证券代码：002056 证券简称：横店东磁 公告编号：2024-025 横店集团东磁股份有限公司 2023 年年度股东大会决议公告 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： 1、本次股东大会无否决提案的情况； 2、本次股东大会无变更前次股东大会决议的情况。 3、股权登记日：2024 年 3 月 21 日（星期四） 4、投票方式：本次横店集团东磁股份有限公司（以下简称"公司"）股东 大会采取现场投票表决和网络投票相结合的方式 5、会议召集人：公司董事会 一、会议召开和出席情况 （一）会议召开情况 1、本次股东大会的召开时间 （1）现场会议召开时间为：2024 年 3 月 29 日（星期五）14:00 （2）网络投票时间：2024 年 3 月 29 日。其中，通过深交所交易系统进行 网络投票的时间为 2024 年 3 月 29 日 9:15—9:25、9:30—11:30 和 13:00—15:00； 通过深交所互联网投票系统开始投票时间为 2024 年 3 月 29 日上午 09:15，结束 时间为 2024 年 3 月 29 日下午 3:00 ...

2024年03月21日 公 司点评 公 买入 / 首次 司 横店东磁(002056) 研 究 昨收盘:14.98 横店东磁 2023 年年报点评：光伏量利高增，锂电磁材茁壮成长 事件：公司近日发布2023年年报，实现营业收入197.21亿元，同 ◼ 走势比较 +1.39%，实现归母净利润18.16亿元，同+8.80%，实现扣非归母20.25 亿元，同+26.58%；2023 年第四季度，实现营业收入 39.64 亿元，同- 10% 25.58%，环-28.09%，实现归母净利润1.66亿元，同-63.97%，环-62.04%， 太 (1( 42 %% ))12/3/32 2/6/32 41/8/32 62/01/32 7/1/42 02/3/42 实现扣 精非 耕归 欧母 洲光3. 伏91 市亿 场元 迎， 量同 利-2 高7. 增20 ，% 锂， 电环 磁+1 材.3 业1% 务。 平 茁 壮成长。公司2023 年光伏业务收入约127.77亿元，出货量约10GW，出货同比增长约25%； 洋 (26%) 公司精耕欧洲光伏市场，产品报价下行情况下，公司库存管理、品牌管 证 (38%) 理、销售渠道管理能力凸显， ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3][4] Core Insights - The company reported a revenue of 19.721 billion yuan in 2023, a year-on-year increase of 1.39%, with a net profit attributable to shareholders of 1.816 billion yuan, up 8.80% year-on-year [3][5] - The photovoltaic business achieved significant growth, with revenue reaching 12.777 billion yuan, nearly doubling its profit, and total shipments of approximately 10GW, a year-on-year increase of 24.27% [3][4] - The lithium battery segment also saw a revenue increase of 31.38%, driven by the production of a new 6GWh high-performance lithium battery project [3][4] - The magnetic materials business maintained stable operations, with revenue of 4.483 billion yuan and a year-on-year growth of 7.87% in shipments [3][4] Financial Summary - The company aims for a 50% year-on-year growth in both photovoltaic and lithium battery shipments in 2024 [4] - Revenue projections for 2024, 2025, and 2026 are 21.980 billion yuan, 26.091 billion yuan, and 28.980 billion yuan, respectively, with corresponding net profits of 1.850 billion yuan, 2.081 billion yuan, and 2.228 billion yuan [4][5] - The company's earnings per share (EPS) are projected to be 1.14 yuan, 1.28 yuan, and 1.37 yuan for the years 2024, 2025, and 2026, respectively [5][6]

证券研究报告 | 公司动态点评 2024 年 03月 13日 横店东磁（002056.SZ） 差异化打造盈利优势，静待 TOPCon 放量 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 19,451 19,721 22,186 25,691 29,802 股票信息 增长率yoy（%） 54.3 1.4 12.5 15.8 16.0 归母净利润（百万元） 1,669 1,816 1,972 2,217 2,524 行业 电力设备及新能源 增长率yoy（%） 49.0 8.8 8.6 12.4 13.8 2024年3月12日收盘价（元） 15.12 ROE（%） 21.5 19.9 18.8 18.2 17.9 总市值（百万元） 24,595.89 EPS最新摊薄（元） 1.03 1.12 1.21 1.36 1.55 流通市值（百万元） 24,570.88 P/E（倍） 14.7 13.5 12.5 11.1 9.7 总股本（百万股） 1,626.71 P/B（倍） 3.2 2.7 2.4 2.0 1.8 流通股本（百万股） 1,625.06 资料来 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported a revenue of 19.721 billion, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 1.816 billion, up 8.8%. The non-recurring net profit reached 2.025 billion, reflecting a significant year-on-year growth of 26.58% [4][5]. - In Q4 2024, the company achieved a net profit of 166 million, with a non-recurring net profit of 391 million, indicating a quarter-on-quarter growth of 1.31% [4][5]. - The company is focusing on expanding its advanced production capacity and technological upgrades, particularly in the solar energy sector, with plans for multiple projects totaling 13GW of TOPCon high-efficiency battery production [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved a sales volume of approximately 10GW in the photovoltaic sector, a year-on-year increase of 24.27%, with a gross margin of 21% [5]. - The battery sales reached approximately 340 million units, marking a 75.36% increase year-on-year, although the gross margin was only 6.93% due to production ramp-up challenges [5]. - The magnetic materials segment shipped 198,500 tons, a 7.87% increase, but revenue decreased by 11.03% to 3.740 billion due to falling prices [5]. Future Outlook - The company anticipates continued growth in net profit, projecting a net profit of 1.93 billion for 2024, corresponding to a PE ratio of 13 times [6]. - The company is also investing in energy storage solutions, including household and commercial storage products, to diversify its offerings [5].

