ZHUHAI COSMX(SH:688772) Soochow Securities·2025-05-01 05:39Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Buy" and is maintained [1] Core Views - The report indicates that the company's Q1 2025 performance was affected by seasonal factors and export tax rebate impacts, but a gradual recovery is expected starting from Q2 [1] - The company is projected to achieve significant revenue growth in the coming years, with total revenue expected to reach 14,474 million yuan in 2025, representing a year-on-year increase of 25.41% [1] - The net profit attributable to the parent company is forecasted to be 862.31 million yuan in 2025, showing a substantial growth of 100.37% year-on-year [1] Financial Projections - Total revenue projections for Zhuhai Guanyu are as follows: - 2023: 11,446 million yuan - 2024: 11,541 million yuan - 2025: 14,474 million yuan - 2026: 17,729 million yuan - 2027: 21,088 million yuan [1] - Net profit attributable to the parent company is projected as: - 2023: 344.19 million yuan - 2024: 430.36 million yuan - 2025: 862.31 million yuan - 2026: 1,332.60 million yuan - 2027: 1,614.23 million yuan [1] - The report anticipates a significant increase in earnings per share (EPS), with projections of 0.76 yuan in 2025 and 1.43 yuan in 2027 [1] Market Data - The closing price of the stock is reported at 12.66 yuan, with a market capitalization of 14,275.01 million yuan [5] - The stock has a price-to-earnings (P/E) ratio of 41.47 for 2023, decreasing to 16.55 in 2025 and further to 8.84 in 2027 [1][5] Operational Insights - The report highlights that the consumer segment's revenue in Q1 2025 was 21 billion yuan, reflecting a decline of over 10% year-on-year, primarily due to export tax rebate impacts [8] - The company is expected to enhance its profitability in the consumer business, projecting revenues of 120 billion yuan in 2025, contributing profits of 11-12 billion yuan [8] - The report notes that the company has secured contracts with major automotive manufacturers, indicating strong growth potential in the power segment [8]