ZHUHAI COSMX(SH:688772) Tianfeng Securities·2025-09-02 03:14Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4][2]. Core Views - The company has shown significant improvement in its performance, particularly in the consumer battery segment, with laptop battery sales increasing by 6.93% year-on-year and mobile phone battery sales rising by 43.28% due to market share gains and client strategy adjustments [1]. - The company's subsidiary, Zhejiang Guanyu, reported a total revenue of 973 million yuan in the first half of 2025, marking a year-on-year growth of 139.8%, with automotive low-voltage lithium batteries and industry drone batteries accounting for 85.76% of the revenue [1]. - The company is actively engaging in the humanoid robot sector, collaborating on multiple projects and providing samples to leading manufacturers, with some already having deep cooperation in low-voltage lithium batteries [1]. Financial Summary - The company's projected net profit for 2025 has been revised down to 570 million yuan from a previous estimate of 800 million yuan due to underestimated R&D expenses [2]. - Revenue forecasts for the years 2025, 2026, and 2027 are 13.85 billion yuan, 16.07 billion yuan, and 18.31 billion yuan respectively, with growth rates of 20%, 16%, and 14% [3]. - The projected net profit for 2026 and 2027 is 1.0 billion yuan and 1.42 billion yuan respectively, with growth rates of 82.4% and 36.5% [3]. Financial Data and Valuation - The company's total revenue for 2023 is estimated at 11.45 billion yuan, with a growth rate of 4.29% [3]. - The projected earnings per share (EPS) for 2025 is 0.50 yuan, with a price-to-earnings (P/E) ratio of 43.70 [3]. - The company's total assets are projected to reach 23.02 billion yuan by 2025, with a debt-to-equity ratio of 66.56% [9].