金力永磁（ [Table_StockNameRptType] 300748） 公司点评 产品销量持续提升，盈利能力环比改善 主要观点： ⚫[Table_Summary] 业绩 公司发布 2024 年三季报，2024 年前三季度实现营业收入 50.14 亿元， 同比-0.7%；实现归母净利润 1.97 亿元，同比-60.2%；扣非净利润 0.89 亿元，同比-79.6%。其中 24Q3 单季度实现营业收入 16.53 亿元，同比 +1.99%，环比-9.46%；实现归母净利润 0.77 亿元，同比-52.24%，环 比+329.29%；实现扣非净利润 0.55 亿元，同比-63.25%，环比 +484.87%。 ⚫ 公司主营产品量增价减，盈利能力承压 2024 年前三季度，公司依托较为充足的在手订单，积极提高市场份额。 报告期内，公司产能利用率超 90%，高性能磁材产品产销量同比增长约 40%。2024年前三季度公司核心原材料金属镨钕市场平均价格为 47.52 万元/吨，较 2023 年同期平均价格 66.64 万元/吨下降约 28.69%，原 材料成本变动滞后，叠加行业竞争加剧等因素影响，2024 年前三季度 ...

Key Points Company Overview 1. **Industry and Product Focus**: The company, D95, specializes in the research, development, production, and sales of high-performance permanent magnet materials and components for various applications, including new energy vehicles, wind turbines, air conditioners, 3C products, robots, and industrial motors. [1] 2. **Recognition and Partnerships**: The company's products have been recognized by leading domestic and international companies, and it has established long-term stable partnerships with them. [2] 3. **Production Base**: The company has three production bases in Ganzhou, Baotou, and Ningbo. It is currently constructing a 12,000-tonne capacity project in Baotou, a 3,000-tonne high-end permanent magnet and 100 million sets of component capacity project in Ningbo, and a high-efficiency and energy-saving motor permanent magnet base project in Ganzhou. [2] 4. **Product Applications and Customers**: The company's products are used by the top 10 global new energy vehicle producers, five of the top 10 global wind turbine manufacturers, and eight of the top 10 global variable frequency air conditioner producers. [2] 5. **Downstream Industry Focus**: The company actively explores new changes and emerging industries in the downstream market and collaborates with world-renowned customers in the research and development of permanent magnet components for humanoid robots. [3] 6. **Shareholder Structure**: The company is a private enterprise with Jiangxi Ruidi, Ganzhou Xinseng, and Ganzhou Geshu as its major shareholders. [3] 7. **Development History**: The company was listed on the Shenzhen Stock Exchange in 2018 and on the Hong Kong Stock Exchange in 2022. [3] 8. **Q3 2023 Financial Performance**: The company's revenue in the first nine months of 2023 was approximately 5.1 billion yuan, a slight increase from the same period last year. However, its net profit decreased by 60% to 200 million yuan. [4] 9. **Q3 2023 Profit Improvement**: The company's gross profit margin increased by 5.3 percentage points to 12.8% in the third quarter, compared to the second quarter. [5] 10. **Strategic Development**: The company adheres to long-termism and strategic layout, focusing on stable customer groups and orders while gradually releasing production capacity based on order situations. [5] 11. **Strategic Partnerships**: The company has established long-term strategic partnerships with major rare earth enterprises such as North China Rare Earth and China Rare Earth. [5] 12. **Technology and Product Development**: The company attaches great importance to technology and product development, aiming to enhance its competitive advantage. [6] 13. **ESG Construction**: The company is committed to ESG and promotes carbon neutrality through various means, such as using recycled rare earth materials, environmentally friendly packaging materials, and green electricity in factories. [6] Q&A Session 1. **Q4 2023 Outlook**: The company expects to achieve a total of 20,000 tons of finished products in 2023, a 30% increase from the previous year. [8] 2. **Price and Profit Trends**: The company believes that the price of rare earth materials will remain stable in the short term, and profit recovery will require a process. [18] 3. **Competitive Strategy**: The company aims to increase market share and profitability during industry downturns and benefit from the leading effect during industry recovery. [20] 4. **Industry Analysis**: The company believes that the rare earth industry is dominated by Chinese companies, and it is confident in its leading position. [27] 5. **Geopolitical Risk**: The company has taken measures to mitigate geopolitical risks, including establishing a factory in Mexico and investing in upstream raw materials. [29] 6. **Humanoid Robot Component Supply**: The company is currently in the research and development stage of humanoid robot component supply and is actively exploring cooperation opportunities with customers. [32] 7. **Mexico Factory**: The Mexico factory is primarily aimed at serving North American customers, but the company is open to other customers. [35] 8. **Domestic Robot Manufacturers**: The company is primarily focused on North American customers for humanoid robot component supply but maintains an open attitude towards domestic manufacturers. [36]

