民生证券：给予珠海冠宇买入评级

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]