ZHUHAI COSMX(SH:688772) Guotai Junan Securities·2024-08-19 07:09Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company's performance in the first half of the year meets expectations, with a gradual reduction in losses from the power business and an increase in volume and profit from the consumer battery business, indicating potential for sustained growth [5][10] - The target price is set at 20.75 yuan, with the current price at 13.38 yuan, suggesting significant upside potential [4][10] Financial Summary - In the first half of 2024, the company achieved revenue of 5.35 billion yuan, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of 100 million yuan, down 27.5% year-on-year [10] - The second quarter of 2024 saw revenue of 2.8 billion yuan, a year-on-year decrease of 9.6% but a quarter-on-quarter increase of 9.8%, with a net profit of 90 million yuan, down 67.3% year-on-year but up 818.3% quarter-on-quarter [10] - The company’s power storage business, particularly the low-voltage lithium battery segment, has shown significant growth, with a revenue increase of 730.35% year-on-year [10] Market Position and Trends - The company is positioned as the second-largest player in the global PC battery market and a key supplier for Apple, benefiting from the demand surge driven by the AI-driven replacement cycle in consumer electronics [10] - The sales volume of the company's lithium batteries for laptops and smartphones grew by 10.51% and 13.09% respectively, outpacing industry growth rates [10] Financial Projections - The report forecasts EPS for 2024-2026 to be 0.50 yuan, 0.94 yuan, and 1.14 yuan respectively, reflecting confidence in the company's recovery and growth trajectory [10][11] - Revenue projections for 2024, 2025, and 2026 are 12.69 billion yuan, 14.55 billion yuan, and 15.89 billion yuan, with corresponding net profits expected to be 559 million yuan, 1.06 billion yuan, and 1.28 billion yuan [11][13]