Investment Rating - The report assigns an "Accumulate" rating for Zhuhai Guanyu (688772) as it initiates coverage [2][9]. Core Insights - The report highlights that the consumer battery sector is experiencing a downturn due to falling raw material prices, while the company's self-supply rate for PACK continues to improve, leading to enhanced gross margins. The global demand for consumer electronics is recovering, driven by the emergence of AI applications in laptops and smartphones, which is expected to elevate battery performance requirements [5][6]. - The company achieved a revenue of 11.541 billion yuan in 2024, a year-on-year increase of 0.83%, with a net profit attributable to shareholders of 430 million yuan, up 25.03% year-on-year [4][8]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 3.024 billion yuan, a year-on-year increase of 4.07%, and a net profit of 162 million yuan, a significant rise of 197.47% year-on-year [4][8]. - The overall gross margin for 2024 was 25.69%, with a net profit margin of 3.73%, reflecting a year-on-year improvement [8]. Business Segments - Consumer Battery: Revenue from consumer batteries was 10.265 billion yuan, down 2.05% year-on-year, with a gross margin of 28.68%, up 1.08 percentage points [5]. - Power and Energy Storage: Revenue from power batteries reached 917 million yuan, a year-on-year increase of 67.54%, although the gross margin was negative at -4.16% [6]. Market Position - The company ranks first in global shipments of laptop batteries and second in tablet batteries, with significant partnerships with major clients like HP, Lenovo, Dell, and Apple [5]. - In the smartphone segment, the company is among the top five in global shipments, serving high-profile clients such as Apple, Xiaomi, and Huawei [5]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 14.427 billion yuan, 16.678 billion yuan, and 19.064 billion yuan, respectively, with growth rates of 25%, 16%, and 14% [7][9]. - Net profit projections for the same years are 903 million yuan, 1.203 billion yuan, and 1.502 billion yuan, with respective growth rates of 110%, 33%, and 25% [7][9].

Core Viewpoint - Zhuhai Guanyu (688772) has shown a positive performance in both stock price and financial results, indicating growth potential in the battery sector [1][2]. Financial Performance - For the fiscal year 2024, Zhuhai Guanyu achieved a total revenue of CNY 11,541,072,032.26, representing a year-on-year increase of 0.83% [2]. - The net profit attributable to shareholders reached CNY 430,354,744.97, marking a significant increase of 25.03% compared to the previous year, driven by enhanced customer share, cost control, and favorable exchange rate effects [2][7]. Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.30 per share (including tax) for the fiscal year 2024, totaling CNY 336,314,908.20, which accounts for 78.15% of the net profit attributable to shareholders [4][7]. Guarantees and Financing - The company and its subsidiaries intend to provide guarantees for domestic and foreign subsidiaries, with a total guarantee limit of up to CNY 138 billion for financing activities and CNY 20 billion for performance guarantees [3][7]. Convertible Bonds - As of March 31, 2025, a total of CNY 81,000 of the "Guanyu Convertible Bonds" has been converted into shares, with a conversion rate of 0.0003% of the total shares before conversion [5].

