Investment Rating - The report maintains a "Buy-A" rating for the company with a target price of 14.54 CNY [1][2]. Core Views - The company achieved a turnaround in Q2 performance, with a significant increase in the self-supply ratio of consumer battery packs [1]. - The sales volume of consumer batteries, particularly for laptops and smartphones, showed stable year-on-year growth, with laptop battery sales increasing by 10.51% and smartphone battery sales by 13.09% [1]. - The automotive low-voltage lithium battery segment saw a remarkable revenue growth of 730.35%, becoming a major source of revenue for the company [1]. - The company is actively enhancing its R&D investments, with R&D expenses in the first half of 2024 amounting to 664 million CNY, representing 12.42% of total revenue, and a year-on-year increase of 37.24% [1]. - The company is adjusting its production capacity to align with market demands, with ongoing projects in various regions [1]. Financial Data Summary - For the fiscal year 2024, the company is projected to achieve total revenue of 12.67 billion CNY, with a year-on-year growth of 10.7% [3]. - The net profit attributable to the parent company is expected to reach 582 million CNY in 2024, reflecting a year-on-year increase of 69% [3]. - The gross margin is projected to be 25.6% in 2024, with a net margin of 4.6% [3]. - The company's P/E ratios for 2024, 2025, and 2026 are estimated to be 28.2, 16.5, and 10.5 respectively [2][3].

| 证券代码：688772 转债代码：118024 | | 公告编号：2024-067 | | --- | --- | --- | | | 证券简称：珠海冠宇 转债简称：冠宇转债 | | 珠海冠宇电池股份有限公司 关于参加 2024 年半年度科创板集体业绩说明会的公 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： 珠海冠宇电池股份有限公司（以下简称"公司"）已于 2024 年 8 月 16 日披 露公司《2024 年半年度报告》，为便于广大投资者更全面深入地了解公司 2024 年 半年度经营成果、财务状况，公司计划于 2024 年 9 月 9 日（星期一）下午 14:00- 16:00 参加由上海证券交易所主办的 2024 年半年度科创板新能源专场集体业绩 说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对 2024 年半年度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 会议召开时间： ...

Investment Rating - The report maintains a "Recommended" rating for Zhuhai Guanyu (688772) with a target price of 17.84 CNY [2]. Core Views - The company's H1 2024 revenue reached 5.347 billion CNY, a decrease of 2.31% year-on-year, while the net profit attributable to shareholders was 102 million CNY, down 27.53% year-on-year. However, the non-recurring net profit increased by 72.62% year-on-year to 26 million CNY [2]. - The company has strengthened its market share in consumer batteries, with notebook battery sales increasing by 10.51% year-on-year and smartphone battery sales rising by 13.09% year-on-year. The self-supply ratio for consumer PACK business reached 39.84%, up 7.87 percentage points year-on-year [2]. - The company is adjusting its production capacity and expanding its global presence, with plans to invest up to 2 billion CNY in a consumer lithium battery project in Malaysia [2]. Financial Summary - Total revenue for 2023 is projected at 11.446 billion CNY, with expected growth rates of 18.7% in 2024, 19.4% in 2025, and 18.1% in 2026 [3]. - The net profit attributable to shareholders is forecasted to grow significantly from 344 million CNY in 2023 to 1.439 billion CNY in 2026, reflecting a growth rate of 278.2% in 2024 [3]. - The company's earnings per share (EPS) is expected to increase from 0.31 CNY in 2023 to 1.28 CNY in 2026, with corresponding price-to-earnings (P/E) ratios of 45, 29, 15, and 11 for the respective years [3]. Company Data - The total market capitalization of Zhuhai Guanyu is approximately 15.579 billion CNY, with a circulating market value of 10.644 billion CNY [6]. - The company has a total share capital of approximately 1.127 billion shares, with 770 million shares listed for circulation [6].

[Table_MainInfo] 公司研究/信息设备 证券研究报告 珠海冠宇（688772）公司研究报告 2024 年 08 月 21 日 投资评级 优于大市 首次 覆盖 股票数据 | --- | --- | |------------------------------------------|-------------| | 08[Table_StockInfo 月 20 日收盘价（元）] | 13.40 | | 52 周股价波动（元） | 11.13-22.59 | | 总股本/流通 A 股（百万股） | 1127/770 | | 总市值/流通市值（百万元） | 15106/10320 | | 相关研究 | | [Table_ReportInfo] 市场表现 [Table_QuoteInfo] 珠海冠宇 海通综指 -41.48% -31.48% -21.48% -11.48% -1.48% 8.52% 2023/8 2023/11 2024/2 2024/5 [Table_AuthorInfo] 分析师:吴杰 Tel: (021) 23183818 Email:wj10521@haitong.com 证 ...

