证券日报网讯10月20日晚间，珠海冠宇发布公告称，公司无逾期及涉及诉讼的对外担保。 ...

证券研究报告 | 2025年10月20日 珠海冠宇（688772.SH） 优于大市 收入重回快速增长轨道，新技术新产品加速放量 风险提示：需求不及预期；新客户开拓不及预期；原材料价格剧烈波动。 投资建议：调整盈利预测，维持优于大市评级。基于公司下游客户手机销量 表现亮眼以及新产品放量对于经营的积极影响，我们上调 2025 年盈利预测、 维持 2026-2027 年盈利预测。我们预计公司 2025-2027 年实现归母净利润 6.41/14.01/18.08 亿元（原预测为 6.10/14.01/18.08 亿元），同比 +49%/+119%/+29%，EPS 分别为 0.57/1.24/1.60 元，动态 PE 为 40/18/14 倍。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 11,446 | 11,541 | 14,176 | 18,348 | 21,792 | | (+/-%) | 4.3% | 0.8% | 22.8% | 29.4% ...

| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2025-087 | | --- | --- | --- | | 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 关于对外担保的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 保 对 | 被担保人名称 | | 浙江冠宇电池有限公司 | | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 5,000.00 | 万元 | | | 担 象 | | 实际为其提供的担保余额 | 157,572.14 | 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | 是 | □否 | □不适用：_________ | 本次担保事项已经公司第二届董事会第二十六次会议及 2024 年年度股东大 会先后审议通过。具体内容详见公司于 2025 年 3 月 ...

Group 1 - Yonghe Co., Ltd. reported a net profit of 469 million yuan for the first three quarters, a year-on-year increase of 220.39% [1] - Jinli Permanent Magnet achieved a net profit of 515 million yuan, reflecting a year-on-year growth of 161.81% [1][2] - Sanhe Pharmaceutical Auxiliary's net profit increased by 8.28% year-on-year, reaching 133 million yuan [2] Group 2 - Jiahuan Technology experienced a net profit decline of 26.53%, totaling 55.35 million yuan [3] - Wuchan Huaneng reported a net profit decrease of 15.10%, amounting to 453 million yuan [3] - Chuan Investment Energy's net profit fell by 4.54%, totaling 4.22 billion yuan [4][5] Group 3 - Dayang Bio's net profit grew by 56.12%, reaching 80 million yuan [5] - Weili Medical reported a net profit increase of 14.94%, totaling 192 million yuan [6] - People's Tongtai's net profit decreased by 45.69%, amounting to 112 million yuan [7] Group 4 - Jiuhuan Bio received a medical device registration certificate for its NT-proBNP test kit [8] - Jincheng Pharmaceutical's subsidiary obtained a drug registration certificate for a specific injection [9] - Guangdian Yuntong's subsidiary acquired a money service operator license in Hong Kong [10] Group 5 - Dash Intelligent won a bid for a project worth 96 million yuan related to the Shijiazhuang subway [10] - Alloy Investment's net profit increased by 124.87%, reaching 7.26 million yuan [11] - Kaile Co., Ltd. reported a net profit growth of 159.14%, totaling 21.63 million yuan [12] Group 6 - Chuanjinno's net profit surged by 175.61%, reaching 304 million yuan [14] - Rijiu Optoelectronics reported a net profit increase of 36.54%, totaling 76.91 million yuan [15] - Dazhu CNC's net profit grew by 142.19%, amounting to 492 million yuan [15] Group 7 - Nairui Radar expects a net profit increase of 181% for the first three quarters [17] - Suzhou Tianmai successfully acquired land use rights for a new manufacturing project [19] - Aokai Pharmaceutical announced clinical research data for its innovative drug at a major conference [21][22] Group 8 - Jilin Aodong's subsidiary passed the consistency evaluation for a specific injection [24] - Qinxin Environment announced the resignation of a board member [25] - *ST Baoying is planning a change in control, leading to a stock suspension [26] Group 9 - Jianlang Hardware's director plans to reduce holdings by up to 500,000 shares [27] - Taihe Technology's director intends to reduce holdings by up to 606,000 shares [29] - Zhongyuan Securities announced a cash dividend of 0.008 yuan per share [31] Group 10 - Beijing-Shanghai High-Speed Railway plans to distribute a cash dividend of 0.0385 yuan per share [32] - Zhuhai Guanyu expects a net profit increase of 36.88%-55.54% for the first three quarters [34] - Shenglong Co., Ltd. reported a net loss of 72.95 million yuan for the first three quarters [36] Group 11 - Shuangyuan Technology plans to distribute a cash dividend of 0.125 yuan per share [38] - Shaanxi Guotou A reported a net profit increase of 6.6%, totaling 996 million yuan [40] - Sunshine Nuohua intends to invest 15 million yuan in a biotech company [41] Group 12 - Yangjie Technology's net profit increased by 45.51%, reaching 974 million yuan [42] - Xingwang Yuda reported a net profit growth of 260%, totaling 38.37 million yuan [43] - Tongyou Technology turned a profit with a net profit of 9.29 million yuan [44]

