ZHUHAI COSMX(SH:688772) Guoxin Securities·2025-10-20 13:18Investment Rating - The investment rating for Zhuhai Guanyu (688772.SH) is "Outperform the Market" [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 250-300 million yuan in Q3 2025, representing a year-on-year growth of 50%-81% [1] - Revenue for Q3 2025 is projected to be 4.1-4.3 billion yuan, with a year-on-year increase of 29%-36% and a quarter-on-quarter increase of 14%-19% [1] - The company continues to see growth in consumer battery sales, with an estimated sales volume exceeding 130 million units in Q3 2025, reflecting a nearly 10% quarter-on-quarter increase [1] - New technologies and products, such as steel-shell batteries and silicon anode batteries, are driving revenue growth [2] - The company is focusing on high-rate scenarios for dynamic storage batteries, with revenue expected to reach approximately 500 million yuan in Q3 2025, nearly doubling year-on-year [2] Summary by Sections Financial Performance - For the first three quarters of 2025, the company anticipates revenue of 10.198-10.398 billion yuan, a year-on-year increase of 20%-22%, and a net profit of 367-417 million yuan, a year-on-year growth of 37%-56% [1] - The company’s revenue and net profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 641 million yuan in 2025, 1.401 billion yuan in 2026, and 1.808 billion yuan in 2027, reflecting year-on-year growth rates of 49%, 119%, and 29% respectively [3][4] Market Position - The company is strengthening partnerships with leading brands in the laptop and smartphone sectors, maintaining a strong market position [1] - The introduction of steel-shell batteries is expected to significantly enhance revenue, as they are being supplied to major global smartphone brands starting in H2 2025 [2] - The company is actively expanding into consumer-grade drones, AI wearable products, and smart cleaning appliances, contributing to rapid revenue growth [1] Valuation Metrics - The company’s earnings per share (EPS) are projected to be 0.57 yuan in 2025, 1.24 yuan in 2026, and 1.60 yuan in 2027, with dynamic price-to-earnings (PE) ratios of 40, 18, and 14 respectively [3][4] - The estimated revenue for 2025 is 14.176 billion yuan, with a year-on-year growth of 22.8% [4]