珠海冠宇：稳健成长-20250310

Investment Rating - The report maintains a "Buy" rating for Zhuhai Guanyu (688772) [2][12] Core Views - The company is expected to achieve steady growth in 2024, with projected total revenue of 11.545 billion yuan, a year-on-year increase of 0.87%, and a net profit attributable to shareholders of 434 million yuan, a year-on-year increase of 26.22% [6][7] - The company has effectively expanded its market share, reduced costs through refined management, and increased foreign exchange gains due to the rising USD/RMB exchange rate [7] - The rise of AI is expected to stimulate demand in the consumer electronics sector, with the company increasing its supply ratio in consumer PACK business [8][11] Company Overview - Latest closing price: 17.07 yuan - Total shares: 1.128 billion; Total market capitalization: 19.2 billion yuan - 52-week high/low: 19.22/11.64 yuan - Debt-to-asset ratio: 66.4%; P/E ratio: 55.06 [4] Financial Performance - For 2024, the company anticipates total revenue of 11.545 billion yuan, with a growth rate of 0.87% [16] - The net profit attributable to shareholders is projected to be 434 million yuan, reflecting a growth rate of 26.22% [16] - The company expects to achieve net profits of 4.3 billion yuan, 9.0 billion yuan, and 13.9 billion yuan for 2024, 2025, and 2026 respectively [12] Market Trends - The global notebook market is projected to grow by 5% in 2024, with the company increasing its sales volume of lithium batteries for laptops by 10.51% in the first half of 2024 [8] - The smartphone market is also expected to grow, with a projected increase of 7.1% in global smartphone shipments in 2024, leading to a 13.09% increase in the company's smartphone battery sales [8]