ZHUHAI COSMX(SH:688772) Soochow Securities·2025-05-01 05:23Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Buy" [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 2025 [1][8] - The company is projected to achieve significant revenue growth in the coming years, with total revenue expected to reach 14.47 billion yuan in 2025, representing a year-on-year increase of 25.41% [1][9] - 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][9] Financial Forecasts - Total revenue forecasts for the years 2023 to 2027 are as follows: 11.45 billion yuan in 2023, 11.54 billion yuan in 2024, 14.47 billion yuan in 2025, 17.73 billion yuan in 2026, and 21.09 billion yuan in 2027 [1][9] - The net profit attributable to the parent company is projected to grow from 344.19 million yuan in 2023 to 1.61 billion yuan in 2027, with a notable increase in 2025 [1][9] - The earnings per share (EPS) is expected to rise from 0.31 yuan in 2023 to 1.43 yuan in 2027, reflecting the company's improving profitability [1][9] Market Data - The closing price of the stock is reported at 12.66 yuan, with a market capitalization of approximately 14.28 billion yuan [5] - The stock has a price-to-earnings (P/E) ratio of 41.47 for 2023, which is expected to decrease to 8.84 by 2027, indicating an improving valuation as earnings grow [1][9] Operational Insights - The report highlights that the consumer segment's revenue in Q1 2025 was 2.1 billion yuan, down by over 10% year-on-year, primarily due to the impact of export tax rebates [8] - The company is expected to enhance its profitability in the consumer business, projecting a revenue of 12 billion yuan in 2025, with a profit contribution of 1.1 to 1.2 billion yuan [8] - The report notes that the company has secured contracts with major automotive manufacturers, which is expected to drive significant growth in the power segment [8]