Investment Rating - The report maintains an "Outperform the Market" rating for the companies analyzed, including 横店东磁, 新大陆, and 博士眼镜, indicating expected stock performance above the benchmark index [4][23][28]. Core Insights - The report highlights the recovery and growth potential in various sectors, particularly in the tourism industry in Southeast Asia, with a projected compound annual growth rate (CAGR) of 15.4% for Vietnam, 13.7% for Malaysia, and 12.1% for Thailand from 2023 to 2028 [8]. - The coal price is expected to stabilize in the short term, with a price range of 720-750 RMB per ton, which may positively impact the power sector [3][12]. - The increasing online booking penetration in Southeast Asia is noted, with countries like Singapore expected to reach a 65% online booking rate by 2024, indicating a shift towards digitalization in the tourism sector [9]. Summary by Sections Industry Performance - The report indicates that the coal and power sectors are experiencing a short-term stabilization, with expectations of a market improvement from late March to April 2025 [3][12]. - The tourism market in Southeast Asia is projected to grow significantly, with Thailand's tourism revenue contributing 63.9% to its total tourism income in 2023 [7][8]. Company Analysis - 横店东磁 is expected to achieve net profits of 19.23 billion, 22.67 billion, and 28.21 billion RMB from 2025 to 2027, with growth rates of 5.3%, 17.9%, and 24.5% respectively, supported by a strong performance in its solar and magnetic materials segments [4][17]. - 新大陆 is projected to have revenues of 82.73 billion, 91.03 billion, and 100.38 billion RMB from 2024 to 2026, with net profits growing at rates of 17.0%, 21.8%, and 17.5% [23]. - 博士眼镜 anticipates net profits of 1.24 billion, 1.52 billion, and 1.72 billion RMB from 2024 to 2026, with a notable exploration of the smart glasses market [25][28]. Market Trends - The report notes a trend towards digitalization in the tourism sector, with a significant increase in online booking rates across Southeast Asia, indicating a robust growth opportunity for online travel agencies (OTAs) [9][10]. - The competitive landscape in the tourism market is described as fragmented, with major players holding less than 8% market share in most Southeast Asian countries, suggesting opportunities for new entrants [9][10].

