royalpoker| Zhuhai Guanyu (688772): Pay attention to the demand for batteries for new products in the consumer field

Maintain an "overweight" rating. Considering the drag on performance by the company's power business, the company's EPS in 24-25 will be 0.royalpoker.50（-0royalpoker. 26) yuan, 0.82 (-0.24) yuan, the new 26-year EPS is 1.05 yuan, and the reference company will grant 2.67XPB for 24 years. Under the background of gradual recovery of the macro environment, the leading certainty has improved. The target price of Shangxiu Company is 17.76 (+0.28) yuan.

Apple's price cuts are expected to boost sales. Apple is an important customer of Zhuhai Guanyu. The products currently supply mainly include notebook and mobile phone batteries. On May 19, the official flagship store of Tmall Apple Store opened price discounts for iPhone15 products, ranging from 1,400 to 2,050 yuan for different models.

IDC data shows that the domestic share of Apple's mobile phones in 24Q1 fell from 17.8% in the same period to 15.6%, and demand was weak.royalpokerWe believe that the price reduction of Apple's mobile phones is expected to stimulate sales, which will lead to an increase in Zhuhai Guanyu's capacity utilization rate.

Pay attention to new technologies and new products in the field of mobile phones and computers. On May 21, Microsoft announced that it will launch a new type of PC with artificial intelligence; from June 10 to 14, Apple will hold its annual Global Developers Conference (WWDC), after Apple mentioned at the 2023 Annual Shareholders 'Meeting that it is exploring generative AI fields and other layout. We believe that with the gradual application of new technologies such as AI in the field of consumer electronics, it is expected to provide a positive contribution to the charging capacity and sales of Zhuhai Guanyu's consumer electronics products.

The power battery business is expected to reduce losses. In 2023, Zhejiang Guanyu, the main controlling subsidiary of the company's power energy storage business, achieved revenue of 660 million yuan and a net profit loss of 628 million yuan. Under the recent investment plan of Zhejiang Guanyu, the company's controlling subsidiary, introducing capital increase and share expansion, Zhejiang Guanyu's capital strength and competitiveness are expected to increase in the future. Equity dilution will also help drive performance and loss reduction at the parent company level.

Risk Warningroyalpoker: Consumer electronics demand recovered less than expected, and power business lost less than expected