ZHUHAI COSMX(SH:688772) Soochow Securities·2025-08-26 15:38Investment Rating - The investment rating for Zhuhai Guanyu (688772) is "Buy" and is maintained [1] Core Views - The company's H1 2025 performance met expectations with a revenue of 6.1 billion yuan, a year-on-year increase of 14%, and a net profit attributable to shareholders of 120 million yuan, up 15% year-on-year [8] - Significant growth in mobile battery shipments is noted, with a planned investment to expand steel shell production capacity [8] - The company has adjusted the depreciation period for certain assets, which is expected to enhance future profits [8] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 651 million, 1.2 billion, and 1.6 billion yuan respectively, reflecting a growth of 51%, 86%, and 31% [8] Financial Summary - Total revenue for 2023 is projected at 11.446 billion yuan, with a year-on-year growth of 4.29% [1] - The net profit attributable to shareholders for 2023 is estimated at 344.19 million yuan, showing a significant increase of 278.45% year-on-year [1] - The earnings per share (EPS) for 2025 is expected to be 0.58 yuan, with a price-to-earnings (P/E) ratio of 32.84 [1] - The company plans to invest 2 billion yuan in expanding steel shell production capacity, anticipating a sustained growth rate of over 20% in battery shipments for 2026-2027 [8]