Investment Rating - The report does not explicitly state an investment rating for the small metals industry or the specific company being analyzed [1]. Core Insights - The company maintains a dual-driven strategy focusing on magnetic materials and new energy, with a total revenue of 18.56 billion yuan and a net profit of 1.83 billion yuan, showing a slight year-on-year increase [13]. - The magnetic materials segment has solidified its leading position, contributing 4.578 billion yuan in revenue with a shipment of 232,000 tons, reflecting a 17% year-on-year growth [14]. - The photovoltaic segment achieved a revenue of 11.1 billion yuan with a shipment of 17.2 GW, marking a 73% year-on-year increase [15]. - The lithium battery segment generated 2.415 billion yuan in revenue with a shipment of 531 million units, representing a 56% year-on-year growth [16]. - The company has invested 720 million yuan in R&D, with 54 technology innovation projects and 313 patent applications [17]. Summary by Sections Company Performance - The company reported a total revenue of 18.56 billion yuan and a net profit of 1.83 billion yuan, with a cash flow from operations of 3.52 billion yuan and a return on equity of 19.4% [13]. Magnetic Materials - The magnetic materials segment generated 4.578 billion yuan in revenue, with a shipment of 232,000 tons, up 17% year-on-year. The segment focuses on high-end markets and has developed new products in various applications [14]. Photovoltaic Sector - The photovoltaic segment achieved a revenue of 11.1 billion yuan, with a shipment of 17.2 GW, a 73% increase year-on-year. The company has maintained a leading position in non-silicon cost control and has expanded its overseas market presence [15]. Lithium Battery Sector - The lithium battery segment reported a revenue of 2.415 billion yuan, with a shipment of 531 million units, reflecting a 56% year-on-year growth. The company focuses on small power applications and has achieved significant growth in the electric tool market [16]. Research and Development - The company invested 720 million yuan in R&D, with 54 technology innovation projects and 313 patent applications. It has also made significant strides in digital transformation and green development initiatives [17]. Future Outlook - The company aims to enhance its market share in magnetic materials and expand its photovoltaic and lithium battery segments, with a focus on international markets and technological innovation [18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 18.56 billion yuan in 2024, a year-on-year decrease of 5.95%, while the net profit attributable to shareholders was 1.83 billion yuan, an increase of 0.46% [7] - In Q4 2024, the company achieved a revenue of 4.98 billion yuan, representing a year-on-year increase of 25% and a quarter-on-quarter increase of 24%, with a net profit of 900 million yuan, up 437% year-on-year and 213% quarter-on-quarter [7] - The company has deepened its presence in overseas markets, with 2024 photovoltaic product shipments reaching 17.2 GW, a year-on-year increase of approximately 73%, and over 50% of shipments coming from overseas [7] - The magnetic materials segment showed steady growth, with revenue nearing 4.6 billion yuan and a gross margin maintained above 27% [7] - The lithium battery business accelerated growth, with revenue around 2.4 billion yuan and shipments of 531 million units, a year-on-year increase of 56% [7] Financial Summary - The company's total revenue is projected to grow to 24.63 billion yuan in 2025, with a year-on-year growth rate of 32.71% [1] - The net profit attributable to shareholders is expected to reach 1.91 billion yuan in 2025, reflecting a year-on-year increase of 4.59% [1] - The earnings per share (EPS) is forecasted to be 1.17 yuan in 2025, with a price-to-earnings (P/E) ratio of 12.86 [1] - The company’s total assets are projected to increase to 36.94 billion yuan by 2025, with total liabilities expected to reach 24.80 billion yuan [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 18.56 billion yuan in 2024, a year-on-year decrease of 5.95%, while the net profit attributable to shareholders was 1.83 billion yuan, an increase of 0.46% [7] - In Q4 2024, the company reported revenue of 4.98 billion yuan, a year-on-year increase of 25% and a quarter-on-quarter increase of 24%, with net profit reaching 900 million yuan, up 437% year-on-year and 213% quarter-on-quarter [7] - The company has focused on overseas markets, with 2024 photovoltaic product shipments reaching 17.2 GW, a growth of approximately 73%, and over 50% of shipments coming from international markets [7] - The magnetic materials segment generated nearly 4.6 billion yuan in revenue, with a shipment of 232,000 tons, reflecting a 17% increase [7] - The lithium battery business saw revenue of approximately 2.4 billion yuan, with shipments of 531 million units, marking a 56% increase [7] - The report projects net profits for 2025-2027 to be 1.91 billion, 2.21 billion, and 2.50 billion yuan respectively, with year-on-year growth rates of 5%, 16%, and 13% [7] Financial Summary - Total revenue is forecasted to grow to 24.63 billion yuan in 2025, 29.39 billion yuan in 2026, and 34.31 billion yuan in 2027, with respective growth rates of 32.71%, 19.34%, and 16.72% [1][8] - The net profit attributable to shareholders is expected to reach 1.91 billion yuan in 2025, 2.21 billion yuan in 2026, and 2.50 billion yuan in 2027, with growth rates of 4.59%, 15.63%, and 13.15% [1][8] - The latest diluted EPS is projected to be 1.17 yuan in 2025, 1.36 yuan in 2026, and 1.54 yuan in 2027 [1][8]

证券研究报告 点评报告 2025 年 3 月 12 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、策略和先进制造组： 禾赛科技发布了 2024 年第四季业绩情况，营收 7.2 亿元，同比增长 28%，第四季 度净利润 1.47 亿元，同比扭亏为盈。2024 年全年，禾赛营收：20.8 亿元，同比 增长 10.7%，首次实现全年 Non-GAAP 净利润 1370 万元，成为全球首家全年盈利 的上市激光雷达企业。预计 2025 年营收将达到 30 亿至 35 亿元，激光雷达总出 货量为 120 万至 150 万台。禾赛的主机厂客户主要是理想和小米。从 2025 年营 收指引看，激光雷达 2025 年的销量将翻倍增长，这与 2025 年 3 月以来大量整车 厂将高阶智能辅助驾驶下方到 10~20 万车型的战略相关，因此两者可以相互印证 2025 年国内激光雷达行业将高景气。由于 2024 年国内头部的激光雷达厂商禾赛 科技、速腾聚创、华为等的市占率相差不大，因此也看好港股速腾聚创的投资机 会。 分析师：郭强 英伟达GPU的核心电源参展商台湾台达首次公布19英寸72kW800VHVDC电源机架， 采用 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved a significant revenue growth of 25.41% year-on-year in Q4 2024, with a net profit increase of 437.24% [5] - The photovoltaic business saw a 73% increase in shipment volume, maintaining reasonable profitability [5] - The magnetic materials segment experienced a revenue increase of 17% with a solid market position [5] - The lithium battery business reported a 56% increase in revenue, benefiting from high capacity utilization [5] - The company is expected to see net profits of 19.23 billion, 22.67 billion, and 28.21 billion yuan for the years 2025 to 2027, respectively, with growth rates of 5.3%, 17.9%, and 24.5% [5] Financial Data and Forecast - Revenue for 2023 is projected at 197.33 billion yuan, with a year-on-year growth of 1.5% [4] - The net profit for 2023 is estimated at 18.18 billion yuan, reflecting an 8.9% year-on-year increase [4] - The company anticipates a revenue of 210.53 billion yuan in 2025, representing a 13.4% growth [6] - The gross profit margin is expected to be around 20.5% in 2025 [4] - The earnings per share (EPS) is projected to be 1.18 yuan in 2025 [4] Business Segmentation - The photovoltaic segment is expected to generate revenue of 128.86 billion yuan in 2025, with a year-on-year growth of 16.4% [6] - The magnetic materials segment is projected to achieve revenue of 40.02 billion yuan in 2025, with a growth of 5% [6] - The lithium battery segment is forecasted to reach 27.78 billion yuan in revenue in 2025, with a growth of 15% [6] - Other businesses are expected to contribute 13.88 billion yuan in revenue in 2025, with a growth of 10% [6]

