ZHUHAI COSMX(688772) Changjiang Securities·2025-05-13 09:45Investment Rating - The investment rating for Zhuhai Guanyu is "Buy" and is maintained [7]. Core Views - Zhuhai Guanyu reported a Q1 2025 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 was -20 million yuan, indicating a shift to loss compared to the previous year and quarter. The non-recurring net profit was -50 million yuan, with a widening loss year-on-year and a shift to loss quarter-on-quarter [2][5]. Summary by Sections Financial Performance - In Q1 2025, the company's consumer battery shipments are expected to show a slight year-on-year increase, with major customer shipments remaining stable. The gross margin for the quarter was 21.38%, down 3.28 percentage points year-on-year and 3.89 percentage points quarter-on-quarter, primarily impacted by export tax rebates [11]. - The total operating cash flow for Q1 2025 was 507 million yuan, showing a decline both year-on-year and quarter-on-quarter. Asset impairment losses were 48 million yuan, while other income was 41 million yuan, and capital expenditures reached 845 million yuan [11]. Market Outlook - The company is expected to benefit from increased demand for mobile batteries driven by AI and product upgrades. Q2 is anticipated to show significant growth, with positive impacts from export tax rebates and rising cobalt prices. The second half of the year may see improved profitability with the launch of new products such as steel shells and silicon-carbon [11].