JLMAG(300748)2025-04-07 14:26Financial Performance - In 2024, the company achieved a revenue of 6.763 billion yuan, a year-on-year increase of 1.13% [3] - Domestic sales revenue was 5.541 billion yuan, up 1.88% year-on-year; overseas sales revenue was 1.222 billion yuan, with approximately 418 million yuan exported to the Americas [3] - The net profit attributable to shareholders was 483.7 million yuan, a decrease of 2.91% year-on-year [3] - The net cash flow from operating activities was 508 million yuan [3] Production and Sales - The company maintained a production capacity utilization rate of over 90% in 2024, with a high-performance magnetic material output of approximately 2.93 million tons, a year-on-year increase of 39.48% [3] - The sales volume of high-performance magnetic materials reached approximately 2.09 million tons, a year-on-year increase of 37.88%, marking the highest level in the company's history [3] Market Segments New Energy Vehicles - In 2024, global sales of new energy passenger vehicles exceeded 17 million units, a year-on-year increase of 26%, with new energy vehicles accounting for 22% of total global car sales [5] - The company has established partnerships with the top ten global new energy vehicle manufacturers, with its products applied in approximately 5.5 million new energy passenger vehicles [5] Variable Frequency Air Conditioners - The total sales of household air conditioners in 2024 reached approximately 200 million units, a year-on-year increase of 17.8%, with variable frequency air conditioners becoming the market mainstream [6] - The company supplied magnetic materials for approximately 82 million variable frequency air conditioners, with sales revenue increasing by 61.81% [6] Wind Power - In 2024, the global wind power installed capacity increased by 121.6 GW, doubling since 2019 [6] - The company’s magnetic materials were applied in an installed capacity of approximately 12 GW [6] Future Outlook - The company plans to invest in a project with an annual production capacity of 20,000 tons of high-performance rare earth permanent magnet materials, with a construction period of two years [9] - The market share in the new energy vehicle sector is expected to continue to grow, with projected sales of new energy passenger vehicles reaching 20.9 million, 25.1 million, and 30.2 million units from 2025 to 2027 [5] Shareholder Returns - Since its listing in 2018, the company has implemented cash dividends annually, with cumulative cash dividends exceeding 1 billion yuan, accounting for over 44% of cumulative net profit attributable to shareholders [10] - The proposed cash dividend for 2024 is 1.2 yuan per 10 shares, totaling approximately 164 million yuan, which is expected to exceed 90% of the net profit for 2024 [10] Employee Incentives - The company plans to implement an A-share employee stock ownership plan and an H-share restricted stock plan, utilizing 8,015,784 A-shares repurchased in 2023 [11] - Performance targets for the employee stock ownership plan include a net profit growth of no less than 20% in 2025 compared to 2024 [12] Raw Material Supply - The company has established long-term strategic partnerships with major rare earth suppliers, with 63% of its annual procurement coming from these suppliers [13] - In 2024, the company used 2,575 tons of recycled rare earth materials, accounting for 30.4% of total rare earth material usage [13] International Business - In 2024, overseas sales revenue was approximately 1.222 billion yuan, accounting for 18% of total revenue, with the Americas contributing about 418 million yuan [14] - The company is closely monitoring policy changes related to export controls and will comply with relevant regulations [14]