ZHUHAI COSMX(688772) Guoxin Securities·2024-10-30 01:31Investment Rating - The investment rating for Zhuhai Guanyu (688772.SH) is "Outperform the Market" [3][12]. Core Views - In Q3 2024, the company achieved a net profit attributable to shareholders of 166 million yuan, representing a year-on-year increase of 11% and a quarter-on-quarter increase of 81%. The revenue for the first three quarters of 2024 was 8.517 billion yuan, which is roughly flat year-on-year, with a net profit of 268 million yuan, down 7% year-on-year [1][4]. - The company’s consumer battery sales continued to grow, with an estimated sales volume of 105-110 million units in Q3 2024, reflecting a year-on-year growth of over 20% and a quarter-on-quarter growth of over 21%. The company expects to exceed 380 million units in total consumer battery sales for the year, a year-on-year increase of over 16% [1][11]. - The profitability of the consumer battery segment significantly improved quarter-on-quarter, with an estimated net profit of approximately 255 million yuan in Q3 2024, up 40% quarter-on-quarter, and a net profit margin of about 8.7%, up 1.5 percentage points [1][11]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 3.170 billion yuan, a year-on-year increase of 3% and a quarter-on-quarter increase of 13%. The gross margin was 28.28%, down 0.55 percentage points year-on-year but up 4.13 percentage points quarter-on-quarter [4][10]. - The company’s net profit margin for Q3 2024 was 4.24%, an increase of 1.01 percentage points year-on-year and 2.11 percentage points quarter-on-quarter [4][10]. Business Segments - The energy storage battery business saw continuous growth, with estimated revenue exceeding 200 million yuan in Q3 2024. The company focused on the drone battery and low-voltage automotive battery sectors, with a reduction in losses for this segment [12]. - The company is investing approximately 2 billion yuan to build a consumer battery base in Malaysia to better tap into international markets and meet overseas customer demand [1][11]. Future Outlook - The company maintains its profit forecast and continues to expect net profits of 456 million yuan, 846 million yuan, and 1.286 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 32%, 86%, and 52% [12][13].