The Zhitong Finance App learned that Daiwa released a research report stating that it lowered the target price of Jinli Permanent Magnet (06680) by 25% from HK$24 to HK$18 to maintain the “outperform the market” rating. The bank said that the company's humanoid robot business revenue for the first nine months of 2026 was about 8 million yuan (same below), and the annual revenue for the 2026 fiscal year is expected to be about 20 million yuan.
The bank pointed out that the current daily shipment volume of magnets for domestic customers is 200,000, and it is expected to reach 500,000 in the first quarter of 2027. Some customers aim to reach 1 million units starting in the second quarter of 2027. Assuming the price of each magnet is 0.5 yuan, the bank anticipates that the domestic humanoid robot business revenue for the 2027 fiscal year will be 60 million yuan under basic circumstances, and may reach 100 million yuan under optimistic circumstances. Overall, the bank expects the 2027 humanoid robot business revenue to be about 120 million yuan in the basic scenario and 220 million yuan under the optimistic scenario.
The bank believes that growth in the 2027 fiscal year will be more production-driven. Management expects an average increase of about 6,000 tons of production capacity in FY2027, bringing the average effective production capacity to about 46,000 tons, an increase of 15% over the current benchmark production capacity of 40,000 tons, which in turn supports management's annual growth expectations of 15% to 20%. The increase in FY2026 is less than 5%. The utilization rate of existing capacity is 85% to 90%.
Traditional magnets are still the main driver of the company's recent profits. In the first nine months of 2026, the company's revenue increased by about 41% year on year, net profit increased by about 47% year on year to 760 million yuan, and gross margin increased by about 2 percentage points to 21.6% year on year.