证券代码： 002057 证券简称：中钢天源 中钢天源股份有限公司投资者关系活动记录表 | 投资者关系活动 | 分析师会议 □特定对象调研 □ | | --- | --- | | 类别 □ | 媒体采访 √ 业绩说明会 | | □ | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 2025 | 年 月 日 下午 9 15 (周一) 14:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、副总经理、董事会秘书、总法律顾问、首席合规官章超 | | 员姓名 | 2、董事会办公室主任李克利 | | | 3、证券事务代表陈健 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、公司原计划今年实现年收入 80 亿，还有希望吗？ | | | 公司聚焦主业，以科技创新为动力，积极推动 ...

格隆汇9月4日丨中钢天源(002057.SZ)于投资者互动平台表示，公司部分稀土永磁产品涉及机器人应用 相关领域。 ...

Core Viewpoint - The report from CITIC Securities indicates a significant increase in the export of rare earth permanent magnet products, driven by heightened inventory demand from overseas clients and an extended stocking period due to export controls [1] Group 1: Export Data - In July, the export volume of rare earth permanent magnet products reached 5,577.13 tons, representing a month-on-month increase of 74.96% and a year-on-year increase of 5.66% [1] Group 2: Market Dynamics - The surge in orders for magnetic materials is attributed to the strong inventory buildup among overseas customers, which has been directly influenced by export controls [1] - The issuance of more export licenses and the upcoming domestic consumption peak in September and October are expected to sustain the strength in both exports and domestic consumption of magnetic materials [1] - Some magnetic material companies have extended their production schedules to mid-October, indicating robust demand [1] Group 3: Price Trends - The strong demand and production adjustments are expected to support the continued strength of rare earth prices in the market [1]

Core Viewpoint - Northern Rare Earth's net profit for the first half of 2025 increased significantly, with a non-recurring net profit growth of 5645% and a net profit growth of 1951% compared to the previous year [1][2]. Financial Performance - The company's operating revenue reached 18.866 billion yuan, a year-on-year increase of 45.24% [1][3]. - The net profit was 931 million yuan, showing a year-on-year increase of 1951% [1][3]. - The non-recurring net profit was 897 million yuan, with an astonishing growth rate of 5645% year-on-year [1][3]. - Compared to the highs of 2021 and 2022, the current performance is still below those levels [2]. Market Dynamics - The increase in operating revenue is attributed to higher sales volumes of key rare earth products, particularly praseodymium and neodymium, along with rising average prices since the beginning of the year [2]. - The overall rare earth market is experiencing a recovery, supported by stable domestic demand despite international trade challenges [4]. Price Trends - Rare earth product prices have been on the rise, with praseodymium-neodymium oxide prices increasing from 435,000 yuan per ton in early July to 622,000 yuan per ton by August 25, marking an increase of over 40% [4]. Company Background - Northern Rare Earth, established in 1961, is a subsidiary of Baotou Steel Group and is recognized as the origin of China's rare earth industry [5]. - The company benefits from exclusive mining rights to the Baiyun Obo mine, which provides a stable supply of rare earth concentrates for its operations [5]. Stock Performance - The company's stock price has seen significant increases, with a 50.6% rise in July and a 31% increase in August, totaling nearly a 100% increase over the past two months [5]. - The current market capitalization of the company is 177.5 billion yuan [5].

Core Viewpoint - The introduction of new regulations on rare earth mining and processing by the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Natural Resources is expected to tighten supply and increase the strategic value of rare earths, leading to a potential rise in prices and industry consolidation [1][1][1] Company Summary - Jinli Permanent Magnet (06680) saw its stock price increase by over 8%, reaching HKD 21.16 with a trading volume of HKD 321 million [1][1][1] - The company is expected to benefit from the tightening of regulations, which may lead to a dual shortage of raw materials and quotas, enhancing the value of leading enterprises in the industry [1][1][1] - Jinli's expansion into humanoid robotics is anticipated to optimize its business structure and strengthen its long-term growth capabilities [1][1][1] Industry Summary - The new regulatory framework signifies a comprehensive upgrade in the management of the rare earth industry, with all products in the supply chain now subject to stricter oversight [1][1][1] - The demand from the downstream renewable energy sector is expected to provide a sustained growth foundation for the rare earth permanent magnet industry [1][1][1] - Rising prices of light rare earths are likely to further enhance the company's profitability, coinciding with an increase in the overall strategic position of the rare earth industry amid international trade tensions [1][1][1]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is experiencing a transition driven by high-end products, which is expected to enhance profitability significantly [5] - The company has implemented a dual upgrade strategy focusing on products and customers to meet the demands of emerging industries such as new energy vehicles and AI [5] - The company is expanding its international presence and green transformation initiatives, with overseas revenue increasing by 21.86% [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 110,500 million in 2023 to 153,585 million by 2027, with a compound annual growth rate (CAGR) of approximately 7.1% [4][6] - The net profit attributable to shareholders is expected to rise from 527 million in 2023 to 1,186 million by 2027, reflecting a significant growth rate of 53.9% in 2025 [4][6] - Earnings per share (EPS) is forecasted to increase from 0.31 in 2023 to 0.80 in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 35.2 to 15.7 [4][6] Operational Highlights - In the first half of 2025, the company achieved a revenue of 592.94 billion, a year-on-year increase of 2.46%, and a net profit of 3.73 billion, up 203.86% [5] - The company has successfully entered the supply chains of major clients such as BYD, Geely, and CATL, particularly in the high-demand new energy vehicle sector [5] - The production of copper-based products and rare earth permanent magnets has shown significant growth, with the latter achieving a revenue increase of 37.76% [5] Strategic Initiatives - The company is focusing on the AI computing industry, particularly in data center cooling solutions, with a 72% increase in sales of copper cooling products [5] - The company is enhancing its overseas production capabilities, with projects in Thailand and Vietnam progressing well [5] - The sales of recycled copper products have increased by 61%, aligning with global trends towards sustainable sourcing [5]

