证券研究报告 2025 年 12 月 21 日 湘财证券研究所 行业研究 稀土磁材行业周报 本周行业仍跑输大盘，需求支撑不足下产业链价格延续下行 相关研究： | 《本周行业表现弱于大盘，产业链价格维持 | | | --- | --- | | 疲弱》 | 20251214 | | 《镨钕受供给收紧支撑价格上行，中重稀土 | | | 价格跌势延续》 | 20251207 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1 -6 53 绝对收益 -2 -4 69 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： 据 Wind 数据，本周1稀土磁材行业下跌 1.81%，跑输基准（沪深 300）1.53 pct。行业估值（市盈率 TTM）回落 1.42x 至 72.08x，当前处于 85.5%2历 史分位。 ❑ 本周进口轻稀土矿及中重稀土矿价格延续下行，镨钕价格弱 ...

行业研究 稀土磁材行业周报 镨钕受供给收紧支撑价格上行，中重稀土价格跌势延续 相关研究： | 《本周轻稀土链价格延续回升，中重稀土价 | | --- | | 格仍疲软》 20251130 | | 《本周行业延续跌势，轻稀土链价格回升》 | | 20251123 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2 -9 47 绝对收益 -3 -6 64 注：相对收益与沪深 300 相比 证券研究报告 2025 年 12 月 07 日 湘财证券研究所 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 市场行情：本周稀土磁材行业上涨 3.47%，跑赢基准 2.19 pct 据 Wind 数据，本周1稀土磁材行业上涨 3.47%，跑赢基准（沪深 300）2.19 pct。行业估值（市盈率 TTM）回升 2.37x 至 74.16x，当前处于 87.3%2历 史分位。 ❑ 本周稀土精矿价格延续 ...

Group 1: New Materials Industry - The rare earth magnetic materials industry rebounded by 2.6% last week, outperforming the benchmark by 0.96 percentage points, with the industry valuation (TTM P/E) rising to 71.79x, currently at 85.5% of its historical percentile [4] - Last week, the prices of rare earth concentrates generally rebounded, with praseodymium and neodymium prices continuing to rise, dysprosium prices declining, and terbium prices weakening [5] - The price of sintered NdFeB (N35) increased by 3.64% last week, while H35 rose by 2.41%, supported by strong demand from downstream orders [7] - The supply side of the rare earth sector is generally tight, with some separation enterprises experiencing reduced operating rates due to maintenance or raw material issues, leading to a tight supply of oxides [8] - The overall market sentiment is characterized by a standoff, but the supply side is expected to decrease while the demand side shows a steady upward trend, indicating that rare earth prices are likely to remain stable with a slight upward bias [8] Group 2: Medical Services Industry - The report highlights that the company is a leading CDMO (Contract Development and Manufacturing Organization) driven by innovation, with revenue growing from 2.017 billion yuan in 2019 to 5.161 billion yuan in 2024, reflecting a CAGR of 20.67% [11] - The revenue from contract custom business has been increasing, with its share rising from 37.55% in 2019 to 75.00% in 2024, indicating a strong focus on this segment [12] - The global CDMO market has maintained a high level of prosperity, with the market size growing from $44.6 billion in 2018 to $79.7 billion in 2023, and is expected to reach $168.4 billion and $338.5 billion by 2028 and 2030, respectively [14] - The company is actively expanding its project pipeline, particularly in peptide and conjugated nucleic acid technologies, which are expected to drive future growth [15] - The company is projected to achieve revenues of 5.670 billion, 6.278 billion, and 6.957 billion yuan from 2025 to 2027, with corresponding net profits of 930 million, 1.031 billion, and 1.147 billion yuan, indicating a positive long-term outlook [16]

证券研究报告 2025 年 11 月 30 日 湘财证券研究所 行业研究 稀土磁材行业周报 本周轻稀土链价格延续回升，中重稀土价格仍疲软 相关研究： | 《本周行业延续跌势，轻稀土链价格回升》 | | | --- | --- | | 20251123 | | | 《本周行业继续调整，产业链价格短期转 | | | 弱》 | 20251116 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -8 -18 50 绝对收益 -11 -17 67 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 ◆ 基本面变化。稀土环节，供应端总体呈现偏紧态势，部分分离企业因 检修或原料问题开工率有所下降，导致氧化物现货供应偏紧；金属厂 整体生产稳定，但头部企业散单流出减少，多以长协订单为主，金属 端现货仍有一定支撑。需求端，磁材企业保持较高开工率，国内订单 稳定，同时海外市场需求正逐步恢复， ...

