DMEGC(002056) 东吴证券·2025-03-13 06:15Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 18.56 billion yuan in 2024, a year-on-year decrease of 5.95%, while the net profit attributable to shareholders was 1.83 billion yuan, an increase of 0.46% [7] - In Q4 2024, the company reported revenue of 4.98 billion yuan, a year-on-year increase of 25% and a quarter-on-quarter increase of 24%, with net profit reaching 900 million yuan, up 437% year-on-year and 213% quarter-on-quarter [7] - The company has focused on overseas markets, with 2024 photovoltaic product shipments reaching 17.2 GW, a growth of approximately 73%, and over 50% of shipments coming from international markets [7] - The magnetic materials segment generated nearly 4.6 billion yuan in revenue, with a shipment of 232,000 tons, reflecting a 17% increase [7] - The lithium battery business saw revenue of approximately 2.4 billion yuan, with shipments of 531 million units, marking a 56% increase [7] - The report projects net profits for 2025-2027 to be 1.91 billion, 2.21 billion, and 2.50 billion yuan respectively, with year-on-year growth rates of 5%, 16%, and 13% [7] Financial Summary - Total revenue is forecasted to grow to 24.63 billion yuan in 2025, 29.39 billion yuan in 2026, and 34.31 billion yuan in 2027, with respective growth rates of 32.71%, 19.34%, and 16.72% [1][8] - The net profit attributable to shareholders is expected to reach 1.91 billion yuan in 2025, 2.21 billion yuan in 2026, and 2.50 billion yuan in 2027, with growth rates of 4.59%, 15.63%, and 13.15% [1][8] - The latest diluted EPS is projected to be 1.17 yuan in 2025, 1.36 yuan in 2026, and 1.54 yuan in 2027 [1][8]