DMEGC(SZ:002056) 光大证券研究·2026-03-30 23:03Core Viewpoint - The company reported a revenue of 22.586 billion yuan for 2025, reflecting a year-on-year increase of 21.7%, while the net profit attributable to shareholders was 1.851 billion yuan, up 1.34% year-on-year [4]. Group 1: Photovoltaic Products - The company's photovoltaic product shipments (modules + batteries) grew by 45.04% year-on-year to 24.92 GW, ranking among the top ten in global module shipments according to Infolink [5]. - Revenue from photovoltaic products increased by 29.27% year-on-year to 14.31 billion yuan, despite a decline in gross margin by 3.49 percentage points to 15.25% [5]. - The company has established a production capacity of 23 GW for batteries and 21 GW for modules by the end of 2025, achieving full production and sales for overseas N-type capacity [5]. Group 2: Magnetic Materials - The company's magnetic material shipments decreased by 5.91% year-on-year to 218,300 tons, maintaining the industry lead [6]. - Despite the slight decline in shipment volume, the optimization of shipment structure led to an increase in unit price and gross profit, with revenue rising by 5.03% year-on-year to 4.004 billion yuan and gross margin increasing by 0.82 percentage points to 28.14% [6]. - The company is expanding its overseas magnetic material and component base to achieve global capacity allocation [6]. Group 3: Lithium Battery Business - The company's lithium battery shipments increased by 17.12% year-on-year to 622 million units, driving revenue growth of 12.69% year-on-year to 2.722 billion yuan, with both shipment volume and sales revenue reaching record highs [7]. - The gross margin improved by 2.72 percentage points to 15.38% due to differentiated products and scale advantages [7]. - The company focuses on the small power sector, maintaining a top three position in domestic small cylindrical battery shipments and achieving high utilization rates of 8 GWh capacity [7].