DMEGC(SZ:002056) Soochow Securities·2025-03-13 06:19Investment 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]