Investment Rating - Industry rating: Maintain "Overweight" [4] Core Views - The rare earth magnetic materials industry has continued its downward trend, with a 5.29% decline this week, underperforming the benchmark (CSI 300) by 1.52 percentage points [6][13] - The current industry valuation (TTM P/E) has decreased by 3.97x to 69.94x, which is at 84.1% of the historical percentile [6][13] - Light rare earth concentrate prices have rebounded, while medium and heavy rare earth prices have slightly declined [7][10] - The market sentiment remains cautious, with expectations of price stabilization and potential upward trends in the future due to tightening supply and improving demand [10][44] Summary by Sections Market Performance - The rare earth magnetic materials sector has seen a relative return of -12% over the past month, -9% over three months, and a positive 46% over the past year [5] - Absolute returns are -15% for one month, -5% for three months, and 57% for twelve months [5] Price Movements - Light rare earth concentrate prices have increased by 2.86% to 3.6 million CNY/ton, 3.23% to 3.2 million CNY/ton, and 3.85% to 2.7 million CNY/ton for different mines [10] - The average price of praseodymium-neodymium oxide has risen by 0.73% to 549,000 CNY/ton, while praseodymium-neodymium metal has slightly decreased by 0.15% [15][17] - Dysprosium prices have continued to decline by 1.66% to 1,485 CNY/kg, and terbium prices have also decreased [22] Investment Recommendations - The report maintains an "Overweight" rating, suggesting that despite high valuation pressures, the expected recovery in rare earth prices and demand could lead to improved profitability for downstream magnetic material companies [44][45] - It is recommended to focus on upstream rare earth resource companies and downstream magnetic material companies with strong customer structures and growth potential [11][45]

Group 1: New Materials Industry - The rare earth magnetic materials industry experienced a decline of 4.08% this week, underperforming the benchmark by 3 percentage points [2] - The industry valuation (TTM P/E) fell by 3.32 times to 73.9 times, currently at 87.2% of its historical percentile [2] - Prices of rare earth concentrates showed a slight decline, with mixed carbonate rare earth ore prices dropping by 2.78% [3] - Praseodymium and neodymium prices peaked and then fell, with praseodymium oxide average price decreasing by 1.8% [3] - Dysprosium prices continued to decline, with an average decrease of 2.58% for dysprosium oxide [4] - The price of sintered neodymium-iron-boron N35 decreased by 1.45%, indicating weak demand and limited order releases [4] Group 2: Investment Recommendations - The short-term prices in the rare earth sector are driven by market sentiment, with supply expected to decrease before the end of the year, while demand remains positive [5] - The overall valuation and performance levels are supported by loose liquidity and industrial policies, but high valuations may face pressure due to declining market risk appetite [5] - The industry maintains an "overweight" rating, with expectations for price recovery and improved market conditions following the easing of export controls [6] - Focus on upstream rare earth resource companies is recommended due to expected supply contraction and strategic value positioning [6] - Downstream magnetic material companies are also expected to benefit from price recovery, particularly those with strong customer structures and new growth opportunities [6] Group 3: Food and Beverage Industry - The food and beverage industry saw a decline of 0.56% from November 3 to November 7, while outperforming the broader market indices [8] - The industry valuation is currently at a low level, with a PE ratio of 22X, ranking 23rd among primary industries [9] - The CPI showed a mild increase of 0.2% in October, with food prices declining by 2.9% [10][11] - Investment recommendations suggest focusing on leading companies with stable demand and strong risk resistance, as well as those innovating in new products and channels [12] - The food and beverage sector maintains a "buy" rating, emphasizing the potential for recovery in the current low valuation environment [12]

