DMEGC(002056) 长江证券·2025-04-27 09:45Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - In Q1 2025, the company achieved a revenue of 5.222 billion yuan, representing a year-on-year growth of 23%. The net profit attributable to shareholders was 458 million yuan, reflecting a 30% increase compared to the previous year [2][4]. Financial Performance - The company expects a net profit of 2 billion yuan for 2025, corresponding to a price-to-earnings (PE) ratio of approximately 11 times [6]. - The Q1 operating expense ratio was 3.86%, showing further optimization compared to the previous quarter. The financial expense ratio was -2.72%, mainly due to fluctuations in exchange gains and losses [11]. - The net operating cash flow for Q1 was 265 million yuan, indicating a healthy operational status [11]. Business Segments - The photovoltaic business is expected to see a significant year-on-year increase in battery module shipments in Q1, with production capacity in Indonesia nearly fully utilized. This is primarily due to the battery supply gap caused by U.S. tariffs on Southeast Asian countries [11]. - The magnetic materials segment is anticipated to maintain stable profit growth with year-on-year shipment increases [11]. - The lithium battery segment is also expected to show year-on-year shipment growth and maintain profitability [11]. Future Outlook - For 2025, the impact of U.S. tariffs on the photovoltaic business is expected to be limited, as there is a battery supply gap in the U.S. with potential price increases. Additionally, the tariffs on Indonesian products are relatively low, and production costs in Indonesia still have room for optimization, suggesting continued excess profitability from this segment [11]. - The magnetic materials segment is projected to continue increasing market share, particularly in new energy vehicles, photovoltaics, and AI, becoming a significant growth driver [11].