DMEGC(SZ:002056) Quan Jing Wang·2025-10-14 01:42Core Viewpoint - Hengdian East Magnetic (002056) expects a significant increase in net profit for the first three quarters of 2025, with a forecasted net profit attributable to shareholders ranging from 1.4 billion to 1.53 billion yuan, reflecting a year-on-year growth of 50.1% to 65.2% [1] Group 1: Business Performance - The company's three core business segments—magnetic materials, photovoltaics, and lithium batteries—demonstrated strong resilience during the reporting period, contributing to substantial overall profit growth through business synergy and differentiated competition strategies [2] - The magnetic materials segment, as the foundational business, has seen a continuous increase in market share in traditional sectors such as home appliances and automobiles, ensuring stable revenue growth [2] - By the end of 2024, the company is expected to have an annual production capacity of 290,000 tons of magnetic materials, with a projected shipment of 232,000 tons of ferrite magnetic materials in 2024, marking a 17% year-on-year increase [2] Group 2: Photovoltaic Sector - The photovoltaic segment has achieved growth despite intensified industry competition, with a strategic focus on differentiated products [3] - The company has established an annual production capacity of 23 GW for batteries and 21 GW for modules, with a projected module shipment of 17.2 GW in 2024, representing a 73% year-on-year increase [3] - The company is expected to ship nearly 20 GW in the first three quarters of 2025, surpassing the total shipments of the previous year [3] Group 3: Lithium Battery Sector - The lithium battery segment has also significantly contributed to profit growth, focusing on small power applications across various fields [3] - The company currently has an annual production capacity of 8 GWh for lithium batteries, ranking among the top three in the domestic cylindrical small power battery industry [3] - In the first half of 2025, the company shipped over 300 million units, reflecting a year-on-year growth of 12.25% [3] Group 4: Industry Development - The three industries in which Hengdian East Magnetic operates are experiencing favorable development cycles driven by policy support and market demand [4] - In the magnetic materials sector, the demand for high-performance materials is rising due to the rapid development of new industries such as electric vehicles and AI [4] - The photovoltaic sector benefits from the global energy transition, with long-term market demand remaining strong despite short-term supply-demand adjustments [4] - The small power lithium battery market is expanding due to the increasing prevalence of electric two-wheelers, electric tools, and smart home applications [4]