Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [31][53]. Core Insights - The supply-demand dynamics for rare earths are improving, which is beneficial for the profitability of magnetic material companies [28][50]. - The company has established a core technology system and is deeply engaged with leading manufacturers in various downstream sectors, indicating a strong competitive position [28][30]. - The company is expected to experience a significant recovery in profits due to stable supply-side indicators and a favorable demand environment, particularly in the context of global monetary easing [28][30][81]. Supply Side Summary - The supply growth rate for rare earths is showing signs of a turning point, with China's mining indicators set at 190,000 tons for 2024, remaining stable for six consecutive years [2][5]. - The first batch of mining indicators for this year increased by 6% year-on-year, while the smelting indicators rose by 4% [5][83]. - The report notes that overseas supply, particularly from Myanmar, is facing challenges, and significant increases in production from other mines are unlikely before 2027 [6][11]. Demand Side Summary - The demand for rare earths is expected to remain resilient, particularly in the context of the global economic environment, which is conducive to price recovery [28][82]. - The report highlights the growing demand for neodymium-iron-boron materials driven by the electric vehicle sector, with projections indicating substantial increases in production requirements [21][22]. Company Performance and Forecast - The company is projected to achieve net profits of 0.97 billion, 2.77 billion, and 4.13 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 143%, 184%, and 49% [31][56]. - The expected earnings per share (EPS) for the same years are 0.09, 0.25, and 0.38 yuan, with corresponding price-to-earnings (P/E) ratios of approximately 84.5, 29.7, and 20.0 [31][56]. Competitive Advantages - The company possesses leading production capacity in the industry, with a current capacity of 21,000 tons and plans for an additional 15,000 tons by 2025-2026 [51][36]. - The company has successfully penetrated the humanoid robot market, achieving mass production supply status for a domestic client in the third quarter of 2024, indicating diversification and growth potential [30][36].

证券代码：600366 证券简称：宁波韵升 编号：2024—068 宁波韵升股份有限公司 关于公司及相关人员收到宁波证监局警示函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 宁波韵升股份有限公司（以下简称"公司"）于近日收到中国证券监督管理 委员会宁波监管局出具的《关于对宁波韵升股份有限公司、吉理采取出具警示函 措施的决定》（〔2024〕60 号，以下简称"《警示函》"），现将《警示函》主 要内容及涉及事项的相关情况披露如下： 一、《警示函》内容 "宁波韵升股份有限公司、吉理： 经查，宁波韵升股份有限公司（以下简称宁波韵升或公司）于 2020 年 4 月 30 日至 2020 年 6 月 8 日累计回购公司股份 3,787,880 股，用于实施股权激励。 公司本次回购股份应当按照依法披露的用途进行转让，未按照披露用途实施转让 的，应当在三年期限届满前注销。但公司未按规定及时注销相应股份并披露相关 信息，迟至 2024 年 11 月 15 日才对上述回购股份中到期的 843,000 股予以注销 并披露《关于实施注 ...

证券代码：600366 证券简称：宁波韵升 编号：2024—067 宁波韵升股份有限公司 关于使用部分闲置募集资金进行现金管理 到期赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 宁波韵升股份有限公司（以下简称"公司"）于 2024 年 1 月 12 日召开第十 届董事会第三十一次会议、第十届监事会第二十三次会议，审议通过了《关于使 用暂时闲置的募集资金进行现金管理的议案》，同意公司使用非公开发行股份募 集资金适时购买安全性高、流动性好、有保本约定的理财产品，最高额度不超过 7.3 亿元。保荐机构对闲置募集资金进行现金管理出具了明确的核查意见。具体 内容详见公司于 2024 年 1 月 13 日在上海证券交易所网站及指定信息披露媒体 披露的《关于使用暂时闲置募集资金进行现金管理的公告》（公告编号：2024- 004）。 2024 年 2 月 19 日至 2 月 21 日，公司使用闲置募集资金 36,000 万元购买了 现金管理产品，具体内容详见公司于 2024 年 2 月 21 日披露的《关于使用暂时闲 置募 ...

