JLMAG(SZ:300748)2023-08-29 07:56Financial Performance - In the first half of 2023, the company achieved operating revenue of 343,003 million yuan, a year-on-year increase of 3.82% [2] - Overseas sales revenue reached 74,762 million yuan, growing by 108.58% [2] - The net profit attributable to shareholders was 33,260 million yuan, a decrease of 28.29% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 28,770 million yuan, down 37.65% year-on-year [2] - The net cash flow from operating activities was 77,916 million yuan, compared to -57,389 million yuan in the same period last year [2] Quarterly Insights - In Q2 2023, the company reported operating revenue of 177,944 million yuan, with main business revenue of 153,294 million yuan, reflecting a quarter-on-quarter growth of 7.81% [2] - The sales volume of high-performance rare earth permanent magnet materials reached 3,893 tons, a quarter-on-quarter increase of 25.99% [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 16,419 million yuan, a quarter-on-quarter increase of 32.94% [2] Production Capacity and Future Plans - The current annual production capacity of high-performance NdFeB permanent magnet materials is 23,000 tons, with plans to expand to 40,000 tons by 2025 [3] - Ongoing projects include a 12,000 tons/year capacity in Baotou and a 3,000 tons/year high-end magnetic material project in Ningbo [3] - The company has registered a project in Mexico for recycling old magnetic steel and has started construction on a base for energy-efficient motor magnetic materials in Ganzhou [3] Market Position and Growth Areas - Revenue from the new energy vehicle sector reached 1.63 billion yuan, a year-on-year increase of 54.04% [3] - The company’s products are used by major global electric vehicle manufacturers, with sales capable of equipping approximately 203.1 million new energy passenger vehicles, a growth of 104.74% year-on-year [3] - The company is recognized as a leading manufacturer of high-performance rare earth permanent magnet materials, with a strong customer base and competitive advantages [3] Gross Margin and Cost Management - The gross margin for the first half of 2023 was 15.72%, improving from 9.76% in Q4 2022 [4] - The company has implemented strategies to manage raw material procurement and inventory, resulting in a 14.40% decrease in inventory balance compared to the end of 2022 [4] - The reduction in raw material balance was 31.30%, effectively mitigating the risk of significant inventory impairment [4] Industry Trends and Policy Support - The demand for high-performance rare earth permanent magnet materials is expected to grow due to national policies promoting energy efficiency in motors [4] - The company’s revenue from the robotics and industrial servo motor sectors was 111 million yuan, a year-on-year increase of 13.26% [4] - The implementation of the "Industrial Energy Efficiency Improvement Action Plan" aims for over 70% of new energy-efficient motors by 2025, further driving demand for rare earth permanent magnets [4]