丨证券研究报告丨 公司研究丨点评报告丨横店东磁（002056.SZ） [Table_Title] 光伏业务表现优异，磁材和锂电拓展新品 报告要点 [Table_Summary] 横店东磁发布 2025 年半年报，2025H1 公司实现收入 119.36 亿元，同比增长 24.75%；归母 净利 10.2 亿元，同比增长 58.94%；其中，2025Q2 实现收入 67.13 亿元，同比增长 25.87%， 环比增长 28.55%；归母净利 5.62 亿元，同比增长 94.8%，环比增长 22.69%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% 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 横店东磁发布 2025 年半年报，2025H1 公司实现收入 119.36 亿元，同比增长 24.75%；归母 净利 10. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11][12]. Core Insights - The company reported impressive growth in its H1 2025 performance, with revenue reaching 11.936 billion yuan, a year-on-year increase of 24.76%, and a net profit of 1.020 billion yuan, up 59.67% year-on-year [3][4]. - The company is benefiting from the strong performance of its three main business segments, particularly in the photovoltaic sector, which saw a revenue of approximately 8.05 billion yuan and a shipment volume of about 13.4 GW, representing a year-on-year growth of around 64% [4][5]. - The company is actively increasing its dividend payouts, proposing a cash dividend of 610 million yuan, which accounts for nearly 60% of its net profit for the first half of the year [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 6.713 billion yuan, a year-on-year increase of 25.87% and a quarter-on-quarter increase of 28.55%, with a net profit of 562 million yuan, up 96.78% year-on-year and 22.69% quarter-on-quarter [3][4]. - The company’s revenue projections for 2025-2027 are 21.096 billion yuan, 24.217 billion yuan, and 29.925 billion yuan, respectively, with net profits expected to be 1.942 billion yuan, 2.281 billion yuan, and 2.881 billion yuan [6][10]. Business Segments - The photovoltaic business is expected to benefit from the recovery of the industry, while the magnetic materials and lithium battery segments are projected to maintain continuous growth [5][6]. - The company has successfully expanded its overseas production capacity and improved its product competitiveness through cost control and efficiency enhancements [4][5]. Market Position - The company has increased its market share in the magnetic materials sector, leveraging its advanced technology and comprehensive product offerings despite the diminishing impact of the trade-in policy [5][6]. - The company’s differentiated competitive strategy has proven effective, maintaining its leading position in product competitiveness and profitability within the industry [4][5].

光伏产业：持续强化差异化竞争策略。上半年实现收入 80.54 亿 元，同比增长 36.58%，光伏产品出货 13.4GW，同比增长超 65%。 报告期内，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。截至目前，公司持续开发差异化新品，已推 出 5 类双玻标准产品和 9 类特殊应用场景产品，电池量产转换效率 提升至 26.85%，研发效率达到 27.25%。此外公司于年初制订了超高 功率产品提效路径，通过技改投资和工艺优化，超高功率产品取得 了阶段性成果，从而进一步提升产品竞争力。 锂电产业：持续聚焦小动力，强本固基稳步发展。上半年实现 收入 12.86 亿元，同比略有增长，出货超 3 亿支，同比增长 12.25 %。 证券代码：002056 证券简称：横店东磁 横店集团东磁股份有限公司投资者关系活动记录表 编号：2025-006 | | □特定对象调研 ...

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]

