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Leading Chinese producer of sintered NdFeB rare-earth permanent magnets used in EV motors and wind turbines.
Leading Chinese producer of sintered NdFeB rare-earth permanent magnets used in EV motors and wind turbines.
Sells magnets to motor makers at prices that move with the cost of neodymium and other rare-earth metals, so profit depends on the lag between metal price changes and selling price changes, and on keeping its factories full. It has qualified with major EV and wind customers, where approval takes a long time. It also trades in Hong Kong as 6680.HK.
In one line: A Chinese MP Materials-plus-magnet-maker (further downstream than MP).
Moat: narrow (scale, process know-how, customer qualification). Qualified magnet supplier to major EV/wind OEMs; rare-earth processing know-how.
Headquarters: Ganzhou, Jiangxi, China · Founded: 2005 · Employees: 7,302
Size JL Mag Rare-Earth (300748.SZ) is a China Industrials company (Metal Fabrication) with a market value of $4.54B, the 561st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥24.10 on 6 Nov 2026.
Performance Over six months the shares fell 26.9%, against -13.2% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 19 in its peer set.
Growth Revenue grew 39.1% over the last twelve months (peer median +17.8%); the operating margin is 10.7% (peer median 10.8%).
Valuation It trades at 33.1× forward earnings against a peer median of 35.4× (10th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.2 points below its cost of capital (11.7% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.91B | CN¥7.71B | CN¥6.76B | CN¥6.67B | CN¥7.15B |
| Revenue growth | — | +14% | +1% | -7% | — |
| Gross profit | CN¥2.39B | CN¥1.59B | CN¥728M | CN¥1.05B | CN¥1.14B |
| EBITDA | n/a | CN¥923M | CN¥309M | CN¥625M | CN¥703M |
| Net income | CN¥950M | CN¥706M | CN¥291M | CN¥564M | CN¥703M |
| Free cash flow | CN¥1.78B | -CN¥107M | -CN¥161M | CN¥712M | -CN¥272M |
| Capital expenditure | CN¥344M | CN¥466M | CN¥675M | CN¥806M | CN¥582M |
| Total debt | CN¥6.76B | CN¥5.85B | CN¥4.05B | CN¥3.32B | CN¥3.65B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| JL Mag Rare-Earth 300748.SZ | $4.54B | -27% | +39% | 11% | 33.1× | 22.1% |
| Hengdian Group DMEGC Magnetics 002056.SZ | $4.16B | -9% | +3% | 7% | 14.5× | n/a |
| MP Materials MP | $6.31B | -47% | +72% | -17% | 248.7× | n/a |
| Beijing Zhong Ke San Huan High-Tech 000970.SZ | $1.87B | -16% | +11% | 3% | 65.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 300748.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.3% | -7.3% | 6th highest of 20 |
| 6-month return | -26.9% | -13.2% | 4th lowest of 19 |
| Distance from 52-week high | -45.4% | -39.1% | 7th lowest of 20 |
| Revenue growth (TTM) | +39.1% | +17.8% | 5th highest of 21 |
| Operating margin | 10.7% | 10.8% | 10th lowest of 21 |
| Forward P/E | 33.1× | 35.4× | 10th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 22.1% | 9.6% | 4th most demanding of 9 |
| Growth delivered (Del g) | +26.1% | +13.1% | highest of 9 |
| Hurdle (Req g minus delivered) | -4.0 pp | +1.9 pp | 4th least demanding of 9 |
| ROIC minus cost of capital | -3.2 pp | -1.3 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| JL Mag Rare-Earth 300748.SZ | China | $4.54B | -27% | +39% | 11% | 33.1× | 22.1% | +26.1% |
| POCO 300811.SZ | China | $4.24B | -15% | +48% | 24% | 38.4× | n/a | n/a |
| Hengdian Group DMEGC Magnetics 002056.SZ | China | $4.16B | -9% | +3% | 7% | 14.5× | n/a | n/a |
| PTC Industries PTCIL.NS | India | $4.09B | +45% | +95% | 19% | 174.5× | n/a | n/a |
| Jiujiang Defu Technology 301511.SZ | China | $5.09B | -28% | +69% | 6% | 44.4× | n/a | n/a |
| Shyam Metalics & Energy SHYAMMETL.NS | India | $3.84B | +47% | +26% | 9% | 19.3× | n/a | n/a |
| Endurance Technologies ENDURANCE.NS | India | $3.71B | -1% | +32% | 8% | 32.3× | 29.9% | +17.6% |
| Schaeffler India SCHAEFFLER.NS | India | $5.83B | -17% | +23% | 15% | 40.4× | 29.7% | +20.8% |
| Sinomach Precision Industry 002046.SZ | China | $3.47B | -17% | -1% | 4% | 75.7× | n/a | n/a |
| SFS SFSN.SW | Switzerland | $6.68B | +15% | +2% | 12% | 19.8× | -2.1% | +12.3% |
| Shaanxi Sirui Advanced Materials 688102.SS | China | $2.99B | -39% | +38% | 11% | 96.5× | n/a | n/a |
| Zhejiang XCC 603667.SS | China | $2.99B | -20% | -15% | 2% | 91.0× | 47.9% | +13.9% |
| Zetwerk Manufacturing Businesses ZETWERK.NS | India | $2.96B | n/a | +40% | 1% | n/a | n/a | n/a |
| Avic Heavy Machinery 600765.SS | China | $2.84B | -23% | -13% | 4% | 23.1× | n/a | n/a |
| Tolerance Technology (Jiangsu) 301583.SZ | China | $2.82B | n/a | +18% | 15% | n/a | n/a | n/a |
| Himile Mechanical Science & Technology (Shandong) 002595.SZ | China | $7.40B | -29% | +17% | 20% | 19.8× | 8.4% | +15.9% |
| Valmont Industries VMI | United States | $7.74B | -21% | +5% | 14% | 15.9× | 10.7% | +7.2% |
| Jyoti Cnc Automation JYOTICNC.NS | India | $2.45B | +32% | +18% | 21% | 53.8× | n/a | n/a |
| Bossard BOSN.SW | Switzerland | $2.42B | +55% | +7% | 11% | 20.1× | 5.9% | +5.6% |
| Anhui Tongguan Copper Foil 301217.SZ | China | $8.60B | -12% | +36% | 5% | 105.6× | n/a | n/a |
| Maruichi Steel Tube 5463.T | Japan | $2.32B | +5% | -2% | 14% | 11.9× | -2.7% | +8.6% |