JLMAG(300748) 国信证券·2024-10-31 02:42Investment 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]