Investment Rating - The report maintains a "Buy" rating for Zhuhai Guanyu (688772) [2][12] Core Views - The company is expected to achieve steady growth in 2024, with projected total revenue of 11.545 billion yuan, a year-on-year increase of 0.87%, and a net profit attributable to shareholders of 434 million yuan, a year-on-year increase of 26.22% [6][7] - The company has effectively expanded its market share, reduced costs through refined management, and increased foreign exchange gains due to the rising USD/RMB exchange rate [7] - The rise of AI is expected to stimulate demand in the consumer electronics sector, with the company increasing its supply ratio in consumer PACK business [8][11] Company Overview - Latest closing price: 17.07 yuan - Total shares: 1.128 billion - Total market capitalization: 19.2 billion yuan - 52-week high/low: 19.22/11.64 yuan - Debt-to-asset ratio: 66.4% - Price-to-earnings ratio: 55.06 [4] Financial Performance - For 2024, the company anticipates total revenue of 11.545 billion yuan, with a growth rate of 0.87% [16] - The net profit attributable to shareholders is projected to be 434 million yuan, reflecting a growth rate of 26.22% [16] - The company expects to achieve net profits of 4.3 billion yuan, 9.0 billion yuan, and 13.9 billion yuan for the years 2024, 2025, and 2026 respectively [12] Market Trends - The global notebook market is projected to grow by 5% in 2024, with the company increasing its sales volume of lithium batteries for notebooks by 10.51% in the first half of 2024 [8] - The smartphone market is also expected to grow, with a projected increase of 7.1% in global smartphone shipments in 2024, leading to a 13.09% increase in the company's smartphone battery sales [8]

Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Buy" (maintained) [1] Core Views - Q4 performance met market expectations with 2024 revenue projected at 11.5 billion yuan, a year-on-year increase of 0.9%, and net profit attributable to shareholders expected to reach 434 million yuan, a year-on-year increase of 26% [1] - The company is expected to benefit from new product launches in the mobile sector, with a projected shipment of 3.8 billion units in 2024, representing a 15% year-on-year increase [1] - The company is positioned as a global leader in consumer lithium batteries, with the potential for a second growth curve through its energy storage battery business [1] Financial Summary - Total revenue for 2022 was 10.974 billion yuan, with a projected increase to 11.545 billion yuan in 2024 and 14.695 billion yuan in 2025, reflecting a growth rate of 27.28% [1] - Net profit attributable to shareholders was 90.95 million yuan in 2022, expected to rise to 434.42 million yuan in 2024 and 843.75 million yuan in 2025, indicating a significant growth trajectory [1] - The latest diluted EPS is projected to be 0.39 yuan in 2024 and 0.75 yuan in 2025, with corresponding P/E ratios of 46.77 and 24.08 [1]

| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2025-013 | | --- | --- | --- | | 债券代码：118024 | 债券简称：冠宇转债 | | 珠海冠宇电池股份有限公司 关于 2024 年计提资产减值准备的公告 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、准确性和完整性依法承担法律责任。 一、2024 年计提资产减值准备情况 根据《企业会计准则》及珠海冠宇电池股份有限公司（以下简称"公司"） 会计政策、会计估计的相关规定，为了真实、准确地反映公司 2024 年的财务状 况和经营成果，基于谨慎性原则，公司对截至 2024 年 12 月 31 日合并报表范围 内可能发生信用及资产减值损失的有关资产计提资产减值准备。 2024 年，公司确认资产减值损失和信用减值损失共计 28,867.64 万元，具体 如下： 单位：万元 | | 项 目 | 本期金额 | | | --- | --- | --- | --- | | 信用减值损失 | 应收账款坏账损失 | | 132.75 | | | 其他应收款坏账损失 | | 4. ...

