ZHUHAI COSMX(SH:688772) KAIYUAN SECURITIES·2024-05-23 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The commercialization of AIPC (AI Personal Computing) is expected to accelerate, benefiting the company as a leading supplier of laptop batteries due to increased power consumption requirements [5][6] - The company is projected to see significant revenue growth driven by the demand for AIPC, with net profit forecasts for 2024-2026 at 689 million, 1.059 billion, and 1.460 billion yuan respectively [5][8] - The company holds a 31.1% market share in the lithium-ion battery sector for laptops and tablets, ranking second globally, and maintains stable supply relationships with major PC manufacturers [7] Financial Summary - Revenue is expected to grow from 11.446 billion yuan in 2023 to 20.339 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 14.6% [8] - The net profit margin is projected to improve significantly, with net profit increasing from 344 million yuan in 2023 to 1.460 billion yuan in 2026, indicating a strong recovery from previous years [8] - The company's EPS (Earnings Per Share) is forecasted to rise from 0.31 yuan in 2023 to 1.30 yuan in 2026, with corresponding P/E ratios decreasing from 45.8 to 10.8 over the same period [8]