证券代码：002056 证券简称：横店东磁 公告编号：2025-037 横店集团东磁股份有限公司 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。 横店集团东磁股份有限公司（以下简称"公司"）董事会于近日收到公司内 部审计部门负责人厉绍潭先生递交的书面辞任报告。厉绍潭先生因到龄退休申请 辞去公司审计监察部部长职务，辞任后，厉绍潭先生将不再担任公司及其控股子 公司其他职务。 关于内部审计部门负责人退休离任的公告 根据相关规定，该辞职报告自送达公司董事会之日起生效。厉绍潭先生的离 任不会影响公司相关工作的正常开展。公司将按照相关规定，尽快完成公司内部 审计部门负责人的补选工作。截至本公告日，厉绍潭先生未直接持有公司股票。 厉绍潭先生在任职期间勤勉尽责、恪尽职守，公司及董事会对其在任职期间 所做出的贡献表示衷心的感谢。 特此公告。 横店集团东磁股份有限公司董事会 二〇二五年五月六日 1 ...

（二）担保事项履行的决策程序 证券代码：002056 证券简称：横店东磁 公告编号：2025-038 横店集团东磁股份有限公司 关于为下属公司提供担保的进展公告 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。 特别提示：截至2025年4月30日，公司为下属公司提供担保总余额为46,131.67 万元，占公司最近一期经审计净资产的4.58%。公司及下属公司不存在为合并报 表范围外单位提供担保，也不存在逾期担保。 一、提供担保进展概述 （一）担保进展 2025 年 4 月，横店集团东磁股份有限公司（以下简称"公司"）为全资子公 司DMEGC Renewable Energy B.V开具预付款保函和履约保函而承担连带保证责 任，累计提供担保金额约人民币 2,755.92 万元（按当日汇率结算），最晚一笔担 保期限至 2026 年 12 月 31 日止。公司为全资子公司东阳东磁光伏发电有限公司 开具履约保函而承担连带保证责任，累计提供担保金额约人民币 23.64 万元，最 晚一笔担保期限至 2026 年 5 月 31 日止。 二〇二五年五月六日 2 公司于 2024 ...

Core Viewpoint - The photovoltaic sector in A-share market has shown a significant shift, with companies in the inverter and equipment segments achieving profitability, while the module segment struggles amidst a price decline [1][3]. Revenue Summary - A total of 33 companies reported year-on-year revenue growth, with Dongfang Shenghong leading at 137.68 billion yuan, followed by Tebian Electric at 97.87 billion yuan [2]. - JinkoSolar, Longi Green Energy, Trina Solar, and JA Solar ranked third, fifth, sixth, and eighth in revenue, respectively [2]. - JinkoSolar maintained its position as the global leader in module shipments, achieving 92.87 GW in 2024, a year-on-year increase of 18.28% [2]. Profit Summary - Sunshine Power topped the profit rankings with a net profit of 11.036 billion yuan, the only company to exceed 10 billion yuan [3]. - Tebian Electric and Chint Electric followed with net profits of 4.135 billion yuan and 3.874 billion yuan, respectively [3]. - The photovoltaic equipment manufacturers, such as Jiejia Weichuang and Jing Sheng Mechanical, also reported strong profits [3]. Market Dynamics - The overseas market has become a crucial profit driver for many companies, with only two module-focused firms, Canadian Solar and Hengdian East Magnetic, making it to the profit leaderboard [5]. - Canadian Solar reported a revenue of 46.165 billion yuan, with nearly 80% of its revenue coming from international markets, while its domestic market faced negative margins [5][6]. - Hengdian East Magnetic achieved a revenue of 18.559 billion yuan, with 60% from photovoltaic operations, and plans to increase its European market share [6][7]. Future Outlook - Companies are focusing on diversifying their markets, with Hengdian East Magnetic targeting a 20 GW shipment by 2025, emphasizing growth in Europe and North America [7]. - JinkoSolar's profitability is heavily reliant on its overseas markets, with a gross margin of 26.21% in the Americas, contrasting with a negative margin in the Chinese market [8].

