Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company demonstrated operational resilience through cycles and continues to explore new business opportunities [4]. - In 2024, the company achieved revenue of 168.31 billion yuan, with a year-on-year growth of 7%, and a net profit attributable to shareholders of 42.72 billion yuan, growing by 10% [2][4]. - The company reported a slight decline in gross margin, with Q4 2024 and Q1 2025 gross margins decreasing by 3.1 and 1.1 percentage points, respectively, primarily due to rising raw material prices [10]. Financial Performance Summary - For 2024, the company achieved revenue of 168.31 billion yuan, net profit of 42.72 billion yuan, and net profit after deducting non-recurring items of 37.42 billion yuan, with respective growth rates of 7%, 10%, and 1% [2][4]. - In Q4 2024, the company reported revenue of 42.27 billion yuan, net profit of 10.09 billion yuan, and net profit after deducting non-recurring items of 9.02 billion yuan, with year-on-year changes of +3%, -5%, and -16% [2][4]. - For Q1 2025, the company achieved revenue of 39.22 billion yuan, net profit of 9.75 billion yuan, and net profit after deducting non-recurring items of 8.55 billion yuan, with year-on-year growth of +3%, +5%, and +5% [2][4]. Business Segment Performance - Traditional business growth has slowed but remains above industry averages, with revenue growth of 3% in both Q4 2024 and Q1 2025 [10]. - The electrical connection business, smart electrical lighting, and new energy business saw year-on-year growth rates of +4.0%, +5.4%, and +104.7% in 2024, respectively [10]. - The company plans to focus on three strategic directions: smart ecology, new energy, and internationalization, with significant expansions in retail and operational capabilities [10]. Future Outlook - The company forecasts net profits of 46.0 billion yuan, 50.5 billion yuan, and 55.7 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 20, 18, and 17 [10]. - The dividend payout ratio for 2024 is projected to be 72.6%, with a dividend yield of 3.3% [10].

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, with a focus on enhancing shareholder returns through increased cash dividends [1][8]. Financial Performance - In 2024, the company achieved a revenue of 16.8 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 4.3 billion yuan, up 10% year-on-year [1]. - The company plans to distribute a cash dividend of 24 yuan for every 10 shares, raising the cash dividend ratio to 73% [1]. Business Segments Electrical Connection - The electrical connection segment generated revenue of 7.68 billion yuan in 2024, reflecting a 4% year-on-year growth [2]. - The segment is expected to maintain stable performance in Q1 2025, driven by product upgrades and expansion into new markets [2]. Smart Electrical and Lighting - The smart electrical and lighting segment reported revenue of 8.33 billion yuan in 2024, a 5% increase year-on-year [3]. - The segment faced challenges in H2 2024 due to real estate pressures and weak consumer demand, but is expected to achieve stable growth through product advantages and channel development [3]. New Energy - The new energy segment saw significant growth, with revenue reaching 780 million yuan in 2024, a remarkable 105% increase year-on-year [4]. - The company is expanding its product line and enhancing its self-research capabilities, indicating strong growth potential in this segment [4]. Profitability Metrics - The overall gross margin for 2024 was 43.25%, with variations across segments: electrical connection at 40.97%, smart electrical and lighting at 46.18%, and new energy at 34.81% [5]. - The net profit margin for 2024 was 25.38%, showing a year-on-year increase of 0.72 percentage points [5]. Cash Flow - The operating cash flow for 2024 was 3.73 billion yuan, a decrease of 23% year-on-year, influenced by an increase in online sales [6]. - In Q1 2025, the operating cash flow was 1.41 billion yuan, down 7% year-on-year [6]. Growth Outlook - The company is positioned as a leader in the consumer electrical market, with strong growth potential in smart electrical lighting and new energy sectors [8]. - Revenue projections for 2025-2027 are 18.1 billion, 19.9 billion, and 21.9 billion yuan, with corresponding net profits of 4.57 billion, 5.28 billion, and 5.90 billion yuan [8].

