ZHUHAI COSMX(SH:688772) Huachuang Securities·2024-08-23 10:39Investment Rating - The report maintains a "Recommended" rating for Zhuhai Guanyu (688772) with a target price of 17.84 CNY [2]. Core Views - The company's H1 2024 revenue reached 5.347 billion CNY, a decrease of 2.31% year-on-year, while the net profit attributable to shareholders was 102 million CNY, down 27.53% year-on-year. However, the non-recurring net profit increased by 72.62% year-on-year to 26 million CNY [2]. - The company has strengthened its market share in consumer batteries, with notebook battery sales increasing by 10.51% year-on-year and smartphone battery sales rising by 13.09% year-on-year. The self-supply ratio for consumer PACK business reached 39.84%, up 7.87 percentage points year-on-year [2]. - The company is adjusting its production capacity and expanding its global presence, with plans to invest up to 2 billion CNY in a consumer lithium battery project in Malaysia [2]. Financial Summary - Total revenue for 2023 is projected at 11.446 billion CNY, with expected growth rates of 18.7% in 2024, 19.4% in 2025, and 18.1% in 2026 [3]. - The net profit attributable to shareholders is forecasted to grow significantly from 344 million CNY in 2023 to 1.439 billion CNY in 2026, reflecting a growth rate of 278.2% in 2024 [3]. - The company's earnings per share (EPS) is expected to increase from 0.31 CNY in 2023 to 1.28 CNY in 2026, with corresponding price-to-earnings (P/E) ratios of 45, 29, 15, and 11 for the respective years [3]. Company Data - The total market capitalization of Zhuhai Guanyu is approximately 15.579 billion CNY, with a circulating market value of 10.644 billion CNY [6]. - The company has a total share capital of approximately 1.127 billion shares, with 770 million shares listed for circulation [6].