ZHUHAI COSMX(688772) 民生证券·2025-03-31 05:23Investment 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]. Revenue and Profit Analysis - 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 consumer business generated 10.265 billion yuan in revenue, a decrease of 2.05% year-on-year, but the gross margin improved to 28.68%, an increase of 1.09 percentage points [3]. - The energy storage business saw a revenue of 917 million yuan, a significant increase of 67.54% year-on-year, although the gross margin was negative at -4.16% [4]. Business Segment Performance - The notebook battery segment ranked first globally in shipments, generating 6.344 billion yuan in revenue, despite a 4.04% decline year-on-year [3]. - The smartphone battery segment generated 3.251 billion yuan, down 5.17% year-on-year, but with a shipment growth of 7.93% [3]. - Emerging consumer electronics, including smart wearables and drones, achieved a revenue of 671 million yuan, a growth of 51.94% year-on-year [3]. Future Projections - The company is projected 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]. - Net profit attributable to shareholders is expected to reach 936 million yuan, 1.247 billion yuan, and 1.597 billion yuan for the same years, with growth rates of 117.4%, 33.3%, and 28.1% [4][5].