ZHUHAI COSMX(688772) 民生证券·2025-03-31 05:13Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 11.541 billion yuan in 2024, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 430 million yuan, up 25.03% year-on-year [1]. - The consumer business remains stable with innovative growth, while the energy storage business is expected to reduce losses [4]. Summary by Relevant Sections Financial Performance - In Q4 2024, the company reported a revenue of 3.024 billion yuan, a year-on-year increase of 4.10%, and a net profit of 162 million yuan, up 194.55% year-on-year [2]. - The gross margin for Q4 2024 was 25.27%, a decrease of 1.15 percentage points year-on-year [2]. Consumer Business - The consumer business generated a revenue of 10.265 billion yuan in 2024, a decline of 2.05% year-on-year, but the gross margin improved to 28.68%, an increase of 1.09 percentage points [3]. - The company ranked first globally in lithium-ion battery shipments for laptops and second for tablets in 2024 [3]. - Revenue from laptop products was 6.344 billion yuan, down 4.04% year-on-year, while sales volume increased by 13.28% [3]. - Revenue from smartphone products was 3.251 billion yuan, down 5.17% year-on-year, with sales volume up 7.93% [3]. - The company is expanding into emerging consumer electronics such as smart wearables and drones, achieving a revenue of 671 million yuan, a growth of 51.94% year-on-year [3]. Energy Storage Business - The energy storage business generated a revenue of 917 million yuan in 2024, a year-on-year increase of 67.54%, although the gross margin was negative at -4.16% [4]. - The company shipped approximately 900,000 low-voltage lithium batteries for vehicles, which became a significant revenue source [4]. Future Projections - The company is expected to achieve revenues of 13.686 billion yuan, 16.253 billion yuan, and 19.330 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18.6%, 18.8%, and 18.9% [4][5]. - The projected net profit attributable to shareholders for the same years is 936 million yuan, 1.247 billion yuan, and 1.597 billion yuan, with growth rates of 117.4%, 33.3%, and 28.1% [4][5].