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]

关于珠海冠宇电池股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 致同会计师事务所（特殊普通合伙） 关于珠海冠宇电池股份有限公司非经营性资金占用及其他关联资 金往来的专项说明 珠海冠宇电池股份有限公司 2024 年度非经营性资金占用及其他 关联资金往来情况汇总表 附表 关于珠海冠宇电池股份有限公司 单位：万元 占用方与上 上市公司 2024 年期 占用累计 2024 年度 2024 年期 非经营性资金 资金占用方 占用资金 占用形成 市公司的关 核算的会 初占用资 发生金额 偿还累计 末占用资 占用性质 占用 名称 的利息 原因 联关系 计科目 金余额 (不含利 发生金额 金余额 (如有) 息) 现控股股东、 非经营性 实际控制人及 占用 其附属企业 小计 / / / / / 前控股股东、 非经营性 实际控制人及 占用 其附属企业 小计 / / / / / 其他关联方及 非经营性 其附属企业 占用 小计 / / / / / 总计 / / / / / 其他关联资金 往来方与上 上市公司 2024 年期 2024 年度 2024 年度 2024 年度 2024 年期 往来形成 资金往来方 ...

证券代码：688772 证券简称：珠海冠宇 公告编号：2025-020 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 2024 年度利润分配预案的公告 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： ? 每股分配比例：每股派发现金红利人民币 0.30 元（含税），不进行资本公 积金转增股本，不送红股。 ? 本次利润分配以实施权益分派股权登记日登记的总股本扣减公司回购专 用证券账户中股份为基数，具体日期将在权益分派实施公告中明确。 ? 在实施权益分派的股权登记日前因可转债转股、回购股份、股权激励等 致使公司总股本发生变动的，拟维持每股分配比例不变，相应调整分配总额，并 将另行公告具体调整情况。 一、利润分配方案内容 （一）利润分配方案的具体内容 经致同会计师事务所（特殊普通合伙）审计，截至2024年12月31日，母公司 期末可供分配利润为人民币1,448,211,529.77元。公司2024年度拟以实施权益分派 股权登记日登记的总股本扣减公司回购专用证券账户中股份为基数分配利润。 ...

证券代码：688772 证券简称：珠海冠宇 公告编号：2025-019 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 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"）第二届监事会第十四次会议 于 2025 年 3 月 28 日以现场结合通讯方式召开。本次会议通知已于 2025 年 3 月 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 下简称《公司法》）以及《珠海冠宇电池股份有限公司章程》（以下简称《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 年年度报告及其摘要〉的议案》 经审核，监事会认为：公司《2024 年年度报告》的编制和审议程序符合相关 法律、行政法规等的规定，报告内容真实、准确、完整地反映了公司的财务状况 和经营状况等信息，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案尚需 ...

证券代码：688772 证券简称：珠海冠宇 公告编号：2025-026 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 关于召开 2024 年年度股东大会的通知 本公司董事会及全体董事保证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： ? 股东大会召开日期：2025年4月28日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 （一） 股东大会类型和届次 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 4 月 28 日 15 点 30 分 召开地点：珠海市斗门区井岸镇顺宇路 1 号行政楼 301 会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 28 日 至 2025 年 4 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投 ...

珠海冠宇电池股份有限公司 作为珠海冠宇电池股份有限公司（以下简称"公司"）的独立董事，在2024 年的工作中，本人严格按照《中华人民共和国公司法》 （以下简称"《公司法》"） 《中华人民共和国证券法》《珠海冠宇电池股份有限公司章程》（以下简称"《公 司章程》"）和《珠海冠宇电池股份有限公司独立董事工作制度》 （以下简称"《独 立董事工作制度》"）等有关规定，诚实、勤勉、独立地履行职责，积极出席相 关会议，认真审议董事会各项议案，对公司重大事项发表了独立意见，切实维护 公司和股东的合法权益，促进公司规范运作，充分发挥了独立董事的作用。现将 本人2024年度履职的情况报告如下： 一、独立董事的基本情况 赵焱，男，1980年出生，中国国籍，硕士学历，高级会计师。自2002年7月 起，其先后任职于中国移动通信集团有限公司、国务院国有资产监督管理委员会 （借调）和中国移动有限公司等；2017年11月至今，任亚信科技控股有限公司董 事会办公室和投资者关系部资深总监；2020年4月至今，任本公司独立董事。 作为公司董事会独立董事，本人具有《上市公司独立董事管理办法》第六条、 《上海证券交易所科创板上市公司自律监管指引第1号 ...