横店东磁（002056）曾不断创下新高的净利润数据，预计在2025年三季度小幅下降。业内人士称，在美 国关税政策阴影下，横店东磁在印尼的光伏业绩面临较大不确定性。 10月13日，横店东磁（证券代码：002056）公布了前三季度业绩预告。数据显示，今年前三个月，其归 属于上市公司股东的净利润预计为13.9亿元—15.3亿元，同比增长50.1%—65.2%。 | 项目 | | 本报告期(2025年1-9月) | | 上年同期 | | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | 139,000.00 | 153,000.00 | 92.632.08 | | | 比上年同期 增长 | 50.1% | 65.2% | | | 扣除非经常性损 益后的净利润 | | 140,000.00 | 153,000.00 | 88.513.45 | | | 比上年同期 增长 | 58.2% | 72.9% | | | 基本每股收益 (元/股) | | 0.87 | 0.95 | 0.57 | 对于业绩变动原因，横店东磁表示系公司在磁材产业、光伏产业、锂电产业三大业务板块布局 ...

Group 1: Macro Overview - In Q3 2025, major asset classes showed strong performance, with the Asia-Pacific stock indices generally strong, and A-shares quickly breaking through 3800 points before experiencing high-level fluctuations [2][19] - The macroeconomic environment remains weak, with PPI showing a year-on-year decline and three major economic indicators falling for two consecutive months [19] - The liquidity situation improved in Q3, with M1 continuing to rise since March, and the M1-M2 gap narrowing for four consecutive months [19] Group 2: Credit Market Insights - In Q3, the credit market exhibited structural resilience, with certain credit varieties experiencing significant declines, particularly long-end bonds, which saw yields rise by over 30 basis points [3][22] - The behavior of institutional investors shifted, with an increase in the proportion of credit bonds in net purchases, indicating a gradual realization of the value of credit coupons [22] - Looking ahead to Q4 and 2026, the credit market may see a revaluation of credit assets, especially if new regulations on public fund sales are implemented [3][22] Group 3: Construction Materials Sector - During the holiday period from September 29 to October 7, the Hong Kong construction materials index rose by 2.55%, with glass products performing the best [4] - The current valuation of glass products is below the 50th percentile of the past three years, while cement companies are performing better, indicating potential for growth in undervalued segments [4] - The Ministry of Industry and Information Technology released a plan to stabilize growth in the construction materials industry, which aims to address structural issues and improve competition [4] Group 4: Company-Specific Performance - Hengdian East Magnetic achieved a revenue of 11.936 billion yuan in H1 2025, a year-on-year increase of 24.75%, with a significant growth in its photovoltaic business [7] - Wuliangye reported a revenue of 52.771 billion yuan and a net profit of 19.492 billion yuan in H1 2025, driven by volume growth despite pressure on pricing [24][26] - Songlin Technology's revenue in H1 2025 was 1.1 billion yuan from its health and smart kitchen businesses, as it officially entered the robotics field [31][32]

公司报告 | 半年报点评 横店东磁（002056） 证券研究报告 光伏差异化布局开花结果，出货、业绩双高增 事件：公司 25H1 实现营业收入 119.36 亿元，同比增长 24.75%；实现归母 净利润 10.20 亿元，同比增长 58.94%。25Q2 单季度实现营业收入 67.13 亿 元，同比增长 25.87%；实现归母净利润 5.62 亿元，同比增长 94.80%。 光伏：深化差异化战略，出货量大幅增长。25H1 公司光伏业务实现营业收 入 80.54 亿元，同比增长 36.58%。光伏产品出货 13.4GW，同比增长超 65%。 光伏业务毛利率 16.70%，同比提升 5.29pct。光伏产业稳步推进深度国际 化，海外产能凭借差异化布局， 叠加自身产品的技术和品质优势实现了满 产释放；持续强化差异化竞争策略，海内外优质市场的出货量持续提升， 并积极参与提供下游应用的解决方案；各生产基地通过严控制造成本、突 破产量极限、提升电池量产转换效率和组件平均功率等措施，进一步提升 了产品的竞争力。 磁材器件：收入稳步增长，出货结构优化。2025H1 磁材器件业务实现营 业收入 23.71 亿元，同比增长 8 ...

Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]

Group 1: Financial Performance - The company achieved a revenue of 11.94 billion CNY in the first half of the year, with a net profit attributable to shareholders of 1.02 billion CNY, representing a year-on-year growth of approximately 59% [2] - The net cash flow from operating activities was 1.7 billion CNY, with a weighted average return on equity of 9.84% [2] Group 2: Business Segment Performance - The magnetic materials segment generated a revenue of 2.371 billion CNY, with a slight year-on-year increase and a shipment of 107,300 tons [3] - The photovoltaic segment reported a revenue of 8.054 billion CNY, showing a year-on-year growth of 36.58%, with shipments of 13.4 GW, an increase of over 65% [4] - The lithium battery segment achieved a revenue of 1.286 billion CNY, with shipments exceeding 300 million units, reflecting a year-on-year growth of 12.25% [4] Group 3: Market Dynamics and Pricing - The company noted that the price transmission in the market is still not fully market-oriented, with domestic acceptance of price increases remaining low [5][6] - The company is preparing for potential impacts from the U.S. anti-dumping and countervailing investigations against Indonesia, having already assessed risks and prepared responses [7][8] - The company has established strategic inventory to mitigate the impact of rising silicon prices, expecting continued support for component profitability in the second half of the year [9] Group 4: Product Development and Strategy - The company aims to achieve a TOPCon module power of 650W by the end of the year, with half of the capacity already capable of producing 640-645W [10] - The company has completed technical preparations for full ear technology and will evaluate mass production investment based on market demand and capital returns [12] - The magnetic materials segment has seen significant growth in AI server-related products, with monthly revenues increasing from millions to tens of millions [12] Group 5: Dividend Policy - The company has implemented cash dividends since its listing, with cumulative amounts reaching 3.76 billion CNY, and plans to continue a high proportion of cash dividends in the future [12]

Group 1: Logistics and Warehousing Industry - In July 2025, the national express delivery volume reached 16.4 billion pieces, a year-on-year increase of 15.1%, with a total of 112.05 billion pieces from January to July, up 18.7% year-on-year [5][6] - The express delivery industry is experiencing a trend of concentration, with the CR8 increasing to 86.9, reflecting a 1.7 point year-on-year increase, indicating a significant rise in the market share of leading companies [6][7] - The revenue of the express delivery industry in July 2025 increased by 8.9% year-on-year, while the average revenue per piece decreased by 5.3%, showing a narrowing of the price decline and a shift towards healthier competition [7][8] Group 2: New Energy Power Generation Industry - The report discusses the supply-demand contradictions and cyclical nature of the new energy industry, particularly focusing on the photovoltaic sector [10] - It emphasizes the importance of reviewing the photovoltaic industry's supply-side capacity cycles and new technologies [10] Group 3: Building Materials Industry - The report outlines a research framework focusing on sub-industries such as cement, glass fiber, and consumer building materials [11] Group 4: Robotics Industry - The report highlights breakthroughs in humanoid robots, particularly in their ability to walk without visual aids, indicating significant advancements in technology [12][13] - It suggests that the humanoid robot industry is rapidly evolving, driven by technological deepening and practical applications, with a focus on key manufacturers and core component suppliers [13][15] Group 5: Dairy Products Industry - The report indicates that raw milk prices are expected to continue declining, with a potential supply-demand balance in the second half of 2025, benefiting from reduced costs and improved demand [17][18] - It notes that beef prices are entering an upward cycle, driven by supply reduction and decreased import pressures, which could enhance profitability for livestock companies [18][20] Group 6: Company Reports - Futu Holdings reported a strong net inflow of funds, with H1 2025 revenue and net profit reaching 10.006 billion and 4.72 billion HKD, respectively, marking increases of 74.89% and 109.76% year-on-year [22][23] - Baba Foods achieved H1 2025 revenue of 8.35 billion, a year-on-year increase of 9.31%, with net profit rising by 18.08% [26][28] - Milky Way achieved a 13.17% year-on-year increase in net profit for H1 2025, driven by a focus on intelligent supply chain services [35][36]

