JL Mag Rare-Earth (300748) Q4 2024 earnings summary

Executive summary

• Revenue rose 1.13% YoY to RMB6.76bn; net profit attributable to shareholders fell 48.37% to RMB291.0m amid lower rare-earth prices, lagged input-cost changes and intensified competition.

• High-performance magnet output and sales volumes reached records, up 39.48% and 37.88%; operating capacity utilization exceeded 90%.

• Fourth-quarter revenue was RMB1.75bn and attributable net profit was RMB94.2m; quarterly operating cash flow was RMB300.9m.

Financial highlights

• FY revenue RMB6.763bn, +1.13% YoY; NdFeB magnet revenue RMB5.906bn, +2.45%, while other business revenue fell 7.14% to RMB857.3m.

• Net income attributable to shareholders RMB291.0m, -48.37% YoY; adjusted for non-recurring items, net income was RMB170.3m, -65.49%.

• Consolidated net income was RMB294.1m versus RMB566.9m; basic and diluted EPS were RMB0.22, down 47.62%.

• Operating cash flow declined 66.53% to RMB507.9m; investing cash flow was -RMB1.687bn, mainly reflecting purchases of large-denomination certificates of deposit.

• Government grants recognized in other income were RMB131.3m versus RMB75.4m; non-recurring gains totaled RMB120.8m.

Outlook and guidance

• FY2025 plan targets 40,000 tonnes of high-performance rare-earth magnet capacity and a dedicated humanoid-robotics magnetic-component production line.

• A planned 20,000-tonne green intelligent-manufacturing project is intended to bring capacity to 60,000 tonnes by 2027; the target is subject to market and policy conditions.

• FY2025 priorities include expanding customer share in EVs, energy-efficient air conditioning, wind, robotics, 3C and low-altitude aircraft, alongside R&D and production ramp-up.

• Humanoid-robotics magnetic components had small-batch deliveries in 2024; dedicated facilities, equipment and teams are being developed to support scaled production.