20250820-国金证券-横店东磁-002056.SZ-三大板块稳健向好_差异化优势持续凸显_4页_922kb

Performance Brief
Q2 2025 Financial Review
For the six months ending June 30, 2025, the company achieved revenue of CNY 11.94 billion, a YoY increase of 24.8%, and a net profit attributable to shareholders of CNY 1.02 billion, a YoY increase of 58.9%. Particularly in Q2, revenue reached CNY 6.71 billion, up by 25.9% YoY and 28.6% QoQ, while net profit attributable to shareholders was CNY 0.56 billion, growing by 94.8% YoY and 22.7% QoQ.

Business Analysis

1. Growth Driven by Overseas PV Capacity
The company’s PV business generated revenue of CNY 8.05 billion, up by 36.58% YoY, with shipments of 13.4 GW (a rise of over 65% YoY). The gross margin reached 16.7%, an improvement of 5.3 percentage points. The company’s overseas capacity, leveraging its differentiated product strategy and technological advantages, achieved full production capacity despite falling industry-wide prices. Its strategic focus on differentiated overseas layouts demonstrates agility and execution capability in advancing a "long cycle" crossing global markets.

2. Magnetic Materials Market Dominance
The magnetic materials segment reported revenue of CNY 2.37 billion (+8% YoY) and shipments of 107,300 tons. The company strengthened its market leadership through technology, scale, and customer relationships, with a further increase in its market share. Key applications include electric vehicles and AI servers. Its gross margin for magnetic materials reached 27.7% (+1.2 PCT YoY).

3. Diversified Lithium Battery Strategy
The battery business generated revenue of CNY 1.29 billion (+4% YoY), with shipments exceeding 3 billion cells (+12.25% YoY). In June, the company’s battery energy conversion efficiency reached 26.85%, with R&D efficiency at 27.25%. Upgrades, especially in high-power products, have enhanced product competitiveness.

Financial Forecast and Valuation
Revising 2025–2027 earnings forecasts to CNY 1.9, 2.2, and 2.5 billion, respectively. The current PE is 15x, 13x, and 11x for 2025–2027. With the differentiated strategy and stable growth in magnetic materials and battery businesses, the recommendation remains a “Buy.”

Risk Factors
Worsening international trade relations, increasing PV competition, or demand shortfall.

Company Commentary
The company maintains a forward-looking perspective, emphasizing innovative positioning and diversified product offerings to achieve sustained performance.

Engagement Guidelines
The summary adheres to providing concise and professional analysis.