2025 年 04 月 28 日 公司点评 买入/维持 横店东磁(002056) 昨收盘:13.16 横店东磁 2025 年一季报点评：Q1 业绩同增，三大板块稳健向好 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/4/29 24/7/10 24/9/20 24/12/1 25/2/11 25/4/24 ◼ 股票数据 总股本/流通(亿股) 16.27/16.25 总市值/流通(亿元) 214.08/213.86 12 个月内最高/最低价 (元) 16.37/11.1 相关研究报告 <<横店东磁 2024 三季报点评：印尼 产能放量有望带动光伏业务企稳回 升，多元业务经营韧性凸显>>-- 2024-10-28 <<【太平洋新能源】横店东磁 2024 年 中报点评：印尼光伏产能投产是亮 点，多元业务行稳致远>>--2024-09- 08 <<横店东磁 2023 年年报点评：光伏 量利高增，锂电磁材茁壮成长>>-- 2024-03-24 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：钟欣材 电话 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - In Q1 2025, the company achieved a revenue of 5.222 billion yuan, representing a year-on-year growth of 23%. The net profit attributable to shareholders was 458 million yuan, reflecting a 30% increase compared to the previous year [2][4]. Financial Performance - The company expects a net profit of 2 billion yuan for 2025, corresponding to a price-to-earnings (PE) ratio of approximately 11 times [6]. - The Q1 operating expense ratio was 3.86%, showing further optimization compared to the previous quarter. The financial expense ratio was -2.72%, mainly due to fluctuations in exchange gains and losses [11]. - The net operating cash flow for Q1 was 265 million yuan, indicating a healthy operational status [11]. Business Segments - The photovoltaic business is expected to see a significant year-on-year increase in battery module shipments in Q1, with production capacity in Indonesia nearly fully utilized. This is primarily due to the battery supply gap caused by U.S. tariffs on Southeast Asian countries [11]. - The magnetic materials segment is anticipated to maintain stable profit growth with year-on-year shipment increases [11]. - The lithium battery segment is also expected to show year-on-year shipment growth and maintain profitability [11]. Future Outlook - For 2025, the impact of U.S. tariffs on the photovoltaic business is expected to be limited, as there is a battery supply gap in the U.S. with potential price increases. Additionally, the tariffs on Indonesian products are relatively low, and production costs in Indonesia still have room for optimization, suggesting continued excess profitability from this segment [11]. - The magnetic materials segment is projected to continue increasing market share, particularly in new energy vehicles, photovoltaics, and AI, becoming a significant growth driver [11].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][8]. Core Views - The company reported a 23.4% year-on-year increase in revenue for Q1 2025, reaching 5.22 billion yuan, and a 29.7% increase in net profit, amounting to 460 million yuan [5]. - The photovoltaic segment is expected to see continued growth, with estimated revenue of approximately 3.45 billion yuan in Q1 2025, a 33% increase year-on-year, and an expected total shipment of over 20GW for the year [6][8]. - The company has a strong financial position with a cash reserve of 7.85 billion yuan and a declining debt ratio of 55.0%, indicating resilience through industry downturns [7]. Financial Performance - The company’s basic earnings per share (EPS) for Q1 2025 is reported at 0.29 yuan, with a net asset return rate of 5.11% [3]. - The projected net profits for 2025-2027 are adjusted to 2.11 billion yuan, 2.53 billion yuan, and 2.99 billion yuan respectively, with a dynamic P/E ratio of 10.1 times based on the closing price of 13.08 yuan [8][10]. - The company’s revenue is expected to grow from 19.72 billion yuan in 2023 to 28.89 billion yuan in 2027, with a compound annual growth rate (CAGR) of 16.7% [10][11]. Market Performance - The company’s stock closed at 13.08 yuan on April 23, 2025, with a year-to-date high of 16.37 yuan and a low of 11.10 yuan [3]. - The market capitalization stands at 21.28 billion yuan, with a circulating A-share market value of 21.26 billion yuan [3]. Dividend Yield - The projected dividend yields for 2022-2024 are 1.9%, 2.9%, and 3.5% respectively, indicating a favorable return for investors [8].

证券代码：002056 证券简称：横店东磁 公告编号：2025-036 横店集团东磁股份有限公司 关于回购公司股份实施结果暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 横店集团东磁股份有限公司（以下简称"公司"）2024 年 4 月 23 日召开的第 九届董事会第十一次会议审议通过了《公司关于回购股份方案的议案》，同意公 司使用自有资金人民币 2 亿元—4 亿元以集中竞价交易方式回购部分公司股份， 回购股份价格不超过人民币 20 元/股，回购期限为自董事会审议通过回购股份方 案之日起 12 个月内。具体内容详见公司于 2024 年 4 月 24 日刊登在《证券时报》 和巨潮资讯网（http://www.cninfo.com.cn）上的《公司第九届董事会第十一次会 议决议公告》（公告编号：2024-031）、《公司关于回购股份方案的公告》（公告编 号：2024-032）及《公司回购股份报告书》（公告编号：2024-033）等相关公告。 因公司实施 2023 年年度权益分派，本次回购股份价格上限由不超过人民币 20 元/股调整为不超过人民币 1 ...

