证券研究报告 | 公司动态点评 2024 年 03月 13日 横店东磁（002056.SZ） 差异化打造盈利优势，静待 TOPCon 放量 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 19,451 19,721 22,186 25,691 29,802 股票信息 增长率yoy（%） 54.3 1.4 12.5 15.8 16.0 归母净利润（百万元） 1,669 1,816 1,972 2,217 2,524 行业 电力设备及新能源 增长率yoy（%） 49.0 8.8 8.6 12.4 13.8 2024年3月12日收盘价（元） 15.12 ROE（%） 21.5 19.9 18.8 18.2 17.9 总市值（百万元） 24,595.89 EPS最新摊薄（元） 1.03 1.12 1.21 1.36 1.55 流通市值（百万元） 24,570.88 P/E（倍） 14.7 13.5 12.5 11.1 9.7 总股本（百万股） 1,626.71 P/B（倍） 3.2 2.7 2.4 2.0 1.8 流通股本（百万股） 1,625.06 资料来 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported a revenue of 19.721 billion, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 1.816 billion, up 8.8%. The non-recurring net profit reached 2.025 billion, reflecting a significant year-on-year growth of 26.58% [4][5]. - In Q4 2024, the company achieved a net profit of 166 million, with a non-recurring net profit of 391 million, indicating a quarter-on-quarter growth of 1.31% [4][5]. - The company is focusing on expanding its advanced production capacity and technological upgrades, particularly in the solar energy sector, with plans for multiple projects totaling 13GW of TOPCon high-efficiency battery production [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved a sales volume of approximately 10GW in the photovoltaic sector, a year-on-year increase of 24.27%, with a gross margin of 21% [5]. - The battery sales reached approximately 340 million units, marking a 75.36% increase year-on-year, although the gross margin was only 6.93% due to production ramp-up challenges [5]. - The magnetic materials segment shipped 198,500 tons, a 7.87% increase, but revenue decreased by 11.03% to 3.740 billion due to falling prices [5]. Future Outlook - The company anticipates continued growth in net profit, projecting a net profit of 1.93 billion for 2024, corresponding to a PE ratio of 13 times [6]. - The company is also investing in energy storage solutions, including household and commercial storage products, to diversify its offerings [5].

