DMEGC(002056) 光大证券·2025-03-17 08:09Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3][5]. Core Insights - The company demonstrated strong profitability and a differentiated capacity layout, ensuring growth in 2025 despite a slight decline in revenue in 2024 [1]. - The company achieved a significant increase in photovoltaic product shipments, with a year-on-year growth of 72.64% to 17.18 GW, although revenue from this segment decreased by 13.36% to 110.70 billion yuan [1][2]. - The magnetic materials business maintained its leading position, with a shipment increase of 16.88% to 232,000 tons and a slight revenue growth of 1.91% to 3.81 billion yuan [2]. - The lithium battery segment capitalized on market recovery, with shipments growing by 56.05% to 531 million units, leading to a revenue increase of 17.74% to 2.415 billion yuan [3]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 185.59 billion yuan, a decrease of 5.95% year-on-year, and a net profit attributable to shareholders of 18.27 billion yuan, a slight increase of 0.46% [1]. - The fourth quarter of 2024 saw a revenue of 49.77 billion yuan, a year-on-year increase of 25.57%, and a net profit of 9.00 billion yuan, reflecting a substantial growth of 441.71% year-on-year and 213.59% quarter-on-quarter [1]. Business Segments - The photovoltaic segment's revenue was under pressure, with a gross margin decrease of 2.47 percentage points to 18.74% [1]. - The magnetic materials segment's gross margin increased by 0.83 percentage points to 27.32%, despite price declines [2]. - The lithium battery segment's gross margin improved by 6.74 percentage points to 12.66%, driven by differentiated products and scale advantages [3]. Future Projections - The company expects net profits to reach 20.93 billion yuan, 23.10 billion yuan, and 25.65 billion yuan for the years 2025 to 2027, respectively, with a slight upward adjustment of 1% for the first two years [3][4]. - The projected price-to-earnings ratio for 2025 is 12 times, indicating a favorable valuation compared to expected earnings growth [3][4].