研報掘金丨海通證券:維持橫店東磁“優於大市”評級,目標價17.73-20.10元
海通證券研報指出,橫店東磁(002056.SZ)24Q4業績大幅增長,全年維持穩健增長。此外,本着謹慎性原則,公司對PERC電池產線設備進行了資產減值損失計提。參考可比公司25年的估值水平,給予公司25年15-17倍PE估值,對應合理價值區間爲17.73-20.10元,維持“優於大市”評級。爲滿足不同客戶需求,完成了梧州永磁二期、越南永磁基地首期、印度電機基地產線擴建項目的建設,啓動了泰國軟磁基地的佈局,加大海內外市場的拓展。在鞏固優勢領域的基礎上,公司抓住消費品以舊換新機遇,在新能源汽車和算力領域獲得了多個定點項目,使得收入和盈利同比實現了雙增長。此外,公司還在積極佈局戶儲、工商業儲能等產品,並實現了戶儲產品在歐洲市場的出貨驗證。
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