横店东磁拟出售旗下新能源公司

Transaction Details - The company plans to sell 100% equity of its wholly-owned subsidiary, Lianyungang Ganyu Dongshang New Energy Co Ltd (Dongshang New Energy), to Zhejiang New Energy Investment Group Co Ltd (Zhejiang New Energy) for approximately 500 million yuan [1] - The transaction is expected to have a positive impact on the company's total profit and cash flow for 2024 [1] - Dongshang New Energy, established on December 2, 2022, had audited total assets of 78.978 million yuan and net assets of 846,600 yuan as of December 31, 2023, with zero revenue and a net loss of 153,400 yuan in 2023 [2] - As of September 30, 2024, Dongshang New Energy's unaudited total assets were 1.881 billion yuan, net assets were 301 million yuan, with zero revenue and a net profit of 154,500 yuan for the first nine months of 2024 [2] - The transaction aligns with the company's strategic development plan and strengthens cooperation with downstream customers [2] - Zhejiang New Energy, the buyer, had unaudited total assets of 54.936 billion yuan and net assets of 12.469 billion yuan as of September 30, 2024, with revenue of 3.916 billion yuan and net profit of 644 million yuan for the first nine months of 2024 [2] - The company provided a joint liability guarantee of up to 3.1 billion yuan for fixed asset loans for Dongshang Photovoltaic, which will be released after the transaction [3] Financial Performance - The company's revenue and net profit declined significantly in the first three quarters [1] - Revenue for the first three quarters was 13.581 billion yuan, down 13.85% year-on-year [4] - Net profit attributable to the parent company was 926 million yuan, down 43.89% year-on-year [4] - Non-GAAP net profit was 885 million yuan, down 45.88% year-on-year [4] - The magnetic materials and devices segment generated revenue of 3.33 billion yuan, with 174,000 tons of magnetic materials shipped [4] - The lithium battery segment generated revenue of nearly 1.9 billion yuan, with 410 million units shipped [4] - The photovoltaic segment generated revenue of nearly 8 billion yuan, with 11.5GW shipped, and an average profit of 0.05 yuan per watt for components [4] - The company expects to have 23GW of photovoltaic cell and 17GW of photovoltaic module capacity by the end of the year [4] Industry and Market Conditions - The photovoltaic industry remains highly competitive, with short-term demand affected by domestic and international investment trends, absorption capacity, and macroeconomic factors [4] - The company will provide clearer guidance on its 2025 shipment targets in its 2024 annual report [4] Stock Performance - As of December 12, the company's stock price was 13.72 yuan per share, with a total market capitalization of approximately 22.32 billion yuan [5]