| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2024-088 | | --- | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | | 股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 大股东持股的基本情况 截至本公告披露日，珠海冠宇电池股份有限公司（以下简称"公司"）股东安 义浙银汇嘉投资管理合伙企业（有限合伙）(以下简称"浙银汇嘉")及其一致行动 人安义汇嘉股权投资管理合伙企业（有限合伙）(以下简称"汇嘉股权")分别持有 公司股份 89,636,900 股（占公司总股本的 7.95%），和 2,584,881 股（占公司总股 本的 0.23%），合计持股 92,221,781 股（占公司总股本的 8.18%），上述股份为公 司首次公开发行前取得的股份，已于 2022 年 10 月 17 日解除限售并上市流通。 减持计划的主要内容 公司于 2024 年 12 月 4 日收到浙银汇嘉、汇嘉股权出具的《关于股份减持计 划的告知 ...

Group 1: Market Performance - In the first half of 2024, global notebook shipments increased by 4.12%, while smartphone shipments rose by 10.81% [1] - The consumer battery market is closely linked to the growth of downstream consumer electronics [1] - The rise of AI is expected to drive a new product innovation cycle in consumer electronics, further stimulating demand [1] Group 2: Investment and Expansion - The company plans to invest in a battery project in Malaysia to meet customer demand and enhance its overseas industrial layout [2] - The company is actively exploring and developing products for manned aircraft, leveraging its experience in consumer and industrial drones [2] Group 3: Product Development - The company has made significant progress in solid-state battery technology, with samples showing good safety performance and cycle life [2] - The low-voltage start-stop lithium battery is positioned as a core business with differentiated competition, gaining recognition from several well-known automotive companies [2] Group 4: Financial Performance - The gross profit margin increased in the first three quarters due to customer expansion, product structure optimization, and improved production efficiency [3] - The net profit decline in the first three quarters was primarily due to high exchange gains in the previous year and increased expenses for new project development [3] Group 5: Convertible Bonds - The company issued 3.089 billion RMB in convertible bonds, with a minimal conversion rate of 0.0002% as of September 30, 2024 [3] - The company is committed to promoting high-quality business development and maintaining investor interests regarding the convertible bond conversion [3]

%% %% 丨证券研究报告丨 联合研究丨公司点评丨珠海冠宇（688772.SH） [Table_Title] 消费类出货高增，新客户&成本改善增厚盈利 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 报告要点 | | | | 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 蔡少东 SAC：S0490514040001 SFC：BQK482 | --- | --- | --- | |-------|-----------|----------------| | | | | | | | | | | 杨洋 | | | SAC | ： | S0490517070012 | | | | | | SFC | ： BUW100 | | SAC：S0490522030001 SAC：S0490520090003 SAC：S0490522090001 请阅读最后评级说明和重要声明 珠海冠宇（688772.SH） cjzqdt11111 2024-11-16 [Table_Rank]投资评级 买入丨维持 相 ...

Group 1: Drone and Low-altitude Aircraft Battery Development - The company maintains strong collaboration with clients in the drone battery sector, achieving a year-on-year revenue growth of 56.36% in the first half of 2024 [1] - Actively exploring new customers in the logistics drone market and advancing product development [2] - Continuous communication with main manufacturers in the low-altitude aircraft sector to enhance battery performance and product solutions [2] Group 2: Solid-state Battery Progress - The company's solid-state batteries are currently in the laboratory sample stage, with self-developed solid electrolyte membranes and specialized cathode materials showing high energy density [2] - The solid-state battery samples have demonstrated good safety performance and cycle life [2] - Participation in Guangdong Province's key research and development plan for quasi-solid-state lithium batteries [2] Group 3: Silicon-carbon Anode Applications - Silicon-carbon anode materials are recognized as a significant trend in lithium battery development, offering higher theoretical energy density compared to graphite anodes [2] - The company is actively researching and testing silicon-carbon anode solutions, with multiple projects in various development stages [2] Group 4: Automotive Low-voltage Lithium Battery Business - The company positions automotive low-voltage lithium batteries as a core competitive advantage, gaining recognition from several well-known domestic and international automotive manufacturers [2] - Multiple products are gradually ramping up production, becoming a major revenue source for the company's power business [2] Group 5: Consumer Battery Technology Innovations - Structural innovations include the use of steel-shell cells and irregular stacked cells to optimize internal space and increase charge capacity [2] - Research on silicon-carbon anode applications aims to enhance energy density, with ongoing studies in cathode and current collector technologies [2] Group 6: Investor Communication and Information Disclosure - The company ensured thorough communication with investors during the meeting, adhering to its information disclosure management regulations to guarantee the accuracy and completeness of disclosed information [2]

[Table_MainInfo] 公司研究/信息设备 证券研究报告 珠海冠宇（688772）公司季报点评 2024 年 11 月 10 日 | --- | --- | --- | |-----------------------------------------------------------------|----------|-------------| | [Table_InvestInfo] 投资评级 优于大市 | | 维持 | | 股票数据 | | | | 11 [ Table_StockInfo 月 08 日收盘价（元） ] | | 18.11 | | 52 周股价波动（元） | | 11.13-22.59 | | 总股本 / 流通 A 股（百万股） | | 1127/1127 | | 总市值 / 流通市值（百万元） | | 20415/20415 | | 相关研究 | | | | [Table_ReportInfo] 《 Q2 营收净利环比增长，消费锂电份额稳步 | | | | 提升》 2024.08.21 | | | | | | | | 市场表现 | | | | [Table_QuoteI ...

