Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [5][44]. Core Viewpoints - The company demonstrates resilience in its 2024 performance, achieving a revenue of 18.56 billion yuan, a decrease of 5.9% year-on-year, while net profit increased by 0.5% to 1.83 billion yuan [7][12]. - The company is positioned as a leader in differentiated competition within the photovoltaic industry, with significant benefits expected from its production capacity in Indonesia [7][21]. - The magnetic materials business remains robust, with a sales volume of 232,000 tons in 2024, reflecting a year-on-year growth of 16.9% [7][31]. - The lithium battery segment is rapidly expanding, with revenue growing from 470 million yuan in 2020 to 2.42 billion yuan in 2024, achieving a compound annual growth rate of 50.9% [7][35]. Summary by Sections Company Overview - The company, founded in 1980, is a leading global manufacturer of magnetic materials and has expanded into the photovoltaic and lithium battery sectors, forming a dual-driven business model [10]. Financial Performance - In 2024, the company reported a revenue of 18.56 billion yuan and a net profit of 1.83 billion yuan, with a significant turnaround in Q4, where revenue reached 4.98 billion yuan, up 25.4% year-on-year [7][12]. Photovoltaic Business - The company has established a strong presence in the photovoltaic market, with a production capacity of 23 GW for solar cells and 17 GW for modules by the end of 2024, and expects to ship 20 GW in 2025 [21][26]. - The company has successfully implemented a differentiated product strategy, including the production of all-black modules, which have gained high recognition in markets such as Europe and Japan [23][26]. Magnetic Materials Business - The company is the largest producer of ferrite magnetic materials globally, with a production capacity of 290,000 tons and a sales volume of 232,000 tons in 2024 [31][33]. - The company focuses on developing new materials and continuously iterating products to meet the demands of various applications, including AI servers and electric vehicles [33]. Lithium Battery Business - The lithium battery segment has seen rapid growth, with a sales volume of 530 million units in 2024, primarily driven by demand from electric two-wheelers [35][37]. - The company anticipates continued growth in the lithium battery sector, targeting over 600 million units in 2025 [35]. Profit Forecast and Valuation - The company is projected to achieve revenues of 25 billion yuan in 2025, with net profits of 1.97 billion yuan and an EPS of 1.21 yuan [42].

天和磁材(603072)今日上涨1.24%，全天换手率60.91%，成交额21.99亿元，振幅15.55%。龙虎榜数据显 示，营业部席位合计净卖出6953.33万元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 瑞银证券有限责任公司上海浦东新区花园石桥路第二证券 营业部 | 2934.54 | | | 买二 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 2513.04 | | | 买三 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 2082.68 | | | 买四 | 东方财富证券股份有限公司拉萨金融城南环路证券营业部 | 1891.59 | | | 买五 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | 1815.80 | | | 卖一 | 国泰君安证券股份有限公司上海江苏路证券营业部 | | 5728.95 | | 卖二 | 恒泰证券股份有限公司上海河南南路证券营业部 | 4177.99 | | --- | --- | --- | | 卖三 | 瑞 ...

天和磁材（603072）今日下跌3.55%，全天换手率39.36%，成交额11.75亿元，振幅9.69%。龙虎榜数据 显示，营业部席位合计净买入8765.85万元。 上交所公开信息显示，当日该股因日换手率达39.36%上榜，营业部席位合计净买入8765.85万元。 证券时报数据宝统计显示，上榜的前五大买卖营业部合计成交3.06亿元，其中，买入成交额为1.97亿 元，卖出成交额为1.09亿元，合计净买入8765.85万元。 具体来看，今日上榜营业部中，第一大买入营业部为国泰君安证券股份有限公司总部，买入金额为 7282.41万元，第一大卖出营业部为中信证券股份有限公司上海分公司，卖出金额为2912.55万元。 近半年该股累计上榜龙虎榜17次，上榜次日股价平均跌1.32%，上榜后5日平均跌2.31%。 龙虎榜、复盘、营业部、公开信息 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 1月2日公司发布2024年业绩预告，预计实现净利润1.41亿元至1.73亿元，同比变动区间 为-16.72%~2.22%。(数据宝) 天和磁材3月28日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额(万元) | ...

Investment Rating - The report maintains an "Outperform the Market" rating for the companies analyzed, including 横店东磁, 新大陆, and 博士眼镜, indicating expected stock performance above the benchmark index [4][23][28]. Core Insights - The report highlights the recovery and growth potential in various sectors, particularly in the tourism industry in Southeast Asia, with a projected compound annual growth rate (CAGR) of 15.4% for Vietnam, 13.7% for Malaysia, and 12.1% for Thailand from 2023 to 2028 [8]. - The coal price is expected to stabilize in the short term, with a price range of 720-750 RMB per ton, which may positively impact the power sector [3][12]. - The increasing online booking penetration in Southeast Asia is noted, with countries like Singapore expected to reach a 65% online booking rate by 2024, indicating a shift towards digitalization in the tourism sector [9]. Summary by Sections Industry Performance - The report indicates that the coal and power sectors are experiencing a short-term stabilization, with expectations of a market improvement from late March to April 2025 [3][12]. - The tourism market in Southeast Asia is projected to grow significantly, with Thailand's tourism revenue contributing 63.9% to its total tourism income in 2023 [7][8]. Company Analysis - 横店东磁 is expected to achieve net profits of 19.23 billion, 22.67 billion, and 28.21 billion RMB from 2025 to 2027, with growth rates of 5.3%, 17.9%, and 24.5% respectively, supported by a strong performance in its solar and magnetic materials segments [4][17]. - 新大陆 is projected to have revenues of 82.73 billion, 91.03 billion, and 100.38 billion RMB from 2024 to 2026, with net profits growing at rates of 17.0%, 21.8%, and 17.5% [23]. - 博士眼镜 anticipates net profits of 1.24 billion, 1.52 billion, and 1.72 billion RMB from 2024 to 2026, with a notable exploration of the smart glasses market [25][28]. Market Trends - The report notes a trend towards digitalization in the tourism sector, with a significant increase in online booking rates across Southeast Asia, indicating a robust growth opportunity for online travel agencies (OTAs) [9][10]. - The competitive landscape in the tourism market is described as fragmented, with major players holding less than 8% market share in most Southeast Asian countries, suggesting opportunities for new entrants [9][10].

证券研究报告 点评报告 2025 年 3 月 12 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、策略和先进制造组： 禾赛科技发布了 2024 年第四季业绩情况，营收 7.2 亿元，同比增长 28%，第四季 度净利润 1.47 亿元，同比扭亏为盈。2024 年全年，禾赛营收：20.8 亿元，同比 增长 10.7%，首次实现全年 Non-GAAP 净利润 1370 万元，成为全球首家全年盈利 的上市激光雷达企业。预计 2025 年营收将达到 30 亿至 35 亿元，激光雷达总出 货量为 120 万至 150 万台。禾赛的主机厂客户主要是理想和小米。从 2025 年营 收指引看，激光雷达 2025 年的销量将翻倍增长，这与 2025 年 3 月以来大量整车 厂将高阶智能辅助驾驶下方到 10~20 万车型的战略相关，因此两者可以相互印证 2025 年国内激光雷达行业将高景气。由于 2024 年国内头部的激光雷达厂商禾赛 科技、速腾聚创、华为等的市占率相差不大，因此也看好港股速腾聚创的投资机 会。 分析师：郭强 英伟达GPU的核心电源参展商台湾台达首次公布19英寸72kW800VHVDC电源机架， 采用 ...