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, with significant advancements in high-end product offerings and international market expansion [1][2][3] Financial Performance - In 2024, the company achieved a revenue of 16.83 billion yuan, a year-on-year increase of 7.2%, and a net profit of 4.27 billion yuan, up 10.4% year-on-year [1] - For Q4 2024, revenue was 4.23 billion yuan, a 3.4% increase year-on-year, while net profit was 1.01 billion yuan, down 4.6% year-on-year [1] - In Q1 2025, revenue reached 3.92 billion yuan, a 3.1% increase year-on-year, and net profit was 970 million yuan, up 4.9% year-on-year [1] Business Segments - The company deepened its high-end product layout across three main business segments: electrical connection products (7.68 billion yuan, +4.0%), smart electrical lighting products (8.33 billion yuan, +5.4%), and new energy products (780 million yuan, +104.8%) [1] - The new energy business saw a significant increase, with its revenue share rising by 2.2 percentage points to 4.6% in 2024, driven by self-developed charging solutions and expansion into large operator clients [1] International Expansion - The company has established a presence in over 20 countries, including Southeast Asia, the Americas, and the Middle East, with a focus on promoting mature products like switches and lighting [2] - In 2024, domestic revenue was 16.55 billion yuan (+6.8%), while international revenue was 240 million yuan (+36.8%) [2] - The company is enhancing its overseas expansion in converter, electrical connections, power tools, and smart lighting categories, with breakthroughs in the European home energy storage market [2] Channel Strategy - The company is implementing a comprehensive channel strategy to drive high-quality growth, focusing on hardware channels and digital marketing to enhance sales conversion [2] - The digital channel is expanding into convenience stores and leveraging online platforms to strengthen market competitiveness and user engagement [2] Profitability - The company maintained a gross margin of 43.3% in 2024, with a net profit margin of 25.4%, reflecting a year-on-year increase of 0.8 percentage points [3] - In Q4 2024, the net profit margin was 21.3%, down 5.1 percentage points due to rising costs, while Q1 2025 saw a slight recovery to 21.8% [3] Investment Outlook - The company is expected to continue its channel development and product innovation, with projected EPS for 2024-2026 at 3.58, 3.88, and 4.19 yuan respectively [3] - The closing price on April 25 was 72.02 yuan, corresponding to PE ratios of 20, 19, and 17 for the respective years [3]

Core Viewpoint - The company has demonstrated steady growth in revenue and profit despite significant industry pressure, with a focus on shareholder returns and employee incentive plans [1][2][5][6]. Financial Performance - In 2024, the company achieved revenue of 16.831 billion, a year-on-year increase of 7.24%, and a net profit attributable to shareholders of 4.272 billion, up 10.39% year-on-year [1]. - For Q4 2024, revenue was 4.227 billion, reflecting a 3.41% year-on-year increase, while net profit decreased by 4.55% to 1.009 billion [1][3]. - In Q1 2025, revenue reached 3.922 billion, a 3.14% year-on-year increase, with net profit of 0.975 billion, up 4.91% [1]. Business Segments - The electrical connection business accounted for 46% of total revenue in 2024, growing by 4% year-on-year, while the smart electrical lighting business made up 49% with a 5% increase [2]. - The new energy business saw significant growth, with a 105% year-on-year increase in 2024, and is expected to continue its rapid growth in Q1 2025 [2]. Profitability Metrics - In Q4 2024, the net profit margin decreased by 2.0 percentage points, and the gross profit margin fell by 3.1 percentage points year-on-year [3]. - For Q1 2025, the net profit margin improved slightly by 0.4 percentage points, while the gross profit margin decreased by 1.1 percentage points [3]. Shareholder Returns - The company plans to distribute a dividend of 2.4 per share (before tax), totaling 3.101 billion, with a dividend payout ratio of 73% [1]. - A share repurchase plan of 250-400 million is proposed to incentivize employees, with a maximum price of 107 per share [4][5]. Future Outlook - The company expects revenue growth of 9% for 2025-2027, with net profit growth of 8-9% during the same period, reaching 4.6 billion, 5.02 billion, and 5.44 billion respectively [6].