珠海冠宇电池股份有限公司投资者关系活动记录表 证券代码：688772 证券简称：珠海冠宇 编号：2024-019 | --- | --- | --- | |-----------------------|-------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | □特定对象调研 \n□媒体采访 □业绩说明会 \n□新闻发布会 □路演活动 \n□现场参观 □一对一沟通 \n□其他 | 分析师会议 | | 参与单位 | 国投瑞银基金、南方基金 ...

| 债券代码：118024 | 证券代码：688772 | | --- | --- | | 债券简称：冠宇转债 | 证券简称：珠海冠宇 | | | 公告编号：2024-087 | 珠海冠宇电池股份有限公司 关于公司涉及诉讼的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 对公司的影响：截至本公告披露日，公司与宁德新能源科技有限公司、 东莞新能源科技有限公司（以下单独或合称"ATL"）之间的专利争议案件中已 有 12 个 ATL 的专利被国家知识产权局宣告或法院判决无效，已有 12 个案件被 ATL 主动撤诉。本次诉讼进展所涉及的案件目前处于一审判决阶段，尚在上诉期 内，尚未生效执行，公司将持续跟进案件进展并积极采取上诉等措施切实保护公 司技术和产品的合法性，维护公司和股东利益。公司所研发生产的产品具有完全 自主的知识产权，本次诉讼进展不会影响公司正常的生产经营。本次诉讼进展对 公司本期利润或期后利润的影响存在不确定性，最终实际影响以法院生效判决结 果为准。 一、诉讼的基本情况 珠海冠宇电池股份有限 ...

上 市 公 司 证 券 研 究 报 告 电力设备 2024 年 10 月 29 日 珠海冠宇 (688772) ——业绩符合预期，Q3 盈利环比提升明显 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 29 日 | | 收盘价（元） | 17.73 | | 一年内最高/最低（元） | 22.59/11.13 | | 市净率 | 3.0 | | 息率（分红/股价） | 1.52 | | 流通 A 股市值（百万元） | 19,987 | | 上证指数/深证成指 | 3,286.41/10,543.33 | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | | | | 每股净资产（元） | 5.85 | | 资产负债率 % | 67.40 | | 总股本 /流通 A 股（百万） | ...

证券研究报告 | 2024年10月29日 珠海冠宇（688772.SH）-2024 年三季报点评 优于大市 Q3 消费电池销量快速增长，盈利能力环比显著提升 公司 2024Q3 实现归母净利润 1.66 亿元、同比+11%、环比+81%。公司 2024 年前三季度营收 85.17 亿元，同比基本持平；实现归母净利润 2.68 亿元， 同比-7%。公司 2024Q3 营收 31.70 亿元，同比+3%，环比+13%；实现归母净 利润 1.66 亿元，同比+11%，环比+81%。公司 2024Q3 毛利率为 28.28%，同比 -0.55pct，环比+4.13pct；净利率为 4.24%，同比+1.01pct，环比+2.11pct。 公司 Q3 消费电池销量持续增长。我们估计公司 2024Q3 消费电池销量在 1.05-1.10 亿只，同比增长超 20%、环比增长超 21%。Q3 是消费电子传统旺 季，公司携手国内外客户、供应份额持续提升，推动销量快速增长。展望后 续，伴随客户新机型发布，公司 Q4 电池销量有望保持相对稳定。我们预计 全年公司消费电池销量有望超 3.8 亿只，同比增长超 16%。 公司消费电池盈 ...

Investment Rating - The report maintains a "Buy" rating for Zhuhai Guanyu (688772) [1] Core Views - Q3 performance is generally in line with expectations, with total revenue for the first three quarters of 2024 at 8.5 billion yuan, a decrease of 0.3% year-on-year, and a net profit attributable to shareholders of 270 million yuan, down 7.5% year-on-year [2] - Q3 consumer shipments reached a record high, with North American major customers accounting for 10% of shipments, contributing to a net profit margin increase to over 10% [3] - The start-stop business has turned profitable, with an expected annual loss of 400 million yuan, but is projected to improve in the coming years [4] Financial Performance Summary - For 2024, total revenue is forecasted to be 12.08 billion yuan, with a year-on-year growth of 5.51% [1] - The net profit attributable to shareholders is expected to reach 524.94 million yuan in 2024, representing a year-on-year increase of 52.51% [1] - The latest diluted EPS is projected to be 0.47 yuan per share for 2024, with a P/E ratio of 38.07 [1] Revenue and Profitability Insights - Q3 revenue from consumer products was approximately 29-30 billion yuan, accounting for 93% of total revenue, with laptops and mobile phones contributing significantly [3] - The gross margin for consumer products in Q3 reached over 30%, with a net profit margin exceeding 10% [3] - The company expects to maintain shipment levels of 1-1.1 billion units in Q4, with total shipments for 2024 projected at 3.8 billion units, a 15% increase year-on-year [3] Cash Flow and Expenses - Operating cash flow for the first three quarters of 2024 was 1.7 billion yuan, an increase of 7% year-on-year, with Q3 operating cash flow at 800 million yuan, up 21% quarter-on-quarter [5] - Total expenses for the first three quarters of 2024 were 2.1 billion yuan, a 17% increase year-on-year, with a slight increase in expense ratio [5]