Core Viewpoint - The company is committed to a dual-driven strategic layout focusing on "magnetic materials" and "new energy" [2] Group 1: Business Strategy - The revenue structure of the company will change according to the different development stages of its business segments [2] - In the magnetic materials segment, the company plans to horizontally expand its multi-material system and vertically develop components to strengthen and grow [2] - The lithium battery segment will focus on cylindrical batteries, continuously enriching product categories and expanding applications across multiple fields [2] Group 2: Competitive Positioning - The company aims to build comprehensive competitiveness that can withstand industry cycles [2]

证券日报网讯1月8日，横店东磁（002056）在互动平台回答投资者提问时表示，公司会继续深耕相关细 分市场领域，完善产品可追溯信息，为客户提供价值服务。另外，公司员工持股计划已经多次展期后， 存续期届满，减持是正常的清算行为，看好公司发展的员工仍会通过集中竞价买回股票直接持有。而大 股东减持是基于其自身战略规划、经营需求而作出的决定。2025年，公司始终瞄定"磁材+新能源"双轮 驱动战略，磁材和锂电板块稳中向好，光伏在逆周期中展现了强劲的发展韧性，亦录得了正向的盈利。 展望2026年，公司将在变局中凝聚信心，持续推进公司高质量发展，以期为股东带来稳定、可持续的回 报。 ...

该机构表示，一方面前期高估值压力有所缓解，节后市场风险偏好有望回升，从而带动估值支撑逐步转 强；另一方面产业链价格保持韧性，政策约束下供给端难有明显增量，且春节前补库预期有望支撑需求 端稳中有增，板块行情有望企稳回升。一是继续关注上游稀土资源企业，一方面是市场风险偏好回升和 战略价值定位的强化，另一方面是供需支撑下产业链价格的韧性，相关稀土资源企业有望受益估值溢价 和盈利稳定。二是随着稀土价格回升趋势延续，下游磁材企业盈利有望持续修复。 湘财证券指出，稀土环节元旦后供应端逐渐恢复，金属端供应有所承压，但受制市场流通有限氧化物依 旧偏紧，下游刚需尚可，春节前存备货预期，后续预计稀土价格维持弱稳。磁材环节，需求端下游新能 源车产销增长边际回落，风电装机存释放预期，空调排产数据仍维持疲软，电梯产量降幅收窄，工业领 域总体趋势向好；供给端，行业格局分化下头部企业占优。 稀土板块7日盘中强势拉升，截至发稿，九菱科技涨超16%，中稀有色、格林美涨停，中科磁业涨近 10%，中国稀土涨近7%。 ...

（记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：贵司是否有计划推进磁材认证AS9100D航空航天质量 管理体系？ 正海磁材（300224.SZ）12月17日在投资者互动平台表示，公司产品主要应用于新能源、节能化和智能 化等"三能"高端应用领域，包括新能源汽车、风电等新能源，汽车节能电气、节能家电、节能电梯，具 身智能机器人和低空飞行器等智能装备、手机等智能消费电子等。目前公司暂未启动AS9100D认证相关 工作，后续将结合业务发展需求统筹规划。 ...

Core Viewpoint - The article discusses China's dominance in the rare earth market, highlighting its significant control over production and export, which impacts the global supply chain and pricing dynamics. Group 1: Export Data and Trends - In 2022, China exported 48,728 tons of rare earths, a slight decrease of 0.4% from 2021, as the country tightened quotas to retain high-purity products for domestic use [4] - In 2023, exports surged to 52,307 tons, an increase of nearly 3,600 tons, driven by high demand for electric vehicles, with a record monthly export of 6,217 tons in May [6] - For 2024, exports are projected to reach 55,431 tons, a 6% increase, despite a 35% drop in export value due to falling prices [8] Group 2: Market Dynamics and Control - China's export strategy involves controlling who, what, and how much is sold, with a focus on maintaining pricing power and ensuring domestic supply [18] - The article emphasizes that China's rare earth production is not just about volume but also about strategic management of resources and technology [22] - The U.S. and other countries face significant challenges in reducing reliance on Chinese rare earths, as their production capabilities are limited and lag behind China's technological advancements [20] Group 3: Technological Advancements - China's rare earth processing technology has evolved significantly since the 1970s, achieving high purity levels and cost reductions, which have established a competitive edge [12] - The latest advancements include a fifth-generation extraction process that utilizes AI to optimize efficiency and reduce costs by an additional 30% [22] - The article suggests that China's technological superiority has created barriers for foreign competitors, making it difficult for them to catch up [22] Group 4: Future Outlook - The export volume is expected to stabilize around 50,000 tons in 2025, with potential adjustments based on market conditions and strategic decisions [24] - The article concludes that China's control over rare earth exports positions it favorably in the global market, with the ability to dictate terms to other countries reliant on its resources [24]