Core Viewpoint - The company reported a revenue of 16.831 billion yuan for 2024, representing a year-on-year increase of 7.24%, and a net profit attributable to shareholders of 4.272 billion yuan, up 10.39% year-on-year [1] Revenue Summary - The company's revenue from the electrical connection business reached 7.683 billion yuan in 2024, growing by 4.01% year-on-year [1] - The smart electrical lighting business generated 8.331 billion yuan in revenue, an increase of 5.42% year-on-year [1] - The new energy business saw significant growth, with revenue of 777 million yuan, up 104.75% year-on-year [1] - The company expanded its market presence from a few countries to the Southeast Asian market and is extending into emerging markets in the Middle East and South America [1] Profitability Summary - In Q1 2025, the company's gross margin was 41.04%, a decrease of 1.12 percentage points [2] - The net profit margin improved slightly to 24.86%, an increase of 0.40 percentage points [2] - In Q4 2024, the gross margin was 43.62%, down 3.15 percentage points, while the net profit margin was 23.82%, a decrease of 1.95 percentage points [2] Share Buyback and Incentive Plans - The company plans to repurchase shares at a price not exceeding 107 yuan per share, with an expected buyback amount between 250 million yuan and 400 million yuan [3] - A restricted stock incentive plan for 2025 aims to grant 3.0969 million shares at 35.77 yuan per share to 671 core management and key personnel [3] - The performance targets for the incentive plan include achieving a revenue of no less than 17.889 billion yuan or a net profit of no less than 4.473 billion yuan in 2025 [3] Talent Holding Plan - The company introduced a special talent holding plan, granting 740,800 shares at 71.54 yuan per share to 30 individuals, including directors and special talents [4] - The plan aims to raise a maximum of 53 million yuan and has similar performance targets as the 2025 restricted stock incentive plan [4] - The duration of the 2020 special talent holding plan has been extended by three years, now set to expire on September 24, 2028 [4] Investment Outlook - The company is expanding its competitive advantages into new business areas, aiming to become a leader in the consumer electrical sector [6] - Revenue projections for 2025-2027 are adjusted to 18.210 billion yuan, 20.075 billion yuan, and 21.661 billion yuan, respectively [6] - The earnings per share (EPS) estimates for the same period are 3.57 yuan, 3.95 yuan, and 4.25 yuan, with a maintained "buy" rating [6]

Core Viewpoint - In 2024, the company reported a revenue of 16.831 billion yuan, a year-on-year increase of 7.24%, and a net profit attributable to shareholders of 4.272 billion yuan, up 10.39% year-on-year, indicating stable growth across its business segments [1] Group 1: Business Performance - The electrical connection business generated revenue of 7.683 billion yuan, a year-on-year increase of 4.01%, with a gross margin of 40.97% [2] - The smart electrical lighting business achieved revenue of 8.331 billion yuan, up 5.42% year-on-year, with a gross margin of 46.18% [3] - The new energy business saw significant growth, with revenue reaching 777 million yuan, a remarkable increase of 104.75% year-on-year, and a gross margin of 34.81% [3] Group 2: Cost Management and Efficiency - The company's overall gross margin improved to 43.25%, a slight increase of 0.04 percentage points year-on-year, while the net profit margin rose to 25.37%, up 0.74 percentage points [4] - The company implemented cost reduction strategies through centralized procurement and direct sourcing from suppliers, enhancing bargaining power and controlling raw material quality [4] - The period expense ratio increased to 16.21%, up 1.80 percentage points year-on-year, with notable increases in sales and R&D expenses [4] Group 3: Talent and Incentive Plans - The company announced a special talent holding plan for 2025, involving approximately 30 participants, with a share repurchase price of 71.54 yuan per share [5] - A restricted stock incentive plan for 2025 was also introduced, proposing to grant 3.0969 million restricted shares at a price of 35.77 yuan per share, targeting 671 individuals [5] Group 4: Future Outlook - The company is positioned as a "safety electricity expert," with stable performance in the electrical connection business and proactive expansion in the smart lighting and new energy sectors [6] - Revenue projections for 2025-2027 are estimated at 17.921 billion yuan, 19.335 billion yuan, and 20.810 billion yuan, with net profits of 4.526 billion yuan, 4.929 billion yuan, and 5.331 billion yuan respectively [6]

Core Insights - The company reported a revenue increase of 7.2% to 16.83 billion in 2024, with a net profit growth of 10.4% to 4.27 billion, despite industry challenges [1] - In Q1 2025, the company continued its steady growth with a revenue of 3.92 billion, up 3.1%, and a net profit of 0.97 billion, up 4.9% [1] Revenue Breakdown - The electrical connection business generated 7.68 billion in revenue, growing 4.0%, despite a 0.98% decline in sales volume [2] - The smart electrical lighting segment achieved 8.33 billion in revenue, up 5.4%, with a sales volume increase of 6.4% [2] - The new energy business saw a remarkable revenue increase of 104.8% to 0.78 billion, with sales volume up 119.3% [2] - Domestic revenue for 2024 was 16.55 billion, up 6.8%, while overseas revenue reached 0.24 billion, up 36.8% [2] Profitability Metrics - The company maintained a gross margin of 43.2%, up 0.04 percentage points, and a net margin of 25.4%, up 0.7 percentage points for 2024 [2] - In Q1 2025, the gross margin was 41.0%, down 1.1 percentage points, while the net margin was 24.9%, up 0.4 percentage points [3] Cost Management - The company effectively controlled expenses, with sales, management, R&D, and financial expense ratios at 6.6%, 4.7%, 4.0%, and -0.7% respectively [3] Incentive Plans - The company announced a special talent stock ownership and restricted stock incentive plan, with a total of 3.0969 million shares to be granted to 671 participants [3] - The performance targets for the incentive plan are set to achieve at least 110% of the average revenue or net profit of the previous three years [3]

