DMEGC(002056) 东吴证券·2025-04-21 07:07Investment 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]