Investment Rating - The report maintains a "Buy" rating for the company [1][6][15] Core Views - The company's Q1 2025 performance shows a year-on-year revenue increase of 23.35% to 52.22 billion yuan and a net profit increase of 29.65% to 4.58 billion yuan, despite a quarter-on-quarter decline in net profit of 49.11% [3][4][6] - The three main business segments of the company are performing steadily, with significant contributions from the photovoltaic, magnetic materials, and lithium battery sectors [4][6] Summary by Sections Financial Performance - Q1 2025 revenue reached 52.22 billion yuan, up 23.35% year-on-year and 4.93% quarter-on-quarter; net profit was 4.58 billion yuan, up 29.65% year-on-year but down 49.11% quarter-on-quarter [3][4] - Photovoltaic business revenue was approximately 34.5 billion yuan with a shipment of about 5.9 GW, representing a year-on-year growth of about 65% [4] - Magnetic materials revenue was around 11.30 billion yuan with shipments of 53,000 units; lithium battery revenue was 5.4 billion yuan with a shipment of 128 million units, showing a year-on-year growth of about 28.5% [4] Business Segments - The photovoltaic segment is expected to benefit from cost reduction and efficiency improvements, with full production capacity in Indonesia contributing significantly to profits [4][6] - The company is focusing on small power applications, enhancing its 18650 battery series and developing the 21700 series, which has led to an increase in market penetration [5][6] - The magnetic materials segment is capitalizing on new replacement policies, increasing revenue and profitability through a broader customer base [5][6] Future Outlook - The company anticipates continued growth in Q2 2025 due to ongoing domestic demand and a 90-day tariff exemption in Southeast Asia [4][6] - Revenue projections for 2025-2027 are 210.96 billion yuan, 242.17 billion yuan, and 299.25 billion yuan respectively, with net profits expected to be 19.42 billion yuan, 22.81 billion yuan, and 28.81 billion yuan [6][7]

Investment 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].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][8]. Core Views - The company reported a 23.4% year-on-year increase in revenue for Q1 2025, reaching 5.22 billion yuan, and a 29.7% increase in net profit, amounting to 460 million yuan [5]. - The photovoltaic segment is expected to see continued growth, with estimated revenue of approximately 3.45 billion yuan in Q1 2025, a 33% increase year-on-year, and an expected total shipment of over 20GW for the year [6][8]. - The company has a strong financial position with a cash reserve of 7.85 billion yuan and a declining debt ratio of 55.0%, indicating resilience through industry downturns [7]. Financial Performance - The company’s basic earnings per share (EPS) for Q1 2025 is reported at 0.29 yuan, with a net asset return rate of 5.11% [3]. - The projected net profits for 2025-2027 are adjusted to 2.11 billion yuan, 2.53 billion yuan, and 2.99 billion yuan respectively, with a dynamic P/E ratio of 10.1 times based on the closing price of 13.08 yuan [8][10]. - The company’s revenue is expected to grow from 19.72 billion yuan in 2023 to 28.89 billion yuan in 2027, with a compound annual growth rate (CAGR) of 16.7% [10][11]. Market Performance - The company’s stock closed at 13.08 yuan on April 23, 2025, with a year-to-date high of 16.37 yuan and a low of 11.10 yuan [3]. - The market capitalization stands at 21.28 billion yuan, with a circulating A-share market value of 21.26 billion yuan [3]. Dividend Yield - The projected dividend yields for 2022-2024 are 1.9%, 2.9%, and 3.5% respectively, indicating a favorable return for investors [8].

证券代码：002056 证券简称：横店东磁 公告编号：2025-036 横店集团东磁股份有限公司 关于回购公司股份实施结果暨股份变动的公告 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。 横店集团东磁股份有限公司（以下简称"公司"）2024 年 4 月 23 日召开的第 九届董事会第十一次会议审议通过了《公司关于回购股份方案的议案》，同意公 司使用自有资金人民币 2 亿元—4 亿元以集中竞价交易方式回购部分公司股份， 回购股份价格不超过人民币 20 元/股，回购期限为自董事会审议通过回购股份方 案之日起 12 个月内。具体内容详见公司于 2024 年 4 月 24 日刊登在《证券时报》 和巨潮资讯网（http://www.cninfo.com.cn）上的《公司第九届董事会第十一次会 议决议公告》（公告编号：2024-031）、《公司关于回购股份方案的公告》（公告编 号：2024-032）及《公司回购股份报告书》（公告编号：2024-033）等相关公告。 因公司实施 2023 年年度权益分派，本次回购股份价格上限由不超过人民币 20 元/股调整为不超过人民币 1 ...

