JL Mag Reported Mixed Q3 With One-Offs Offsetting Weak Margin; FVE Lowered to HKD 29

JL Mag Rare-Earth is the world’s largest producer of high-performance rare earth permanent magnets, or REPMs, by production volume in 2020 with a market share of 14.5%, according to Frost & Sullivan. The company started producing high-performance NdFeB PMs used for wind turbines in 2010; for energy-saving variable-frequency air-conditioners, or VFACs, in 2011; and for new energy vehicles, or NEVs, in 2012. In 2020, its major customers included four of the top five players in the global NEV sector by sales volume, three of the top five players in the global wind power sector by newly added installed capacity, and the top two household air-conditioner producers by production volume in China.