ZHUHAI COSMX(688772) 申万宏源证券·2025-04-01 10:13Investment Rating - The investment rating for Zhuhai Guanyu is "Buy" (maintained) [1] Core Views - The report highlights that the consumer lithium battery sector is entering a golden development phase, with rapid expansion in dynamic storage application scenarios [6] - The company achieved significant growth in shipments, particularly in consumer batteries and dynamic storage batteries, with a notable increase in revenue and net profit for 2024 [6] - The report anticipates continued growth in the consumer electronics market and dynamic storage business, leading to upward adjustments in profit forecasts for 2025-2027 [6] Financial Data and Profit Forecast - Total revenue projections are as follows: - 2023: 11,446 million - 2024: 11,541 million - 2025E: 13,674 million - 2026E: 15,642 million - 2027E: 17,315 million - Year-on-year growth rates for total revenue are projected at: - 2023: +4.3% - 2024: +0.8% - 2025E: +18.5% - 2026E: +14.4% - 2027E: +10.7% [5][7] - Net profit forecasts are as follows: - 2023: 344 million - 2024: 430 million - 2025E: 920 million - 2026E: 1,228 million - 2027E: 1,511 million - Year-on-year growth rates for net profit are projected at: - 2023: +278.5% - 2024: +25.0% - 2025E: +113.8% - 2026E: +33.4% - 2027E: +23.1% [5][7] - The report indicates a stable upward trend in profitability for the consumer business and ongoing scale effects in the dynamic storage business [6]