锂电材料价格持续上涨，储能系统价格传导顺利 20251026 摘要 珠海冠宇受益于大客户份额提升和钢壳电池单价优势，预计明年销量显 著增长。若硅负极广泛应用及钴价上涨，将进一步提升其盈利能力。 锂电材料市场涨价预期强烈，六氟磷酸锂已明确涨价，负极材料和磷酸 铁锂具备潜力。钴价翻倍上涨显著提升产业链毛利率，利好芳源股份等 企业。 储能板块基本面强劲，虽受资金面影响出现调整，但仍被看好。风电板 块陆上风机装机可能超预期，招标价转暖和盈利改善逻辑得到验证。 消费电子领域增长点包括钢壳电池、硅负极应用及钴价上涨带来的库存 收益，推动珠海冠宇等企业利润扩张，期间费用率收缩。 钴价上涨对产业链各环节产生积极影响，包括洛阳钼业、华友钴业等上 游企业，以及欣旺达、亿纬锂能等下游企业，盈利能力显著增强。 风电行业明年装机量预期乐观，主机厂商在手订单充足，零部件厂商议 价能力增强，看好金风科技、日月股份等相关企业。 特斯拉计划到 2026 年底实现 Optimus 机器人年均产能 100 万台，预 计 2026 年 2 月至 3 月推出第三代 Optimus 机器人，关注马斯克后续 信息披露。 Q&A 珠海冠宇的业绩表现如何？未 ...

Core Viewpoint - The company reported strong revenue growth in H1 2025, with a year-on-year increase of 33.4%, driven by key product categories and resilient performance despite challenges from a recall event [1][2][4]. Financial Performance - In H1 2025, the company achieved revenue of 12.87 billion yuan, up 33.4% year-on-year, with Q2 revenue at 6.87 billion yuan, reflecting a 30.4% increase [1][2]. - The net profit attributable to shareholders for H1 2025 was 1.17 billion yuan, a 33.8% increase year-on-year, while Q2 net profit was 670 million yuan, up 19.5% [1][3]. - The company's gross margin in Q2 2025 improved by 0.8 percentage points to 46.0%, despite the impact of the recall event [3][4]. Business Segments - Revenue from the charging and energy storage segment in H1 2025 was 6.82 billion yuan, up 37.0% year-on-year, driven by growth in digital charging and consumer-grade energy storage [2]. - The smart innovation segment generated 3.25 billion yuan in revenue, a 37.8% increase, benefiting from upgrades in cleaning robots and new product launches in smart security [2]. - The smart audio-visual segment reported revenue of 2.80 billion yuan, a 21.2% increase, supported by new headphone and speaker products [2]. Operational Resilience - The company demonstrated resilience in operations, maintaining high growth despite a challenging Q2 comparison base and the recall event [4]. - The recall's impact is expected to be manageable, primarily affecting revenue recognition, with no significant ongoing disturbances anticipated in future quarters [4]. - The company’s strong performance in the European market, which grew by 67.0% year-on-year in H1 2025, and the successful crowdfunding of a new UV printer, which raised 46.76 million USD, are expected to drive future growth [4]. Investment Outlook - Despite short-term disruptions, the company’s operations remain stable, with a long-term growth outlook supported by high-quality products and market expansion [5]. - The EPS forecasts for 2025, 2026, and 2027 have been adjusted to 5.20, 6.39, and 7.80 yuan respectively, with a target price set at 165 yuan, reflecting a PE ratio of 32 times for 2025 [5].