Core Insights - Zhuhai Guanyu (688772.SH) has shown steady improvement in its operating performance, with total revenue reaching 11.541 billion yuan, a year-on-year increase of 0.83%, and a net profit of 430 million yuan, up 25.03% [1][2] Financial Performance - The company reported a non-deductible net profit of 349 million yuan, reflecting a significant year-on-year growth of 51.01% [2] - The increase in net profit is attributed to enhanced market share, optimized cost control through refined operations, and increased foreign exchange gains due to currency fluctuations [1][2] Revenue Breakdown - Domestic revenue amounted to 3.876 billion yuan with a gross margin of 17.33%, while overseas revenue reached 7.306 billion yuan with a gross margin of 30.58%, accounting for 63.3% of total revenue [1][6] - The traditional consumer battery segment has entered a mature phase, with revenue from laptop products declining by 4.04% to 6.344 billion yuan, despite a sales volume increase of 13.28% [3] - Revenue from mobile phone products also saw a decline of 5.17% to 3.251 billion yuan, with a sales volume increase of 7.93% [3] - The power and energy storage market has been a key focus, with revenue from this segment growing by 48.70% to 982 million yuan, primarily driven by low-voltage lithium batteries for vehicles and drone batteries [3][4] R&D Investment - R&D expenses have been on the rise, reaching 1.458 billion yuan in 2024, a year-on-year increase of 26.82%, representing 12.64% of total revenue [6][7] - Cumulatively, the company has invested 4.409 billion yuan in R&D over the past five years [7] - As of the end of 2024, the company holds 2,205 valid domestic patents, including 698 invention patents [7] Shareholder Changes - Notable changes in shareholder structure include a reduction in holdings by Xiaomi Changjiang and Hangzhou Changpan, with Xiaomi's stake decreasing from 3.70% at the time of listing to 1.70% by the end of 2024 [7]

| 证券代码：688772 | 证券简称：珠海冠宇 公告编号：2025-028 | | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | 珠海冠宇电池股份有限公司 可转债转股结果暨股份变动公告 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、准确性和完整性承担法律责任。 重要内容提示： 累计转股情况：截至 2025 年 3 月 31 日，"冠宇转债"累计已有人民币 81,000 元转换为公司股票，累计转股数量为 3,441 股，占"冠宇转债"转股前公 司已发行股份总额的 0.0003%。 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的"冠宇转债" 金额为人民币 3,088,962,000 元，占"冠宇转债"发行总量的 99.9974%。 本季度转股情况：自 2025 年 1 月 1 日至 2025 年 3 月 31 日期间，"冠宇 转债"共有人民币 2,000 元转换为公司股票，转股数量为 86 股。 一、可转债发行上市概况 股份类别 变动前（2024 年 12 月 31 日） 本次可转债 转股 其他变动 ...

Investment Rating - The investment rating for Zhuhai Guanyu is "Buy" (maintained) [1] Core Views - The report highlights that the consumer lithium battery sector is entering a golden development phase, with rapid expansion in dynamic storage application scenarios [6] - The company achieved significant growth in shipments, particularly in consumer batteries and dynamic storage batteries, with a notable increase in revenue and net profit for 2024 [6] - The report anticipates continued growth in the consumer electronics market and dynamic storage business, leading to upward adjustments in profit forecasts for 2025-2027 [6] Financial Data and Profit Forecast - Total revenue projections are as follows: - 2023: 11,446 million - 2024: 11,541 million - 2025E: 13,674 million - 2026E: 15,642 million - 2027E: 17,315 million - Year-on-year growth rates for total revenue are projected at: - 2023: +4.3% - 2024: +0.8% - 2025E: +18.5% - 2026E: +14.4% - 2027E: +10.7% [5][7] - Net profit forecasts are as follows: - 2023: 344 million - 2024: 430 million - 2025E: 920 million - 2026E: 1,228 million - 2027E: 1,511 million - Year-on-year growth rates for net profit are projected at: - 2023: +278.5% - 2024: +25.0% - 2025E: +113.8% - 2026E: +33.4% - 2027E: +23.1% [5][7] - The report indicates a stable upward trend in profitability for the consumer business and ongoing scale effects in the dynamic storage business [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22][23] Core Views - The company achieved a net profit of 430 million yuan in 2024, representing a year-on-year increase of 25%, with total revenue of 11.541 billion yuan, up 1% year-on-year [1][8] - The company's consumer battery sales continue to grow steadily, maintaining a leading global position, with a total consumer battery revenue of 10.265 billion yuan in 2024, a decrease of 2% year-on-year [2][14] - The energy storage battery business has focused on high-rate scenarios, achieving rapid revenue growth of 68% year-on-year, with a revenue of 917 million yuan in 2024 [3][19] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 