证券代码：300748 证券简称：金力永磁 江西金力永磁科技股份有限公司 投资者关系活动记录表 编号：2024-013 | --- | --- | --- | --- | |----------------------------|----------------------------------------------------------------------------------|----------------------------------------------------------------------|------------------------------------------------------------------| | 投资者关系 活动类别 \n形式 | √ 特定对象调研 □ □ 媒体采访 □ □ 新闻发布会 □ □ 现场参观 □ 其他 \n现场 ☐网上 | 分析师会议 业绩说明会 路演活动 （请文字说明其他活动内容） \n电话会议 | | | | | | | | | 机构名称 | | 姓名 | | | REST Superannuation | | Jos ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西金力永磁科技股份有限公司 呈交日期: 2024年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06680 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 200,745,600 | RMB | | 1 | RMB | | 200,745,600 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 200,745,600 | RMB | | 1 | RMB | | 200,745,600 | | 2. 股份分類 ...

股票交易异常波动的公告 证券代码：300748 证券简称：金力永磁 公告编号：2024-065 江西金力永磁科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况 江西金力永磁科技股份有限公司（以下简称"公司"）股票于 2024 年 11 月 1 日、2024 年 11 月 4 日、2024 年 11 月 5 日连续三个交易日收盘价涨幅偏离值 累计达到 31.85%，根据深圳证券交易所相关规定，属于股票交易异常波动的情 形。 二、公司关注并核实情况的说明 针对公司股票交易异常波动，公司董事会就相关问题进行了核实，现将有关 情况说明如下： 1、公司未发现前期披露的信息存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。 5、经核查，公司、控股股东和实际控制人在股票异常波动期间不存在买卖 公司股票的情形。 6、经自查，公司不存在违反公平信息披露规定的情形。 三、是否存在应披露而未披露信息的说明 公司于 2024 年 10 月 25 日在巨潮资讯网披露了《2024 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][13] Core Views - The company's performance has shown a quarter-on-quarter improvement, with a significant increase in net profit by 329% compared to the previous quarter, although it remains down 52% year-on-year [1][5] - The company has a strong production capacity utilization rate exceeding 90%, and the sales volume of high-performance magnetic materials has increased by approximately 40% year-on-year [1][6] - The company is strategically expanding its production capacity, with projects in Baotou, Ningbo, and Ganzhou, aiming to reach 40,000 tons of high-performance rare earth permanent magnet materials by 2025 [2][6] - The company is positioned as a leading player in the high-performance neodymium-iron-boron permanent magnet materials sector, benefiting from trends in energy conservation and carbon reduction [2][13] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 5.01 billion yuan, a slight decrease of 0.7% year-on-year, and a net profit of 197 million yuan, down 60.2% year-on-year [1][5] - The projected revenues for 2024-2026 are 6.45 billion, 7.49 billion, and 8.73 billion yuan, with year-on-year growth rates of -3.6%, 16.2%, and 16.5% respectively [2][14] - The projected net profits for the same period are 333 million, 589 million, and 881 million yuan, with year-on-year growth rates of -41.0%, 76.9%, and 49.6% respectively [2][14] - The company's earnings per share (EPS) are expected to be 0.25, 0.44, and 0.66 yuan for 2024-2026, with corresponding price-to-earnings (PE) ratios of 68, 38, and 26 times [2][14]

