DMEGC(SZ:002056) Tianfeng Securities·2025-10-09 08:16Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company achieved significant growth in both revenue and net profit in the first half of 2025, with revenue reaching 11.936 billion yuan, a year-on-year increase of 24.75%, and net profit of 1.020 billion yuan, up 58.94% [1]. - The photovoltaic business saw a revenue increase of 36.58% year-on-year, with a shipment of 13.4 GW, representing over 65% growth [1]. - The company maintains a leading position in the global ferrite magnetic material market and is expanding its product offerings in various sectors, including new energy and automotive [2][3]. Summary by Sections Photovoltaic Business - The photovoltaic segment generated 8.054 billion yuan in revenue in 2025H1, with a gross margin of 16.70%, up 5.29 percentage points year-on-year [1]. - The company is focusing on international expansion and enhancing its competitive edge through differentiated strategies and cost control measures [1]. Magnetic Material Devices - The magnetic material device business reported revenue of 2.371 billion yuan in 2025H1, an 8.06% increase, with a gross margin of 25.84% [2]. - The company is leveraging its material advantages to provide comprehensive solutions to downstream clients, particularly in the automotive and AI sectors [2]. Lithium Battery Business - The lithium battery segment achieved revenue of 1.286 billion yuan in 2025H1, with a shipment of over 300 million units, reflecting a 12.25% year-on-year increase [2]. - The company maintains a leading production capacity in the industry, with ongoing product innovation and cost optimization efforts [2]. Financial Forecast - The company expects net profits of 2.0 billion yuan, 2.29 billion yuan, and 2.55 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 16.9, 14.8, and 13.2 [3][4].