ZHUHAI COSMX(SH:688772) Changjiang Securities·2025-12-17 01:46Investment Rating - The investment rating for Zhuhai Guanyu (688772.SH) is "Buy" and is maintained [7] Core Views - Zhuhai Guanyu's subsidiary, Zhejiang Guanyu, has introduced external investors through a capital increase, with the investment from Yufu High-Precision Fund amounting to 200 million yuan for an additional registered capital of 114.92 million yuan. Post this capital increase, Zhuhai Guanyu's shareholding in Zhejiang Guanyu decreased from 62.04% to 59.07%, but the company retains its controlling position [2][5] - The company reported a revenue of 4.224 billion yuan in Q3 2025, representing a year-on-year increase of 33.22% and a quarter-on-quarter increase of 17.34%. The net profit attributable to the parent company was 270 million yuan, up 62.49% year-on-year and 92.17% quarter-on-quarter [12] - The growth in revenue is attributed to the high shipment growth of consumer batteries, particularly from major clients, and the gradual ramp-up of new products. The gross margin for Q3 2025 was 25.13%, with expectations for further improvement in consumer battery margins due to increased client share and operational efficiency [12] Summary by Sections Company Overview - Zhuhai Guanyu's current stock price is 22.29 yuan, with a total share capital of 113.207 million shares. The net asset per share is 6.30 yuan, and the highest and lowest prices in the last 12 months were 29.18 yuan and 11.45 yuan, respectively [8] Financial Performance - For Q3 2025, the company achieved a revenue of 4.224 billion yuan, with a gross profit of approximately 1.065 billion yuan, leading to a gross margin of 25.13%. The net profit attributable to the parent company was 270 million yuan, with a significant increase in profitability driven by improved client share and cost control [12] - The financial projections for 2025 estimate total revenue of 13.502 billion yuan, with a net profit of 782 million yuan, corresponding to a PE ratio of 32.28 [16] Market Outlook - The outlook for Zhuhai Guanyu remains positive, with expectations for continued growth driven by overseas consumer clients and opportunities arising from AI trends and wearable product iterations. The company is also expected to benefit from changes in accounting policies related to depreciation, providing additional profit flexibility [12]