Financial Performance - Total operating revenue for 2024 reached RMB 1,154,485.61 million, an increase of 0.87% compared to the previous year[4] - Net profit attributable to shareholders of the parent company was RMB 43,442.33 million, up 26.22% year-on-year[4] - Profit before tax increased by 82.48% to RMB 10,952.42 million compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 52.16% to RMB 35,166.15 million[4] - Basic earnings per share increased by 25.81% to RMB 0.39[4] Assets and Equity - Total assets at the end of 2024 were RMB 2,120,015.26 million, a decrease of 1.43% from the beginning of the year[4] - Shareholders' equity attributable to the parent company increased by 2.51% to RMB 714,982.24 million[4] Market and Investment - The company achieved significant market expansion, effectively increasing customer share and mitigating the impact of raw material price fluctuations[9] - Continuous investment in R&D has been made to enhance product competitiveness[9] - The increase in the USD to RMB exchange rate contributed to higher foreign exchange gains[9]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][8]. Core Insights - The company is focusing on expanding its market potential and consolidating its advantages in the consumer electronics sector, particularly in laptop and smartphone battery sales, which have shown significant growth [5][6]. - The company is also strategically shifting towards the power and energy storage sectors, aiming to become a leading player in low-voltage automotive batteries and drone batteries, while carefully managing its production capacity [6][7]. - The anticipated revenue for the company is projected to reach 11.934 billion yuan in 2024, with a net profit of 450.6 million yuan, reflecting substantial growth compared to previous years [10][8]. Company Overview - The latest closing price of the company's stock is 17.00 yuan, with a total market capitalization of 19.2 billion yuan [4]. - The company has a total share capital of 1.128 billion shares, with a debt-to-asset ratio of 66.4% and a price-to-earnings ratio of 54.84 [4]. Financial Projections - Revenue is expected to grow from 11.446 billion yuan in 2023 to 17.001 billion yuan by 2026, with a compound annual growth rate of approximately 18.1% [10]. - The net profit is projected to increase significantly from 344.19 million yuan in 2023 to 1.38544 billion yuan in 2026, indicating a strong growth trajectory [10][8]. Market Performance - The stock has shown a positive trend, with a projected increase of 33% from February 2024 to February 2025, reflecting investor confidence in the company's growth prospects [3][8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][8]. Core Insights - The company is focusing on expanding its market potential and consolidating its advantages in the consumer electronics sector, particularly in laptop and smartphone battery sales, which have shown significant growth [5][6]. - The company is also strategically investing in the automotive low-voltage lithium battery and drone battery sectors, aiming to become a leading player in these markets [6][7]. - The report forecasts substantial revenue growth for the company, projecting revenues of 119 billion, 144 billion, and 170 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.5 billion, 9.0 billion, and 13.9 billion yuan [8][10]. Company Overview - The latest closing price of the company's stock is 17.00 yuan, with a total market capitalization of 192 billion yuan and a PE ratio of 54.84 [4]. - The company has a total share capital of 1.128 billion shares, with a debt-to-asset ratio of 66.4% [4]. Financial Projections - The company is expected to achieve a revenue growth rate of 4.3% in 2024, followed by a significant increase of 20.6% in 2025 and 18.1% in 2026 [10][11]. - The projected net profit growth rates are 278.5% for 2024, 100.5% for 2025, and 53.4% for 2026, indicating strong profitability potential [10][11].

珠海冠宇电池股份有限公司 关于本次限制性股票归属登记完成后不调整可转债 转股价格的公告 | 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2025-011 | | --- | --- | --- | | 债券代码：118024 | 债券简称：冠宇转债 | | 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、准确性和完整性依法承担法律责任。 重要内容提示： 因珠海冠宇电池股份有限公司（以下简称"公司"）2023 年限制性股票 激励计划预留授予部分第一个归属期归属的限制性股票数量为 28.1931 万股，占 公司总股本比例小，经计算，前述限制性股票激励计划归属登记完成后，"冠宇 转债"转股价格不变。 一、转股价格调整依据 公司已于2025年2月10日完成了2023年限制性股票激励计划预留授予部分第 一个归属期的归属登记手续，以8.69元/股的价格向激励对象归属共28.1931万股， 股份来源为定向增发的公司A股普通股股票，本次股权激励归属登记完成后，公 司总股本由1,127,286,261股增加至1,127,568,192股，具体内容详见公司于 ...

| 证券代码：688772 | 证券简称：珠海冠宇 公告编号：2025-008 | | --- | --- | | 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 关于合计持股 5%以上股东权益变动触及 1%的提示 性公告 备注： 1、本次变动不存在违反《中华人民共和国证券法》《上市公司收购管理办法》等法律法规和上海证券 交易所业务规则等相关规定情形及其相关承诺； 本公司董事会、全体董事及相关股东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。 重要内容提示： 本次权益变动为通过集中竞价交易减持及被动稀释，不触及要约收购。 本次权益变动后，公司股东安义浙银汇嘉投资管理合伙企业（有限合伙） （以下简称"浙银汇嘉"）及其一致行动人安义汇嘉股权投资管理合伙企业（有 限合伙）（以下简称"汇嘉股权"）合计持有公司股份 89,636,900 股，占公司股 份总数的 7.95%。 本次权益变动为合计持股 5%以上非第一大股东减持及被动稀释，不会导 致公司控股股东及实际控制人发生变化。 公司于 2025 年 2 月 7 日收到浙银 ...

| 证券代码：688772 | 证券简称：珠海冠宇 公告编号：2025-009 | | --- | --- | | 债券代码：118024 | 债券简称：冠宇转债 | 珠海冠宇电池股份有限公司 关于公司涉及诉讼的进展 暨涉诉 ATL 专利被宣告无效的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 案件所处的诉讼阶段：二审阶段；涉诉 ATL 的专利被国家知识产权局宣 告全部无效。 是否对上市公司产生影响：截至本公告披露日，珠海冠宇电池股份有限 公司（以下简称"公司"）与宁德新能源科技有限公司、东莞新能源科技有限公 司（以下单独或合称"ATL"）之间的专利争议案件中已有 13 个 ATL 的专利被 国家知识产权局宣告或法院判决无效，已有 12 个案件被 ATL 主动撤诉，已有 1 个案件被法院驳回 ATL 的起诉。公司所研发生产的产品具有完全自主的知识产 权，本次诉讼进展不会对公司的日常经营产生负面影响，也不会对公司当期及未 来损益产生负面影响。 一、诉讼的基本情况 2022 年 7 月 8 日，公司收到 ...