Nomura initiates coverage of Jinli Permanent Magnet (06680.HK) with a Buy rating
and HK$27 PT. Nomura says Jinli is a global leader in rare-earth
permanent-magnet materials and the largest NdFeB producer, forecast to account
for c.10% of global rare-earth magnet shipments by 2025. High-end rare-earth
magnets are widely used in EVs, wind turbines and appliances; Jinli’s
penetration across major downstream markets underpins a projected 12% volume
CAGR for 2025–28. Nomura identifies humanoid robots as an emerging demand
driver, estimating 3–4kg of rare-earth magnets per robot versus 2.0–2.5kg per
EV, and says the company’s long-term supply relationships with Tesla and other
leading EV OEMs position it to enter the humanoid-robot supply chain.
