\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 48 Jl Mag Rare-Earth Co.Ltd(300748) )
Highlight 1: Jl Mag Rare-Earth Co.Ltd(300748) : the revenue of 2022q1 was 1.509 billion yuan, an increase of 90.17% at the same time; The net profit attributable to the parent company was 164 million yuan, an increase of 61.57% at the same time.
Highlight 2: by product, the growth rate in the field of new energy vehicles is the fastest, with revenue of 450 million yuan (with an increase of 257%), frequency conversion air conditioning of 403 million yuan (with an increase of 13%), and wind power generation of 282 million yuan (with an increase of 46%).
Highlight 3: 1845 tons of permanent magnet products of grain boundary infiltration technology, with an increase of 42.74%, accounting for 66.98% of the total output.
Highlight 4: promote capacity expansion and strengthen the leading position of the industry. In 2022, the production capacity target of Nd-Fe-B blank will be 23000 tons, 40000 tons in 25 years, and the CAGR is 20%. Among them, (1) Ganzhou plant is currently the production base of high-performance rare earth permanent magnet materials with the largest single plant capacity in China, with an annual blank capacity of 15000 tons / year. (2) Baotou origin phase I has been put into use and will form a rough production capacity of 8000 tons / year after reaching the production capacity. (3) The "Ningbo project with an annual output of 3000 tons of high-end magnetic materials and 100 million sets of components" has started construction and is expected to be completed and put into operation in 2023. (4) Ganzhou plans to build a high-efficiency and energy-saving magnetic material base project for motor and Baotou phase II 12000 T / a blank production capacity.
The rating superior to the market and the target price of 49 yuan remained unchanged.
Risk tips
The company's capacity release was lower than expected, and the sales volume of new energy vehicles was lower than expected.