Investment Rating - The investment rating for the company is "Accumulate" [5][19]. Core Views - The company has shown impressive performance in the first half of the year, driven by its new energy and magnetic materials businesses, enhancing its risk resistance and operational resilience [2]. - The company achieved a revenue of 11.936 billion yuan in the first half of 2025, representing a year-on-year growth of 24.75%, and a net profit attributable to the parent company of 1.02 billion yuan, up 58.94% year-on-year [11]. - The target price for the company is set at 23.64 yuan, based on a 20x PE ratio for 2025 [11]. Financial Summary - Total revenue for 2023 is projected at 19.733 billion yuan, with a slight increase of 1.5% [4]. - Net profit attributable to the parent company for 2023 is estimated at 1.818 billion yuan, reflecting an 8.9% increase [4]. - Earnings per share (EPS) for 2023 is expected to be 1.12 yuan [4]. - The return on equity (ROE) for 2023 is projected at 20.2% [4]. - The price-to-earnings ratio (PE) for 2023 is 16.37 [4]. Business Segments - **Photovoltaic Business**: In the first half of 2025, the photovoltaic segment generated revenue of 8.054 billion yuan, a year-on-year increase of 36.58%, with product shipments reaching 13.4 GW, up over 65% [11]. - **Magnetic Materials**: The magnetic materials segment achieved revenue of 2.371 billion yuan in the first half of 2025, with shipments of 107,300 tons [11]. - **Lithium Battery**: The lithium battery segment reported revenue of 1.286 billion yuan in the first half of 2025, with shipments exceeding 300 million units, reflecting a 12.25% year-on-year growth [11].

Group 1: Military Industry - The military sector is experiencing an upward trend, driven by the intensifying geopolitical competition among major powers, with a long-term positive outlook for military investments [4][5][6] - The recent commemorative events for the 80th anniversary of the victory in the Anti-Japanese War have highlighted the importance of national defense, leading to increased military spending [5] - Key companies to focus on include major manufacturers and component suppliers such as AVIC Shenyang Aircraft Corporation, AVIC South Lake, and AVIC Xi'an Aircraft Industry [4] Group 2: Non-Metallic Building Materials - The implementation of new national standards for refrigerators is expected to accelerate the demand for VIP boards, with the company Reascent Technology poised for significant growth following its acquisition of Maikelong [8][9] - The company has integrated its supply chain from fiberglass cotton to VIP core materials and VIP boards, which is anticipated to enhance its competitive edge and profitability [9] Group 3: Dairy Industry - The price of raw milk continues to decline, and a supply-demand balance is expected in the second half of 2025, benefiting from reduced production and improved demand [11][19] - Beef prices are entering an upward cycle due to supply reduction and decreased import pressures, with a projected increase in profitability for livestock companies [12][20] - The cyclical resonance between meat and milk production is expected to enhance the profitability of leading livestock companies [11][21]

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]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and market position across various sectors, including magnetic materials, photovoltaic, and lithium battery industries [2][3][4]. Group 1: Financial Performance - The company achieved operating revenue of 11.936 billion yuan, a year-on-year increase of 24.75% [3]. - The net profit attributable to shareholders reached 1.020 billion yuan, reflecting a year-on-year growth of 58.94% [3]. - The net profit after deducting non-recurring gains and losses was 1.071 billion yuan, up 77.83% year-on-year [3]. - The net cash flow from operating activities was 1.701 billion yuan, an increase of 26.46% compared to the previous year [3]. - Basic and diluted earnings per share were both 0.64 yuan, representing a 60% increase [3]. - The weighted average return on equity rose to 9.84%, an increase of 2.73 percentage points [3]. Group 2: Magnetic Materials Sector - The company generated revenue of 2.371 billion yuan from magnetic materials, showing slight growth [4]. - The shipment of magnetic materials reached 107,300 tons, with an optimized shipment structure [4]. - The company maintained its leading position in the market, enhancing its market share despite the diminishing marginal effects of the old-for-new policy [4]. - New magnetic products have shown significant results in expanding into markets such as new energy vehicles and AI servers [4]. - Operational efficiency and profitability were further improved through organizational changes and digital transformation [4]. Group 3: Photovoltaic Industry - The photovoltaic sector achieved revenue of 8.054 billion yuan, a year-on-year increase of 36.58% [4]. - The shipment of photovoltaic products reached 13.4 GW, growing over 65% year-on-year [4]. - The company advanced its internationalization strategy, optimizing overseas production capacity and enhancing product competitiveness through cost control and efficiency improvements [4]. - New differentiated products have been developed, including five types of double-glass standard products and nine types for special applications [4]. - The mass production conversion efficiency of batteries improved to 26.85%, with research and development efficiency reaching 27.25% [4]. Group 4: Lithium Battery Sector - The lithium battery segment reported revenue of 1.286 billion yuan, with a slight increase [4]. - The shipment exceeded 300 million units, reflecting a year-on-year growth of 12.25% [4]. - The company maintained a leading utilization rate in the lithium battery industry, achieving record high production and revenue [4]. - Product iterations and quality control led to a noticeable optimization in manufacturing costs, resulting in a recovery of gross margins [4]. - The company expanded its product range, launching several high-capacity E-type and P-type new products, and completed technical preparations for full-tab products [4].