With the country's many punches, the rare earth industry chain is undergoing fission, and investors have turned their attention from rare earth resource-based enterprises to rare earth new materials enterprises.
In China, in addition to the application of rare earths in the traditional field, rare earth new materials have also been exposed in recent years, especially rare earth permanent magnets, which have been widely optimistic in the industry. Then, as the price of rare earth continues to rise, can downstream demand be affordable?
Guoxin Securities Research Peng Bo has done a demand stress test with the price increase of the important rare earth metal material, metal bismuth. The price of metal bismuth is currently about 290,000 yuan / ton, and the price is up 50%, which will cause the price of strontium iron boron to rise by 60,400 yuan / ton. Permanent magnet enterprises need to pass the rising cost to the downstream terminal enterprises. Take the downstream production of permanent magnet wind turbine enterprises as an example. Even if they transfer all the rising costs of 60,400 yuan/ton to them, they will produce a 1.5MW direct drive. The cost of magnetic wind turbines has only increased by 0.97%.
From this point of view, the rise in rare earth prices is clearly acceptable for downstream companies. The data also shows that no matter how much the price of rare earth has changed in the past few years, the gross profit margin of Zhongke Sanhuan (000970, stocks) and Ningbo Yunsheng (600366, shares) has been maintained at more than 20%.
It is not difficult to see through this round of rare earth security warfare. The Chinese government's determination to grasp the pricing power of rare earths seems unshakable, which has made the industry see the future of rare earth permanent magnet enterprises. Zheng Zhiguo, a researcher at Shenyin Wanguo, said that the reduction of rare earth export quotas will mean that the export of permanent magnet materials will rise, because foreign countries will inevitably switch to imported midstream processing products if they are unable to import upstream raw materials.
In fact, changes in the demand for rare earths have made rare earth materials companies gear up. The reporter combed the investment path of rare earth permanent magnet enterprises this year. In addition to the three rings of Zhongke, other companies have chosen to expand production capacity or extend the industrial chain without exception: September, Antai Technology (000969, shares) new rare earth permanent magnet project In June, Taiyuan Gangyu (000795, shares it) and South Korea Taichang NET company reached an agreement, the two sides will jointly seek the future of the iron and boron industry chain; in April, Sinosteel Tianyuan (002057, shares it) and Nanjing Shengtian Electronics Co., Ltd. The company cooperates in the permanent magnet motor business...
Zhongke Sanhuan, which did not choose to expand at this time, also has its own ideas: "As the largest permanent magnet material company in China and the second largest in the world, Zhongke Sanhuan has mastered the high-performance permanent magnet materials required for new energy vehicles. Production technology, now only need to wait for orders. For the company, the most important thing to consider now is to maintain a stable supply of rare earth raw materials." Zhongke Sanhuan said to reporters. On July 27, Zhongke Sanhuan and Minmetals Nonferrous Metals Co., Ltd. signed the "Strategic Cooperation Framework Agreement", and the two sides intend to cooperate on rare earth supply and technology.
According to the industry's point of view, the development of new industries such as new energy vehicles and wind turbines has opened up the demand for new rare earth materials. Take the Toyota Prius as an example. A HEV car uses about 5 kilograms of NdFeB permanent magnet material. If the global increase of 1 million vehicles a year, it will directly increase the market demand for NdFeB permanent magnet materials of 2000-3000 tons. "According to the average growth rate of the industry, in the next five years, the average annual compound growth rate is expected to maintain a growth rate of 15-20%." The above-mentioned people of Zhongke Sanhuan told reporters.
In fact, prophetic institutional investors have already sniffed investment opportunities in rare earth permanent magnets. The mid-year report showed that in the second quarter of this year, rare earth permanent magnet enterprises such as Zhongke Sanhuan, Ningbo Yunsheng and Antai Technology all received substantial increase in institutional investors. Among them, there is no shortage of China Minmetals Group, which is well aware of the rare earth industry.
In China, in addition to the application of rare earths in the traditional field, rare earth new materials have also been exposed in recent years, especially rare earth permanent magnets, which have been widely optimistic in the industry. Then, as the price of rare earth continues to rise, can downstream demand be affordable?
Guoxin Securities Research Peng Bo has done a demand stress test with the price increase of the important rare earth metal material, metal bismuth. The price of metal bismuth is currently about 290,000 yuan / ton, and the price is up 50%, which will cause the price of strontium iron boron to rise by 60,400 yuan / ton. Permanent magnet enterprises need to pass the rising cost to the downstream terminal enterprises. Take the downstream production of permanent magnet wind turbine enterprises as an example. Even if they transfer all the rising costs of 60,400 yuan/ton to them, they will produce a 1.5MW direct drive. The cost of magnetic wind turbines has only increased by 0.97%.
From this point of view, the rise in rare earth prices is clearly acceptable for downstream companies. The data also shows that no matter how much the price of rare earth has changed in the past few years, the gross profit margin of Zhongke Sanhuan (000970, stocks) and Ningbo Yunsheng (600366, shares) has been maintained at more than 20%.
It is not difficult to see through this round of rare earth security warfare. The Chinese government's determination to grasp the pricing power of rare earths seems unshakable, which has made the industry see the future of rare earth permanent magnet enterprises. Zheng Zhiguo, a researcher at Shenyin Wanguo, said that the reduction of rare earth export quotas will mean that the export of permanent magnet materials will rise, because foreign countries will inevitably switch to imported midstream processing products if they are unable to import upstream raw materials.
In fact, changes in the demand for rare earths have made rare earth materials companies gear up. The reporter combed the investment path of rare earth permanent magnet enterprises this year. In addition to the three rings of Zhongke, other companies have chosen to expand production capacity or extend the industrial chain without exception: September, Antai Technology (000969, shares) new rare earth permanent magnet project In June, Taiyuan Gangyu (000795, shares it) and South Korea Taichang NET company reached an agreement, the two sides will jointly seek the future of the iron and boron industry chain; in April, Sinosteel Tianyuan (002057, shares it) and Nanjing Shengtian Electronics Co., Ltd. The company cooperates in the permanent magnet motor business...
Zhongke Sanhuan, which did not choose to expand at this time, also has its own ideas: "As the largest permanent magnet material company in China and the second largest in the world, Zhongke Sanhuan has mastered the high-performance permanent magnet materials required for new energy vehicles. Production technology, now only need to wait for orders. For the company, the most important thing to consider now is to maintain a stable supply of rare earth raw materials." Zhongke Sanhuan said to reporters. On July 27, Zhongke Sanhuan and Minmetals Nonferrous Metals Co., Ltd. signed the "Strategic Cooperation Framework Agreement", and the two sides intend to cooperate on rare earth supply and technology.
According to the industry's point of view, the development of new industries such as new energy vehicles and wind turbines has opened up the demand for new rare earth materials. Take the Toyota Prius as an example. A HEV car uses about 5 kilograms of NdFeB permanent magnet material. If the global increase of 1 million vehicles a year, it will directly increase the market demand for NdFeB permanent magnet materials of 2000-3000 tons. "According to the average growth rate of the industry, in the next five years, the average annual compound growth rate is expected to maintain a growth rate of 15-20%." The above-mentioned people of Zhongke Sanhuan told reporters.
In fact, prophetic institutional investors have already sniffed investment opportunities in rare earth permanent magnets. The mid-year report showed that in the second quarter of this year, rare earth permanent magnet enterprises such as Zhongke Sanhuan, Ningbo Yunsheng and Antai Technology all received substantial increase in institutional investors. Among them, there is no shortage of China Minmetals Group, which is well aware of the rare earth industry.
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