Group 1: Macro Strategy - The report highlights concerns over the AI bubble and the historical length of the U.S. federal government shutdown, which has reached 40 days, surpassing the previous record of 35 days from late 2018 to early 2019 [1][10] - The ongoing government shutdown is expected to negatively impact key economic indicators such as non-farm payrolls and GDP, leading to increased downward pressure on consumer spending due to delayed government payments [1][10] - The report anticipates that the government shutdown will end in November, which may improve economic data and dollar liquidity starting in December, with a high probability of the Federal Reserve cutting interest rates again in December [1][10] Group 2: Industry Insights - The report discusses the potential for a negative turn in exports in the fourth quarter, with expectations of lower new loans and social financing in October compared to the previous year [2][12] - It notes that the ECI supply index has slightly decreased, indicating a potential slowdown in economic activity, while the ECI export index has shown a slight increase, suggesting mixed signals in the export sector [12][14] - The report emphasizes the importance of monitoring the impact of government debt issuance and the overall economic environment on financing and investment trends [12][14] Group 3: Company Analysis - The report provides insights into specific companies such as Dongwu Securities, which maintains a "buy" rating for companies like Hengdian East Magnetic, projecting steady growth in net profit for 2025-2027 [8] - It also discusses Trina Solar's performance, noting an increase in component shipments and profitability in energy storage, while adjusting profit forecasts due to increased competition and pricing pressures [8] - The analysis of Yum China indicates a positive trend in store openings and same-store sales growth, driven by innovation and efficiency improvements [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady development in lithium battery magnetic materials, while the impact of anti-dumping investigations in Indonesia has affected short-term volume and profit in Q3 [8] - The company maintains a solid market position in the magnetic materials sector, with increasing market share in home appliances and automotive fields, and is expanding into new product areas [8] - The company’s revenue for Q1-Q3 2025 reached 17.56 billion, a year-on-year increase of 29.3%, with a net profit of 1.45 billion, up 56.8% year-on-year [8] - The company expects to maintain a positive cash flow from operations, with operating cash flow for Q1-Q3 2025 at 2.99 billion, a year-on-year increase of 147.3% [8] - The company forecasts net profit for 2025-2027 to be 1.91 billion, 2.21 billion, and 2.50 billion respectively, with corresponding P/E ratios of 19, 17, and 15 [8] Financial Summary - Total revenue for 2023 is projected at 19.73 billion, with a year-on-year growth of 1.45% [1] - The net profit attributable to shareholders for 2023 is estimated at 1.82 billion, reflecting a year-on-year increase of 8.94% [1] - The latest diluted EPS for 2023 is expected to be 1.12 yuan per share [1] - The company’s total assets are projected to reach 24.21 billion by 2024, with total liabilities of 13.94 billion [9] - The company’s operating expenses for Q1-Q3 2025 were 780 million, a decrease of 28.7% year-on-year, with a cost ratio of 4.5% [8]

Core Insights - Zhongke Sanhuan has sufficient rare earth raw material inventory to ensure stable short-term production [1] - The company maintains a production utilization rate of around 70% in the first three quarters of the year, indicating a stable capacity utilization [2] - Future capacity expansion will be demand-driven, avoiding blind expansion [3] - The company emphasizes resource recycling through external exchanges for scrap material, aligning with green production principles [4] - Export revenue accounted for approximately 56% in 2024, with a slight decline in export proportion in the first three quarters of 2025 [5] Group 1: Inventory and Production - The company holds about two months' worth of rare earth raw material inventory, which supports short-term production needs and mitigates raw material price volatility [1] - The overall operating rate for the first three quarters of the year is around 70%, with production arrangements matching market demand [2] Group 2: Capacity and Resource Management - The company will adjust its capacity expansion plans based on order conditions and market demand, adhering to a principle of not expanding blindly [3] - The company is actively engaged in resource recycling, primarily through external exchanges to handle scrap materials, which helps reduce raw material costs [4] Group 3: Export Performance - The export revenue proportion for 2024 is approximately 56%, with a slight year-on-year decline in the export share for the first three quarters of 2025 [5]

Group 1: Inventory and Production - The company currently has approximately 2 months of rare earth raw material inventory [2] - The overall operating rate for the first three quarters of the year is around 70% [2] - The company's capacity expansion plans are based on order conditions and market demand, avoiding blind expansion [2] Group 2: Waste Recycling and Export - The company places significant emphasis on the recycling of scrap materials, primarily through exchanges with external raw material suppliers for the recovery of magnetic material scraps [2] - In 2024, the company's export revenue accounted for about 56%, with a slight year-on-year decrease observed in the overall export ratio for the first three quarters of this year [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8][7]. Core Insights - In the first three quarters of 2025, the company achieved a revenue of 17.562 billion yuan, representing a year-on-year growth of 29.31%. The net profit attributable to the parent company was 1.452 billion yuan, up 56.8% year-on-year. In Q3 2025, the revenue reached 5.626 billion yuan, with a year-on-year increase of 40.14%, and the net profit was 432 million yuan, growing by 50.42% year-on-year [2][5]. - The company is expected to achieve a net profit of 1.85 billion yuan in 2025, corresponding to a PE ratio of 19.4 times [7]. Financial Performance - The company reported a significant increase in operating cash flow, with a net cash flow from operating activities of approximately 2.99 billion yuan in the first three quarters, a year-on-year increase of 147.3% [13]. - The Q3 expense ratio was 7.6%, which is an increase of 5.3 percentage points compared to the previous quarter, primarily due to fluctuations in financial expenses and an increase in R&D expenses, although the absolute amount of expenses remained at a reasonable level [13]. Business Segments - The magnetic materials business continues to gain market share in the home appliance and automotive sectors, with significant growth in shipments for electric vehicle onboard chargers, charging modules, thermal management systems, AI server power supply units, and chip inductors, enhancing profitability [13]. - In the photovoltaic sector, despite a projected decline in battery component shipments in Q3, the company is expected to maintain good unit profitability through proactive supply chain management [13]. - The lithium battery business focuses on small power applications across multiple fields, achieving further improvements in gross margin due to high capacity utilization and leading product technology [13].