研報掘金丨光大證券:維持橫店東磁“買入”評級,盈利能力行業領先
光大證券研報指出,橫店東磁(002056.SZ)光伏產品出貨規模維持高增,盈利能力行業領先。2024 年公司光伏產品(組件+電池)出貨同比高增72.64%至17.18GW,營業收入同比減少13.36%至110.70億元,在全行業盈利承壓背景下公司盈利能力行業領先。在光伏產業持續強化差異化競爭優勢,產能方面印尼高效電池產能建成投產。公司在完成國內產能建設的同時啓動泰國軟磁基地的佈局,積極推進新產品開發,並推動磁粉心、非晶納米晶及相關器件在算力和新能源汽車等領域的應用。公司磁材業務穩健發展,鋰電業務通過差異化戰略實現產品和地域的突破,雖然光伏產業鏈價格及盈利整體承壓但公司仍利用差異化競爭優勢保持較好盈利。看好公司多元化業務佈局和差異化戰略所帶來的長期發展潛力,維持“買入”評級。
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