25.69%, an increase of 0.52 percentage points year-on-year, and a net margin of 2.49%, up 0.77 percentage points year-on-year [1][8] - The fourth quarter of 2024 saw a revenue of 3.024 billion yuan, a year-on-year increase of 4%, and a net profit of 162 million yuan, up 197% year-on-year [1][8] Consumer Battery Segment - The consumer battery segment's revenue was 10.265 billion yuan in 2024, with a shipment volume of 381 million units, an increase of 16% year-on-year [2][14] - The gross margin for consumer batteries was 28.68%, an increase of 1.09 percentage points year-on-year, with expectations for continued high profitability in 2025 [15][2] Energy Storage Battery Segment - The energy storage battery segment generated 917 million yuan in revenue in 2024, with a gross margin of -4.16%, improving by 10.89 percentage points year-on-year [3][19] - The company has established partnerships with major automotive manufacturers and is exploring applications in drone batteries [3][19] Future Outlook - The company is expected to achieve net profits of 846 million yuan, 1.286 billion yuan, and 1.702 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 97%, 52%, and 32% [22][24] - The estimated earnings per share (EPS) for the same years are projected to be 0.75 yuan, 1.14 yuan, and 1.51 yuan [22][24]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 11.541 billion yuan in 2024, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 430 million yuan, up 25.03% year-on-year [1]. - The consumer business remains stable with innovative growth, while the energy storage business is expected to reduce losses [4]. Revenue and Profit Analysis - In Q4 2024, the company reported a revenue of 3.024 billion yuan, a year-on-year increase of 4.10%, and a net profit of 162 million yuan, up 194.55% year-on-year [2]. - The consumer business generated 10.265 billion yuan in revenue, a decrease of 2.05% year-on-year, but the gross margin improved to 28.68%, an increase of 1.09 percentage points [3]. - The energy storage business saw a revenue of 917 million yuan, a significant increase of 67.54% year-on-year, although the gross margin was negative at -4.16% [4]. Business Segment Performance - The notebook battery segment ranked first globally in shipments, generating 6.344 billion yuan in revenue, despite a 4.04% decline year-on-year [3]. - The smartphone battery segment generated 3.251 billion yuan, down 5.17% year-on-year, but with a shipment growth of 7.93% [3]. - Emerging consumer electronics, including smart wearables and drones, achieved a revenue of 671 million yuan, a growth of 51.94% year-on-year [3]. Future Projections - The company is projected to achieve revenues of 13.686 billion yuan, 16.253 billion yuan, and 19.330 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18.6%, 18.8%, and 18.9% [4][5]. - Net profit attributable to shareholders is expected to reach 936 million yuan, 1.247 billion yuan, and 1.597 billion yuan for the same years, with growth rates of 117.4%, 33.3%, and 28.1% [4][5].

Core Viewpoint - Zhuhai Guanyu's 2024 annual report shows stable growth in consumer business and expected reduction in losses for energy storage business, leading to a "buy" rating from Minsheng Securities [1] Financial Performance - In 2024, the company achieved revenue of 11.541 billion yuan, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 430 million yuan, up 25.03% [2] - Q4 2024 revenue was 3.024 billion yuan, a year-on-year increase of 4.10%, while net profit was 162 million yuan, up 194.55% year-on-year [2] - The gross margin for Q4 2024 was 25.27%, down 1.15 percentage points year-on-year [2] Consumer Business - The consumer business generated revenue of 10.265 billion yuan in 2024, a decrease of 2.05%, but the gross margin improved to 28.68%, an increase of 1.09 percentage points [3] - The company ranked first globally in notebook lithium-ion battery shipments and second in tablet lithium-ion battery shipments in 2024 [3] - Revenue from notebook products was 6.344 billion yuan, down 4.04%, while sales volume increased by 13.28% [3] - Revenue from smartphone products was 3.251 billion yuan, down 5.17%, with sales volume up 7.93% [3] - The self-supply rate for consumer battery packs reached 40.44%, an increase of 5.00 percentage points year-on-year [3] - Revenue from emerging consumer electronics like smart wearables and drones grew by 51.94% to 671 million yuan, with sales volume up 83.20% [3] Energy Storage Business - The energy storage business generated revenue of 917 million yuan, a year-on-year