ZHUHAI COSMX(688772) 东吴证券·2025-03-31 03:38Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Buy" [1] Core Views - The report highlights that the company is experiencing continuous upgrades in products and customers, with the AI wave initiating a new development cycle [1][3] - The company is expected to achieve significant revenue growth, with total revenue projected to reach 11.54 billion yuan in 2024, a slight increase of 0.83% year-on-year, and further growth anticipated in subsequent years [1][12] - The net profit attributable to the parent company is forecasted to increase significantly, reaching 430.36 million yuan in 2024, representing a year-on-year growth of 25.03% [1][12] Financial Projections - Total revenue projections for the company are as follows: 11,541 million yuan in 2024, 14,474 million yuan in 2025, 17,729 million yuan in 2026, and 21,088 million yuan in 2027, with respective growth rates of 0.83%, 25.41%, 22.49%, and 18.94% [1][12] - The net profit attributable to the parent company is expected to grow from 430.36 million yuan in 2024 to 1,614.23 million yuan in 2027, with growth rates of 25.03%, 100.37%, 54.54%, and 21.13% respectively [1][12] - The earnings per share (EPS) are projected to increase from 0.38 yuan in 2024 to 1.43 yuan in 2027 [1][12] Business Performance - The company is expected to see a significant increase in its power segment revenue, projected at 900 million yuan in 2024, a year-on-year increase of 68%, with a substantial increase in shipments [3] - The company has secured contracts with major automotive clients, including Jaguar Land Rover and Stellantis, and is expected to double its growth in 2025-2026 [3] - The drone battery segment is also expected to see a revenue increase of 96% in 2024, maintaining deep cooperation with clients like DJI [3]