华源证券研报指出，中国稀土为中稀集团核心上市平台，资源冶炼协同布局成长可期。2024年公司稀土矿产量2384吨REO，仅占集团指标2.93%。中稀集团2022年承诺五年内通过委托管理、资产重组、股权置换/转让、业务调整等方式解决同业竞争问题。依托中国稀土集团丰富的稀土矿山及冶炼分离资源，公司未来成长可期。公司兼具周期与成长属性，高性能稀土永磁需求持续扩张。高性能稀土永磁为伺服电机核心材料，下游应用涵盖消费电子、变频空调、节能电梯、工业机器人、风电、新能源汽车等。根据测算，预计2024-2027年全球高性能稀土永磁市场需求对应10.3/11.4/12.9/14.2万吨，3年CAGR达11%。其中，新能源汽车需求占比不断提升成为主要驱动力，风电需求有望筑底复苏，工业及人形机器人潜在需求有望迎来增长期。选取北方稀土、广晟有色作为可比公司，作为国内中重稀土龙头和中稀集团核心上市平台，公司资源冶炼协同布局成长可期。首次覆盖，给予“增持”评级。
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