珠海冠宇（688772）：Q3业绩符合预期，看好未来量利齐升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2025 performance met expectations, with significant improvements in profitability driven by seasonal demand for consumer batteries and the first mass production of new steel-shell products [5] - The company is focusing on differentiated competition in the low-voltage lithium battery and drone battery sectors, with clear profit pathways and collaborations with major automotive and drone manufacturers [5] - The report anticipates stable growth in the consumer battery business and improved profitability in the dynamic storage business, leading to an upward revision of profit forecasts for 2025-2027 [5] Financial Data and Profit Forecast - For the first three quarters of 2025, the company reported a revenue of 10.32 billion yuan, a year-on-year increase of 21.2%, and a net profit attributable to shareholders of 390 million yuan, up 44.4% year-on-year [4] - The projected total revenue for 2025 is 14.75 billion yuan, with a year-on-year growth rate of 27.8% [4] - The estimated net profit for 2025 is 674 million yuan, reflecting a year-on-year growth of 56.7% [4] - The report includes projections for revenue and net profit for 2026 and 2027, indicating continued growth [4][7]