研報掘金丨西部證券:維持金力永磁“增持”評級,戰略金屬價值有望重估
西部證券研報指出,金力永磁預計25H1實現歸母淨利潤3.00~3.35 億元,同比+151%~180%,傳統下游需求韌性強,具身機器人等新興需求也正在湧現,公司未來成長可期。其中新能源汽車、變頻空調及風電三大領域貢獻了公司主要營收佔比,2024年三者合計營收佔比約79.1%。分開來看,新能源汽車領域營收佔比約49.0%,變頻空調領域營收佔比約22.8%,風電領域營收佔比約7.3%。25H1 受上游原料供應收緊及下游消費刺激等政策影響,稀土市場整體活躍度好於上年同期,以稀土鐠釹產品為代表的主要稀土產品價格呈現上升態勢,成交較好,戰略金屬價值有望重估。維持“增持”評級。
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