Core Viewpoint - Zhuhai Guanyu Battery Co., Ltd. expects significant revenue and profit growth for the first three quarters of 2025, with a projected revenue increase of 19.73% to 22.07% and net profit growth of 36.88% to 55.54% compared to the same period last year [1][3]. Financial Performance - For the first three quarters of 2025, the expected revenue is between 10.198 billion and 10.398 billion yuan, compared to 8.517 billion yuan in the same period last year [2][3]. - The net profit attributable to shareholders is projected to be between 367 million and 417 million yuan, up from 268 million yuan year-on-year [2][3]. - In Q3 2025, the company anticipates revenue of 4.1 billion to 4.3 billion yuan, compared to 3.17 billion yuan in the same quarter last year [2][3]. Business Segments - The company primarily engages in the research, production, and sales of consumer batteries, with a comprehensive R&D and production system, making it a major supplier in the global consumer battery market [3][4]. - Consumer battery products include battery cells and PACK, serving applications in laptops, tablets, smartphones, wearable devices, consumer drones, smart cleaning appliances, and power tools [3][4]. - The company is also expanding into the power and energy storage battery sectors, focusing on high-rate scenarios for applications in automotive low-voltage systems, industry drones, and electric motorcycles [4]. Market Trends and Opportunities - In 2025, the company is capitalizing on opportunities in the consumer battery sector driven by AI trends, particularly in emerging electronic products like AI computers, AI smartphones, and smart wearables, with a 79.81% year-on-year increase in sales of other consumer lithium batteries [4]. - In the power and energy storage market, the company reported a 200.05% year-on-year revenue growth in the battery sector for industry drones [4]. - The subsidiary Zhejiang Guanyu achieved total revenue of 973 million yuan, reflecting a 139.8% year-on-year increase in the main power and energy storage business [4]. Analyst Insights - Analysts maintain a positive outlook on the company's performance in both consumer and power storage battery sectors, with particular attention to its advancements in humanoid robotics [5]. - Reports indicate that the company is actively engaging in multiple projects and technical collaborations in the humanoid robotics field, with established partnerships in low-voltage lithium batteries [5].

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 301292 | 海科新 | 19.98 | 20.69 | 27.28 | 31.22 | 14.44 | | | 源 | | | | | | | 300626 | 华瑞股 | 20.00 | 15.69 | 11.17 | 12.66 | 13.38 | | | 份 | | | | | | | 300270 | 中威电 子 | 20.00 | 15.20 | 11.28 | 12.42 | 10.11 | | 688772 | 珠海冠 宇 | 13.88 | 6.46 | 23.35 | 25.52 | 9.28 | | 301232 | 飞沃科 技 | 18.35 | 30.92 | 41.36 | 45.15 | 9.15 | | 001267 | 汇绿生 态 | 10.02 ...

