ZHUHAI COSMX(SH:688772) China Post Securities·2025-09-09 06:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company reported a revenue of 6.098 billion yuan for the first half of 2025, representing a year-on-year growth of 14.03%, and a net profit attributable to shareholders of 117 million yuan, up 14.77% year-on-year. In Q2 2025, revenue reached 3.599 billion yuan, with a significant year-on-year increase of 28.62%, and net profit of 141 million yuan, reflecting a 53.09% growth [4][5]. - The growth in revenue and profit is primarily driven by an increase in market share for consumer batteries and a surge in the performance of power-related businesses, particularly in the automotive low-voltage systems and drone sectors [5][6]. - The company has significantly increased its R&D investment, with expenses rising by 23.2% year-on-year to 818 million yuan, accounting for 13.42% of revenue. This investment is aimed at enhancing technology capabilities and developing new materials and products [5][6]. Financial Performance - The company is projected to achieve revenues of 13.9 billion yuan, 17 billion yuan, and 19.8 billion yuan for the years 2025, 2026, and 2027, respectively. Correspondingly, net profits are expected to be 606 million yuan, 1.383 billion yuan, and 1.930 billion yuan [7][10]. - The financial metrics indicate a steady growth trajectory, with a projected net profit growth rate of 40.72% in 2025 and 128.36% in 2026 [10][11]. Business Development - The company has made technological advancements, including the mass production of steel-shell batteries with a volumetric energy density of 900Wh/L, which are expected to be used in smart wearable devices. The automotive low-voltage lithium battery products have passed audits from several major automotive manufacturers [6][7]. - The company is optimizing its production capacity by adjusting project plans to better align with market demand, including shifting production lines to consumer batteries and delaying some projects [6][7]. Market Position - The company is well-positioned in the market, with a strong focus on innovation and strategic partnerships with leading automotive manufacturers, which enhances its competitive edge in the battery sector [6][7].