稀土精矿产销量分别同比增 长 8%/减少 58%至 13,145 吨/2,658 吨，NdPr 产销 量分别同比增长 6%/减少 5%至 597 吨/443 吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 2025Q2 生产经营情况 1）稀土精矿 2025Q2，稀土精矿产量为 13,145 吨 REO，同比增长 8%， 环比增长 45%。 2025Q2，稀土精矿销量为 2,658 吨 REO，同比减少 58%， 环比减少 54%。 2025Q2，稀土精矿的实现价格为 4,468 美元/吨 REO，同 比下跌 7%，环比上涨 7%。 2）氧化镨钕（NdPr） 2025Q2，NdPr 产量为 597 吨，同比增长 6%，环比增长 119%。 2025Q2，NdPr 销量为 443 吨，同比减少 5%，环比增长 226%。 2025Q2，镨钕氧化物实现价格为 57 美元/Kg，同比上涨 10%，环比上涨 19% ...

Investment Rating - The report provides a positive investment rating for the industry, indicating a "Buy" recommendation based on expected stock performance relative to the benchmark index [17]. Core Insights - The report highlights a significant increase in rare earth oxide (REO) production, with a year-on-year growth of 47% to 3,212 tons in Q2 2025, and a quarter-on-quarter increase of 68% [1]. - The average selling price of REO reached A$60.2 per kilogram, reflecting a 19% increase from the previous quarter and a 42% increase year-on-year [1]. - The company has successfully launched the separation lines for heavy rare earth elements, dysprosium, and terbium, with substantial customer inquiries for the new capacity [4]. - Lynas is actively pursuing projects to achieve an annual production capacity of 10,500 tons of mixed rare earth carbonate (MREC) by 2025, with ongoing improvements in processing quality at its facilities [2]. Production and Sales Performance - In Q2 2025, Lynas reported a total REO production of 3,212 tons, with NdPr (neodymium-praseodymium) production at 2,080 tons, both showing a 38% increase compared to the previous quarter [3][12]. - The sales volume of REO was 2,828 tons, which represents a 16% increase from the previous quarter but a 12% decrease year-on-year [1]. Financial Performance - The company achieved sales revenue of A$170.2 million in Q2 2025, marking a 38% increase quarter-on-quarter and a 25% increase year-on-year [7]. - Cash and short-term deposits at the end of Q2 2025 were A$166.4 million, down from A$268.9 million at the end of the previous quarter [13]. Growth Projects - The Mt Weld expansion project is in its final stages, with successful commissioning of the crushing circuit and ongoing preparations for initial production [8]. - Lynas is also addressing wastewater management challenges at its Seadrift site in the U.S. and is in discussions with the U.S. government regarding additional capital expenditures [9]. Strategic Partnerships - Lynas has signed two non-binding memorandums of understanding (MoUs) to develop new upstream and downstream rare earth projects in Malaysia, including a collaboration with JS Link to build a 3,000-ton neodymium-iron-boron permanent magnet production facility [6][10].

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the next six months [4]. Core Insights - The report highlights a significant increase in the production and sales of rare earth concentrates and NdPr products, indicating strong operational performance despite a decrease in sales volume for rare earth concentrates [1][2]. - Financial performance shows a 25% year-on-year revenue growth, driven by increased production of separated products, although adjusted EBITDA has declined due to rising sales costs [3][5]. Summary by Sections Production and Sales Performance - In Q1 2025, rare earth concentrate production reached 12,213 tons, a 10% increase year-on-year, while sales decreased by 33% to 6,264 tons [1]. - NdPr production surged by 330% year-on-year to 563 tons, with sales increasing by 246% to 464 tons [2]. Financial Performance - Revenue for Q1 2025 was $60.81 million, reflecting a 25% increase compared to the previous year, primarily due to higher sales of separated products [3]. - Adjusted EBITDA decreased by $1.5 million to -$2.7 million, attributed to rising sales costs and administrative expenses [3][5]. Business Segment Performance - The materials segment reported a 14% revenue increase to $55.62 million, driven by a significant rise in NdPr sales, although the average price per kg fell by 16% [6][10]. - The magnetic materials segment generated $5.19 million in revenue, marking the first sales of precursor products, which contributed to a positive EBITDA of $0.49 million [8].

Investment Rating - The report assigns a "Buy" rating for the industry, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the specified period [18]. Core Insights - In Q1 2025, Lynas reported a significant decrease in Rare Earth Oxide (REO) production, down 46% year-on-year to 1,911 tons, while sales volume increased by 5% year-on-year to 2,434 tons [1][8]. - The average selling price of REO reached A$50.5 per kilogram, reflecting a 15% year-on-year increase [1]. - The company is focused on achieving its annual production target of 10,500 tons of REO by continuing to advance various projects, including furnace maintenance and process improvements at its facilities [1]. Summary by Sections 1) Production and Sales Performance - REO production in Q1 2025 was 1,911 tons, a decrease of 27% quarter-on-quarter and 46% year-on-year [1]. - REO sales volume was 2,434 tons, a decrease of 15% quarter-on-quarter but an increase of 5% year-on-year [1]. - NdPr production was 1,509 tons, showing a 17% increase quarter-on-quarter but a 12% decrease year-on-year [4]. 2) Financial Performance - The company achieved sales revenue of A$123 million in Q1 2025, a decrease of 13% quarter-on-quarter but an increase of 22% year-on-year [8]. - Closing cash and short-term deposits were A$26.89 million, down from A$30.83 million in the previous quarter [8]. 3) Project Developments - The maintenance of the furnace at the Malaysia Lynas plant has reduced availability, but improvements in the Kalgoorlie plant's processes are expected to enhance the quality of Mixed Rare Earth Carbonate (MREC) [3]. - The company has completed modifications necessary for the separation of dysprosium and terbium, with production lines expected to commence in May and June [7]. - The Mt Weld expansion is progressing on schedule, with the second phase expected to be operational by Q3 2025 [10]. 4) Market Conditions - The average market price for NdPr in China was reported at US$53.0 per kilogram, reflecting a 4% increase quarter-on-quarter and a 13% increase year-on-year [4]. - The report highlights that Lynas remains the only producer of dysprosium and terbium outside of China, which positions the company favorably in the global market [9].