研報掘金丨華泰證券:維持北方稀土“增持”評級,稀土價格正在回暖
華泰證券研報指出,北方稀土(600111.SH)23年業績承壓,稀土價格正在回暖,維持“增持”評級及目標價20.25元。23年歸母淨利潤23.71億元,yoy-60.38%,盈利大幅下降主要為23年稀土價格下跌所致。隨着24年稀土下發指標增速放緩,供需關係改善。公司加快建設稀土永磁下游產能,實現一體化佈局公司同步擴大原材料端及下游磁材端產能佈局。根據公司公吿,公司24Q2 採購稀土精礦價格為1.68 萬元/噸(不含税,REO=50%),環比下滑19.02%,但四月公司鐠釹氧化物掛牌價為36.57萬元/噸,環比持平,公司盈利正在修復。
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