ZHUHAI COSMX(SH:688772) Soochow Securities·2024-08-16 04:37Investment 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]