JL Mag (H): 1H26 profit alert in line; robotics momentum continues to build

研报英文原文证据摘录

JL Mag (H): 1H26 profit alert in line; robotics momentum continues to build

Accessible version

JL Mag (H)

1H26 profit alert in line; robotics

momentum continues to build

Reiterate Rating: BUY | PO: 24.00 HKD | Price: 16.63 HKD

2Q26 NPAT 43-85% YoY / 7-39% QoQ growth, in line 02 July 2026

JL Mag reported a profit alert, guiding for 1H26 NPAT of RMB400–460mn, broadly in Equity

line with our expectations. This implies 2Q26 NPAT of RMB207–267mn, representing

YoY growth of 43–85% and QoQ growth of 7–39%. According to the company, 1H26 YibingResearchXiaAnalyst>>

revenue is expected to increase by around 30% YoY. Revenue from the NEV and Merrill Lynch (Hong Kong)

automotive components business is projected to grow by approximately 30% YoY, while +852yibing.xia@bofa.com3508 8045

the robotics and industrial servo motor business is expected to deliver c.90% YoY Matty Zhao >>

growth. Notably, the company has already commenced small-batch shipments of motor Research Analyst

Merrill Lynch (Hong Kong)

rotor products for embodied humanoid robots. +852 3508 4001

matty.zhao@bofa.com

Buy on structural growth and rare‑earth supply security

We reiterate our Buy rating on JL Mag, supported by: (1) structural growth in high-

performance magnets, driven by the adoption of ND-HDT (new-energy heavy-duty Stock Data

trucks), accelerating industrial robot demand fueled by AI-related capex, and increasing

humanoid robotics adoption; (2) strong upstream rare-earth supply security, underpinned Price 16.63 HKD

by long-standing partnerships with key domestic suppliers; (3) high customer stickiness Price Objective 24.00 HKD

with leading global EV and robotics manufacturers; and (4) an undemanding valuation Date Established 26-Mar-2026

relative to both humanoid robotics and EV supply-chain peers.