ZHUHAI COSMX(688772) 东吴证券·2024-10-29 13:50Investment Rating - The report maintains a "Buy" rating for Zhuhai Guanyu (688772) [1] Core Views - Q3 performance is generally in line with expectations, with total revenue for the first three quarters of 2024 at 8.5 billion yuan, a decrease of 0.3% year-on-year, and a net profit attributable to shareholders of 270 million yuan, down 7.5% year-on-year [2] - Q3 consumer shipments reached a record high, with North American major customers accounting for 10% of shipments, contributing to a net profit margin increase to over 10% [3] - The start-stop business has turned profitable, with an expected annual loss of 400 million yuan, but is projected to improve in the coming years [4] Financial Performance Summary - For 2024, total revenue is forecasted to be 12.08 billion yuan, with a year-on-year growth of 5.51% [1] - The net profit attributable to shareholders is expected to reach 524.94 million yuan in 2024, representing a year-on-year increase of 52.51% [1] - The latest diluted EPS is projected to be 0.47 yuan per share for 2024, with a P/E ratio of 38.07 [1] Revenue and Profitability Insights - Q3 revenue from consumer products was approximately 29-30 billion yuan, accounting for 93% of total revenue, with laptops and mobile phones contributing significantly [3] - The gross margin for consumer products in Q3 reached over 30%, with a net profit margin exceeding 10% [3] - The company expects to maintain shipment levels of 1-1.1 billion units in Q4, with total shipments for 2024 projected at 3.8 billion units, a 15% increase year-on-year [3] Cash Flow and Expenses - Operating cash flow for the first three quarters of 2024 was 1.7 billion yuan, an increase of 7% year-on-year, with Q3 operating cash flow at 800 million yuan, up 21% quarter-on-quarter [5] - Total expenses for the first three quarters of 2024 were 2.1 billion yuan, a 17% increase year-on-year, with a slight increase in expense ratio [5]