横店集团东磁股份有限公司（以下简称"公司"）已于 2024 年 3 月 9 日披 露了《公司 2023 年年度报告》及其摘要，详情请参阅《证券时报》及巨潮资讯 网（www.cninfo.com.cn）。为了更好地与广大投资者进行交流，使投资者能够进 一步了解公司的生产经营情况，公司定于 2024 年 3 月 20 日（星期三）15:00-17:00 举行 2023 年度业绩网上说明会，具体情况如下： 一、说明会召开方式与时间 会议召开方式：网络文字互动 会议召开时间：2024 年 3 月 20 日（星期三）15:00-17:00 证券代码：002056 证券简称：横店东磁 公告编号：2024-022 横店集团东磁股份有限公司 关于举办 2023 年度业绩网上说明会的公告 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。 1 （问题征集专题页面二维码） 三、出席人员 出席本次说明会的人员有：公司董事长任海亮、独立董事贾锐、总经理何悦、 副总经理兼董事会秘书吴雪萍、财务总监郭健，具体以当天实际参会人员为准。 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告。 二 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 12 日 横 店东磁(002056.SZ) 证券研究报告 光伏板块盈利高增，扩产持续凸显成长 太阳能 投资评级 增持-A 潜力 维持评级 6个月目标价 21元 公司发布 2023 年度报告 股价 (2024-03-12) 15.12元 公司 2023 年实现营业收入197.21 亿元，同比增长1.39%；实现归母 净利润 18.16亿元，同比增长8.80%；实现扣非归母净利润 20.25亿 交易数据 元，同比增长 26.58%。其中 2023 年 Q4 营业收入 39.64 亿元，同比 总市值(百万元) 24,595.89 减少 25.58%、环比减少28.08%；实现归母净利润1.66 亿元，同比减 流通市值(百万元) 24,570.88 少 63.97%、环比减少62.10%；实现扣非归母净利润 3.91 亿元，同比 总股本(百万股) 1,626.71 减少 27.20%、环比增加1.30%。 流通股本(百万股) 1,625.06 12个月价格区间 11.46/20.88元 光伏板块盈利高增，资产减值扰动业绩表现 ✔收 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 19.721 billion yuan in 2023, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 1.816 billion yuan, up 8.80% year-on-year [1] - The company expects a 50% year-on-year increase in photovoltaic product shipments in 2024, supported by ongoing capacity expansion in TOPCon products [1] - The lithium battery segment aims for a 50% year-on-year growth in shipments, while the magnetic materials business is actively pursuing international expansion [1] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 3.964 billion yuan, a decrease of 25.58% year-on-year, and a net profit of 166 million yuan, down 63.97% year-on-year [1] - The photovoltaic segment shipped 9.95 GW in 2023, a growth of 24.27%, with a gross margin increase of 6.35 percentage points to 21.21% [1] - The magnetic materials segment saw a shipment increase of 7.87% to 198,500 tons, with a gross margin rise of 2.79 percentage points to 26.49% [1] - The lithium battery segment's shipments increased by 75.36% to 340 million units, although gross margin decreased by 13.44 percentage points to 6.93% due to raw material price declines and intensified competition [1] Future Outlook - The company plans to expand its TOPCon battery capacity by 6 GW and component capacity by 5 GW in 2024, with additional projects in Southeast Asia [1] - The company aims to maintain its market share in the high-margin European market through differentiated strategies [1] - The report projects net profits for 2024, 2025, and 2026 to be 1.851 billion yuan, 2.071 billion yuan, and 2.291 billion yuan respectively, reflecting a downward adjustment of 30% and 37% for 2024 and 2025 [1][2]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3] Core Views - The company achieved steady revenue growth in 2023, with total revenue reaching 19.721 billion yuan, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 1.816 billion yuan, up 8.80% year-on-year. The non-recurring net profit grew by 26.58% year-on-year to 2.025 billion yuan. The photovoltaic segment saw rapid profit growth, while the magnetic materials segment maintained stable profitability, and the lithium battery segment experienced a decline in profitability [2][3][5]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 19.721 billion yuan, a slight increase of 1.39% year-on-year. The net profit attributable to shareholders was 1.816 billion yuan, reflecting an 8.80% increase year-on-year. The non-recurring net profit was 2.025 billion yuan, marking a significant growth of 26.58% year-on-year. The company faced asset impairment and fair value changes that impacted profits, totaling 261 million yuan [2][3][5]. Photovoltaic Segment - The photovoltaic segment achieved sales of 9.95 GW in 2023, a year-on-year increase of 24.27%, with profits nearly doubling. The company has an internal production capacity of 14 GW for photovoltaic cells and 