上 海 证 券 交 易 所 上市公司实施股份回购应当按照依法披露的用途进行转让，未 按照披露用途转让的，应当在三年期限届满前注销。但公司到期后 未按规定及时注销相应股份，超期注销约 17 个月，与投资者及市场 预期不符。公司上述行为违反了《上市公司股份回购规则》第十七 条，《上海证券交易所股票上市规则》（以下简称《股票上市规则》） 1 第 1.4 条、第 2.1.1 条、第 2.1.7 条、第 7.7.1 条及《上海证券交 易所股票上市公司自律监管指引第 7 号—回购股份》第十三条等有 关规定。时任董秘吉理作为公司信息披露主要负责人，未能勤勉尽 责，对公司上述违规行为负有责任，违反了《股票上市规则》第 2.1.2 条、第 4.3.1 条、第 4.3.5 条、第 4.4.2 条等有关规定及其在 《董事（监事、高级管理人员）声明及承诺书》中作出的承诺。 鉴于上述违规事实和情节，根据《股票上市规则》第 13.2.1 条、 第 13.2.2 条和《上海证券交易所纪律处分和监管措施实施办法》等 有关规定，我部作出如下监管措施决定： 对宁波韵升股份有限公司及时任董事会秘书吉理予以监管警 示。 上证公监函〔2024〕028 ...

证券代码：600366 证券简称：宁波韵升 公告编号：2024-066 宁波韵升股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 12 月 04 日(星期三)至 12 月 10 日(星期二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@ysweb.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 宁波韵升股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布 公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年 第三季度的经营成果、财务状况，公司计划于 2024 年 12 月 11 日下午 15:00- 16:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络 ...

二、 回购股份的进展情况 证券代码：600366 证券简称：宁波韵升 公告编号：2024-065 宁波韵升股份有限公司 关于以集中竞价交易方式回购股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/7/16 | | | --- | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | | 预计回购金额 | 7,500 万元 | 万元~15,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 1,379.99 | 万股 | | 累计已回购股数占总股本比例 | 1.2413% | | | 累计已回购金额 | 7,586.40 | 万元 | | 实际回购价格区间 | 5.28 元/股 | 元/股~5.80 | 一、 回购股份的基本情况 宁波韵升股份有限公司（以下简称"公司"）于2024年7月15日 ...

回购股份注销日：2024 年 11 月 15 日 一、股份回购情况概述 证券代码：600366 证券简称：宁波韵升 编号：2024-064 宁波韵升股份有限公司 关于实施注销部分回购股份暨股本变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责 任。 重要内容提示： 宁波韵升股份有限公司（以下简称"公司"）本次注销回购股份 843,000 股，占注销前公司总股本的 0.077%。本次回购股份注销完成后，公司 总股本将由 1,099,884,051 股变更为 1,099,041,051 股。 1、公司于2018年11月26日召开第九届董事会第五次会议，审议通过了《关 于以集中竞价交易方式回购股份预案的议案》，并经2018年12月12日召开的 2018年第一次临时股东大会审议通过。2018年12月29日，公司披露了《关于以 集中竞价交易方式回购股份的回购报告书》（公告编号：2018-060）。本次回 购股份方案的主要内容如下：公司使用自有或自筹资金以集中竞价交易方式回 购公司股份，回购总金额不低于人民币10,000万元（含 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/7/16 | | | --- | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | | 预计回购金额 | 7,500 万元 | 万元~15,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 1,379.99 | 万股 | | 累计已回购股数占总股本比例 | 1.2413% | | | 累计已回购金额 | 7,586.40 | 万元 | | 实际回购价格区间 | 5.28 元/股 | 元/股~5.80 | 一、 回购股份的基本情况 宁波韵升股份有限公司（以下简称"公司"）于2024年7月15日召开第十一届 董事会第二次会议，审议通过了《关于以集中竞价交易方式回购股份方案的议案》， 同意公司以自有资金通过集中竞价交易方式回购公司股份，本次回购的股份将用 于实施员工持股计 ...

