Investment Rating - The investment rating for Zhuhai Guanyu (688772.SH) is "Buy" and is maintained [5]. Core Views - Zhuhai Guanyu reported a significant increase in consumer battery shipments, driven by new customers and cost improvements, which have enhanced profitability [6][9]. - The company achieved a revenue of 3.17 billion yuan in Q3 2024, representing a year-on-year growth of 3.39% and a quarter-on-quarter growth of 13.29%. The net profit attributable to shareholders was 166 million yuan, up 11.43% year-on-year and 81.06% quarter-on-quarter [6][9]. - The outlook for Zhuhai Guanyu remains positive, with expectations of continued growth in battery shipments and profitability improvements in the energy storage segment [9]. Summary by Sections Financial Performance - In Q3 2024, Zhuhai Guanyu's revenue reached 3.17 billion yuan, with a year-on-year increase of 3.39% and a quarter-on-quarter increase of 13.29%. The net profit attributable to shareholders was 166 million yuan, reflecting a year-on-year growth of 11.43% and a quarter-on-quarter growth of 81.06% [6]. - The company’s non-recurring net profit was 154 million yuan, showing a year-on-year increase of 24.56% and a quarter-on-quarter increase of 264.52% [6]. Market Outlook - The consumer battery market is expected to continue growing, particularly with trends in AI driving demand. The company anticipates a rapid growth rate in shipments for 2025 [9]. - The energy storage segment is also projected to improve profitability as the company enhances its supply chain and expands its overseas presence [9]. Key Financial Metrics - The projected net profits for 2024 and 2025 are estimated at 510 million yuan and 940 million yuan, respectively [9]. - The current stock price is 17.95 yuan, with a total share capital of 112.73 million shares [10].

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]

Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Outperform the Market" [2] Core Views - The company reported a significant increase in Q3 profits, with revenue of 3.17 billion yuan, a year-on-year increase of 3.4% and a quarter-on-quarter increase of 13.3%. The net profit attributable to the parent company reached 170 million yuan, up 11.4% year-on-year and 81.1% quarter-on-quarter [3] - The company's gross margin for Q3 was 28.3%, with a year-on-year decrease of 0.5 percentage points and a quarter-on-quarter increase of 4.1 percentage points. The net profit margin reached 5.2%, up 0.4 percentage points year-on-year and 2.0 percentage points quarter-on-quarter [3] - The consumer electronics sector is showing resilience, with global PC and smartphone shipments experiencing positive growth for four consecutive quarters. The company is expected to maintain its market share in laptops and see rapid growth in smartphone client acquisition [4] - The energy storage segment is focusing on reducing losses, with expectations of improvement by 2025 as the company optimizes capacity and project selection [4] Financial Summary - The company adjusted its profit forecasts for 2024-2026, with net profits revised to 490 million yuan, 890 million yuan, and 1.23 billion yuan respectively, corresponding to EPS of 0.44 yuan, 0.79 yuan, and 1.09 yuan [5] - Revenue projections for 2024-2026 are set at 11.71 billion yuan, 13.64 billion yuan, and 15.19 billion yuan, with year-on-year growth rates of 2.3%, 16.4%, and 11.4% respectively [6][10] - The gross margin is expected to improve gradually, reaching 27.1% by 2026 [10] Market Performance - The company has outperformed the market index, with a 21.34% increase compared to the market index's 8.34% [2] - The stock price has fluctuated between 11.13 yuan and 22.59 yuan over the past 52 weeks, with a closing price of 18.11 yuan on November 8 [2] Valuation - The company is assigned a price-to-earnings (P/E) ratio of 25-30 times for 2025, corresponding to a fair value range of 19.65 to 23.58 yuan [5][9]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's Q3 2024 performance met expectations, with a significant quarter-on-quarter increase in profitability. Q3 revenue reached 3.17 billion yuan, up 3.4% year-on-year and 13.3% quarter-on-quarter, while net profit attributable to shareholders was 170 million yuan, up 11.4% year-on-year and 81.1% quarter-on-quarter [3] - The gross margin for Q3 2024 improved significantly, reaching 28.3%, an increase of 4.1 percentage points quarter-on-quarter, primarily due to the seasonal uptick in consumer business and enhanced capacity utilization [3] - The company is experiencing a steady increase in production as the consumer electronics sector enters its traditional peak season, with global notebook shipments reaching 54 million units, up 3% year-on-year, and smartphone shipments at 316 million units, up 4% year-on-year [3] - The company has received multiple notices for low-voltage lithium batteries from leading automotive manufacturers, indicating potential for rapid growth in battery shipments and improved economies of scale in the future [3] - The profit forecast for 2024-2026 has been slightly adjusted downwards due to exchange losses and the need for the energy storage business to demonstrate scale effects, with expected net profits of 513 million, 904 million, and 1.089 billion yuan respectively [3][4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 8.517 billion yuan, a year-on-year decrease of 0.3%, and a net profit of 268 million yuan, down 7.5% year-on-year [4] - The projected total revenue for 2024 is 11.8 billion yuan, with a year-on-year growth rate of 3.1% [4] - The projected net profit for 2024 is 513 million yuan, reflecting a significant year-on-year increase of 49% [4] Market Position - The company is positioned to increase its market share in the consumer lithium battery sector, supported by strong partnerships with leading manufacturers in the notebook and smartphone markets [3] - The company has established itself with several well-known automotive brands, enhancing its credibility and potential for future growth in the automotive battery segment [3]