金力永磁（300748.SZ） 金属新材料 证券研究报告/公司点评报告 2024 年 10 月 28 日 603 Q3 盈利环比修复 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company is expected to benefit from increased demand in humanoid robots and new energy vehicles, which will contribute to new performance growth points [1][2] - The company has achieved significant growth in production and sales, with a notable recovery in profitability in Q3 2024 [3] - The company plans to invest approximately $100 million in a new production line project in Mexico, which is expected to stabilize its development cycle [3] Summary by Relevant Sections Performance Overview - In the first three quarters of 2024, the company achieved operating revenue of 5.01 billion yuan (down 0.7% year-on-year) and a net profit attributable to shareholders of 197 million yuan (down 60.2% year-on-year) [3] - Q3 revenue was 1.65 billion yuan (up 2.0% year-on-year, down 9.5% quarter-on-quarter), with a net profit of 77.21 million yuan (down 52.2% year-on-year, up 329% quarter-on-quarter) [3] Production and Sales - The company has maintained a high utilization rate of over 90% for its neodymium-iron-boron magnets, with a production and sales volume of approximately 15,350 tons (up about 40% year-on-year) [3] - The company has effectively countered the negative impact of declining prices through increased volume, achieving stable operations [3] Profitability Improvement - The company's gross margin and net margin for the first three quarters of 2024 were 10.0% and 4.0%, respectively, down 6.56 percentage points and 5.84 percentage points year-on-year [3] - In Q3 alone, the gross margin and net margin improved to 12.8% and 4.8%, respectively, with significant quarter-on-quarter increases [3] Future Outlook - The company is expected to see a revenue increase in the coming years, with projected revenues of 6.78 billion yuan in 2024, 9.52 billion yuan in 2025, and 11.14 billion yuan in 2026 [7] - The company is positioned to maintain its leading status in the industry as it expands its production capacity [3]

今天呢由我首先给大家介绍一下我们今年前三季度的这个业绩情况首先呢我来介绍一下公司的这个概览 军内泳池是一家集研发生产和销售高性能凝血防泳池材料磁阻电还有布局系统回收的综合的高新技术企业我们现有的客户主要广泛用于新能源汽车还有节能变频空调风电等等领域我们这个产业也是国家政策近年来大力支持的产业 截至今年前三季度公司的包头二期还有宁波还有我们的贛州高效节能电机项目都在按计划进行建设我们规划到二五年建成四万吨的高性能稀土泳池材料的毛坯产能下一页活动篇主要介绍我们公司产品的形态我们是根据客户的要求提供定制化的产品 下一页是我们截至930的这个股丛结构我们是一家民营企业股丛结构非常多元化我们公司的简单历史是08年上市08年成立然后我们率先涉足这个风电随后涉足这个空调还有汽车领域18年我们于深交所上市22年我们正式于港交所上市也是行业中的唯一一家AGH的这个上市公司 下面一个章节我来给大家简单更新一下我们第三季度的运营情况我们公司前三季度其实在手订单非常充足我们也积极地利用这个契机提高我们的市场份额在报告期内我们整体的产能利用率其实是超过了90%我们公司的整个词材的产销量同比也有增长大约40%所以我们实现了营收大概是50 ...

金力永磁（300748.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] Q3 盈利环比大幅改善，期待人形机器人磁组件放量 2024 年 10 月 26 日 ➢ 事件：2024 年 10 月 24 日，公司发布 2024 年三季报。2024 年前三季度 公司实现营业收入 50.14 亿元，同比减少 0.7%，实现归母净利润 1.97 亿元，同 比减少 60.17%。单季度看，2024Q3，公司实现营业收入 16.53 亿元，同比增 长 1.99%，环比减少 9.46%，实现归母净利润 7721 万元，同比减少 52.24%， 环比增加 329.29%。业绩符合市场预期。 ➢ 2024 年 Q3 归母净利润同比减少 52.24%，环比增长 329.29%。净利润变 化的主要原因是 Q3 毛利同比减少 0.87 亿元，环比增长 0.75 亿元。价格：稀土 价格同比大幅下跌拖累业绩。2024 年前三季度，金属镨钕平均含税价格为 47.52 万元/吨，较 2023 年同期平均价格 66.64 万元/吨下降约 28.69%），考虑到定 价滞后一个季度，Q3 的产品售价与 Q2 的原材料价 ...