CNRE(600111) 新浪财经·2025-04-20 10:23Core Viewpoint - The company reported a revenue of 32.966 billion yuan for 2024, a year-on-year decrease of 1.58%, and a net profit attributable to shareholders of 1.004 billion yuan, down 57.64% year-on-year [1] Financial Performance - In Q4 2024, revenue reached 11.407 billion yuan, with a quarter-on-quarter increase of 33.10% and a year-on-year increase of 33.04; net profit attributable to shareholders was 599 million yuan, with a quarter-on-quarter increase of 66.41% but a year-on-year decrease of 39.52% [1] - The company experienced a significant improvement in performance despite a decrease in sales volume, with key products such as rare earth oxides, metals, and magnetic materials seeing respective sales declines of 20.57%, 28.62%, and 18.42% [2] - Price increases compensated for the decline in sales volume, with prices for praseodymium-neodymium oxide and neodymium iron boron rising by 6.86% and 3.81% respectively [2] - The company's gross profit and gross margin in Q4 2024 were 1.429 billion yuan and 12.53%, reflecting a quarter-on-quarter increase of 56.00% and 1.84 percentage points [2] Cost Management and Efficiency - The company implemented energy consumption optimization actions, significantly reducing electricity consumption in various processes, leading to a 5.1% year-on-year decrease in processing costs per ton of rare earth [3] - The company maintained a stable expense ratio, with R&D expenses remaining high, and the R&D expense ratio in Q4 2024 increased by 0.74 percentage points to 1.35% [2][3] Strategic Developments - The company is advancing its magnetic materials and rare earth motor business, with plans for expansion and production of rare earth permanent magnet motors [3] - The strategic value of rare earths is expected to increase due to export controls and a significant reduction in overseas mining supply, alongside a moderate growth in domestic mining quotas [3] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 34.8 billion, 40.5 billion, and 45.8 billion yuan, with net profits of 2.1 billion, 2.5 billion, and 3.5 billion yuan respectively, leading to corresponding EPS of 0.58, 0.69, and 0.97 yuan [4]