increase of 67.54%, but with a negative gross margin of -4.16% [4] - Approximately 900,000 low-voltage lithium batteries were shipped, contributing significantly to revenue [4] - The company has received approvals from major automotive manufacturers for its low-voltage lithium battery products, leading to mass production [4] Investment Outlook - The company is expected to achieve revenues of 13.686 billion, 16.253 billion, and 19.330 billion yuan from 2025 to 2027, with year-on-year growth rates of 18.6%, 18.8%, and 18.9% respectively [4] - Projected net profits for the same period are 936 million, 1.247 billion, and 1.597 billion yuan, with growth rates of 117.4%, 33.3%, and 28.1% respectively [4]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 11.541 billion yuan in 2024, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 430 million yuan, up 25.03% year-on-year [1]. - The consumer business remains stable with innovative growth, while the energy storage business is expected to reduce losses [4]. Summary by Relevant Sections Financial Performance - In Q4 2024, the company reported a revenue of 3.024 billion yuan, a year-on-year increase of 4.10%, and a net profit of 162 million yuan, up 194.55% year-on-year [2]. - The gross margin for Q4 2024 was 25.27%, a decrease of 1.15 percentage points year-on-year [2]. Consumer Business - The consumer business generated a revenue of 10.265 billion yuan in 2024, a decline of 2.05% year-on-year, but the gross margin improved to 28.68%, an increase of 1.09 percentage points [3]. - The company ranked first globally in lithium-ion battery shipments for laptops and second for tablets in 2024 [3]. - Revenue from laptop products was 6.344 billion yuan, down 4.04% year-on-year, while sales volume increased by 13.28% [3]. - Revenue from smartphone products was 3.251 billion yuan, down 5.17% year-on-year, with sales volume up 7.93% [3]. - The company is expanding into emerging consumer electronics such as smart wearables and drones, achieving a revenue of 671 million yuan, a growth of 51.94% year-on-year [3]. Energy Storage Business - The energy storage business generated a revenue of 917 million yuan in 2024, a year-on-year increase of 67.54%, although the gross margin was negative at -4.16% [4]. - The company shipped approximately 900,000 low-voltage lithium batteries for vehicles, which became a significant revenue source [4]. Future Projections - The company is expected to achieve revenues of 13.686 billion yuan, 16.253 billion yuan, and 19.330 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18.6%, 18.8%, and 18.9% [4][5]. - The projected net profit attributable to shareholders for the same years is 936 million yuan, 1.247 billion yuan, and 1.597 billion yuan, with growth rates of 117.4%, 33.3%, and 28.1% [4][5].

Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Buy" [1] Core Views - The report highlights that the company is experiencing continuous upgrades in products and customers, with the AI wave initiating a new development cycle [1][3] - The company is expected to achieve significant revenue growth, with total revenue projected to reach 11.54 billion yuan in 2024, a slight increase of 0.83% year-on-year, and further growth anticipated in subsequent years [1][12] - The net profit attributable to the parent company is forecasted to increase significantly, reaching 430.36 million yuan in 2024, representing a year-on-year growth of 25.03% [1][12] Financial Projections - Total revenue projections for the company are as follows: 11,541 million yuan in 2024, 14,474 million yuan in 2025, 17,729 million yuan in 2026, and 21,088 million yuan in 2027, with respective growth rates of 0.83%, 25.41%, 22.49%, and 18.94% [1][12] - The net profit attributable to the parent company is expected to grow from 430.36 million yuan in 2024 to 1,614.23 million yuan in 2027, with growth rates of 25.03%, 100.37%, 54.54%, and 21.13% respectively [1][12] - The earnings per share (EPS) are projected to increase from 0.38 yuan in 2024 to 1.43 yuan in 2027 [1][12] Business Performance - The company is expected to see a significant increase in its power segment revenue, projected at 900 million yuan in 2024, a year-on-year increase of 68%, with a substantial increase in shipments [3] - The company has secured contracts with major automotive clients, including Jaguar Land Rover and Stellantis, and is expected to double its growth in 2025-2026 [3] - The drone battery segment is also expected to see a revenue increase of 96% in 2024, maintaining deep cooperation with clients like DJI [3]