ZHUHAI COSMX(SH:688772) Shenwan Hongyuan Securities·2025-08-27 13:34Investment Rating - The report maintains a "Buy" rating for Zhuhai Guanyu (688772) [2] Core Views - The company's performance is in line with expectations, with stable profit levels in Q2. In the first half of 2025, the company achieved revenue of 6.1 billion yuan, a year-on-year increase of 14.0%, and a net profit attributable to the parent company of 120 million yuan, up 14.8% year-on-year. In Q2 alone, the company recorded revenue of 3.6 billion yuan, a year-on-year increase of 28.6% and a quarter-on-quarter increase of 44.1%, with a net profit of 140 million yuan, a year-on-year increase of 53.1% [7] - The company has seen significant growth in consumer battery sales, with a notable increase in market share. In the first half of 2025, the sales of consumer lithium batteries increased by 6.9% for laptops and 43.3% for mobile phones year-on-year. The company has also begun supplying high-end smartwatch batteries to Samsung using a "Cell+Pack(A+A)" model [7] - The energy storage application in the drone sector is expanding, with the subsidiary Zhejiang Guanyu achieving revenue of 970 million yuan in the first half of 2025, a year-on-year increase of 139.8%. The automotive low-voltage lithium battery and drone battery segments accounted for 85.8% of this revenue [7] - The report adjusts the profit forecast for 2025 downwards due to the impact of export tax rebates but raises the profit forecast for 2026-2027, expecting net profits of 670 million yuan, 1.447 billion yuan, and 1.790 billion yuan for 2025-2027 respectively [7] Financial Data and Profit Forecast - Total revenue is projected to reach 14.434 billion yuan in 2025, with a year-on-year growth rate of 25.1%. The net profit attributable to the parent company is expected to be 670 million yuan, reflecting a year-on-year growth of 55.8% [6] - The gross profit margin is expected to be 24.8% in 2025, with a return on equity (ROE) of 9.5% [6]