With the vigorous development of the downstream field of new energy vehicles, pull magnetic materials main industry performance growth company is the world's leading rare earth permanent magnet material application solution supplier, the main business is NdFeB permanent magnet materials, and is committed to extending to the downstream magnetic component application field. Rare earth permanent magnet material is the most valuable application field downstream of rare earths. NdFeB, as the third generation rare earth permanent magnet material, has the characteristics of high remanence density, high coercivity and high magnetic energy product, and is an important functional material in many high-end application fields.
Under the background of low carbon + intelligence, with the rapid development of downstream fields such as new energy vehicles, energy-saving motors, wind turbines and industrial robots, according to CAAM statistics, the production and sales of new energy vehicles in China increased by about 120% in the first half of 2022 compared with the same period last year, a record high. We believe that the rapid development of downstream areas will lead to a substantial increase in the demand for NdFeB magnets and boost the company's performance growth. In the first half of 2022, the company's revenue in new energy vehicle applications, consumer electronics, industry and other applications exceeded 6, 9 and 1.1 billion yuan respectively, an increase of about 250%, 70% and 50% respectively over the same period last year.
With high-quality customer resources in subdivision areas, the market share is expected to further enhance the company's high-quality customer resources in the main segment areas: new energy vehicles, in cooperation with founder Motor and Wolong Electric Drive Strategy, it is the main supplier of continental Europe and Germany, and provides NdFeB magnetic materials for 10 of the 15 best-selling models in China. The NdFeB magnetic materials sold have a market share of about 18.6% in domestic new energy vehicles, and have become a major supplier to BYD. In the field of consumer electronics, the company is the main magnet supplier of the global intelligent 3C electronics giant, as well as an international acoustics giant (American) and HDD hard disk industry chain; in industrial and other application fields, the company is the main magnet supplier of well-known enterprises such as CNR, Huichuan Technology, Gree Electric Appliance, Panasonic, Mitsubishi Electric and so on. We believe that the company's high-quality customer resources in the segment will help to establish a market position in this segment and is expected to further increase the company's market share.
To increase capital to implement the investment project of raising funds to help enhance the production capacity of blanks, the company deliberated and passed the "Bill on using the raised funds to increase Capital to Capital-controlled subsidiaries" on January 13, using 200 million yuan of the funds raised by non-public offerings in 2022 to increase capital to Baotou Qiangfeng, the company's holding subsidiary. Used for Baotou Yunsheng strong Magnetic Materials Co., Ltd. (hereinafter referred to as "Baotou strong Magnetic"), a holding subsidiary of Baotou strong Magnetic Co., Ltd. (hereinafter referred to as "Baotou strong Magnetic"). Used for Baotou strong Magnetic to its wholly-owned subsidiary Baotou Yunsheng Technology Development Co., Ltd. (hereinafter referred to as "Baotou Technology"), to implement the intelligent manufacturing project of Baotou Science and Technology with an annual output of 15000 tons of high-performance rare earth permanent magnetic materials. We believe that this capital increase will help to promote the orderly construction of the project as planned, and is expected to further enhance the company's blank production capacity, promote the further implementation of the company's strategy, and enhance the company's future business performance and profitability.
Profit forecast
It is predicted that the income of the company from 2022 to 2024 is 68.08,85.68,9.757 billion yuan respectively, and the EPS is 0.49,0.67,0.81 yuan respectively. The current stock price corresponding to PE is 24,18,15 times respectively, and is given "buy" investment rating.
Risk hint
The risk of rare earth raw material price fluctuation, the project schedule is lower than expected risk; the downstream demand is less than expected risk.