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]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's performance in the first half of the year meets expectations, with a gradual reduction in losses from the power business and an increase in volume and profit from the consumer battery business, indicating potential for sustained growth [5][10] - The target price is set at 20.75 yuan, with the current price at 13.38 yuan, suggesting significant upside potential [4][10] Financial Summary - In the first half of 2024, the company achieved revenue of 5.35 billion yuan, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of 100 million yuan, down 27.5% year-on-year [10] - The second quarter of 2024 saw revenue of 2.8 billion yuan, a year-on-year decrease of 9.6% but a quarter-on-quarter increase of 9.8%, with a net profit of 90 million yuan, down 67.3% year-on-year but up 818.3% quarter-on-quarter [10] - The company’s power storage business, particularly the low-voltage lithium battery segment, has shown significant growth, with a revenue increase of 730.35% year-on-year [10] Market Position and Trends - The company is positioned as the second-largest player in the global PC battery market and a key supplier for Apple, benefiting from the demand surge driven by the AI-driven replacement cycle in consumer electronics [10] - The sales volume of the company's lithium batteries for laptops and smartphones grew by 10.51% and 13.09% respectively, outpacing industry growth rates [10] Financial Projections - The report forecasts EPS for 2024-2026 to be 0.50 yuan, 0.94 yuan, and 1.14 yuan respectively, reflecting confidence in the company's recovery and growth trajectory [10][11] - Revenue projections for 2024, 2025, and 2026 are 12.69 billion yuan, 14.55 billion yuan, and 15.89 billion yuan, with corresponding net profits expected to be 559 million yuan, 1.06 billion yuan, and 1.28 billion yuan [11][13]

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 ...

Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Buy" (maintained) [1] Core Views - The company's Q2 performance met expectations, with a revenue of 5.4 billion yuan in H1 2024, a decrease of 2.3% year-on-year, and a net profit of 100 million yuan, down 28% year-on-year. The gross margin improved to 24.4%, up 1.9 percentage points [3] - The consumer shipment volume increased by 15% quarter-on-quarter, with the self-supply ratio for packs rising to 40%. The company expects shipments to reach 100 million units in Q3, a quarter-on-quarter increase of over 10% [3] - The power business reduced losses quarter-on-quarter, focusing on start-stop batteries, with expected shipments of 700,000 to 800,000 units for the year, representing over tenfold growth year-on-year [3] - The company has revised down its net profit forecast for 2024-2026 to 530 million, 920 million, and 1.43 billion yuan, respectively, with corresponding P/E ratios of 29, 17, and 11 times [4] Financial Performance Summary - Total revenue (in million yuan) is projected to be 12,077 in 2024, with a year-on-year growth of 5.51% [2] - Net profit attributable to the parent company is expected to reach 525.27 million yuan in 2024, reflecting a year-on-year increase of 52.61% [2] - The latest diluted EPS is forecasted at 0.47 yuan per share for 2024, with a P/E ratio of 29.12 based on the current price [2] Market Data - The closing price is 13.57 yuan, with a market capitalization of 15,297.27 million yuan [6] - The price-to-book ratio is 2.38 [6] Basic Data - The net asset per share is 5.69 yuan, with a debt-to-asset ratio of 67.62% [7] - The total share capital is 1,127.29 million shares [7]

证 2024 年 08 月 15 日 报 告 公 司 研 究 业绩环比大幅改善，迈入中长期向上通道 —珠海冠宇（688772.SH）公司事件点评报告 买入(维持) 事件 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | --- | --- | |----------------------|-------------| | 基本数据 | 2024-08-15 | | 当前股价（元） | 13.57 | | 总市值（亿元） | 153 | | 总股本（百万股） | 1127 | | 流通股本（百万股） | 770 | | 52 周价格范围（元） | 11.64-22.08 | | 日均成交额（百万元） | 232.5 | 市场表现 -50 -40 -30 -20 -10 0 10 (%) 珠海冠宇 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《珠海冠宇（688772）：消费有 望迎量利齐升，动力储能打造第二 增长极》2023-02-12 2、《珠海冠宇（688772）：客户再 下一城，有望迈入中长期向上通 道》2022-12-18 珠海冠宇发布公告：2024H1 ...

业绩简评 2024 年 8 月 15 日公司披露中报，H1 实现营收 53 亿元，同减 2%； 实现归母净利 1 亿元，同减 28%；实现归母扣非净利 0.26 亿元， 同减 73%。其中 Q2 实现营收 28 亿元、同减 10%；实现归母净利 0.9 亿元、同减 67%；实现扣非净利为 0.42 亿元、同减 84%。 经营分析 从盈利能力来看，公司净利率下降主要系研发投入增加、汇兑收 益下降：1）2024 年 H1 公司毛利率达 24%、较去年同期提升 2pct， 毛利率持续改善主要系原材料钴酸锂价格大幅下降。2）2024 年 H1 公司净利率为 1.9%，较去年同期下降 0.7pct，净利率下行主要 系公司加大研发投入、汇兑收益下降，2024 年 H1 公司研发费用达 6.6 亿元、同增 37%，研发费率为 12.4%、较去年同期提升 3.6pct； 2024 年 H1 公司财务费用达 0.4 亿元、财务费率为 0.8%、较去年 同期提升 1.2pct。 消费电子电池业务，2023 年公司在笔电、手机电池份额为 31%、 8%，位列第二、第五，2024 年 H1 全球笔电出货量达 1 亿台、同增 4%，公 ...

本公司监事会及全体监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、监事会会议召开情况 珠海冠宇电池股份有限公司（以下简称"公司"）第二届监事会第十次会议 于 2024 年 8 月 15 日以现场结合通讯方式召开。本次会议通知已于 2024 年 8 月 5 日发出。本次会议由何锐先生召集并主持，应出席监事 3 人，实际到会监事 3 人。本次会议的召集、召开程序符合《中华人民共和国公司法》以及《珠海冠宇 电池股份有限公司章程》的相关规定，会议决议合法、有效。 二、监事会会议审议情况 （一） 审议通过《关于<2024 年半年度报告及其摘要>的议案》 | 证券代码：688772 | 证券简称：珠海冠宇 公告编号：2024-064 | | --- | --- | | 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 第二届监事会第十次会议决议公告 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）的《2024 年半年度募集资金存放与实际使用情况 ...