横店集团东磁股份有限公司（以下简称"公司"）已于 2024 年 3 月 9 日披 露了《公司 2023 年年度报告》及其摘要，详情请参阅《证券时报》及巨潮资讯 网（www.cninfo.com.cn）。为了更好地与广大投资者进行交流，使投资者能够进 一步了解公司的生产经营情况，公司定于 2024 年 3 月 20 日（星期三）15:00-17:00 举行 2023 年度业绩网上说明会，具体情况如下： 一、说明会召开方式与时间 会议召开方式：网络文字互动 会议召开时间：2024 年 3 月 20 日（星期三）15:00-17:00 证券代码：002056 证券简称：横店东磁 公告编号：2024-022 横店集团东磁股份有限公司 关于举办 2023 年度业绩网上说明会的公告 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。 1 （问题征集专题页面二维码） 三、出席人员 出席本次说明会的人员有：公司董事长任海亮、独立董事贾锐、总经理何悦、 副总经理兼董事会秘书吴雪萍、财务总监郭健，具体以当天实际参会人员为准。 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告。 二 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 12 日 横 店东磁(002056.SZ) 证券研究报告 光伏板块盈利高增，扩产持续凸显成长 太阳能 投资评级 增持-A 潜力 维持评级 6个月目标价 21元 公司发布 2023 年度报告 股价 (2024-03-12) 15.12元 公司 2023 年实现营业收入197.21 亿元，同比增长1.39%；实现归母 净利润 18.16亿元，同比增长8.80%；实现扣非归母净利润 20.25亿 交易数据 元，同比增长 26.58%。其中 2023 年 Q4 营业收入 39.64 亿元，同比 总市值(百万元) 24,595.89 减少 25.58%、环比减少28.08%；实现归母净利润1.66 亿元，同比减 流通市值(百万元) 24,570.88 少 63.97%、环比减少62.10%；实现扣非归母净利润 3.91 亿元，同比 总股本(百万股) 1,626.71 减少 27.20%、环比增加1.30%。 流通股本(百万股) 1,625.06 12个月价格区间 11.46/20.88元 光伏板块盈利高增，资产减值扰动业绩表现 ✔收 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 19.721 billion yuan in 2023, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 1.816 billion yuan, up 8.80% year-on-year [1] - The company expects a 50% year-on-year increase in photovoltaic product shipments in 2024, supported by ongoing capacity expansion in TOPCon products [1] - The lithium battery segment aims for a 50% year-on-year growth in shipments, while the magnetic materials business is actively pursuing international expansion [1] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 3.964 billion yuan, a decrease of 25.58% year-on-year, and a net profit of 166 million yuan, down 63.97% year-on-year [1] - The photovoltaic segment shipped 9.95 GW in 2023, a growth of 24.27%, with a gross margin increase of 6.35 percentage points to 21.21% [1] - The magnetic materials segment saw a shipment increase of 7.87% to 198,500 tons, with a gross margin rise of 2.79 percentage points to 26.49% [1] - The lithium battery segment's shipments increased by 75.36% to 340 million units, although gross margin decreased by 13.44 percentage points to 6.93% due to raw material price declines and intensified competition [1] Future Outlook - The company plans to expand its TOPCon battery capacity by 6 GW and component capacity by 5 GW in 2024, with additional projects in Southeast Asia [1] - The company aims to maintain its market share in the high-margin European market through differentiated strategies [1] - The report projects net profits for 2024, 2025, and 2026 to be 1.851 billion yuan, 2.071 billion yuan, and 2.291 billion yuan respectively, reflecting a downward adjustment of 30% and 37% for 2024 and 2025 [1][2]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3] Core Views - The company achieved steady revenue growth in 2023, with total revenue reaching 19.721 billion yuan, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 1.816 billion yuan, up 8.80% year-on-year. The non-recurring net profit grew by 26.58% year-on-year to 2.025 billion yuan. The photovoltaic segment saw rapid profit growth, while the magnetic materials segment maintained stable profitability, and the lithium battery segment experienced a decline in profitability [2][3][5]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 19.721 billion yuan, a slight increase of 1.39% year-on-year. The net profit attributable to shareholders was 1.816 billion yuan, reflecting an 8.80% increase year-on-year. The non-recurring net profit was 2.025 billion yuan, marking a significant growth of 26.58% year-on-year. The company faced asset impairment and fair value changes that impacted profits, totaling 261 million yuan [2][3][5]. Photovoltaic Segment - The photovoltaic segment achieved sales of 9.95 GW in 2023, a year-on-year increase of 24.27%, with profits nearly doubling. The company has an internal production capacity of 14 GW for photovoltaic cells and 12 GW for photovoltaic modules. It has expanded its capacity with an additional 6 GW of TOPCon high-efficiency cells and 5 GW of TOPCon high-efficiency modules, along with 2 GW of TOPCon cells under construction. The company has also made significant strides in the domestic market, surpassing 100 MW in distributed project development and securing approximately 1 GW in downstream power station development indicators [3][5]. Magnetic Materials Segment - The magnetic materials segment generated revenue of 3.74 billion yuan in 2023, a decrease of 11.03% year-on-year, but with an improved gross margin of 26.49%, up 2.79 percentage points. Despite a decline in terminal demand for permanent magnets, the company increased its market share. The soft magnetic materials segment focused on high-end customers and actively developed new products for applications in the new energy vehicle and photovoltaic sectors [3][5]. Lithium Battery Segment - The lithium battery segment reported revenue of 2.051 billion yuan, a year-on-year increase of 31.38%, with a shipment volume of 340 million units, up 75.36% year-on-year. While many industry players maintained low operating rates and profitability declined, the company achieved an industry-leading operating rate and increased its market share. It is also exploring new product applications in home storage, balcony storage, and commercial storage [3][5]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 1.830 billion yuan, 2.214 billion yuan, and 2.585 billion yuan for the years 2024 to 2026, representing year-on-year growth rates of 0.8%, 21.0%, and 16.7%, respectively. Based on comparable company valuations, a price-to-earnings (PE) ratio of 14-16 times for 2024 is suggested, corresponding to a reasonable value range of 15.75 to 18.00 yuan [3][5].

