横店集团东磁股份有限公司 关于第三期员工持股计划第一期锁定期届满后 一、承诺的基本情况 履行自愿锁定股份承诺的公告 证券代码：002056 证券简称：横店东磁 公告编号：2025-029 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"）于近日收到公司第三期员工 持股计划管理委员会出具的《关于自愿锁定股份的承诺函》，基于对公司未来发 展的信心，持有人承诺自愿将第三期员工持股计划第一个解锁期所获解锁的 3,852,000 股公司股份进行锁定期延长，延长期限为一年。具体情况如下： （二）承诺的内容 公司第三期员工持股计划持有人基于对公司未来发展前景及长期投资价值 的信心，为保证公司持续、稳定、健康发展，公司第三期员工持股计划持有人承 诺自愿将第三期员工持股计划第一个解锁期所获解锁的 3,852,000 股公司股份进 行锁定期延长，延长期限为一年，自 2025 年 3 月 20 日起至 2026 年 3 月 19 日。 二、其他事项 公司董事会将督促上述承诺主体严格遵守承诺，并按照相关法律法规的规定， 根据第三期员工持股计划 ...

证券代码：002056 证券简称：横店东磁 公告编号：2025-027 横店集团东磁股份有限公司 会议由公司董事长任海亮主持，与会董事经过认真讨论，审议并通过如下议案： （一）会议以 6 票同意、0 票反对、0 票弃权的结果审议通过了《公司关于第三 期员工持股计划第一个锁定期解锁条件成就的议案》，其中关联董事任海亮回避表 决。 根据《关于上市公司实施员工持股计划试点的指导意见》及《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》的相关规定，根据持有 人个人绩效考核情况，公司第三期员工持股计划第一个锁定期解锁条件已成就，本 次将解锁所持公司股票 3,852,000 股，解锁比例为首次授予份额的 30%，占公司总 股本的 0.24%。解锁后，持有人承诺再履行自愿锁定一年，锁定期限自 2025 年 3 月 20 日起至 2026 年 3 月 19 日。 《公司关于第三期员工持股计划第一个锁定期解锁条件成就的公告》（公告编 号：2025-029），详见公司指定信息披露网站 http://cninfo.com.cn，同时刊登在 2025 年 3 月 22 日的《证券时报》上。 三、备查文件 1 ...

证券代码：002056 证券简称：横店东磁 公告编号：2025-026 横店集团东磁股份有限公司 关于举办 2024 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。 横店集团东磁股份有限公司（以下简称"公司"）已于 2025 年 3 月 12 日披 露了《公司 2024 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 2025 年 3 月 27 日（星期四）15:00-16:30 举行 2024 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：2025 年 3 月 27 日（星期四）15:00-16:30 投资者可于 2025 年 3 月 27 日（星期四）15:00 前登录 http://ir.p5w.net/zj/， 或扫描下方二维码，进入问题征集专题页面。公司将在 2024 年度业绩说明会上， 对投资者普遍关注的问题进行回答。 （二）在线参 ...

Investment Rating - The report assigns a "Buy-A" investment rating for the company, indicating a positive outlook for its stock performance in the coming months [1][6]. Core Insights - The company reported a revenue of 185.6 billion yuan for 2024, a year-on-year decline of 6.0%, but achieved a net profit of 18.3 billion yuan, reflecting a slight increase of 0.5% [2][3]. - The solar segment showed significant growth, with revenues of 110.7 billion yuan and shipments of 17.2 GW, marking a year-on-year increase of 73% [3]. - The company is expected to benefit from the release of production capacity in Indonesia, which is projected to enhance profit margins significantly in 2025 [3]. - The magnetic materials segment generated 45.8 billion yuan in revenue, with a year-on-year growth of 17%, solidifying the company's leading position in the market [4]. - The lithium battery segment achieved revenues of 24.2 billion yuan, with a shipment of 531 million units, reflecting a growth of 56% year-on-year [5]. Financial Performance Summary - The company’s projected net profits for 2025, 2026, and 2027 are 2.3 billion yuan, 2.7 billion yuan, and 3.1 billion yuan respectively, with corresponding P/E ratios of 11.3, 9.5, and 8.3 [6][9]. - The revenue forecast for the upcoming years shows a recovery trend, with expected revenues of 20.5 billion yuan in 2025, 24.8 billion yuan in 2026, and 28.9 billion yuan in 2027, indicating a compound annual growth rate [12]. - The company maintains a strong return on equity (ROE) of 17.8% for 2024, with projections of 18.3% for 2025 and beyond [9][12].

