ZHUHAI COSMX(688772) 东吴证券·2025-02-27 00:06Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Buy" (maintained) [1] Core Views - Q4 performance met market expectations with 2024 revenue projected at 11.5 billion yuan, a year-on-year increase of 0.9%, and net profit attributable to shareholders expected to reach 434 million yuan, a year-on-year increase of 26% [1] - The company is expected to benefit from new product launches in the mobile sector, with a projected shipment of 3.8 billion units in 2024, representing a 15% year-on-year increase [1] - The company is positioned as a global leader in consumer lithium batteries, with the potential for a second growth curve through its energy storage battery business [1] Financial Summary - Total revenue for 2022 was 10.974 billion yuan, with a projected increase to 11.545 billion yuan in 2024 and 14.695 billion yuan in 2025, reflecting a growth rate of 27.28% [1] - Net profit attributable to shareholders was 90.95 million yuan in 2022, expected to rise to 434.42 million yuan in 2024 and 843.75 million yuan in 2025, indicating a significant growth trajectory [1] - The latest diluted EPS is projected to be 0.39 yuan in 2024 and 0.75 yuan in 2025, with corresponding P/E ratios of 46.77 and 24.08 [1]