ZHUHAI COSMX(688772) Haitong Securities·2024-11-10 07:26Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Outperform the Market" [2] Core Views - The company reported a significant increase in Q3 profits, with revenue of 3.17 billion yuan, a year-on-year increase of 3.4% and a quarter-on-quarter increase of 13.3%. The net profit attributable to the parent company reached 170 million yuan, up 11.4% year-on-year and 81.1% quarter-on-quarter [3] - The company's gross margin for Q3 was 28.3%, with a year-on-year decrease of 0.5 percentage points and a quarter-on-quarter increase of 4.1 percentage points. The net profit margin reached 5.2%, up 0.4 percentage points year-on-year and 2.0 percentage points quarter-on-quarter [3] - The consumer electronics sector is showing resilience, with global PC and smartphone shipments experiencing positive growth for four consecutive quarters. The company is expected to maintain its market share in laptops and see rapid growth in smartphone client acquisition [4] - The energy storage segment is focusing on reducing losses, with expectations of improvement by 2025 as the company optimizes capacity and project selection [4] Financial Summary - The company adjusted its profit forecasts for 2024-2026, with net profits revised to 490 million yuan, 890 million yuan, and 1.23 billion yuan respectively, corresponding to EPS of 0.44 yuan, 0.79 yuan, and 1.09 yuan [5] - Revenue projections for 2024-2026 are set at 11.71 billion yuan, 13.64 billion yuan, and 15.19 billion yuan, with year-on-year growth rates of 2.3%, 16.4%, and 11.4% respectively [6][10] - The gross margin is expected to improve gradually, reaching 27.1% by 2026 [10] Market Performance - The company has outperformed the market index, with a 21.34% increase compared to the market index's 8.34% [2] - The stock price has fluctuated between 11.13 yuan and 22.59 yuan over the past 52 weeks, with a closing price of 18.11 yuan on November 8 [2] Valuation - The company is assigned a price-to-earnings (P/E) ratio of 25-30 times for 2025, corresponding to a fair value range of 19.65 to 23.58 yuan [5][9]