DMEGC(SZ:002056) Haitong Securities·2025-03-13 02:13Investment 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]