横店东磁（002056.SZ）2023年年报点评 Q4 扣非环比趋稳，期待新项目持续放量 2024年03月10日 ➢ 事件：2024年3月8日，公司发布2023年年报。2023年，公司实现营 推荐 维持评级 收197.21亿元，同比增长1.4%；归母净利润18.16亿元，同比增长8.8%；扣 当前价格： 14.98元 非归母净利 20.25 亿元，同比增长 26.6%。2023Q4，公司实现营收 39.64 亿 元，同比减少25.6%、环比减少28.1%；归母净利润1.66亿元，同比减少64%、 [Table_Author] 环比减少 62%；扣非归母净利 3.91 亿元，同比减少 27.2%、环比增长 1.3%。 业绩符合业绩预告。 ➢ 2023年公司实现扣非归母净利润同比增长26.6%。主要得益于毛利同比增 长 6.88 亿元。分板块来看，2023 年光伏/磁性材料/锂电池/器件板块毛利占比 分别为 66.3%、24.2%、3.5%、4.1%。光伏产品毛利同比增长 8.4 亿元，为主 要增利板块，锂电池板块同比减少1.8亿元，为主要减利板块。 分析师 邱祖学 ①光伏板块：量价齐升。2023年底公司已经具备 ...

横店集团东磁股份有限公司 2023 年年度报告全文 横店集团东磁股份有限公司 2023 年年度报告 2024 年 3 月 9 日 1 横店集团东磁股份有限公司 2023 年年度报告全文 2023 年年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别 和连带的法律责任。 公司负责人任海亮、主管会计工作负责人郭健及会计机构负责人（会计 主管人员）康佳男声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告涉及未来计划、经营目标等前瞻性陈述，均不代表公司的盈 利预测，也不构成公司对投资者的实质承诺，投资者及相关人士均应对此保 持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司经营会受产业政策、汇率波动、市场拓展、技术升级迭代、原材料 价格波动等各种风险因素影响，公司已在本报告中详细阐述。详情请查阅本 报告第三节"管理层讨论与分析"之"十一、公司未来发展的展望"中关于 公司可能面对的风险及对策的相关内容，敬请广大投资者注意。 公司经本 ...

2023 Contents 目录 01 公司概况 全球化布局 ESG亮点绩效 企业影响力 公司大事记 07 09 10 11 13 02 ESG管理 公司治理 风险管理 商业道德与反腐败 信息安全与隐私保护 党建引领发展 17 21 23 25 26 27 03 - 环境管理 应对气候变化 资源利用 三废管理 31 34 39 43 04 供应链概况 供应链管理 负责任采购 赋能供应商 41 52 55 57 05 产品创新 知识产权管理 产品质量与安全 数字化转型 客户服务 61 65 67 70 74 关于本报告 董事会声明 01 03 横店东磁-环境、社会与治理报告 Environmental, Social and Governance Report | 99 | 未来展望 | | --- | --- | | 100 | 关键绩效表 | | 103 | 指标索引 | | 114 | 公司名称指代说明 | | 115 | 审验报告 | | 118 | 意见反馈 | 2023 | 06 | | --- | | 81 | 保障员工权益 | | --- | --- | | 86 | 守护员工健康 | | 91 ...

一、本报告期资产、经营及现金流量总体情况 2023 年 12 月 31 日公司总资产 2,119,572.57 万元，总负债 1,200,727.35 万元， 归属于母公司所有者权益 900,560.63 万元。 2023 年度营业收入 1,972,095.53 万元，营业利润 208,148.58 万元，归属于母公 司所有者的净利润 181,617.32 万元。 横店集团东磁股份有限公司 2023 年度财务决算报告 经天健会计师事务所（特殊普通合伙）审计，2023 年度横店集团东磁股份有限 公司（以下简称"公司"）经营业绩情况如下： 2023 年度经营活动产生的现金流量净额 389,406.87 万元，投资活动产生的现金 流量净额-98,179.45 万元，筹资活动产生的现金流量净额-47,765.07 万元，现金及现 金等价物净增加额 254,164.97 万元。 二、 资产、负债、股东权益情况 三、经营成果 单位：万元 | 项目 | 2023年 | 2022年 | 增减比例(%) | | --- | --- | --- | --- | | 营业收入 | 1,972,095.53 | 1,945,063. ...