DMEGC(SZ:002056) 光大证券研究·2025-03-17 09:06Core Viewpoint - The company reported a decline in revenue for 2024, but showed significant growth in Q4, exceeding market expectations, indicating potential recovery and resilience in its operations [3]. Group 1: Solar Products - The company achieved a 72.64% year-on-year increase in solar product shipments (modules + batteries) to 17.18 GW, despite a 13.36% decrease in revenue to 11.07 billion yuan [4]. - The company maintains a leading profitability position in the industry, with a gross margin of 18.74%, although it decreased by 2.47 percentage points year-on-year [4]. - The company is enhancing its competitive advantage through differentiated strategies, including the production of N-type batteries with an efficiency of 26.5% by the end of 2024 [4]. Group 2: Magnetic Materials - The company maintained its leading position in the magnetic materials sector, with a 16.88% increase in shipment volume to 232,000 tons and a slight revenue increase of 1.91% to 3.81 billion yuan [5]. - Despite price pressures, the gross margin improved by 0.83 percentage points to 27.32% [5]. - The company is expanding its production capacity in Thailand while developing new products for applications in computing power and electric vehicles [5]. Group 3: Lithium Battery Business - The company capitalized on market recovery, achieving a 56.05% increase in lithium battery shipments to 531 million units, leading to a 17.74% revenue growth to 2.415 billion yuan [6]. - The gross margin increased by 6.74 percentage points to 12.66%, driven by differentiated products and scale advantages [6]. - The company remains among the top three in the domestic market for small cylindrical batteries, maintaining a high utilization rate of 7 GWh capacity [6].