Group 1: Financial Performance - The company achieved a revenue of 5.222 billion CNY in Q1 2025, representing a year-on-year growth of 23.4% [2] - The net profit attributable to shareholders reached 458 million CNY, up 29.7% year-on-year; the net profit after deducting non-recurring gains and losses was 457 million CNY, increasing by 36.5% [3] - The weighted average return on equity was 4.45%, an increase of 0.6 percentage points compared to the previous year [3] Group 2: Business Segment Performance - The magnetic materials and devices segment generated a revenue of 1.13 billion CNY in Q1, with a year-on-year growth of 7%; magnetic material shipments totaled 53,000 tons, showing positive growth [3] - The photovoltaic segment achieved nearly 3.45 billion CNY in revenue, a 33% increase year-on-year, with shipments of 5.9 GW, up nearly 65% [4] - The lithium battery segment reported a revenue of 540 million CNY, an 8% increase, with shipments of 128 million units, growing by 28.5% [4] Group 3: Global Expansion and Market Strategy - The company is advancing its global layout, with the Indonesian battery base reaching near full production capacity, selling approximately 900 MW of batteries in a single quarter [4] - The company has set a differentiated competition strategy in the photovoltaic sector, focusing on both differentiated and standardized products to drive growth in various markets [4] - The company received the "Best Partner" award from Kyocera Group, recognizing its contributions among thousands of suppliers [4] Group 4: Market Outlook and Challenges - The overall demand in Europe is expected to show weak growth in 2025, with potential for growth in underdeveloped regions [6] - The company anticipates challenges in the domestic market due to a decline in demand following the end of the installation rush, predicting a difficult period for the photovoltaic industry in Q2 and Q3 [6] - The company is closely monitoring U.S. policies regarding tariffs and subsidies, which may impact future demand for photovoltaic products [6] Group 5: Inventory and Dividend Policy - The company reported inventory of 4 billion CNY, with over 60% related to photovoltaic materials, and plans to manage inventory effectively to avoid risks [11] - The company has maintained a high cash dividend ratio, with cash dividends exceeding 35% of the net profit in recent years, and plans to continue this trend in 2025 [12]

Core Insights - The company, Hengdian East Magnetic, has shown a steady improvement in profitability, with a revenue of 5.22 billion yuan in Q1 2025, representing a year-on-year increase of 23.35%, and a net profit of 458 million yuan, up 29.65% year-on-year [2] - The net profit has consistently increased for nine consecutive years since 2016, growing from 323 million yuan in 2015 to 1.827 billion yuan in 2024, marking an overall increase of 4.66 times [2] - The company operates in the magnetic materials and new energy sectors, providing research, production, sales, and technical solutions, and has established a global supplier network across over 20 countries [2] Financial Performance - In 2024, the revenue from magnetic materials reached 4.578 billion yuan with a shipment of 232,000 tons, a 17% increase; the photovoltaic sector generated 11.07 billion yuan with a shipment of 17.2 GW, up 73%; and the lithium battery sector achieved 2.415 billion yuan with a shipment of 531 million units, a 56% increase [2] - Sales expenses increased to 69.25 million yuan in Q1 2025, reflecting a year-on-year growth of 20.16%, marking five consecutive quarters of rising sales expenses [3] - Operating cash flow has not shown positive growth, with a net cash flow from operating activities of 3.522 billion yuan in 2024, down 9.68%, and a further decline of 44.29% to 265 million yuan in Q1 2025 [3] Financial Structure - The company's financial structure has been improving, with financial expenses remaining negative for seven consecutive years, reaching -142 million yuan in Q1 2025, a decrease of 676.93% [3] - The asset-liability ratio stood at 55.03% at the end of Q1 2025, down 2.99 percentage points from 58.02% in the same period of 2024 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 5.22 billion yuan, a year-on-year increase of approximately 65% in photovoltaic shipments, and a net profit of 460 million yuan [7] - The company is expected to ship over 20GW of photovoltaic products in 2025, with Indonesian battery shipments projected to exceed 3GW, indicating stable operations and continuous growth [7] - The company has optimized its expense ratio, although cash flow has decreased due to increased repayment of notes payable [7] Financial Performance Summary - Total revenue for 2023 is projected at 19.733 billion yuan, with a year-on-year growth of 1.45%. For 2024, revenue is expected to decline by 5.95% to 18.559 billion yuan, followed by a significant recovery in 2025 with an estimated growth of 32.71% to 24.628 billion yuan [1][8] - The net profit attributable to the parent company is forecasted to be 1.818 billion yuan in 2023, with a slight increase to 1.827 billion yuan in 2024, and further growth to 1.911 billion yuan in 2025, reflecting a year-on-year increase of 4.59% [1][8] - The latest diluted EPS is projected to be 1.12 yuan for 2023, increasing to 1.17 yuan in 2025 [1][8] Business Segment Performance - The company's photovoltaic segment saw a significant increase in shipments, with Q1 2025 shipments reaching 5.9GW, a year-on-year increase of about 65% [7] - The magnetic materials segment showed stable growth, with revenue contributions of approximately 20% and a shipment of about 53,000 tons, reflecting a year-on-year increase of about 3% [7] - The lithium battery segment experienced a year-on-year increase of approximately 28.5% in shipments, with a focus on small power markets and expansion into electric tools and energy storage [7]

