ZHUHAI COSMX(SH:688772) Xin Lang Cai Jing·2025-09-03 00:37Core Insights - The company achieved a steady profit growth in 2025H1, with total revenue reaching 6.1 billion yuan, a year-on-year increase of 14%, and a net profit attributable to shareholders of 1.2 billion yuan, up 15% year-on-year [1] - The change in depreciation accounting policy is expected to further enhance profits over the next two years [1] - The consumer electronics sector is showing a robust recovery, with the company benefiting from stable market share growth among core clients [1] Financial Performance - In 2025H1, the company reported a net profit of 1.2 billion yuan, a 15% increase year-on-year, and a non-recurring net profit of 450 million yuan, which is a significant 74% increase year-on-year [1] - The company’s revenue from drone batteries surged by 200% year-on-year in 2025H1, driven by deep collaborations with clients like DJI [2] - The company’s subsidiary, Zhejiang Guanyu, achieved revenue of 970 million yuan in 2025H1, a 140% increase year-on-year, with automotive low-voltage lithium batteries and drone batteries accounting for 86% of this revenue [2] Market Trends - Global laptop shipments reached approximately 103 million units in 2025H1, reflecting an 8.6% year-on-year growth, while smartphone shipments were around 586 million units, showing a slight increase of 0.1% [1] - The company’s sales of laptop lithium batteries grew by 6.93% year-on-year, and smartphone lithium battery sales increased by 43% due to market share gains and adjustments in client battery strategies [1] - The emerging consumer electronics market, coupled with advancements in AI, is expected to drive further demand growth [1] Strategic Focus - The company is strategically positioning itself in the drone battery market, capitalizing on the growth of drone shipments this year [2] - The focus on automotive low-voltage lithium batteries is aimed at reducing business losses amid intensified competition and excess capacity [2] - The company is actively developing logistics drone products in collaboration with leading logistics firms and engaging with major eVTOL manufacturers [2] Future Projections - Revenue projections for the company are estimated at 13.5 billion yuan, 17 billion yuan, and 19.8 billion yuan for the years 2025 to 2027, with net profits expected to be 610 million yuan, 1.43 billion yuan, and 2.03 billion yuan respectively [2]