Group 1: Financial Performance - The company achieved a revenue of 5.222 billion CNY in Q1 2025, representing a year-on-year growth of 23.4% [2] - The net profit attributable to shareholders reached 458 million CNY, up 29.7% year-on-year; the net profit after deducting non-recurring gains and losses was 457 million CNY, increasing by 36.5% [3] - The weighted average return on equity was 4.45%, an increase of 0.6 percentage points compared to the previous year [3] Group 2: Business Segment Performance - The magnetic materials and devices segment generated a revenue of 1.13 billion CNY in Q1, with a year-on-year growth of 7%; magnetic material shipments totaled 53,000 tons, showing positive growth [3] - The photovoltaic segment achieved nearly 3.45 billion CNY in revenue, a 33% increase year-on-year, with shipments of 5.9 GW, up nearly 65% [4] - The lithium battery segment reported a revenue of 540 million CNY, an 8% increase, with shipments of 128 million units, growing by 28.5% [4] Group 3: Global Expansion and Market Strategy - The company is advancing its global layout, with the Indonesian battery base reaching near full production capacity, selling approximately 900 MW of batteries in a single quarter [4] - The company has set a differentiated competition strategy in the photovoltaic sector, focusing on both differentiated and standardized products to drive growth in various markets [4] - The company received the "Best Partner" award from Kyocera Group, recognizing its contributions among thousands of suppliers [4] Group 4: Market Outlook and Challenges - The overall demand in Europe is expected to show weak growth in 2025, with potential for growth in underdeveloped regions [6] - The company anticipates challenges in the domestic market due to a decline in demand following the end of the installation rush, predicting a difficult period for the photovoltaic industry in Q2 and Q3 [6] - The company is closely monitoring U.S. policies regarding tariffs and subsidies, which may impact future demand for photovoltaic products [6] Group 5: Inventory and Dividend Policy - The company reported inventory of 4 billion CNY, with over 60% related to photovoltaic materials, and plans to manage inventory effectively to avoid risks [11] - The company has maintained a high cash dividend ratio, with cash dividends exceeding 35% of the net profit in recent years, and plans to continue this trend in 2025 [12]

Core Insights - The company, Hengdian East Magnetic, has shown a steady improvement in profitability, with a revenue of 5.22 billion yuan in Q1 2025, representing a year-on-year increase of 23.35%, and a net profit of 458 million yuan, up 29.65% year-on-year [2] - The net profit has consistently increased for nine consecutive years since 2016, growing from 323 million yuan in 2015 to 1.827 billion yuan in 2024, marking an overall increase of 4.66 times [2] - The company operates in the magnetic materials and new energy sectors, providing research, production, sales, and technical solutions, and has established a global supplier network across over 20 countries [2] Financial Performance - In 2024, the revenue from magnetic materials reached 4.578 billion yuan with a shipment of 232,000 tons, a 17% increase; the photovoltaic sector generated 11.07 billion yuan with a shipment of 17.2 GW, up 73%; and the lithium battery sector achieved 2.415 billion yuan with a shipment of 531 million units, a 56% increase [2] - Sales expenses increased to 69.25 million yuan in Q1 2025, reflecting a year-on-year growth of 20.16%, marking five consecutive quarters of rising sales expenses [3] - Operating cash flow has not shown positive growth, with a net cash flow from operating activities of 3.522 billion yuan in 2024, down 9.68%, and a further decline of 44.29% to 265 million yuan in Q1 2025 [3] Financial Structure - The company's financial structure has been improving, with financial expenses remaining negative for seven consecutive years, reaching -142 million yuan in Q1 2025, a decrease of 676.93% [3] - The asset-liability ratio stood at 55.03% at the end of Q1 2025, down 2.99 percentage points from 58.02% in the same period of 2024 [4]

Investment 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]