Company and Industry Summary Company Overview - The company primarily provides electronic batteries, categorized into consumer batteries and power storage batteries, with applications in laptops, tablets, smartphones, drones, and automotive systems. In 2023, the company ranked second globally in market share for laptops and fifth in smartphones [1][1]. Industry Insights Consumer Electronics Market - The consumer electronics industry has seen a gradual decline in demand since the end of last year, indicating a weak overall trend. However, certain segments, particularly smartphones and PCs, have shown positive growth in shipment volumes for several consecutive quarters. For instance, global PC shipments are expected to increase by 1.3% year-on-year to 66.4 million units in Q3 2024, marking four consecutive quarters of growth [2][2]. Smartphone Market - The smartphone market is benefiting from the introduction of cost-effective new products and an accelerated replacement cycle. In Q3 2024, global smartphone shipments are projected to show a year-on-year increase of 5%, achieving the best performance for the third quarter since 2021 [3][3]. Emerging Consumer Electronics - Emerging markets such as wearable devices, personal smart audio, and drones are expected to experience rapid growth driven by new technologies and products. The global shipment of wearable devices is forecasted to grow by 6% year-on-year in 2024 [4][4]. Lithium Battery Market - The global shipment of consumer lithium batteries is on an upward trend, with a 6% increase in 2023 compared to 2022, reaching 90 GWh. By 2030, this is expected to grow to 362 GWh, with a compound annual growth rate (CAGR) of 22% from 2023 to 2030 [5][5]. Company Financial Performance - The company's revenue from consumer laptops reached 6.61 billion yuan, while revenue from consumer smartphones was 3.43 billion yuan. The power business also grew rapidly, with revenue of 550 million yuan in 2023, a 38% increase from 2022 [7][7]. - The company's overseas revenue accounted for 63% of total revenue in 2023, with domestic revenue at 3.88 billion yuan, representing 34% of total revenue [7][7]. Profitability and Market Position - The company's gross profit margin for the first three quarters of 2024 was 28.3%, a year-on-year decrease of 6 percentage points but a quarter-on-quarter increase of 4.1 percentage points. The net profit margin was 4.24%, showing a year-on-year increase of 1 percentage point [8][8]. - The company has maintained a leading position in the laptop and tablet market, with market share increasing from 24% in 2020 to 31% in 2023. In the smartphone sector, battery sales grew by 13% year-on-year, with a global market share of 8.2% in 2023, up 0.75 percentage points from 2022 [9][9]. Strategic Outlook - The company is expected to benefit from the launch of AI-enabled products, particularly in the smartphone sector, as it is a key supplier for Apple. This is anticipated to enhance the company's sales and market share [10][10]. - The company is focusing on expanding its customer base and increasing the self-supply ratio of its products, which is expected to drive revenue and profit growth [10][10]. Risks and Challenges - The lithium battery industry is facing intensified competition, with leading manufacturers capturing a significant market share. If the company fails to enhance its technology or introduce competitive products, it may face risks of declining performance [13][13]. - Fluctuations in raw material prices pose a risk, as the company relies heavily on the procurement of key materials. Significant price changes could impact the company's profitability if not managed effectively [13][13].

| 证券代码：688772 | 证券简称：珠海冠宇 | 公告编号：2024-088 | | --- | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | | 股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 大股东持股的基本情况 截至本公告披露日，珠海冠宇电池股份有限公司（以下简称"公司"）股东安 义浙银汇嘉投资管理合伙企业（有限合伙）(以下简称"浙银汇嘉")及其一致行动 人安义汇嘉股权投资管理合伙企业（有限合伙）(以下简称"汇嘉股权")分别持有 公司股份 89,636,900 股（占公司总股本的 7.95%），和 2,584,881 股（占公司总股 本的 0.23%），合计持股 92,221,781 股（占公司总股本的 8.18%），上述股份为公 司首次公开发行前取得的股份，已于 2022 年 10 月 17 日解除限售并上市流通。 减持计划的主要内容 公司于 2024 年 12 月 4 日收到浙银汇嘉、汇嘉股权出具的《关于股份减持计 划的告知 ...

