DMEGC(SZ:002056) 光大证券研究·2025-08-24 00:04Core Viewpoint - The company demonstrated strong financial performance in the first half of 2025, with significant increases in both revenue and net profit, indicating robust growth and operational efficiency [4]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 11.936 billion, a year-on-year increase of 24.76%, and a net profit attributable to shareholders of 1.020 billion, up 58.94% year-on-year [4]. - In Q2 2025, the company reported operating revenue of 6.713 billion, reflecting a year-on-year growth of 25.87%, and a net profit of 562 million, which is a 94.80% increase year-on-year and a 22.71% increase quarter-on-quarter [4]. Group 2: Magnetic Materials - The company maintained its leading position in the magnetic materials sector, with a slight year-on-year decrease in shipment volume of 8.05% to 107,300 tons, while revenue increased by 4.51% to 1.939 billion due to improved shipment structure [5]. - The gross margin for magnetic materials rose by 1.22 percentage points to 27.71%, showcasing enhanced profitability [5]. - As of H1 2025, the company has an annual production capacity of 290,000 tons of magnetic materials, making it the largest producer in China [5]. Group 3: Photovoltaic Products - The company emphasized a differentiated competition strategy, leading to a significant increase in photovoltaic product shipments, which grew over 65% year-on-year to 13.4 GW in H1 2025 [6]. - Revenue from photovoltaic products reached 8.054 billion, a year-on-year increase of 36.58%, with a gross margin that improved by 5.29 percentage points to 16.70% [6]. - The company has an annual production capacity of 23 GW for batteries and 21 GW for modules, ranking among the top ten in the industry [6]. Group 4: Lithium Battery Products - The company focused on the small power sector, achieving a year-on-year increase in lithium battery shipments of 12.25% to over 300 million units in H1 2025 [7]. - Revenue from lithium batteries grew by 4.04% to 1.286 billion, with a gross margin increase of 2.06 percentage points to 12.90% [7]. - The company has an annual production capacity of 8 GWh for lithium batteries, ranking among the top three in the domestic cylindrical small power battery industry [7].