Group 1 - The core viewpoint of the articles highlights the strong performance of listed companies' half-year reports, particularly focusing on Jintian Co., which has shown significant profit growth due to its "dual upgrade" strategy in products and customers [1][2] - Jintian Co. expects a net profit attributable to shareholders of the parent company to be between 340 million to 400 million yuan for the first half of 2025, representing an increase of 176.66% to 225.48% year-on-year [2] - The company also anticipates a net profit of 245 million to 285 million yuan after deducting non-recurring gains and losses, marking a year-on-year increase of 101.87% to 134.83% [2] Group 2 - The growth in Jintian Co.'s performance is attributed to the deepening application of products in high-end fields, expansion in overseas markets, and improvements in operational efficiency through digitalization [2][3] - The copper market has been a focal point in 2025, with copper prices reaching historical highs due to increased demand from emerging technologies such as AI, data centers, and electric vehicles [3] - Jintian Co. has strengthened its production and sales of mid-to-high-end products, focusing on strategic emerging industries like new energy vehicles, clean energy, and semiconductors, which has enhanced its product value and overall profitability [3][4] Group 3 - The rare earth industry has shown signs of recovery this year, driven by policy guidance, tightening imports, and positive demand expectations, which could benefit companies in the rare earth permanent magnet sector [3][4] - Jintian Co. has established stable partnerships with several well-known rare earth suppliers and has enhanced its production capacity for rare earth permanent magnets, which are widely used in high-end applications [4] - The overall market sentiment is positive, with the metal sector and rare earth permanent magnet sector performing strongly, indicating a favorable environment for Jintian Co.'s continued growth and potential valuation increase [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25][28] Core Views - The company's performance is showing quarterly improvement, particularly in the electromagnetic wire business, which is releasing profits [1][3] - In 2024, the company is expected to achieve revenue of 124.16 billion yuan, a year-on-year increase of 12.4%, while the net profit attributable to shareholders is projected to decline by 12.3% to 462 million yuan [1][6] - The company is focusing on improving its product and customer structure, and plans to expand production capacity in Southeast Asia to benefit from the growing demand for copper and rare earth permanent magnet materials in the new energy market [3][25] Financial Performance - In 2024, the company reported a net profit of 462 million yuan, with a significant increase in operating cash flow of 1.54 billion yuan [1][6] - The company plans to distribute a cash dividend of 160 million yuan and has implemented a share buyback of 200 million yuan, totaling 360 million yuan, which accounts for 78% of the net profit attributable to shareholders [1][6] - The gross profit margin for copper products has improved, with copper wire profits increasing by 80 yuan/ton year-on-year, and other copper products by 287 yuan/ton [2][14] Sales and Production - The company sold 1.814 million tons of copper products in 2024, a decrease of 41,000 tons year-on-year, while the sales of rare earth permanent magnet materials increased by 49% to 5,134 tons due to the commissioning of a new project [2][14] - The company has established a production capacity of 60,000 tons for new energy electromagnetic flat wires, with significant profit growth reported in both subsidiaries involved in this business [3][16] Future Projections - For the years 2025 to 2027, the company is projected to achieve revenues of 146.1 billion yuan, 150.6 billion yuan, and 155.1 billion yuan respectively, with net profits expected to grow significantly [3][25] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.41 yuan, 0.51 yuan, and 0.61 yuan respectively, indicating a positive growth trajectory [3][25]