ZHUHAI COSMX(688772) Changjiang Securities·2024-11-18 02:37Investment Rating - The investment rating for Zhuhai Guanyu (688772.SH) is "Buy" and is maintained [5]. Core Views - Zhuhai Guanyu reported a significant increase in consumer battery shipments, driven by new customers and cost improvements, which have enhanced profitability [6][9]. - The company achieved a revenue of 3.17 billion yuan in Q3 2024, representing a year-on-year growth of 3.39% and a quarter-on-quarter growth of 13.29%. The net profit attributable to shareholders was 166 million yuan, up 11.43% year-on-year and 81.06% quarter-on-quarter [6][9]. - The outlook for Zhuhai Guanyu remains positive, with expectations of continued growth in battery shipments and profitability improvements in the energy storage segment [9]. Summary by Sections Financial Performance - In Q3 2024, Zhuhai Guanyu's revenue reached 3.17 billion yuan, with a year-on-year increase of 3.39% and a quarter-on-quarter increase of 13.29%. The net profit attributable to shareholders was 166 million yuan, reflecting a year-on-year growth of 11.43% and a quarter-on-quarter growth of 81.06% [6]. - The company’s non-recurring net profit was 154 million yuan, showing a year-on-year increase of 24.56% and a quarter-on-quarter increase of 264.52% [6]. Market Outlook - The consumer battery market is expected to continue growing, particularly with trends in AI driving demand. The company anticipates a rapid growth rate in shipments for 2025 [9]. - The energy storage segment is also projected to improve profitability as the company enhances its supply chain and expands its overseas presence [9]. Key Financial Metrics - The projected net profits for 2024 and 2025 are estimated at 510 million yuan and 940 million yuan, respectively [9]. - The current stock price is 17.95 yuan, with a total share capital of 112.73 million shares [10].