12 GW for photovoltaic modules. It has expanded its capacity with an additional 6 GW of TOPCon high-efficiency cells and 5 GW of TOPCon high-efficiency modules, along with 2 GW of TOPCon cells under construction. The company has also made significant strides in the domestic market, surpassing 100 MW in distributed project development and securing approximately 1 GW in downstream power station development indicators [3][5]. Magnetic Materials Segment - The magnetic materials segment generated revenue of 3.74 billion yuan in 2023, a decrease of 11.03% year-on-year, but with an improved gross margin of 26.49%, up 2.79 percentage points. Despite a decline in terminal demand for permanent magnets, the company increased its market share. The soft magnetic materials segment focused on high-end customers and actively developed new products for applications in the new energy vehicle and photovoltaic sectors [3][5]. Lithium Battery Segment - The lithium battery segment reported revenue of 2.051 billion yuan, a year-on-year increase of 31.38%, with a shipment volume of 340 million units, up 75.36% year-on-year. While many industry players maintained low operating rates and profitability declined, the company achieved an industry-leading operating rate and increased its market share. It is also exploring new product applications in home storage, balcony storage, and commercial storage [3][5]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 1.830 billion yuan, 2.214 billion yuan, and 2.585 billion yuan for the years 2024 to 2026, representing year-on-year growth rates of 0.8%, 21.0%, and 16.7%, respectively. Based on comparable company valuations, a price-to-earnings (PE) ratio of 14-16 times for 2024 is suggested, corresponding to a reasonable value range of 15.75 to 18.00 yuan [3][5].

Investment Rating - The report maintains a "Recommended" rating for the company [2][30]. Core Insights - In 2023, the company achieved a revenue of 19.721 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.816 billion yuan, up 8.8% year-on-year. The non-recurring net profit was 2.025 billion yuan, reflecting a significant growth of 26.6% year-on-year [7][10]. - The fourth quarter of 2023 saw a revenue of 3.964 billion yuan, a decrease of 25.6% year-on-year and 28.1% quarter-on-quarter, with a net profit of 166 million yuan, down 64% year-on-year and 62% quarter-on-quarter [7][10]. - The photovoltaic segment remains the largest contributor to revenue, accounting for approximately 64.8% of total revenue, while the lithium battery segment showed the highest revenue growth rate at 31% [10][30]. Summary by Sections Financial Performance - The company reported a gross profit margin increase of 3.25 percentage points to 20.73% in 2023, with the photovoltaic segment contributing significantly to this growth [17][25]. - The gross profit from photovoltaic products increased by 44.8% year-on-year, while the lithium battery segment experienced a decline in gross profit due to falling prices of lithium carbonate [17][30]. Segment Analysis - Photovoltaic Segment: The company has a production capacity of 14GW for photovoltaic cells and 12GW for modules, with a 24% increase in sales volume year-on-year [10][13]. - Lithium Battery Segment: Despite a 75% increase in sales volume, the segment's gross margin fell by 13 percentage points to 7% due to a significant drop in lithium prices [10][30]. - Magnetic Materials and Devices: Both segments showed steady growth, with sales volumes increasing by 7.9% and 20.5% respectively [10][30]. Future Outlook - The company aims for a 50% year-on-year increase in shipments for both photovoltaic and lithium battery products in 2024, alongside a steady development in the magnetic materials and devices segment [10][30]. - Forecasted net profits for 2024-2026 are expected to be 2.088 billion yuan, 2.429 billion yuan, and 2.787 billion yuan respectively, with corresponding EPS of 1.28 yuan, 1.49 yuan, and 1.71 yuan [30][34].