Core Viewpoint - The company expects a significant increase in net profit for the first three quarters of 2025, projecting between 1.39 billion to 1.53 billion yuan, representing a year-on-year growth of 50.1% to 65.2% [1] Magnetic Material Industry - The company maintains a leading position in the magnetic material sector, with increasing market share in the home appliance and automotive fields [1] - The company is experiencing rapid growth in shipments of new magnetic materials for applications in electric vehicle onboard chargers (OBC), charging station modules, thermal management systems, AI server power supply units (PSU), secondary module power supplies, and chip inductors [1] - Organizational restructuring and digital transformation initiatives have further enhanced operational efficiency and profitability [1] Photovoltaic Industry - The company is strengthening its differentiated strategy by continuously investing in R&D, technological upgrades, and process optimization, leading to the timely launch of ultra-high power products [1] - The company has effectively increased shipment volumes in both domestic and international premium markets by strategically laying out production capacity and marketing networks [1] - Proactive supply chain management has allowed the company to effectively manage cost fluctuations [1] Lithium Battery Industry - The company ensures stable product quality through standardized and refined management practices [1] - The focus is on small power applications across multiple fields, maintaining good market expansion under high utilization rates [1]

Core Viewpoint - The company expects a significant increase in net profit for the first three quarters, indicating strong performance in both the magnetic materials and photovoltaic industries [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 1.39 billion to 1.53 billion yuan, representing a year-on-year growth of 50.1% to 65.2% [1] Group 2: Magnetic Materials Industry - The company maintains a leading position in the magnetic materials sector, with increasing market share in the home appliance and automotive fields [1] - The company is expanding its product offerings through horizontal and vertical development of new magnetic materials [1] - Organizational transformation and digitalization efforts have further enhanced operational efficiency and profitability [1] Group 3: Photovoltaic Industry - The company is strengthening its differentiated strategy in the photovoltaic sector by continuously investing in research and development, technological upgrades, and process optimization [1] - The timely launch of ultra-high power products has further improved product competitiveness [1]

Core Viewpoint - Hengdian East Magnetic (002056.SZ) expects a significant increase in net profit for the first three quarters of 2025, projecting a range of 1.39 billion to 1.53 billion yuan, representing a year-on-year growth of 50.1% to 65.2% [2] Group 1: Business Performance - The company maintains its leading position in the magnetic materials industry, with rapid growth in new product shipments in emerging fields such as new energy vehicles and AI servers [2] - The photovoltaic industry is enhancing its differentiated strategy, with high-power products driving growth in both domestic and international markets, supported by effective cost control [2] - In the lithium battery sector, the company focuses on the small power market, ensuring stable quality and high operating rates [2]

Core Viewpoint - The company expects a significant increase in net profit for the first three quarters of 2025, projecting between 1.39 billion to 1.53 billion yuan, representing a growth of 50.1% to 65.2% compared to the same period last year [1] Magnetic Material Industry - The company maintains a leading position in the magnetic material industry, with a continuous increase in market share in the home appliance and automotive sectors [1] - New magnetic products in various fields, including onboard chargers for electric vehicles, charging modules for charging stations, thermal management systems, AI server power supply units, secondary module power supplies, and chip inductors, have seen rapid growth in shipments [1] - Organizational restructuring and digital transformation initiatives have further enhanced operational efficiency and profitability [1] Photovoltaic Industry - The company has strengthened its differentiated strategy through ongoing R&D investments, technological upgrades, and process optimizations, leading to the timely launch of ultra-high power products [1] - The company has effectively increased shipment volumes in both domestic and international quality markets by strategically laying out production capacity and marketing networks [1] - Proactive supply chain management has helped the company effectively manage cost fluctuations [1] Lithium Battery Industry - The company ensures stable product quality through standardized and refined management practices [1] - Focus on small power applications across multiple fields has allowed the company to maintain good market expansion while achieving high operational efficiency [1] - Overall, the company's operating performance for January to September 2025 is expected to show substantial growth compared to the same period last year [1]

证券代码：002056 证券简称：横店东磁 公告编号：2025-063 横店集团东磁股份有限公司 2025 年前三季度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025年1月1日—2025年9月30日 2、业绩预告情况：预计净利润为正值且属于同向上升情形 单位：万元 | 项 | 目 | | | 本报告期（2025 | 年 | 1-9 月） | | 上年同期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | | 比上年同期 增长 | 139,000.00 50.1% | — — | | 153,000.00 65.2% | 92,632.08 | | 扣除非经常性损 益后的净利润 | | | | 140,000.00 | — | | 153,000.00 | 88,513.45 | | | | | 比上年同期 增长 | 58.2% | — | | 72.9% | | | 基 本 每 益 （元/股） | ...

Core Viewpoint - Hengdian East Magnetic achieved a net profit attributable to shareholders of 1.02 billion yuan in H1 2025, representing a year-on-year increase of 58.94% [1] - The company’s Q2 2025 net profit reached 562 million yuan, with a remarkable year-on-year growth of 94.80% [1] Group 1: Financial Performance - The company’s strategic focus is on strengthening its magnetic materials business and developing new energy [1] - The magnetic materials segment is experiencing steady growth, while new products like copper sheet inductors are expected to create new growth points [1] - Despite the backdrop of overcapacity in the photovoltaic sector, the company maintains high growth in shipment volume and continuous improvement in profitability [1] Group 2: Market Outlook - Due to the impact of U.S. tariffs on the company’s production capacity in Indonesia, the profit forecasts for 2025 and 2026 have been slightly adjusted downwards [1] - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 2.0 billion, 2.29 billion, and 2.55 billion yuan respectively, with corresponding price-to-earnings ratios of 16.9, 14.8, and 13.2 times [1] - The company maintains a "buy" rating despite the adjustments in profit forecasts [1]