Group 1: Market Performance - In the first half of 2024, global notebook shipments increased by 4.12%, while smartphone shipments rose by 10.81% [1] - The consumer battery market is closely linked to the growth of downstream consumer electronics [1] - The rise of AI is expected to drive a new product innovation cycle in consumer electronics, further stimulating demand [1] Group 2: Investment and Expansion - The company plans to invest in a battery project in Malaysia to meet customer demand and enhance its overseas industrial layout [2] - The company is actively exploring and developing products for manned aircraft, leveraging its experience in consumer and industrial drones [2] Group 3: Product Development - The company has made significant progress in solid-state battery technology, with samples showing good safety performance and cycle life [2] - The low-voltage start-stop lithium battery is positioned as a core business with differentiated competition, gaining recognition from several well-known automotive companies [2] Group 4: Financial Performance - The gross profit margin increased in the first three quarters due to customer expansion, product structure optimization, and improved production efficiency [3] - The net profit decline in the first three quarters was primarily due to high exchange gains in the previous year and increased expenses for new project development [3] Group 5: Convertible Bonds - The company issued 3.089 billion RMB in convertible bonds, with a minimal conversion rate of 0.0002% as of September 30, 2024 [3] - The company is committed to promoting high-quality business development and maintaining investor interests regarding the convertible bond conversion [3]

%% %% 丨证券研究报告丨 联合研究丨公司点评丨珠海冠宇（688772.SH） [Table_Title] 消费类出货高增，新客户&成本改善增厚盈利 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 报告要点 | | | | 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 蔡少东 SAC：S0490514040001 SFC：BQK482 | --- | --- | --- | |-------|-----------|----------------| | | | | | | | | | | 杨洋 | | | SAC | ： | S0490517070012 | | | | | | SFC | ： BUW100 | | SAC：S0490522030001 SAC：S0490520090003 SAC：S0490522090001 请阅读最后评级说明和重要声明 珠海冠宇（688772.SH） cjzqdt11111 2024-11-16 [Table_Rank]投资评级 买入丨维持 相 ...

Group 1: Drone and Low-altitude Aircraft Battery Development - The company maintains strong collaboration with clients in the drone battery sector, achieving a year-on-year revenue growth of 56.36% in the first half of 2024 [1] - Actively exploring new customers in the logistics drone market and advancing product development [2] - Continuous communication with main manufacturers in the low-altitude aircraft sector to enhance battery performance and product solutions [2] Group 2: Solid-state Battery Progress - The company's solid-state batteries are currently in the laboratory sample stage, with self-developed solid electrolyte membranes and specialized cathode materials showing high energy density [2] - The solid-state battery samples have demonstrated good safety performance and cycle life [2] - Participation in Guangdong Province's key research and development plan for quasi-solid-state lithium batteries [2] Group 3: Silicon-carbon Anode Applications - Silicon-carbon anode materials are recognized as a significant trend in lithium battery development, offering higher theoretical energy density compared to graphite anodes [2] - The company is actively researching and testing silicon-carbon anode solutions, with multiple projects in various development stages [2] Group 4: Automotive Low-voltage Lithium Battery Business - The company positions automotive low-voltage lithium batteries as a core competitive advantage, gaining recognition from several well-known domestic and international automotive manufacturers [2] - Multiple products are gradually ramping up production, becoming a major revenue source for the company's power business [2] Group 5: Consumer Battery Technology Innovations - Structural innovations include the use of steel-shell cells and irregular stacked cells to optimize internal space and increase charge capacity [2] - Research on silicon-carbon anode applications aims to enhance energy density, with ongoing studies in cathode and current collector technologies [2] Group 6: Investor Communication and Information Disclosure - The company ensured thorough communication with investors during the meeting, adhering to its information disclosure management regulations to guarantee the accuracy and completeness of disclosed information [2]

