Investment Rating - The report maintains a "Buy" rating for the company [11][18]. Core Views - The company's stable growth in magnetic materials provides a solid performance foundation, while the doubling of radiation protection materials showcases its competitive cost advantage in lead-free products and first-mover advantage in a blue ocean market. The acquisition of Jin Nan Magnetic Materials is expected to broaden the product range [4][11]. Financial Summary - For the fiscal year 2024, the company achieved revenue of 886 million yuan, a year-on-year increase of 14.9%, and a net profit attributable to the parent company of 145 million yuan, up 5.2% year-on-year. The fourth quarter of 2024 saw revenue of 234 million yuan, a year-on-year increase of 12.7% [5][11]. - The first quarter of 2025 reported revenue of 207 million yuan, a year-on-year increase of 8.6%, but a quarter-on-quarter decrease of 11.7% [11]. - The earnings per share (EPS) for 2025 is revised to 1.61 yuan, down from the previous estimate of 1.77 yuan, with a target price adjusted to 51.52 yuan based on a 32x PE valuation for 2025 [11]. Product Performance - The magnetic adhesive materials segment achieved production and sales of 25.41 million square meters and 24.47 million square meters, respectively, representing year-on-year increases of 12.2% and 8.6%. The electronic ceramic components segment produced and sold 1.66 billion and 1.62 billion units, respectively, with a gross margin of 32.7%, which improved by 3.5 percentage points year-on-year despite adverse raw material price conditions [11]. - The high-energy radiation protection materials segment saw production and sales of 348,000 and 344,000 square meters, respectively, reflecting year-on-year increases of 159% and 152%, with a gross margin of 55.9% [11]. Acquisition Impact - The planned acquisition of 100% equity in Jin Nan Magnetic Materials is expected to significantly enhance the company's product offerings. Jin Nan is the largest and fastest-growing manufacturer of rubber magnets globally, with annual sales exceeding 15,000 tons, capturing over 65% of the global market share [11].
新莱福（301323）：2024年年报、2025年一季报业绩点评：磁材产品稳基础，新材料提增速