Investment Rating - The report maintains an "Outperform" rating for Zhuhai CosMX Battery (688772 SH) [1][17] Core Views - Consumer battery sales continue to grow, while power and energy storage battery business steadily reduces losses [1] - The company's consumer battery market share is steadily increasing, with laptop battery sales up 10 5% YoY and mobile phone battery sales up 13 1% YoY in H1 2024 [1][9] - The company plans to invest approximately 2 billion yuan to build a consumer battery base in Malaysia to better expand into international markets [1][9] - The power and energy storage battery business narrowed losses both YoY and QoQ, with Q2 2024 revenue exceeding 250 million yuan, up 120% QoQ [1][9] Financial Performance - H1 2024 revenue reached 5 347 billion yuan, down 2% YoY, with net profit attributable to shareholders of 102 million yuan, down 28% YoY [1][4] - Q2 2024 revenue was 2 798 billion yuan, down 10% YoY but up 10% QoQ, with net profit attributable to shareholders of 92 million yuan, down 67% YoY but up 818% QoQ [1][4] - Gross margin for H1 2024 was 24 39%, up 1 92 percentage points YoY, while Q2 2024 gross margin was 24 15%, down 1 24 percentage points YoY [1][4] Business Segments Consumer Battery Business - Estimated Q2 2024 consumer battery sales reached nearly 90 million units, flat YoY but up over 12% QoQ [1][9] - Net profit for consumer batteries in Q2 2024 was approximately 182 million yuan, down 52% YoY but up 30% QoQ, with a net profit margin of 7 1% [1][9] - The company is advancing its sixth-generation fast-charging lithium battery, high-energy-density steel-shell battery, and seventh-generation super-fast-charging lithium battery, all in trial production [9] Power and Energy Storage Battery Business - The company focuses on drone batteries and automotive low-voltage batteries, with management efficiency continuously improving [1][9] - In H1 2024, the company secured contracts with Stellantis, GM, and a leading German automaker, with mass production expected in the future [1][11] - The subsidiary Zhejiang CosMX achieved total revenue of 406 million yuan in H1 2024, with automotive low-voltage batteries and drone batteries accounting for over 69% of revenue [10] Industry Outlook - Consumer electronics demand is expected to enter a peak season in H2 2024, with new models of mobile phones and laptops set to be released, driving steady growth in battery shipments [1][9] - The company's capacity utilization rate is expected to steadily increase, and cost control measures are likely to continue improving profitability [1][9] Financial Forecasts - Revenue for 2024-2026 is projected to be 11 848 billion yuan, 14 110 billion yuan, and 16 966 billion yuan, with YoY growth of 4%, 19%, and 20% respectively [2][16] - Net profit attributable to shareholders for 2024-2026 is forecasted to be 456 million yuan, 846 million yuan, and 1 286 billion yuan, with YoY growth of 33%, 85%, and 52% respectively [1][16] - EPS for 2024-2026 is expected to be 0 40 yuan, 0 75 yuan, and 1 14 yuan, with dynamic PE ratios of 33x, 18x, and 12x respectively [1][17]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——珠海冠宇系列之七：24 年上半年报点评 动力业务减亏，重视消费业务量利齐升 珠海冠宇(688772) [Table_Industry] 资本货物/工业 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 20.75 | | | 上次预测: | 20.75 | | [当前价格： Table_CurPrice] | | 13.38 | | --- | --- | --- | |----------|----------------------|--------------------| | | 庞钧文(分析师) | 牟俊宇(分析师) | | | 021-38674703 | 0755-23976610 | | ...