Investment Rating - The report assigns an "Accumulate-A" investment rating for the company, indicating a positive outlook for the stock [6]. Core Views - The company reported better-than-expected performance in Q4, with significant profit growth driven by the release of production capacity in Indonesia [1][3]. - The solar segment achieved a revenue of 11.07 billion yuan in 2024, with a shipment of 17.2 GW, reflecting a year-on-year growth of 73% [3]. - The company is expected to maintain stable performance in its magnetic materials segment, with a revenue of 4.58 billion yuan in 2024, showing a 17% increase [4]. - The lithium battery sector is also performing well, with a revenue of 2.42 billion yuan in 2024, marking a 56% year-on-year growth [5]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 18.56 billion yuan, a decrease of 6% year-on-year, while the net profit attributable to shareholders was 1.83 billion yuan, a slight increase of 0.5% [1][9]. - The Q4 performance was particularly strong, with a revenue of 4.98 billion yuan, up 25.4% year-on-year, and a net profit of 0.91 billion yuan, representing a 4.4 times increase [1]. Production Capacity and Growth - The company has a total battery cell capacity of 23 GW and module capacity of 17 GW, with expected shipments exceeding 20 GW this year [3]. - The Indonesian production capacity is anticipated to contribute significantly to profit margins, with an estimated shipment of 3.5 GW in 2025 [3]. Market Position - The company is the largest producer of ferrite magnetic materials globally, with a production capacity of 290,000 tons [4]. - The copper inductors used in AI servers are expected to see a compound annual growth rate exceeding 20% in the coming years [4]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 2.30 billion yuan, 2.73 billion yuan, and 3.12 billion yuan, respectively, with corresponding P/E ratios of 11.3, 9.5, and 8.3 [6][9].

Group 1: Company Development Plans - The magnetic materials segment aims for revenue of approximately 4.6 billion CNY in 2024, with a shipment of 232,000 tons, representing a 17% year-on-year growth [1] - The company focuses on consolidating its leading position in ferrite permanent magnets and soft magnets, with a strategy of horizontal diversification and vertical extension [1] - Key markets for permanent magnets include home appliances and the automotive industry, with an emphasis on increasing market share [1] Group 2: Product Development and Market Applications - Copper sheet inductors are critical components in chip power modules, with an expected compound annual growth rate exceeding 20% in the coming years [3] - EMC filter devices are essential for electric vehicles to mitigate electromagnetic interference, with a per vehicle application value of approximately 100-200 CNY [4] - The company has secured multiple development contracts for EMC filter devices with new energy vehicle manufacturers, anticipating growth as these models ramp up production [4] Group 3: Market Trends and Pricing - European market demand has improved since the beginning of the year, leading to price increases due to stabilized raw material costs [5] - The price increase in Europe differs from domestic trends, influenced by the upcoming transition of solar projects to the electricity market in China [5] - The company expects to ship over 3.5 GW from its Indonesian base in 2025, primarily targeting the U.S. market [6] Group 4: Cost and Production Insights - The cost of production in Indonesia is higher than in China, but the product pricing is also elevated [6] - The company’s N-type battery production base in Yibin has a capacity exceeding 15 GW, primarily for internal use [6] - The average profit margin for the component production base in Lianyungang was approximately 4-5 CNY per watt last year [6] Group 5: Lithium Battery Outlook - The company shipped 530 million lithium batteries last year, with a significant market share in electric two-wheelers, accounting for about 70% of total shipments [6] - The target for lithium battery shipments this year exceeds 600 million units, with growth expected across various applications including electric tools and smart home devices [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [5][14]. Core Insights - The company demonstrated strong profitability and a differentiated capacity layout, ensuring performance growth in 2025 despite a slight decline in revenue in 2024 [1]. - The company achieved a significant increase in photovoltaic product shipments, with a year-on-year growth of 72.64% to 17.18 GW, although revenue from this segment decreased by 13.36% to 110.70 billion yuan [1][2]. - The magnetic materials business maintained its leading position, with a shipment increase of 16.88% to 232,000 tons and a slight revenue growth of 1.91% to 3.812 billion yuan [2]. - The lithium battery segment capitalized on market recovery, with shipments growing by 56.05% to 531 million units, leading to a revenue increase of 17.74% to 2.415 billion yuan [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 185.59 billion yuan, a decrease of 5.95% year-on-year, while net profit attributable to shareholders was 18.27 billion yuan, a slight increase of 0.46% [1]. - The fourth quarter of 2024 saw a revenue of 49.77 billion yuan, a year-on-year increase of 25.57%, and a net profit of 9.00 billion yuan, reflecting a remarkable growth of 441.71% [1]. Business Segments - Photovoltaic Products: The company maintained high shipment growth despite industry-wide profitability pressures, achieving a gross margin of 18.74%, down 2.47 percentage points year-on-year [1][2]. - Magnetic Materials: The business saw a stable performance with a gross margin increase to 27.32%, despite price pressures [2]. - Lithium Batteries: The company focused on differentiated strategies, achieving a gross margin of 12.66%, up 6.74 percentage points year-on-year [3]. Future Projections - The company expects net profits of 20.93 billion yuan, 23.10 billion yuan, and 25.65 billion yuan for 2025, 2026, and 2027 respectively, with a slight upward adjustment in profit forecasts [3][4]. - The projected P/E ratio for 2025 is 12 times, indicating a favorable valuation compared to expected earnings growth [3][4].

