2023-06-13-亿渡数据-北交所个股研究系列报告_粉末冶金生产商研究_13页_1mb

Company Introduction: Jiu Li Technology (股票代码 873305) is a Beijing Stock Exchange-listed company specializing in the R&D, production, and sales of powder metallurgy and rare-earth magnetic materials. Key products include automotive components and appliances, with powder metallurgy constituting 85.04% of 2022 revenue. The company aims to capitalize on growth in the new energy vehicle market through rare-earth magnets for electric motors, and has prominent clients like Hubei Shen Dian.

Financial Performance: From 2019 to 2022, gross margins and net profit margins declined; in 2022, margins were 25.54% and 15.39%, down from previous years. Revenue in 2022 dropped 14.15% to 1.34 billion yuan, with net profit falling sharply by 34.02%. Factors include high raw material costs and reduced orders. Operating metrics are weak, with slow inventory (125.47 days turnover in 2022) and accounts receivable (average 209 days, collection rate around 77%), though some improvement occurred in recent periods.

Industry Analysis: The powder metallurgy industry is driven by automotive and home appliance sectors, with China's market reaching 17.4 billion yuan in 2022. The automotive segment dominates, accounting for 58% of applications, and is expected to grow with automotive electrification. The industry is divided into low-end (high competition) and high-end (technologically advanced, dominated by firms like GKN and domestic leaders) segments. Global growth is projected at a CAGR of 4.1% to over 340 billion yuan by 2027 in China due to innovations and new applications.

Strategic Position and Outlook: The company benefits from steady R&D investment and potential in rare-earth materials, but faces challenges like revenue volatility and customer dependence. Opportunities include market expansion through technological advancements, while risks involve price fluctuations and intense competition in lower-tier markets.