2Q26 业绩强劲

研报英文原文证据摘录

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M

Update

August 20, 2026 01:24 PM GMT

JL Mag Rare-Earth Co. Ltd | Asia Pacific

Morgan Stanley Asia Limited+

Rachel L Zhang

Equity Analyst

Strong 2Q26 Results

Chris Jiang

Equity Analyst

Hannah Yang, CFA

AlphaSignals Earnings Reaction

Equity Analyst

Unchanged

Modest upside

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Cynthia Tang

Source: Company data, Morgan Stanley Research

Research Associate

Key Takeaways

1H26 net profit grew 52% YoY to Rmb462mn, above the preliminary profit range

of Rmb400-460mn. 2Q26 net profit was Rmb269mn, vs. Rmb193mn in 1Q26.

GPM remained stable at 21.6% in 2Q26, -0.2ppt QoQ/+4.6ppt YoY.

Higher interim dividend: JL Mag plans to pay an interim dividend of Rmb0.25,

JL Mag Rare-Earth Co. Ltd (6680.HK, 6680 HK)

Greater China Materials | China

Rmb223mn in 2Q26 (preliminary range: Rmb192-252mn). Major non-recurring items

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 20, 2026)

52-Week Range

Mkt cap, curr (mn)

Avg daily trading value (mn)

in 1H26 are government subsidy (~Rmb38mn) and investment income (~Rmb41mn)

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

from funds.

EPS (Rmb)**

Revenue, net (Rmb mn)

ModelWare net inc

(Rmb mn)

P/E

P/BV

RNOA (%)

Return on avg eqty (%)*

EV/EBITDA

Div yld (%)

0.52

0.79

1.05

1.42

7,718 10,950 12,464 14,228

706

1,085

1,427

1,932

implying ~75% payout ratio (vs. Rmb0.18 and ~81% for 1H25).

JL Mag bought back 2.7mn H share (worth HK$44mn) in July and cancelled.

Recurring NP +70% YoY to RMb399mn in 1H26, and +74% YoY/+27%QoQ to

Revenue +33% YoY to Rmb4.6bn in 1H26, and +49% YoY/28% QoQ to Rmb2.6bn.

Overseas sales in 1H26 grew 39% YoY to Rmb715mn.

NEVs and robots segments continued strong growth in 1H26:

• Revenue from products for NEVs and auto parts was Rmb2.2bn in 1H26,+33%

YoY.

• Revenue from variable-frequency energy-saving air conditioners (VFAC) was

Rmb915mn in 1H26, -9% YoY, amid YoY weaker AC production.

32.0

3.0

11.6

9.7

42.0

1.3

Overweight

Attractive

HK$27.80

67

HK$16.60

HK$29.30-15.74

Rmb33,740

HK$196

17.9

2.3

15.5

13.6

21.8

2.4

…