横店东磁：Q4业绩超预期，印尼产能有望持续兑现超额利润-20250320

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].