证券研究报告 2025 年 11 月 16 日 湘财证券研究所 行业研究 稀土磁材行业周报 1 本周行业涨跌幅及价格统计时间区间为 2025/11/10 至 2025/11/14，下同。 2 估值历史分位数计算使用数据区间为 2012/02/17 至 2025/11/14，下同。 敬请阅读末页之重要声明 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -18 -1 47 绝对收益 -16 10 61 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 本周行业继续调整，产业链价格短期转弱 相关研究： | 《本周行业表现延续弱势，轻重稀土价格走 | | | --- | --- | | 势分化》 | 20251109 | | 《本周板块小幅下跌，产业链价格回升》 | | | 20251103 | | 据 Wind 数据，本周1稀土磁材行业下跌 4.08%，跑输基准（沪深 300） 3pct。行业估值（市盈率 TTM）回落 3.32x 至 73.9x， ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3][42] Core Views - The rare earth magnetic materials industry has shown a weak performance, with a decline of 4.05% this week, underperforming the benchmark by 4.87 percentage points [5][12] - The current industry valuation (TTM P/E) has decreased by 3.09 times to 77.22 times, which is at 88.9% of its historical percentile [5][12] - The prices of rare earth concentrates have continued to rise, with specific increases in praseodymium and neodymium prices, while dysprosium prices have declined [6][9][19] - The market sentiment has improved due to favorable policies, but the overall bullish expectations remain weak, leading to a cautious outlook [41][42] Summary by Sections Market Performance - The rare earth magnetic materials industry has experienced a relative return of -1% over the past month, 0% over three months, and 42% over the past year [4] - Absolute returns are 0% for one month, 13% for three months, and 55% for twelve months [4] Price Trends - Domestic mixed rare earth carbonate prices have increased by 5.88%, 3.33%, and 4% for different types of rare earth minerals [9][12] - The average price of praseodymium and neodymium has risen by 4.52% and 5.12% respectively [16] - Dysprosium prices have decreased by 1.27%, while terbium prices have remained stable with a slight increase of 0.76% [19] Supply and Demand Dynamics - The supply side is expected to decrease, while demand is anticipated to increase, leading to a stable outlook for rare earth prices [41][42] - The demand from downstream sectors, particularly in new energy vehicles, is showing signs of marginal decline, but overall industrial trends remain positive [41][42] Valuation and Earnings - Current absolute and relative historical valuation levels are supported by liquidity easing and industry policy, but high valuations face pressure from declining market risk appetite [41][42] - The report suggests that as rare earth prices continue to rise, downstream magnetic material companies are likely to see sustained earnings recovery [43]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][46] Core Views - The rare earth magnetic materials sector experienced a slight decline of 0.21% this week but outperformed the benchmark (CSI 300) by 0.22 percentage points [5][12] - The industry valuation (TTM P/E) has decreased to 80.31x, influenced by third-quarter earnings, currently at the 90.8% historical percentile [5][12] - The prices of rare earth minerals have shown a significant rebound, with domestic mixed rare earth carbonate, Sichuan fluorocarbon cerium ore, and Shandong fluorocarbon cerium ore prices increasing by 9.68%, 11.11%, and 13.64% respectively [9][15] - The market sentiment is improving, with expectations of stable demand and potential recovery in export demand, despite short-term price pressures [44][46] Summary by Sections Market Performance - The rare earth magnetic materials sector slightly declined by 0.21% this week but outperformed the CSI 300 benchmark by 0.22 percentage points [5][12] - Over the past 12 months, the sector has shown a relative return of 76% compared to the CSI 300 [4] Price Trends - Prices for rare earth minerals have rebounded significantly, with notable increases in various categories, including a 5.99% rise in praseodymium-neodymium oxide prices [9][18] - Dysprosium prices have shown a slight recovery, while terbium prices continue to decline [21] Supply and Demand Dynamics - The supply side is expected to tighten due to regulatory measures and a potential reduction in production from separation enterprises, while demand remains stable [44] - The demand from downstream sectors, particularly in new energy vehicles and wind power, is showing signs of marginal decline, but overall industrial trends remain positive [44] Investment Recommendations - The report suggests maintaining an "Overweight" rating, focusing on upstream rare earth resource companies and downstream magnetic material enterprises with strong customer structures and growth potential [46][10]

Core Viewpoint - The company emphasizes the highly customized and non-standardized nature of its products, which leads to significant variations in magnetic circuit design and specifications, making linear capacity conversion for neodymium-iron-boron blanks impractical [1] Group 1 - The company stated that it will conduct precise capacity planning and material requirement calculations based on specific order demands and product characteristics to ensure efficient and stable production operations [1]