珠海冠宇（688772）：消费类电池标杆，解锁AI终端新成长

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [6]. Core Insights - The company has established itself as a leading player in the consumer battery sector, leveraging innovation and resilience to expand into multiple fields [1]. - The company is expected to benefit significantly from the acceleration of AI penetration in consumer electronics, which is anticipated to drive new growth cycles [2]. - The company is focusing on enhancing its technological barriers through substantial R&D investments, particularly in solid-state batteries and steel-shell batteries [2]. - The company is also strategically positioning itself in the energy storage battery sector, which is expected to see increased demand due to the global green transition [3]. - Financial forecasts indicate robust revenue and profit growth, with projected revenues of 143.9 billion, 179.9 billion, and 221.9 billion yuan for 2025, 2026, and 2027, respectively [4]. Summary by Sections Company Overview - Founded in 1998, the company has grown to become a global leader in lithium batteries, particularly in the consumer electronics sector, achieving a market share of 31.10% in notebook and tablet batteries and 8.18% in smartphone batteries by 2023 [15][17]. - The company has a stable shareholding structure, with significant ownership by its founder and management team, ensuring continuity and strategic direction [20]. Industry Dynamics - The global consumer electronics market is projected to grow from 810 billion USD in 2024 to 1.4 trillion USD by 2034, with a compound annual growth rate (CAGR) of 5.68% [2]. - The transition to high-quality development in the lithium battery industry is being driven by technological innovations, particularly in solid-state batteries and closed-loop supply chains [12]. Financial Performance - The company reported a total revenue of 10.321 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 21.2%, with a net profit of 387 million yuan, up 44.4% year-on-year [1]. - Future revenue projections indicate a growth trajectory with expected revenues of 143.9 billion yuan in 2025, 179.9 billion yuan in 2026, and 221.9 billion yuan in 2027, alongside significant profit increases [4][10].