点击注册小程序 查看完整报告 锂电业务通过差异化战略实现市场开拓，小圆柱出货量维持行业前三 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布 202 4 年年报， 202 4年 实现营业收入 185.59 亿元，同比 减少 5.95 %（调整后），实现归母净 利润 18.27 亿元，同比增长 0.46 %（调整后）；202 4 Q 4 实现营业收入 49.77 亿元，同比 增长 25.57 %， 实现归母净利润 9.00 亿元， 同比增长 441.71 % ，环比增长 213.59%，Q4业绩超出市场预期。 光伏产品出货规模维持高增，盈利能力行业领先 2024年公司光伏产品（组件+电池）出货同比高增72.64%至17.18GW，营业收入同比减少13.36%至110.70 亿元，在全行业盈 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3][5]. Core Insights - The company demonstrated strong profitability and a differentiated capacity layout, ensuring growth in 2025 despite a slight decline in revenue in 2024 [1]. - The company achieved a significant increase in photovoltaic product shipments, with a year-on-year growth of 72.64% to 17.18 GW, although revenue from this segment decreased by 13.36% to 110.70 billion yuan [1][2]. - The magnetic materials business maintained its leading position, with a shipment increase of 16.88% to 232,000 tons and a slight revenue growth of 1.91% to 3.81 billion yuan [2]. - The lithium battery segment capitalized on market recovery, with shipments growing by 56.05% to 531 million units, leading to a revenue increase of 17.74% to 2.415 billion yuan [3]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 185.59 billion yuan, a decrease of 5.95% year-on-year, and a net profit attributable to shareholders of 18.27 billion yuan, a slight increase of 0.46% [1]. - The fourth quarter of 2024 saw a revenue of 49.77 billion yuan, a year-on-year increase of 25.57%, and a net profit of 9.00 billion yuan, reflecting a substantial growth of 441.71% year-on-year and 213.59% quarter-on-quarter [1]. Business Segments - The photovoltaic segment's revenue was under pressure, with a gross margin decrease of 2.47 percentage points to 18.74% [1]. - The magnetic materials segment's gross margin increased by 0.83 percentage points to 27.32%, despite price declines [2]. - The lithium battery segment's gross margin improved by 6.74 percentage points to 12.66%, driven by differentiated products and scale advantages [3]. Future Projections - The company expects net profits to reach 20.93 billion yuan, 23.10 billion yuan, and 25.65 billion yuan for the years 2025 to 2027, respectively, with a slight upward adjustment of 1% for the first two years [3][4]. - The projected price-to-earnings ratio for 2025 is 12 times, indicating a favorable valuation compared to expected earnings growth [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [3][17]. Core Views - The company has exceeded expectations in its closing performance, with a reported revenue of 18.56 billion yuan for 2024, a year-on-year decrease of 5.95%, and a net profit of 1.83 billion yuan, a slight increase of 0.46% year-on-year [1]. - The company focuses on differentiated operations, achieving a revenue of 11.07 billion yuan from photovoltaic products, despite a year-on-year decline of 13.36%, while shipments increased by 73% to 17.2 GW [2]. - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of 20.91 billion yuan, 24.02 billion yuan, and 26.85 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 2.05 billion yuan, 2.27 billion yuan, and 2.54 billion yuan [7]. Financial Summary - For 2023, the company reported a revenue of 19.73 billion yuan and a net profit of 1.82 billion yuan, with a return on equity (ROE) of 19.9% [1]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.26 yuan, 1.40 yuan, and 1.56 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12.0, 10.8, and 9.7 [7]. - The company’s magnetic materials segment contributed 4.58 billion yuan in revenue, with a gross margin of 27.32%, while the lithium battery segment achieved a revenue of 2.42 billion yuan, reflecting a year-on-year growth of 56% [2].