宝武镁业（002182）：镁价承压影响短期业绩，关注深加工业务放量

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance in 2024 was impacted by declining magnesium prices, but the deep processing business shows resilience. The average price of magnesium ingots in 2024 was approximately 19,800 yuan per ton, a year-on-year decrease of 16.63% [7] - The company has successfully developed new magnesium alloy products for the automotive sector, gaining contracts with major companies like Geely and Seres. The deep processing business is expected to be a significant growth driver in the future [7] - The forecast for the company's net profit for 2025-2026 has been revised down due to lower magnesium prices, with expected profits of 359 million yuan and 509 million yuan respectively [7] Financial Data and Profit Forecast - Total revenue for 2024 was 898.3 million yuan, a year-on-year increase of 17.39%, while net profit attributable to the parent company was 160 million yuan, a decline of 47.91% [6][7] - The company anticipates total revenue of 976.5 million yuan in 2025, with a projected net profit of 359 million yuan, reflecting a year-on-year growth of 125% [6] - The gross profit margin is expected to improve from 12.8% in 2025 to 16.0% in 2027, indicating a positive trend in profitability [6]