电力设备 2024 年 08 月 18 日 珠海冠宇 (688772) ——业绩符合预期，看好 2H24 盈利弹性 | --- | --- | |-------------------------|---------------------| | 市场数据： | 2024 年 08 月 16 日 | | 收盘价（元） | 13.38 | | 一年内最高/最低（元） | 22.59/11.13 | | 市净率 | 2.4 | | 息率（分红/股价） | 2.02 | | 流通 A 股市值（百万元） | 10,305 | | 上证指数/深证成指 | 2,879.43/8,349.87 | | | | | --- | --- | |--------------------------|---------------------| | 基础数据: | 2024 年 06 月 30 日 | | 每股净资产（元） | 5.69 | | 资产负债率% | 67.62 | | 总股本/流通 A 股（百万） | 1,127/770 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-1609 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The company reported a net profit attributable to shareholders of 100 million yuan in the first half of 2024, a year-on-year decrease of 28%. The second quarter net profit was 90 million yuan, down 67% year-on-year, primarily due to an increase in R&D expenses from 8.6% in Q2 2023 to 11.8% in Q2 2024, aimed at supporting new product development and acquiring new customers. Despite short-term pressure on expenses, the forecast for net profit from 2024 to 2026 has been adjusted downwards to 540 million, 946 million, and 1.331 billion yuan respectively. The current stock price corresponds to a PE ratio of 27.8, 15.9, and 11.3 for 2024-2026, respectively. The sustained increase in market share for consumer batteries and rapid growth in start-stop batteries support the "Buy" rating [6][8]. Summary by Sections Consumer Battery Market Share and Growth - The company has seen an increase in market share in the consumer battery sector, with a 10.5% year-on-year increase in notebook shipments and a 13.1% increase in smartphone shipments in the first half of 2024. The self-supply rate for consumer battery PACK reached 39.8%, up 7.9 percentage points year-on-year. The company is also expanding its overseas customer base with a new production facility in Malaysia [7][8]. Start-Stop Battery Business - The start-stop battery segment has experienced significant growth, with revenue from automotive start-stop batteries increasing by 730.4% year-on-year in the first half of 2024. The company has secured supply agreements with major clients such as Stellantis and GM, which are expected to contribute to future growth. Additionally, revenue from the drone business, in collaboration with DJI, grew by 56.4% year-on-year [8][9]. Financial Projections - The company's revenue is projected to grow from 14.515 billion yuan in 2024 to 19.917 billion yuan in 2026, reflecting a year-on-year growth rate of 26.8% in 2024, 19.4% in 2025, and 14.9% in 2026. The net profit is expected to increase significantly, with a projected net profit margin of 3.7% in 2024, rising to 6.7% by 2026. The gross margin is expected to stabilize around 25.2% to 26.3% during this period [9][10].

珠海冠宇（688772.SH）2024 年半年报点评 业绩符合预期，消费业务稳步增长 2024 年 08 月 17 日 ➢ 事件。2024 年 8 月 15 日，公司发布 2024 年半年报，公司上半年实现营收 53.47 亿元，同比下滑 2.31%，实现归母净利润 1.02 亿元，同比下滑 27.53%， 扣非后归母净利润 0.26 亿元，同比下滑 72.62%。 ➢ Q2 业绩拆分。营收和净利：公司 2024Q2 营收 27.98 亿元，同减 9.64%， 环增 9.79%，归母净利润为 0.92 亿元，同减 67.25%，环增 818.25%，扣非后 归母净利润为 0.42 亿元，同减 83.79%，环比扭亏。毛利率：2024Q2 毛利率为 24.15%，同比-1.24pcts，环比-0.51pct。净利率：2024Q2 净利率为 2.13%， 同比-6.17pcts，环增 3.56pcts。费用率：公司 2024Q2 期间费用率为 23.09%， 同比-1.74pcts，其中销售、管理、研发、财务费用率分别为 0.57%、9.86%、 11.81%、0.86%，同比变动-0.22pct、-2.86pc ...

证券代码：688772 证券简称：珠海冠宇 | --- | --- | --- | --- | --- | |----------------|-----------------------|------------|--------|----------| | | | | 编号： | 2024-014 | | | □特定对象调研 | 分析师会议 | | | | | □媒体采访 □业绩说明会 | | | | | 投资者关系活动 | | | | | | | □新闻发布会 □路演活动 | | | | | 类别 | | | | | | | □现场参观 □一对一沟通 | | | | □其他 参与单位 中金公司、天风证券、国海证券、BlackRock AM North Asia Limited、财通证 券、东吴证券、国泰君安证券、华泰证券、中信建投等 194 家机构 时间 2024 年 8 月 15 日 地点 珠海 形式 线上会议 接待人员 董事会秘书 刘宗坤 投资者关系负责人 王子越 主要内容介绍： 1、请介绍下上半年公司业绩情况。 答：2024 年上半年，面对复杂的外部环境以及日益激烈的市场竞争， 公司积极应对多重 ...