作为高性能稀土永磁龙头，近期公司接待了近百家机构调研，体现出较高的市场关注度。在上述机构调研债摘要中，投资机构重点聚焦于产能规划、港股融资及基石投资者等事宜。对于产能规划，公司表示，包头「高性能稀土永磁材料基地项目」预计在今年第二季度可逐渐达到满产，该项目达产后，公司将形成23,000吨/年的高性能稀土永磁材料毛坯生产能力。此外，宁波「年产3,000吨高端磁材及1亿台套组件项目」项目已经开工建设，预计2023年可以建成投产。公司的远期规划是到2025年，建成40000吨产能规模，产能的迅速扩大为未来两年的发展打下坚实的基础。$Golden permanent Magnet (06680.HK) $According to the official listing on the Hong Kong Stock Exchange on January 14, the company's H-share offering was priced at HK $33.80 per share, with a total of 125.5 million shares, with a net income of about HK $4.05 billion. After the listing on the Hong Kong Stock Exchange, Jinli permanent Magnet will become the first leading rare earth permanent magnet company to be listed in Hong Kong.
For the purpose of raising funds, the company said that about 35% is used for the construction of Ningbo production base; about 25% is used for potential acquisitions to expand the layout of the industrial chain; about 20% is used for research and development purposes; about 10% is used to repay loans for the construction of Baotou production base project; about 10% is used for working capital and general corporate purposes.
A number of institutions have investigated and paid attention to issues such as production capacity and financing of Hong Kong stocks.
Jinli permanent magnet H-share cornerstone investor lineup is huge.
Jinli permanent magnet positioning high-end magnetic materials suppliers, in the field of new energy vehicles layout continues to deepen. At present, the company has successfully entered the supply chain system of new energy vehicle enterprises, such as Tesla, Inc., GM, domestic Volkswagen MEB platform, BYD, NIO Inc., ideal and so on.
As a high-performance rare earth permanent magnet leader, the company has recently received nearly 100 institutional research, reflecting a high degree of market attention. In the above summary of institutional research bonds, investors focus on capacity planning, Hong Kong equity financing and cornerstone investors. With regard to capacity planning, the company said that Baotou's "High performance rare Earth permanent Magnet material Base Project" is expected to gradually reach full production in the second quarter of this year. The company will form a blank production capacity of 23000 tons / year of high-performance rare earth permanent magnet materials. In addition, Ningbo's "annual output of 3000 tons of high-end magnetic materials and 100 million sets of components" project has started construction, is expected to be completed and put into production in 2023. The company's long-term plan is to build a capacity of 40000 tons by 2025, and the rapid expansion of production capacity will lay a solid foundation for the development of the next two years.
In addition, in terms of cornerstone investors in Hong Kong stocks, data show that Jinli permanent Magnet's H-share offering has introduced heavyweight cornerstone investors, including China State-owned Enterprise mixed ownership Reform Fund, CR Alpha Investment II Limited, HHLR Fund,L.P., CITIC Prudential plc Life Insurance Co., Ltd., and China White Industrial Investment Fund under China Merchants Capital. Among them, the mixed ownership Reform Fund subscribed for the largest number of shares, accounting for 4.1 per cent of its total issued share capital after the completion of its global offering.
High demand growth in beneficiary industries
Ability to cope with raw material price fluctuations
From the perspective of the industry, Frost Sullivan predicts that sales of new energy passenger vehicles are expected to grow at a compound annual growth rate of 45.1% from 2020 to 2025, reaching about 11.3 million vehicles in 2025. The consumption of high-performance NdFeB permanent magnet materials in the global new energy automobile industry has increased from about 1480 tons in 2015 to about 9760 tons in 2020, with a compound annual growth rate of 45.9 percent. It is expected to reach about 37510 tons in 2025 and a compound annual growth rate of 30.9 percent from 2020 to 2025.
In the environment of sustained strong demand in the industry, the future performance growth of Jinli permanent Magnet has a strong certainty. Data show that the company has accumulated rich customer resources in new energy vehicles and auto parts, energy-saving frequency conversion air conditioners, wind power generation and other fields, such as BYD, Midea, Xinjiang Goldwind Science & Technology, etc., and has established a close cooperative relationship with them. and is expected to help the company to develop new customer resources.
From the perspective of upstream raw materials, with regard to the market's concern about how to avoid the risk of price fluctuations of rare earth raw materials, the company also said that the establishment of the China rare Earth Group in Ganzhou on December 23, 2021 is conducive to the sustained and healthy development of the rare earth industry and the optimal allocation of rare earth resources in the market. While taking effective measures to ensure the long-term and stable supply of rare earth raw materials, the company can reduce the impact of price fluctuations of rare earth raw materials on the company's business performance by purchasing rare earth raw materials in advance according to on-hand orders, establishing safety inventory of rare earth raw materials, establishing price adjustment mechanism with customers, optimizing formula and process, and so on.
The leading edge of technology is highlighted.
The future development can be expected.
The technical threshold of high performance NdFeB permanent magnet is high. At present, the company has mastered the independent core technology and patent system with grain boundary infiltration technology as the core, including grain boundary infiltration technology, formulation system, grain refinement technology, primary forming technology, production process automation technology and new coating technology with high temperature and high corrosion resistance. Among them, the company has applied for a number of domestic and foreign invention patent authorization for the core grain boundary infiltration technology.
Jinli permanent magnet has the industry-leading grain boundary penetration technology. On the one hand, the company reduces or even eliminates the addition of heavy rare earths in the production process of high-performance NdFeB permanent magnet materials through formula optimization to help customers in the wind power industry reduce their production costs. On the other hand, in the fields of new energy vehicles and frequency conversion air conditioners, the company has the ability to use grain boundary infiltration technology to achieve large-scale production and develop high-grade products to significantly reduce the use of medium and heavy rare earths while maintaining high performance. According to Frost Sullivan, grain boundary infiltration technology can generally reduce the use of medium and heavy rare earths by 50% to 70%.
Looking to the future, with the increase in production capacity and its absolute advantage in the field of grain boundary infiltration technology, Jinli permanent Magnet's leading advantage in the industry has been established. After this H-share issue, the company is expected to further consolidate its leading position and start a new round of growth.
