丨证券研究报告丨 请阅读最后评级说明和重要声明 公司研究丨点评报告丨阿特斯（688472.SH） [Table_Title] Q2 组件业务盈利修复，储能业务量利表现优异 报告要点 [Table_Summary] 阿特斯发布 2025 年半年报，2025H1 公司实现收入 210.52 亿元，同比下降 4.13%；归母净利 7.31 亿元，同比下降 41.01%；其中，2025Q2 实现收入 124.67 亿元，同比增长 0.85%，环比 增长 45.2%；归母净利 6.84 亿元，同比增长 3.51%，环比增长 1346.82%。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 1 邬博华 曹海花 王耀 任佳惠 申浩树 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SAC：S0490525060004 SFC：BQK482 阿特斯（688472.SH） cjzqdt11111 [Table_Title2] Q2 组件业务盈利修复，储能业务量利表 ...

Core Viewpoint - The stock price of Hengdian East Magnetic (002056.SZ) rose by 4.99% to 18.30 CNY per share, reflecting a positive alignment with its fundamental performance as reported in the financial results [1] Financial Performance - For the first half of 2025, the company achieved a revenue of 11.936 billion CNY, representing a year-on-year growth of 24.75%, with a net profit attributable to shareholders of 1.02 billion CNY, up 58.94% [3] - In Q2 2025, the company reported a single-quarter revenue of 6.713 billion CNY, a year-on-year increase of 25.87%, and a net profit of 562 million CNY, which is a significant rise of 94.8% [3] - The company's revenue sources for H1 2025 were primarily from the photovoltaic sector, contributing 8.054 billion CNY (67.5%), followed by magnetic materials at 2.371 billion CNY (19.9%), and lithium battery products at 1.286 billion CNY (10.8%) [3] Business Segments - The photovoltaic segment is the largest revenue contributor, with a shipment of approximately 13.4 GW in H1 2025, reflecting a growth of over 65% year-on-year and a gross margin of about 16.7% [3] - The company has a production capacity of 290,000 tons of magnetic materials, making it the largest in China, and ranks first in the industry for ferrite magnetic material shipments [6] - The photovoltaic segment has an annual production capacity of 23 GW for batteries and 21 GW for solar modules, placing it among the top ten in product shipments [6] Industry Context - The company acknowledges the challenges of overcapacity in the photovoltaic industry, with low average operating rates and operational difficulties, leading to accelerated industry consolidation [4] - The company faces global policy risks, including domestic regulatory measures aimed at curbing disorderly competition and international trade barriers such as tariffs and carbon taxes [5] - The management indicated that the production base in Indonesia is operating at full capacity, contributing positively to the photovoltaic segment's profitability, with expectations for further shipment increases in Q2 [5]

交易咨询资格号： 证监许可[2012]112 2025 年 8 月 20 日 联系人：王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 研究咨询电话： 0531-81678626 客服电话： 400-618-6767 公司网址： www.ztqh.com [Table_QuotePic] 中泰微投研小程序 [Table_Report] 中泰期货公众号 | [Table_Finance] | | | | | | --- | --- | --- | --- | --- | | 2025/8/20 | | 基于基本面研判 | | | | 趋势空头 | 震荡偏空 | 震 荡 | 震荡偏多 | 趋势多头 | | | 合成橡胶 | 橡胶 | 三十债 | | | | 锌 | 工业硅 | 二债 | | | | 原油 | 沥青 | 五债 | | | | 中证500股指期货 | 多晶硅 | | | | | 中证1000指数期货 | 棉花 | | | | | 玉米 | 沪深300股指期货 | | | | | 鸡蛋 | 生猪 | | | | | 纯碱 | 棉纱 | | | | | 甲醇 | 上证50股指期 ...

Report Information - Date: August 19, 2025 [2] Market Performance and Outlook - The main contract price of polysilicon continued to show high-level volatility. The closing price of PS2509 was 52,280 yuan/ton, with a gain of 1.71%. The trading volume was 425,548 lots, and the open interest was 135,517 lots, a net decrease of 3,206 lots [4] - The photovoltaic enterprise symposium has reignited strong policy implementation expectations, but the futures market has already priced in some of these expectations. Further upward movement depends on subsequent policy support. In the second week of August, the average spot price (recycled feedstock) remained stable at 47,500 yuan/ton, providing strong support for the futures price. However, both supply and demand in the fundamentals are increasing, and there is no inventory reduction drive. The Silicon Industry Branch expects the production schedule in September to reach as high as 145,000 tons, and the rebalancing of industry supply and demand still has a long way to go [4] - On the supply side, the polysilicon production schedule in August increased significantly to 125,000 tons, which can roughly meet the downstream cell demand of about 56GW. The monthly production of silicon wafers and cells decreased to around 52GW, and the overall supply-demand pattern remains loose. Overall, the futures and spot prices are supported by policies at the lower end and restricted by supply-demand pressures at the upper end, and are expected to maintain wide-range volatility. Caution should be exercised regarding capital speculation on excessive policy expectations [4] Market News - On August 18, the number of polysilicon warehouse receipts was 5,820 lots, a net increase of 220 lots from the previous trading day [5] - From January to June, the cumulative photovoltaic installed capacity was 212.21GW, a year-on-year increase of 107.07%. In June, the domestic installed capacity was only 14GW [5] - Customs data shows that in June 2025, China exported approximately 21.7GW of photovoltaic modules, a 3% month-on-month decrease and a 2% decrease compared to 22.1GW in June 2024. From January to June, the cumulative export of photovoltaic modules was approximately 127.3GW, a 3% decrease compared to the same period last year [5]