ZHUHAI COSMX(688772) 国信证券·2025-04-01 02:15Investment Rating - The investment rating for the company is "Outperform the Market" [5][22][23] Core Views - The company achieved a net profit of 430 million yuan in 2024, representing a year-on-year increase of 25%, with total revenue of 11.541 billion yuan, up 1% year-on-year [1][8] - The company's consumer battery sales continue to grow steadily, maintaining a leading global position, with a total consumer battery revenue of 10.265 billion yuan in 2024, a decrease of 2% year-on-year [2][14] - The energy storage battery business has focused on high-rate scenarios, achieving rapid revenue growth of 68% year-on-year, with a revenue of 917 million yuan in 2024 [3][19] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 25.69%, an increase of 0.52 percentage points year-on-year, and a net margin of 2.49%, up 0.77 percentage points year-on-year [1][8] - The fourth quarter of 2024 saw a revenue of 3.024 billion yuan, a year-on-year increase of 4%, and a net profit of 162 million yuan, up 197% year-on-year [1][8] Consumer Battery Segment - The consumer battery segment's revenue was 10.265 billion yuan in 2024, with a shipment volume of 381 million units, an increase of 16% year-on-year [2][14] - The gross margin for consumer batteries was 28.68%, an increase of 1.09 percentage points year-on-year, with expectations for continued high profitability in 2025 [15][2] Energy Storage Battery Segment - The energy storage battery segment generated 917 million yuan in revenue in 2024, with a gross margin of -4.16%, improving by 10.89 percentage points year-on-year [3][19] - The company has established partnerships with major automotive manufacturers and is exploring applications in drone batteries [3][19] Future Outlook - The company is expected to achieve net profits of 846 million yuan, 1.286 billion yuan, and 1.702 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 97%, 52%, and 32% [22][24] - The estimated earnings per share (EPS) for the same years are projected to be 0.75 yuan, 1.14 yuan, and 1.51 yuan [22][24]