Investment Rating - The investment rating for Zhuhai Guanyu (688772.SH) is "Outperform the Market" [3][12]. Core Views - In Q3 2024, the company achieved a net profit attributable to shareholders of 166 million yuan, representing a year-on-year increase of 11% and a quarter-on-quarter increase of 81%. The revenue for the first three quarters of 2024 was 8.517 billion yuan, which is roughly flat year-on-year, with a net profit of 268 million yuan, down 7% year-on-year [1][4]. - The company’s consumer battery sales continued to grow, with an estimated sales volume of 105-110 million units in Q3 2024, reflecting a year-on-year growth of over 20% and a quarter-on-quarter growth of over 21%. The company expects to exceed 380 million units in total consumer battery sales for the year, a year-on-year increase of over 16% [1][11]. - The profitability of the consumer battery segment significantly improved quarter-on-quarter, with an estimated net profit of approximately 255 million yuan in Q3 2024, up 40% quarter-on-quarter, and a net profit margin of about 8.7%, up 1.5 percentage points [1][11]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 3.170 billion yuan, a year-on-year increase of 3% and a quarter-on-quarter increase of 13%. The gross margin was 28.28%, down 0.55 percentage points year-on-year but up 4.13 percentage points quarter-on-quarter [4][10]. - The company’s net profit margin for Q3 2024 was 4.24%, an increase of 1.01 percentage points year-on-year and 2.11 percentage points quarter-on-quarter [4][10]. Business Segments - The energy storage battery business saw continuous growth, with estimated revenue exceeding 200 million yuan in Q3 2024. The company focused on the drone battery and low-voltage automotive battery sectors, with a reduction in losses for this segment [12]. - The company is investing approximately 2 billion yuan to build a consumer battery base in Malaysia to better tap into international markets and meet overseas customer demand [1][11]. Future Outlook - The company maintains its profit forecast and continues to expect net profits of 456 million yuan, 846 million yuan, and 1.286 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 32%, 86%, and 52% [12][13].

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]

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：2024-018 | --- | --- | --- | |-----------------------|-------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------| | 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 | 金、中欧基金等 83 | 国海证券、广发证券、申万宏源、海通证券、中信证券、招商证券、长江证 券、国信证券、国泰君安证券、易方达基金、长盛基金、银 ...

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。 一、募集资金基本情况 经中国证券监督管理委员会证监许可〔2021〕2944 号文同意，公司由主承销 商招商证券股份有限公司通过向战略投资者定向配售、网下向符合条件的投资者 询价配售和网上向持有上海市场非限售 A 股股份和非限售存托凭证市值的社会 公众投资者定价发行相结合的发行方式，公开发行人民币普通股（A 股） 155,713,578 股，每股发行价格为人民币 14.43 元，募集资金总额为人民币 2,246,946,930.54 元，扣除不含税发行费用人民币 143,020,958.53 元，实际募集资 金净额为人民币 2,103,925,972.01 元。截至 2021 年 10 月 11 日，上述募集资金已 全部到位，并且已经致同会计师事务所（特殊普通合伙）出具的致同验字（2021） 第 351C000675 号《验资报告》予以验证。 二、募集资金监管协议的签订情况和募集资金专户的开设情况 公司对募集资金采取了专户存储管理，设立了相关募集资金专项账户。募集 资金到账后， ...