ZHUHAI COSMX(688772) Changjiang Securities·2025-05-13 02:13Investment Rating - The investment rating for Zhuhai Guanyu is "Buy" and is maintained [6]. Core Views - Zhuhai Guanyu's Q1 2025 report indicates a revenue of 2.5 billion yuan, a year-on-year decrease of 2.0% and a quarter-on-quarter decrease of 17.4%. The net profit attributable to the parent company is -20 million yuan, marking a shift to a loss compared to the previous year and quarter. The non-recurring net profit is -50 million yuan, with an expanded loss compared to the previous year and a shift to a loss quarter-on-quarter [2][4]. Financial Performance Summary - In Q1 2025, the company's consumer battery shipments are expected to show a slight year-on-year increase, with major customer shipments maintaining their share. The gross margin for Q1 2025 is 21.38%, down 3.28 percentage points year-on-year and 3.89 percentage points quarter-on-quarter, primarily impacted by export tax rebates. The overall impact on gross margin is considered controllable [10]. - The total operating cash flow for Q1 2025 is 507 million yuan, showing a decline both year-on-year and quarter-on-quarter. The company incurred asset impairment losses of 48 million yuan and capital expenditures of 845 million yuan [10]. - Looking ahead, the company is expected to benefit from increased demand for mobile phone batteries driven by AI and product upgrades, with Q2 anticipated to show significant growth. The second half of the year may see improved profitability with the release of new products [10].