事件：2025 年4 月24 日，公牛集团发布2024 年年报及2025 年一季报。2024 年公司实现总营收168.31 亿 元（+7.24%），归母净利润42.72 亿元（+10.39%），扣非归母净利润37.42 亿元（+1.04%）。2025Q1 公司总营收39.22 亿元（+3.14%），归母净利润9.75 亿元（+4.91%），扣非归母净利润8.55 亿元 （+4.56%）。 2024 年新能源产品收入增速亮眼，外销实现较快增速。1）分季度： 2024Q4 公司实现总营收42.27 亿元（+3.41%），持续稳健增长；归母净利润10.09 亿元（-4.55%），短 期承压。2）分产品：2024 年公司的智能电工照明/电连接/新能源产品收入分别为83.31/76.83/7.77 亿 元，分别同比+5.42/+4.01/+104.75%，其中新能源产品实现靓丽增长主系产品矩阵快速丰富叠加技术、 渠道等多方面的共同助力。3）分地区：2024 年公司境内/境外收入分别实现营收165.52/2.39 亿元，同 比+6.83/+36.75%，内销表现稳健，外销收入增速转正并实现快速增长。 2024Q4 盈利能 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][25] Core Views - The company achieved revenue growth of 7.2% to 16.83 billion and net profit growth of 10.4% to 4.27 billion in 2024, with a steady performance continuing into Q1 2025 [1][4] - The core business of electrical connections showed stable growth, while the smart electrical lighting segment outperformed the industry despite market pressures [2][3] - The new energy business experienced significant growth, with revenue increasing by 104.8% to 780 million and sales volume up by 119.3% [2] - The company effectively controlled expenses, resulting in a gross margin of 43.2% and a net margin of 25.4% for 2024 [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 16.83 billion (+7.2%) and a net profit of 4.27 billion (+10.4%), with Q1 2025 showing a revenue of 3.92 billion (+3.1%) and a net profit of 970 million (+4.9%) [1][5] - The gross margin for 2024 was 43.2%, with a net margin of 25.4% [3][5] Business Segments - The electrical connection business generated 7.68 billion in revenue (+4.0%), while the smart electrical lighting segment brought in 8.33 billion (+5.4%) [2] - The new energy segment's revenue reached 780 million (+104.8%), indicating a strong market position and growth potential [2] Profitability and Cost Control - The company maintained a gross margin of 43.2% and a net margin of 25.4% in 2024, with effective cost management across various expense categories [3][5] - The company has implemented an incentive plan to boost growth confidence, with stock grants aimed at achieving revenue and profit targets [3] Future Projections - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 4.57 billion, 4.95 billion, and 5.50 billion respectively, reflecting growth rates of 6.9%, 8.4%, and 11.1% [4][5]

证券代码：603195 证券简称：公牛集团 公告编号：2025-030 公牛集团股份有限公司 关于回购股份事项前十大股东和前十大无限售条件股 东持股信息的公告 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、准确性和完整性承担法律责任。 | 序号 | 股东名称 | 持股数量 | 占总股本比 | | --- | --- | --- | --- | | | | （股） | 例（%） | | 1 | 宁波良机实业有限公司 | 695,304,000 | 53.81 | | 2 | 阮立平 | 208,355,798 | 16.12 | | 3 | 阮学平 | 182,557,549 | 14.13 | | 4 | 香港中央结算有限公司 | 40,269,380 | 3.12 | | 5 | 宁波凝晖投资管理合伙企业（有限合伙） | 8,740,559 | 0.68 | | 6 | 招商银行股份有限公司－兴全合润混合型 证券投资基金 | 5,934,910 | 0.46 | | 7 | 全国社保基金一零一组合 | 5,048,503 | 0.39 | | 8 | ...