ZHUHAI COSMX(SH:688772) Ping An Securities·2025-08-28 11:00Investment Rating - The report maintains a "Recommended" rating for Zhuhai Guanyu (688772.SH) with a current stock price of 21.26 CNY [1][3]. Core Views - The company's operating performance is improving quarter by quarter, driven by both consumer and power sectors, which opens up growth opportunities [3][7]. - In the first half of 2025, the company achieved a revenue of 6.098 billion CNY, a year-on-year increase of 14.03%, and a net profit attributable to shareholders of 117 million CNY, up 14.77% year-on-year [3][7]. - The report highlights the company's strong performance in both consumer lithium battery sales and automotive low-voltage lithium battery business, with significant growth in various segments [7][8]. Summary by Sections Financial Performance - For 2025, the company is projected to achieve a revenue of 14.583 billion CNY, with a year-on-year growth of 26.4% [6][10]. - The net profit for 2025 is estimated at 627 million CNY, reflecting a year-on-year increase of 45.8% [6][10]. - The gross margin is expected to be 24.9% in 2025, while the net margin is projected at 4.3% [6][10]. Business Segments - Consumer Business: The company has seen a steady growth in its consumer lithium battery segment, with laptop battery sales increasing by 6.93% year-on-year and smartphone battery sales rising by 43.28% year-on-year in the first half of 2025 [7][8]. - Power and Energy Storage Business: The automotive low-voltage lithium battery business has expanded successfully, with over 700,000 units shipped in the first half of 2025. The drone battery segment also saw a remarkable revenue increase of 200% year-on-year [8]. Future Outlook - The report adjusts the profit forecasts for 2025 and 2026, expecting net profits of 6.27 billion CNY and 14.16 billion CNY respectively, with a new forecast for 2027 at 17.67 billion CNY [8][10]. - The company is well-positioned to benefit from the increasing demand for AI-enabled products and the growth in battery capacity, suggesting a positive outlook for future performance [8].