证券代码：002056 证券简称：横店东磁 公告编号：2025-035 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为了规范横店集团东磁股份有限公司（以下简称"公司"）的关联交易行为， 根据《深圳证券交易所股票上市规则》（以下简称"股票上市规则"）《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等规则和《公 司关联交易决策制度》的有关规定，现将公司新增日常关联交易预计额度事项说 明如下： 一、日常关联交易概述 （一）关联交易概述 横店集团东磁股份有限公司 关于新增日常关联交易预计额度的公告 公司于 2024 年 12 月 12 日召开的第九届董事会第十六次会议审议通过《公 司关于 2025 年度日常关联交易预计的议案》，该议案业经公司 2024 年第三次临 时股东大会审议通过。因公司日常经营业务需要，结合 2025 年一季度实际发生 的关联交易情况，同时对公司与关联方未来三个季度拟开展的业务情况进行分析 后，预计公司与关联方浙江好乐多商贸有限公司（以下简称"好乐多"）及其下 属公司、东阳市横店影视城农副产品批发有限公司（以下简称" ...

证券代码：002056 证券简称：横店东磁 公告编号：2025-033 横店集团东磁股份有限公司 第九届董事会第二十一次会议决议公告 （二）会议以 4 票同意、0 票反对、0 票弃权的结果审议通过了《公司关于新增 日常关联交易预计额度的议案》，其中关联董事徐文财、胡天高、厉宝平回避表决。 因公司日常经营业务需要，结合 2025 年一季度实际发生的关联交易情况，同时 对公司与关联方未来三个季度拟开展的业务情况进行分析后，预计公司与关联方浙 江好乐多商贸有限公司及其下属公司、东阳市横店影视城农副产品批发有限公司及 其下属公司之间需增加交易额度 3,500 万元。 公司董事会独立董事专门会议对本次新增日常关联交易预计额度事项发表了审 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 横店集团东磁股份有限公司（以下简称"公司"）第九届董事会第二十一次会议 于二〇二五年四月十三日以书面或邮件形式通知全体董事，于二〇二五年四月十八 日上午以通讯会议方式召开。本次会议应出席董事（含独立董事）7 人，实际出席 董事 7 人，公司监事及高级管理人员列席了本 ...

Core Viewpoint - Hengdian East Magnetic's 2024 annual shareholder meeting highlighted the company's resilience in the photovoltaic industry despite a challenging market environment, with a focus on differentiated strategies and strategic material reserves [2][3]. Financial Performance - In 2023, Hengdian East Magnetic achieved operating revenue of 18.559 billion yuan, a year-on-year decrease of 5.95%, while net profit attributable to shareholders was 1.827 billion yuan, a slight increase of 0.46% [2][9]. - The photovoltaic segment generated revenue of 11.070 billion yuan, down 13.36% year-on-year, but the shipment volume reached 17.18 GW, marking a significant increase of 72.64% [2]. Strategic Initiatives - The company is focusing on a differentiated strategy, offering a range of unique products such as black components, greenhouse systems, and floating products, which cater to various market needs and have gained high recognition in regions like Europe and Japan [3]. - Hengdian East Magnetic is actively involved in developing complementary photovoltaic projects, including three fishing-light complementary photovoltaic power generation projects initiated in early 2024 [3][4]. Market Conditions - The company noted that recent U.S. tariffs on Chinese products have had minimal impact on the domestic photovoltaic industry, as previous measures had already limited exports to the U.S. [2]. - The company has strategically reserved raw materials during a price downturn, including silicon materials and glass, to prepare for anticipated market fluctuations [6]. Inventory and Production - As of the end of 2024, the company's inventory reached 3.749 billion yuan, accounting for 15.48% of total assets, an increase of 6.26 percentage points from the beginning of the year, attributed to increased production scale and strategic inventory [6].