Group 1 - The report highlights that the current market rally is characterized by a disconnect between index performance and underlying earnings recovery, suggesting that the rally is more driven by liquidity and thematic trading rather than fundamental improvements [1][34]. - The report introduces the securitization rate (the ratio of total market capitalization to GDP) as a useful tool for identifying valuation peaks in index bull markets, indicating that a higher securitization rate typically reflects liquidity-driven market conditions [2][23]. - Historical data shows that during significant index bull markets, the securitization rate has risen above 1, with current levels at 0.83 suggesting potential for further valuation upside [2][26]. Group 2 - The report anticipates that the total market capitalization of the two exchanges will continue to expand, driven by expected recovery in producer price index (PPI) and supportive liquidity and policy expectations [3][35]. - The analysis indicates that the current market environment aligns with characteristics of an index bull market, despite concerns about the inability to surpass previous valuation peaks [33][34]. - The report emphasizes the importance of monitoring the securitization rate as it approaches 1, which could signal a critical valuation threshold for the market [3][35]. Group 3 - The investment strategy proposed includes a "4+1" sector allocation approach, focusing on technology, cyclical sectors benefiting from PPI recovery, and structural opportunities in overseas markets [4][39]. - Specific sectors highlighted for investment include technology and military industries, cyclical commodities, and companies with potential for valuation recovery [4][39]. - The report suggests maintaining a stable core allocation in dividend-paying stocks and gold, indicating a balanced approach to investment amidst market fluctuations [4][39].

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].

8月20日，横店东磁（002056）（002056）发布2025年半年度报告，2025年上半年，公司实现营收 119.36亿元，同比增长24.75%；归母净利润10.20亿元，同比增长58.94%；扣非净利润10.71亿元，同比 增长77.83%。横店东磁积极响应国务院新"国九条"强化上市公司现金分红政策指引，向全体股东每10股 派发现金红利3.80元，现金分红金额6.09亿元，践行回报投资者的初心使命。 报告期内，横店东磁三大核心产业协同发力，磁材产业持续巩固头部地位，依托丰富的出货品类、优化 的产品结构及新品开发的显著成效，进一步提升公司整体经营质量；光伏产业凭借差异化的海内外产能 与市场布局，叠加深度参与下游应用解决方案，持续维持高水平盈利能力；锂电产业聚焦小动力市场深 耕突破，产量与收入均创历史新高，有力推动公司业绩实现大幅跃升。 深耕磁性材料赛道，筑牢技术创新壁垒与规模领先优势 磁性材料作为现代工业与高科技领域的核心基础材料，已深度融入新能源、电子信息、航空航天、生物 医疗等众多战略新兴产业的产业链条。而智能汽车电子、智能装备及机器人AI服务器等新兴应用场景 的持续拓展，更为磁性材料产业开辟了巨量的 ...

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]

Group 1 - The report suggests an industry allocation strategy termed "4+1," focusing on technology growth, self-control, and military sectors, including liquid cooling, robotics, gaming, AI applications, and military technologies such as missiles, drones, satellites, and deep-sea technology. Additionally, it highlights the fintech and brokerage sectors due to their high correlation with indices [1] - The cyclical sectors benefiting from the expectation of marginal improvement in PPI and some low-level rebound include steel, chemicals, non-ferrous metals, and building materials, with potential valuation recovery opportunities in insurance, liquor, and real estate [1] - The report identifies sectors with anti-involution elasticity and broader potential, indicating that the current anti-involution trend extends beyond traditional cyclical industries, with mid-term potential in solar energy, lithium batteries, engineering machinery, healthcare, and certain manufacturing and growth directions in Hong Kong's Hang Seng Internet [1] - Structural opportunities for overseas expansion are noted, particularly due to the easing of China-Europe trade relations, benefiting high-export categories like automobiles and wind power, as well as niche exports such as snacks [1] - The report emphasizes the importance of stable dividend stocks, gold, and optimized high-dividend assets for foundational investment [1]

Group 1 - The core CPI in July 2025 showed a year-on-year increase of 0.8%, marking the third consecutive month of growth [3] - The overall CPI in July shifted from a month-on-month decrease of 0.1% to an increase of 0.4%, while the year-on-year figure remained stable [3] - Service prices rose by 0.6% month-on-month in July, contributing over 60% to the total CPI increase, driven by high demand during the summer travel season [3] Group 2 - The Producer Price Index (PPI) decreased by 0.2% month-on-month in July, but the decline was narrowed by 0.2 percentage points compared to the previous month, marking the first month of reduced decline since March [3] - The domestic market's competitive order has improved, leading to a reduction in price declines for industries such as coal, steel, photovoltaic, and lithium batteries [3]