Investment Rating - The report maintains a "Buy" rating for Zhuhai Guanyu (688772) [1] Core Views - The company is expected to see significant revenue and profit growth driven by new product launches and increased customer demand, particularly in North America [3][10] - The forecast for the company's net profit has been raised to 732.55 million, 1.46 billion, and 1.83 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 70%, 100%, and 25% [3][11] Revenue and Profit Forecast - Total revenue is projected to reach 11.54 billion, 14.48 billion, 19.00 billion, and 21.68 billion yuan from 2024 to 2027, with year-on-year growth rates of 0.83%, 25.44%, 31.26%, and 14.10% respectively [1][11] - The company's net profit attributable to shareholders is expected to grow from 344.19 million yuan in 2023 to 1.83 billion yuan in 2027, with significant increases in the interim years [1][11] Business Segments - In the power segment, revenue is anticipated to reach 20 billion yuan in 2025, a 120% increase year-on-year, with further growth expected in 2026 [3] - The consumer segment is projected to see a 25-30% increase in battery shipments in 2025, with a significant contribution to profits from new product launches [10]

（文章来源：证券时报网） 数据宝统计，截至11:13，珠海冠宇成交额17.94亿元，创2021年10月19日以来新高。最新股价上涨 14.68%，换手率6.26%。上一交易日该股全天成交额为10.57亿元。（数据宝） ...

Core Viewpoint - The A-share market experienced a significant rebound, particularly in technology stocks, with the Shanghai Composite Index rising by 0.69%, the Shenzhen Component Index by 1.38%, and the ChiNext Index by 2.49% [2]. Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 1.16 trillion yuan, a decrease of 16.5 billion yuan compared to the previous trading day, with over 4,200 stocks showing gains [4]. - The A-share market's total market capitalization surpassed 24.5 trillion yuan [4]. Sector Highlights - Technology stocks, particularly in CPO, computing power, and 6G concepts, saw significant gains, with companies like Cambrian Technology reporting a revenue increase of 2386.38% year-on-year [4][6]. - Solid-state battery concepts gained traction, with companies like Hekang New Energy and Zhuhai Guanyu rising over 10% following announcements of technological breakthroughs in solid-state battery production [6][8]. - Precious metals experienced a notable decline, with the precious metals sector down by 6.09% [3]. Notable Stocks - Agricultural Bank of China saw its stock price rise over 1%, continuing a streak of 12 consecutive days of gains [4]. - Companies in the CPO sector, such as Huijie Ecology and Cambridge Technology, reached their daily limit up [8]. - The stock of Cambrian Technology expanded its gains to over 5%, trading at 1318.97 yuan [4].

Core Points - The Shanghai Composite Index is at 3866.08 points, below the five-day moving average, with a change of 0.69% [1] - The total trading volume of A-shares is 899.46 billion yuan, with 904 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - Notable stocks with significant deviation rates above the five-day moving average include: - Haike Xinyuan (301292) with a deviation rate of 14.44% and a daily increase of 19.98% [1] - Huarui Co., Ltd. (300626) with a deviation rate of 13.38% and a daily increase of 20.00% [1] - Zhuhai Guanyu (688772) with a deviation rate of 11.84% and a daily increase of 17.31% [1] Trading Activity - The trading turnover rates for the top stocks are as follows: - Haike Xinyuan (301292) at 27.28% [1] - Huarui Co., Ltd. (300626) at 15.38% [1] - Zhuhai Guanyu (688772) at 5.43% [1] Additional Stocks - Other stocks with notable performance include: - Huasheng Lithium (688353) with a daily increase of 14.37% and a deviation rate of 10.54% [1] - Weichan Co., Ltd. (688500) with a daily increase of 14.90% and a deviation rate of 10.42% [1] - Feiwo Technology (301232) with a daily increase of 20.00% and a deviation rate of 10.34% [1]