[Table_MainInfo] 公司研究/信息设备 证券研究报告 珠海冠宇（688772）公司季报点评 2024 年 11 月 10 日 | --- | --- | --- | |-----------------------------------------------------------------|----------|-------------| | [Table_InvestInfo] 投资评级 优于大市 | | 维持 | | 股票数据 | | | | 11 [ Table_StockInfo 月 08 日收盘价（元） ] | | 18.11 | | 52 周股价波动（元） | | 11.13-22.59 | | 总股本 / 流通 A 股（百万股） | | 1127/1127 | | 总市值 / 流通市值（百万元） | | 20415/20415 | | 相关研究 | | | | [Table_ReportInfo] 《 Q2 营收净利环比增长，消费锂电份额稳步 | | | | 提升》 2024.08.21 | | | | | | | | 市场表现 | | | | [Table_QuoteI ...

珠海冠宇电池股份有限公司投资者关系活动记录表 证券代码：688772 证券简称：珠海冠宇 编号：2024-019 | --- | --- | --- | |-----------------------|-------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | □特定对象调研 \n□媒体采访 □业绩说明会 \n□新闻发布会 □路演活动 \n□现场参观 □一对一沟通 \n□其他 | 分析师会议 | | 参与单位 | 国投瑞银基金、南方基金 ...

| 债券代码：118024 | 证券代码：688772 | | --- | --- | | 债券简称：冠宇转债 | 证券简称：珠海冠宇 | | | 公告编号：2024-087 | 珠海冠宇电池股份有限公司 关于公司涉及诉讼的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 对公司的影响：截至本公告披露日，公司与宁德新能源科技有限公司、 东莞新能源科技有限公司（以下单独或合称"ATL"）之间的专利争议案件中已 有 12 个 ATL 的专利被国家知识产权局宣告或法院判决无效，已有 12 个案件被 ATL 主动撤诉。本次诉讼进展所涉及的案件目前处于一审判决阶段，尚在上诉期 内，尚未生效执行，公司将持续跟进案件进展并积极采取上诉等措施切实保护公 司技术和产品的合法性，维护公司和股东利益。公司所研发生产的产品具有完全 自主的知识产权，本次诉讼进展不会影响公司正常的生产经营。本次诉讼进展对 公司本期利润或期后利润的影响存在不确定性，最终实际影响以法院生效判决结 果为准。 一、诉讼的基本情况 珠海冠宇电池股份有限 ...

上 市 公 司 证 券 研 究 报 告 电力设备 2024 年 10 月 29 日 珠海冠宇 (688772) ——业绩符合预期，Q3 盈利环比提升明显 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 29 日 | | 收盘价（元） | 17.73 | | 一年内最高/最低（元） | 22.59/11.13 | | 市净率 | 3.0 | | 息率（分红/股价） | 1.52 | | 流通 A 股市值（百万元） | 19,987 | | 上证指数/深证成指 | 3,286.41/10,543.33 | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | | | | 每股净资产（元） | 5.85 | | 资产负债率 % | 67.40 | | 总股本 /流通 A 股（百万） | ...

证券研究报告 | 2024年10月29日 珠海冠宇（688772.SH）-2024 年三季报点评 优于大市 Q3 消费电池销量快速增长，盈利能力环比显著提升 公司 2024Q3 实现归母净利润 1.66 亿元、同比+11%、环比+81%。公司 2024 年前三季度营收 85.17 亿元，同比基本持平；实现归母净利润 2.68 亿元， 同比-7%。公司 2024Q3 营收 31.70 亿元，同比+3%，环比+13%；实现归母净 利润 1.66 亿元，同比+11%，环比+81%。公司 2024Q3 毛利率为 28.28%，同比 -0.55pct，环比+4.13pct；净利率为 4.24%，同比+1.01pct，环比+2.11pct。 公司 Q3 消费电池销量持续增长。我们估计公司 2024Q3 消费电池销量在 1.05-1.10 亿只，同比增长超 20%、环比增长超 21%。Q3 是消费电子传统旺 季，公司携手国内外客户、供应份额持续提升，推动销量快速增长。展望后 续，伴随客户新机型发布，公司 Q4 电池销量有望保持相对稳定。我们预计 全年公司消费电池销量有望超 3.8 亿只，同比增长超 16%。 公司消费电池盈 ...