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稀土战略价值愈发突显,为何龙头们还不挣钱?
Xin Lang Cai Jing· 2025-04-29 09:03
Core Viewpoint - The performance of major rare earth companies in China has significantly declined in the past year, with only Xiamen Tungsten achieving profit growth while others faced substantial losses [1][2]. Company Performance - Among the five leading rare earth companies, only Xiamen Tungsten reported a net profit increase of 7.88%, reaching 1.728 billion yuan, despite a revenue decrease of 10.66% to 35.196 billion yuan [2][10]. - Northern Rare Earth's net profit fell by 57.64% to 1.004 billion yuan, with revenue declining by 1.58% to 32.966 billion yuan [2][10]. - Shenghe Resources experienced a net profit drop of 37.73% to 207 million yuan, with revenue down 36.39% to 11.371 billion yuan [2][10]. - China Rare Earth and Guangsheng Nonferrous both reported losses of 287 million yuan and 299 million yuan, respectively, marking their first losses in three years [1][2]. Market Conditions - The overall rare earth market faced a downward price trend, impacting company revenues and profits. For instance, the average price of praseodymium-neodymium oxide fell by 26.09% to 393,100 yuan per ton [4][6]. - Supply exceeded demand in the rare earth market, with domestic production capacity increasing and inventory levels rising significantly [6][7]. - The total control indicators for rare earth mining and separation increased, with mining indicators rising by 5.9% to 270,000 tons and separation indicators by 4.2% to 254,000 tons [6][7]. Cash Flow and Inventory Issues - Cash flow for major rare earth companies deteriorated, with China Rare Earth's operating cash flow turning negative at -594 million yuan, a 271.65% decline [8][10]. - Northern Rare Earth's cash flow decreased by 57.76% to 1.026 billion yuan, while Guangsheng Nonferrous reported negative cash flow for three consecutive years [10]. - Inventory levels surged, with Northern Rare Earth's rare earth salt and metal inventories increasing by 18.3% and 78.12%, respectively, totaling 165,000 tons [7][10]. Policy and Future Outlook - The Chinese government has increased support for the rare earth industry, with new regulations set to take effect in October 2024, aimed at ensuring orderly development [13]. - The introduction of export controls on certain rare earth elements is expected to tighten supply and potentially increase prices in overseas markets [13]. - Early 2024 showed signs of recovery in the rare earth industry, with companies like China Rare Earth and Guangsheng Nonferrous projecting profits for the first quarter [12].
北方稀土:行业前景向好 强链补链战略激活增长引擎
Zheng Quan Ri Bao Wang· 2025-04-25 13:43
Core Viewpoint - In 2024, Northern Rare Earth achieved a revenue of 32.966 billion yuan, a year-on-year decrease of 1.58%, and a net profit attributable to shareholders of 1.004 billion yuan, down 57.64% year-on-year, indicating challenges in the market environment and pricing pressures [1][2][3] Financial Performance - The company reported a revenue of 32.966 billion yuan in 2024, a decline of 1.58% year-on-year [1] - The net profit attributable to shareholders was 1.004 billion yuan, representing a significant drop of 57.64% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 901 million yuan, down 61.12% year-on-year [1] Market Trends - The rare earth price index fell from 198.0 points at the beginning of the year to 163.8 points by year-end, a decrease of approximately 17.27% [2] - The lowest point of the price index during the year was 153.3 points [2] - The overall price trend for major rare earth products, particularly praseodymium and neodymium, showed a downward trajectory due to weak global economic growth and insufficient downstream demand [2] Production and Capacity Expansion - Northern Rare Earth achieved a 1.63% year-on-year increase in the production of smelting and separation products in 2024 [2] - The production of rare earth metal products increased by 19.84%, while magnetic materials and hydrogen storage materials saw production growth of 17.72% and 19.78%, respectively [2][3] - The company completed the construction of a new generation of green rare earth smelting upgrade project, marking the operation of the world's largest rare earth raw material production base [3] Strategic Initiatives - Northern Rare Earth is focusing on expanding its industrial capacity and enhancing its supply chain, with ongoing projects to strengthen its competitive advantage [3] - The company plans to distribute approximately 127 million yuan in cash dividends to shareholders, maintaining a leading position in dividend distribution within the industry [3] - Future plans include optimizing the industrial structure, promoting high-end, intelligent, and green transformation, and enhancing core competitiveness through technological innovation [5] Industry Outlook - The first quarter of 2025 is expected to show significant growth in performance due to improved market conditions and demand recovery [4] - The anticipated net profit for the first quarter of 2025 is projected to be between 425 million and 435 million yuan, representing an increase of 716.49% to 735.70% year-on-year [4] - The rare earth industry is expected to benefit from increased domestic consumption and supportive government policies, leading to improved supply-demand dynamics [5]