研報掘金|華泰證券:稀土價格短期尋底 長期供需改善
華泰證券指出,乘新能源之風,稀土行業尤其氧化鐠釹需求在過去幾年迅速增長。需求端新能源浪潮+傳統領域復甦,23-26年氧化鐠釹需求複合增速或達10.8%。供給端國內稀土產業鏈優勢顯著,海外供應端擴產緩慢,24-26年,預計國內供應仍將貢獻未來全球稀土供給的主要增量。24-26年全球氧化鐠釹的供需平衡/需求佔比分別為5.1%/1.3%/0.3%,長期供需關係改善。短期氧化鐠釹價格震盪尋底靜待旺季迴歸,伴隨二季度稀土價格企穩,企業存貨影響將逐步消除,整體行業的盈利情況會在24Q2迎來環比改善。推薦低成本及增量帶動下盈利修復標的。
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