Revenue and Profit - Revenue for the third quarter was RMB 1,346,838,678.68, a slight increase of 0.66% compared to the same period last year[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 30,603,836.49[2] - Revenue for the first three quarters of 2024 reached 3.654 billion yuan, a decrease of 9.19% year-on-year[11] - Net profit for the first three quarters of 2024 was 69.1393 million yuan, turning a profit compared to the same period last year[11] - Operating revenue for the first three quarters of 2024 was 3,653,624,474.50 RMB, down from 4,023,544,664.66 RMB in 2023[17] - Net profit attributable to the parent company was 3,283,085,959.15 RMB, slightly up from 3,269,042,385.24 RMB in 2023[16] - Net profit for the third quarter of 2024 was RMB 66.36 million, compared to a net loss of RMB 245.86 million in the same period last year[18] - Operating profit for the third quarter of 2024 was RMB 63.27 million, a significant improvement from an operating loss of RMB 319.80 million in the same period last year[18] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 8,940,801,042.20, an increase of 4.42% compared to the end of the previous year[3] - Total assets increased to 8,940,801,042.20 RMB from 8,562,120,814.38 RMB[15] - Total liabilities rose to 3,038,558,999.54 RMB from 2,617,155,031.33 RMB[16] - Short-term borrowings increased to 376,180,480.99 RMB from 315,537,070.83 RMB[15] - Long-term equity investments decreased to 191,268,748.83 RMB from 215,416,096.02 RMB[15] - Fixed assets remained stable at 1,543,747,856.30 RMB compared to 1,528,888,116.92 RMB in 2023[15] - Total equity increased to 5,902,242,042.66 RMB from 5,944,965,783.05 RMB[16] Cash Flow - Cash flow from operating activities for the period was RMB 626,009,582.51, a decrease of 19.64% compared to the same period last year[2] - Cash flow from operating activities for the first nine months of 2024 was RMB 626.01 million, a decrease from RMB 778.98 million in the same period last year[21] - Cash flow from investing activities for the first nine months of 2024 was a net outflow of RMB 810.62 million, compared to a net outflow of RMB 546.21 million in the same period last year[21] - Cash flow from financing activities for the first nine months of 2024 was a net outflow of RMB 110.55 million, compared to a net outflow of RMB 233.90 million in the same period last year[21] - Total cash and cash equivalents at the end of the third quarter of 2024 were RMB 985.14 million, a decrease from RMB 1.34 billion at the end of the same period last year[21] Earnings and Shareholder Information - Basic earnings per share for the third quarter were RMB 0.0283[3] - The number of ordinary shareholders at the end of the reporting period was 67,635[7] - Basic earnings per share for the third quarter of 2024 were RMB 0.0637, compared to a loss per share of RMB 0.2289 in the same period last year[19] Government Subsidies and Other Income - Government subsidies recognized in the current period amounted to RMB 6,165,856.63[4] - Low-risk financial product income for the period was RMB 23,856,231.43, classified as recurring profit and loss[5] Market Share and Product Revenue - Revenue from neodymium magnet materials for new energy vehicles was 1.662 billion yuan, an increase of 24.12% year-on-year[11] - Revenue from neodymium magnet materials for consumer electronics was 996 million yuan, an increase of 22.97% year-on-year[12] - Revenue from neodymium magnet materials for industrial and other applications was 688 million yuan, a decrease of 49.56% year-on-year[12] - The company's neodymium magnet materials held a 22% market share in the domestic new energy passenger vehicle market[12] - The company achieved mass production supply for a domestic humanoid robot customer[12] R&D and Operating Costs - Operating costs for the first three quarters of 2024 were 3,599,820,986.63 RMB, compared to 4,347,652,065.68 RMB in 2023[17] - R&D expenses decreased to 132,528,594.62 RMB from 268,611,822.43 RMB in 2023[17] Comprehensive Income - Total comprehensive income for the third quarter of 2024 was RMB 66.03 million, compared to a comprehensive loss of RMB 244.81 million in the same period last year[19] Monetary Funds and Accounts Receivable - Monetary funds as of September 30, 2024, were 985.726423 million yuan, a decrease from 1.282876164 billion yuan at the end of 2023[13] - Accounts receivable as of September 30, 2024, were 1.954628330 billion yuan, an increase from 1.780700597 billion yuan at the end of 2023[13] - Inventory as of September 30, 2024, was 1.479857925 billion yuan, a decrease from 1.676349905 billion yuan at the end of 2023[13] Return on Equity - Weighted average return on equity (ROE) for the third quarter increased by 1.52 percentage points to 0.52%[3] Gross Profit Margin - The company's gross profit margin increased during the reporting period, contributing to the rise in non-recurring net profit[6]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 证券代码：600366 证券简称：宁波韵升 编号：2024—062 宁波韵升股份有限公司 关于计提资产减值准备的公告 宁波韵升股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召开了公司 第十一届董事会第五次会议和第十一届监事会第四次会议，审议通过了《关于计提 资产减值准备的议案》，现将相关情况公告如下： 一、本次计提资产减值准备情况概述 根据《企业会计准则》及公司会计政策的相关规定，基于谨慎性原则，公司对 截至 2024 年 9 月 30 日合并财务报表范围内的相关资产进行减值测试，并对预计可 收回金额低于其账面价值的各项资产计提减值准备。根据减值测试结果截至到 2024 年 9 月 30 日应计提各类减值（损失以"－"列示，下同）-5,775.80 万元，具体如下： | 项目 | 金额（万元） | | --- | --- | | 信用减值损失（损失以"－"号填列） | -704.33 | | 其中：应收账款坏账损失 | -709.38 | | 其他应收 ...