Manufacturer of scarce high-performance ferrite permanent magnets.
Permanent magnet ferrite is the most widely used permanent magnet material, which is favored for its high performance-to-price ratio and stable chemical performance. the demand benefits from the increase in the consumption of cars and bicycles, the increase in the frequency of household appliances, and the steady growth of market demand. China is a large producer of ferrite permanent magnet materials, but the industrial concentration is low, and the market is facing the trend of clearing low-end production capacity, concentration to the leader, and import substitution of high-end products. Long Magnetic Technology, as a domestic scarce manufacturer of high-performance ferrite permanent magnet materials, will fully benefit from the change of industrial pattern and the growth of demand for high-end products.
Force to do the world's high-performance permanent magnet ferrite wet pressure magnetic tile first-class enterprises.
The company's current permanent magnet ferrite wet pressure magnetic tile production capacity of 37000 tons, the main downstream for the fretting motor industry, to build 41000 tons capacity by the end of 2022, plans to add 10,000 tons per year from 2023 to 2024, the total production capacity of high-performance permanent magnet materials reaches 60,000 tons / year, the output exceeds Japan's TDK, reaching the first in the world, while the technology is fully calibrated in the world. The company's layout of soft magnetic and new energy components and other projects, with strong growth.
High-performance permanent magnet material-based, soft magnetic industry chain integrated layout.
While the company's permanent magnet basic disk is growing steadily, we are making every effort to build a soft magnetic industry chain, and the trinity development of soft magnetic powder, magnetic powder core and inductor devices. In 2022, the company has formed a metal magnetic powder core production capacity of 4000 tons / year, soft magnetic ferrite design capacity of 6000 tons / year, and plans to put into production in 2022; at the same time, it has invested 700 million yuan to build a high-frequency magnetic device project to build the whole industry chain of soft magnetic materials. involved in the field of integrated inductors. With the volume of the company's soft magnetic products, the company's performance is more flexible.
The demand for soft magnetism of new energy is high, and the prospect is broad.
Metal soft magnetic powder core is a kind of composite soft magnetic material, which has the advantages of both traditional metal soft magnetic materials and ferrite soft magnetic materials. it is widely used in photovoltaic, new energy vehicles, charging piles, data centers and other high boom industries, with an average annual compound growth rate of 22.4% from 2021 to 2025. The demand for photovoltaic and new energy vehicles increased by 49000 tons and 32000 tons respectively, an increase of 158% and 267% over 2021.
Profit forecast and investment advice: the company's revenue in 2022-2024 is expected to be 10.3 yuan 13.4 / 1.78 billion yuan, a growth rate of 27.9%, 30.0%, 32.9%, and a net profit of 1.5 million, 20.0 million, and 16.0%, 31.6%, 40.4%, 2.3 yuan and 18.3, 13.9, 9.9 times for PE, respectively. With the rapid growth of new energy vehicles, photovoltaic and other industries, the demand for high-performance permanent magnet ferrites, soft magnets and inductors has increased greatly. as a scarce manufacturer of high-end permanent magnet materials, the company will be world-class in scale and technology. benefit from the high growth of the industry and the company's size and profitability, while the company cut into the field of soft magnetic and new energy components with higher demand growth, with high growth. Give a "buy" rating.
Risk hint: the project production schedule is not as expected, the risk of price fluctuation, and policy changes affect downstream demand.