Investment Rating - The report maintains a "Market Perform" rating for the solar industry [1] Core Insights - The solar industry has experienced a significant decline in new installations, with August 2025 showing a 55.3% year-on-year decrease, totaling 7.4 GW. However, cumulative installations from January to August 2025 reached 230.61 GW, reflecting a 64.7% increase year-on-year [3][12] - Solar module exports in August 2025 amounted to 20.4% year-on-year growth, with a total export value of 20.95 billion yuan, and a month-on-month increase of 31.9%. Cumulatively, from January to August 2025, exports totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports also showed a year-on-year increase of 2.2% in August 2025, with a total export value of 6.29 billion yuan, despite a month-on-month decline of 3.4%. Cumulative inverter exports from January to August 2025 reached 43.4 billion yuan, up 8.0% year-on-year [4][22] - Solar power generation in August 2025 increased by 15.9% year-on-year, contributing to 5.75% of the total national power generation, which was 936.3 billion kWh, reflecting a 1.6% year-on-year increase [5][35] Summary by Sections New Installations - In August 2025, new solar installations in China were 7.4 GW, down 55.3% year-on-year and 33.3% month-on-month. Cumulative installations from January to August reached 230.61 GW, up 64.7% year-on-year [3][12] Exports - Solar module exports in August 2025 were valued at 20.95 billion yuan, showing a year-on-year increase of 20.4% and a month-on-month increase of 31.9%. Cumulative exports from January to August totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports in August 2025 were valued at 6.29 billion yuan, with a year-on-year increase of 2.2% and a month-on-month decrease of 3.4%. Cumulative inverter exports from January to August reached 43.4 billion yuan, up 8.0% year-on-year [4][22] Power Generation - Solar power generation in August 2025 was 53.82 billion kWh, reflecting a year-on-year increase of 15.9% and accounting for 5.75% of the total national power generation [5][35] Investment Recommendations - Key recommendations include companies focused on new technologies such as Aikang Co. and Longi Green Energy, supply-side companies like Daqo New Energy and Flat Glass Group, and companies with overseas layouts such as Bowei Alloy and Hengdian East Magnet. Additionally, companies in energy storage like Sungrow Power Supply and Deye Technology are highlighted [40]

Core Viewpoint - The stock of Hengdian East Magnetic has shown significant growth this year, with a year-to-date increase of 67.45%, indicating strong market performance and investor interest [2]. Stock Performance - As of October 10, the stock price of Hengdian East Magnetic decreased by 2.02%, trading at 20.33 CNY per share with a total transaction volume of 7.52 billion CNY and a market capitalization of 330.71 billion CNY [1]. - The stock has experienced a 12.16% increase over the last five trading days, an 18.02% increase over the last 20 days, and a 43.01% increase over the last 60 days [2]. Financial Performance - For the first half of 2025, Hengdian East Magnetic reported a revenue of 11.936 billion CNY, representing a year-on-year growth of 24.76%, and a net profit attributable to shareholders of 1.020 billion CNY, which is a 59.67% increase year-on-year [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 19.51% to 86,900, while the average circulating shares per person decreased by 16.33% to 18,690 shares [3]. - The company has distributed a total of 4.367 billion CNY in dividends since its A-share listing, with 2.545 billion CNY distributed in the last three years [4]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 49.4492 million shares, a decrease of 1.2471 million shares from the previous period [4]. - The Southern CSI 500 ETF is the sixth-largest circulating shareholder, increasing its holdings by 1.7110 million shares to 12.0341 million shares [4].

Core Viewpoint - The company, Hengdian East Magnetic, has indicated that its lithium batteries are suitable for small power applications in portable energy storage, but not for large-scale storage projects [2] Group 1 - The company has extended its product line to include household storage products [2] - The company is collaborating with third parties to expand into the commercial and large storage market [2]

Core Insights - The article highlights the successful collaboration between companies and academic institutions in Hai'an, leading to technological breakthroughs and enhanced industrial ecosystems [1][4]. Group 1: Industrial Development - Hai'an has integrated resources to launch a "three-drives linkage" mechanism, enhancing the industrial ecosystem through government, finance, and enterprise collaboration [1]. - As of August, Hai'an has 1,396 industrial enterprises above designated size, ranking first in Nantong, with over 400 enterprises generating more than 100 million [1]. - Industrial sales in Hai'an increased by 4.7% year-on-year in the first eight months of this year, leading Nantong in total sales [1]. Group 2: Financial Support - Financial institutions like China Merchants Bank and Hai'an Rural Commercial Bank provided significant credit support, with 620 billion pre-approvals during specialized industry events [2]. - Eight industry-specific matchmaking events have been held this year, covering various sectors and facilitating nearly 100 technology demand collections and over 40 collaborative intentions [2]. Group 3: Addressing Industry Pain Points - Hai'an established 10 teams to visit 147 enterprises, identifying over 280 needs to address issues like high raw material transportation costs and supply instability [3]. - The local government facilitated connections between companies and domestic suppliers to resolve reliance on imported materials, significantly reducing costs [3]. Group 4: Innovation and Collaboration - A collaborative model involving industry mentors, government officials, and business executives was implemented to tackle industrial chain challenges effectively [4]. - Hai'an has created a "hundred-person team" platform for industry think tanks, promoting resource coordination and sharing of practical experiences among stakeholders [4]. Group 5: Strategic Development - The local government is committed to optimizing the "five clusters and ten chains" cultivation system to accelerate high-quality development through project-driven initiatives [5].