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]

Group 1 - Zhuhai Guanyu (688772.SH) released its 2024 annual report on March 31, 2025, with 241 institutional investors holding a total of 645 million shares, accounting for 57.18% of the total share capital [1] - The top ten institutional investors collectively hold 47.63% of the shares, with a decrease of 0.40 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five funds increased their holdings, with an increase rate of 0.14%, while six funds decreased their holdings, with a decrease rate of 0.81% [2] - A total of 198 new public funds were disclosed this period, while 26 funds were no longer disclosed compared to the previous quarter [2] - The only social security fund that increased its holdings was the National Social Security Fund 406 portfolio, with an increase rate of 0.24% [2]

Fundraising Overview - The company raised a total of RMB 3,089,043,000 through the issuance of convertible bonds, with a net amount of RMB 3,057,386,562 after deducting issuance costs [1][2] - As of December 31, 2023, the company had unutilized funds from its initial public offering (IPO) amounting to RMB 530.08 million and from the convertible bonds amounting to RMB 1.29 billion [2][3] Fund Management and Usage - The company has established a fundraising management system in compliance with regulatory requirements, including a tripartite supervision agreement with banks and the sponsor [3][4] - As of December 31, 2024, the total balance of the fundraising accounts was RMB 317.63 million, which includes interest income of RMB 37.73 million [6][9] Project Funding and Adjustments - The company has completed the funding for the "Supplementary Working Capital" project, utilizing RMB 233.93 million [4][12] - The "Chongqing Lithium Battery Cell Packaging Production Line Project" was terminated, and RMB 108.93 million was returned to the fundraising account [15][16] - The company has approved the use of surplus funds from completed projects to permanently supplement working capital [13][14] Cash Management - The company has approved the use of idle fundraising funds for cash management, allowing for investments in safe and liquid financial products, with a maximum of RMB 2 billion [10][11] - As of December 31, 2024, the balance of idle funds used for cash management was RMB 0.00 million, indicating all investments have matured and returned as expected [10][11] Regulatory Compliance - The company has adhered to the disclosure requirements set forth by regulatory bodies, ensuring timely and accurate reporting of fundraising storage and usage [16][17] - The sponsor has confirmed that the company's fundraising management practices comply with relevant regulations and accurately reflect the fundraising situation [17]