证券代码：002056 证券简称：横店东磁 统、原材料追溯系统、海外销售平台制造运营管理建设和 AI 应用等 全面铺开了数字化转型和相互融合的探索。 绿色发展：积极推进各产业板块的节能降耗，N 型电池与组件百 分之百绿电。使用太阳能板块的连云港基地获得 TÜV 南德颁发的行 业首张碳中和达成核查证明。对外发布了 ESG 报告和绿色行动白皮 书，并正式加入联合国全球契约组织。ESG 评级稳步提升，CDP 水安 全与气候问卷的情况行业领先。 2025 年经营计划：围绕磁材和新能源双轮驱动战略。磁材以提升 市占率为首要任务，永磁争取在存量博弈中寻求新突破；软磁力拓新 能源汽车、光伏、AI 领域等市场应用；塑磁扩产增效巩固细分领域领 先地位；光伏推进全球化布局，巩固欧洲、中国、日韩等优势市场的 基础上，全力推进北美等优质市场和亚太、中东等新兴市场产业；锂 电增加技改投入提升产能，并聚焦 18 和 21 系列产品做出自己的特色。 二、问答环节 横店集团东磁股份有限公司投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | ...

Market Overview - The Shanghai Composite Index fell by 0.23% on March 12, with 15 industries experiencing gains, led by Media and Communication sectors, which rose by 1.91% and 1.01% respectively [1] - The Electric Equipment industry also saw an increase of 0.29% [1] - The Beauty Care and Coal industries faced the largest declines, with drops of 1.01% and 0.80% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 7.35 billion yuan, with 8 industries experiencing net inflows [1] - The Electric Equipment industry had the highest net inflow, amounting to 3.02 billion yuan, followed by the Non-Bank Financial sector with a net inflow of 2.44 billion yuan [1] - A total of 23 industries experienced net capital outflows, with the Machinery Equipment sector leading at 3.72 billion yuan, followed by the Nonferrous Metals sector with 2.26 billion yuan [1] Electric Equipment Industry Insights - The Electric Equipment industry saw a net inflow of 3.02 billion yuan, with 201 out of 352 stocks rising, including 11 hitting the daily limit [2] - Among the stocks with significant net inflows, Magpower led with 404 million yuan, followed by Hengdian East Magnetic and Keda with inflows of 399 million yuan and 386 million yuan respectively [2] - Conversely, five stocks in the Electric Equipment sector experienced net outflows exceeding 100 million yuan, with Wolong Electric Drive, Founder Electric, and Longi Green Energy leading the outflows at 399 million yuan, 222 million yuan, and 120 million yuan respectively [2]

横店集团东磁股份有限公司 横店集团东磁股份有限公司全体股东： 一、审计意见 我们审计了横店集团东磁股份有限公司（以下简称横店东磁公司）财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以及相关 财务报表附注。 Hengdian Group DMEGC Magnetics Co.,Ltd 2024 年年度审计报告 披露时间：2025 年 3 月 12 日 | | | | 一、审计报告……………………………………………………… 第 | 1—7 | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 | 8—15 | 页 | | （一）合并资产负债表…………………………………………… | 第 8 | 页 | | （二）母公司资产负债表………………………………………… | 第 9 | 页 | | （三）合并利润表…………………………………………………第 | 10 | 页 | | （四）母公司利润表………………………………………………第 | 1 ...

横店集团东磁股份有限公司 | 二、附件………………………………………………………………第 | 3—6 | | 页 | | --- | --- | --- | --- | | （一）本所营业执照复印件……………………………………… | 第 | 3 | 页 | | （二）本所执业证书复印件……………………………………… | 第 | 4 | 页 | | （三）本所签字注册会计师执业证书复印件………………… 第 | 5-6 | | 页 | 内部控制审计报告 天健审〔2025〕345 号 横店集团东磁股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了横店集团东磁股份有限公司（以下简称横店东磁公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 内部控制审计报告 披露时间：2025 年 3 月 12 日 目 录 | | | 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报 ...