Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 16.83 billion RMB and a net profit of 4.27 billion RMB for 2024, reflecting a year-on-year growth of 7.2% and 10.4% respectively [2] - The company's traditional business segments are showing stable growth, while the new energy sector is expanding rapidly, with a revenue increase of 104.7% in 2024 [3] - The gross margin for 2024 is reported at 43.3%, with a slight decline in the fourth quarter and the first quarter of 2025 due to rising raw material costs [3] Performance Summary - For Q4 2024, the company achieved a revenue of 4.23 billion RMB, a year-on-year increase of 3.4%, while the net profit decreased by 4.6% to 1.01 billion RMB [2] - In Q1 2025, the company reported a revenue of 3.92 billion RMB, with a year-on-year growth of 3.1% and a net profit of 970 million RMB, up 4.9% [2] Business Analysis - The company’s revenue from electrical connections, smart electrical lighting, and new energy products for 2024 was 7.68 billion RMB, 8.33 billion RMB, and 780 million RMB respectively, with the new energy segment showing significant growth [3] - The company has developed over 25,000 C-end terminal points and has more than 3,000 B-end customers by the end of 2024, maintaining a leading market share in the charging category on e-commerce platforms [3] Profit Forecast and Valuation - The expected EPS for 2025, 2026, and 2027 are 3.67 RMB, 4.06 RMB, and 4.45 RMB respectively, with corresponding PE ratios of 19, 18, and 16 [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 16.83 billion RMB and a net profit of 4.27 billion RMB for 2024, reflecting a year-on-year growth of 7.2% and 10.4% respectively [2] - The company's traditional business segments are showing stable growth, while the new energy sector is expanding rapidly, with a revenue increase of 104.7% in 2024 [3] - The gross margin for 2024 is reported at 43.3%, with a slight decline in the fourth quarter and the first quarter of 2025 due to rising raw material costs [3] Performance Summary - For Q4 2024, the company achieved a revenue of 4.23 billion RMB, a year-on-year increase of 3.4%, while the net profit decreased by 4.6% to 1.01 billion RMB [2] - In Q1 2025, the company reported a revenue of 3.92 billion RMB, a year-on-year increase of 3.1%, and a net profit of 970 million RMB, up 4.9% [2] - The dividend proposal includes a distribution of 2.4 RMB per 10 shares and a capital reserve increase of 4 shares for every 10 shares [2] Business Analysis - The company has developed over 25,000 C-end terminal points and has accumulated over 3,000 B-end customers in the new energy sector by the end of 2024 [3] - The company is focusing on enhancing its brand image and expanding its product categories, particularly in electric tools and smart electrical lighting [4] - The internationalization strategy is progressing well, with localized channel systems and sales teams in emerging markets [4] Financial Forecast - The expected EPS for 2025, 2026, and 2027 are projected to be 3.67 RMB, 4.06 RMB, and 4.45 RMB respectively, with corresponding PE ratios of 19, 18, and 16 [5] - The company anticipates a revenue growth rate of 10.48% in 2025, followed by 9.92% in 2026 and 9.67% in 2027 [10]

Summary of Bull Group's Conference Call Industry and Company Overview - The conference call focuses on Bull Group, a company involved in electrical connections, smart electrical lighting, and new energy sectors, which are currently in an upward growth phase [2][3]. Key Points and Arguments - **Mature Electrical Connection Business**: Bull Group's electrical connection business has matured, while smart electrical lighting and new energy businesses are still developing, which is crucial for future ROE [2][3]. - **ROE Performance**: Bull Group has maintained a leading ROE due to high net profit margins, moderate turnover rates, and low debt levels. High net profit margins are attributed to the company's position in the supply chain and consumer loyalty, which provides pricing power [2][4]. - **Future ROE Projections**: It is expected that Bull Group's ROE will remain in the range of 28%-31% by 2026, based on assumptions regarding profit margins and leverage through dividends and share buybacks [2][5][6]. - **Traditional Business Maturity**: The traditional business segments, including converters and wall switches, are entering a mature phase, with converter market growth slowing down. Future growth will rely on product structure optimization and price increases [2][7]. - **E-commerce Sales Growth**: The average selling price of converters on Bull's e-commerce platform has increased by approximately 10% annually, indicating growth potential due to the low proportion of new products like track sockets [2][8]. - **Wall Switch Market Share**: Bull Group holds about 30% market share in the wall switch segment, with opportunities for growth by capturing market share from foreign brands exiting the market [2][9]. - **Rapid Growth in New Energy**: The new energy business has seen rapid growth, doubling annually over the past few years, with expectations to continue this trend in 2024. Bull Group has achieved the top market share in the charging pile sector on e-commerce platforms [2][10][11]. Additional Important Insights - **Emerging Business Developments**: Bull Group is diversifying into new business areas such as new energy, no-main-lighting, and international expansion, which are forming new growth points [3][10]. - **No-Main-Lighting as a Key Growth Area**: The no-main-lighting category is crucial for breaking through the lighting business bottleneck, with products like downlights and track lights facilitating concentrated production and sales [10][12]. - **International Expansion Strategy**: The international strategy is vital for Bull Group's growth, focusing on energy storage and new energy products in mature markets while addressing traditional products in Southeast Asia [10][13].

Group 1 - The company has extended the duration of its 2020 special talent stock ownership plan by 3 years, now set to expire on September 24, 2028 [2][4] - The stock ownership plan was initially approved in 2020, allowing the company to purchase a total of 322,000 shares, representing 0.05% of the total share capital at that time [3] - As of March 22, 2025, the plan held 390,500 shares, accounting for 0.03% of the company's total share capital of 1,292,158,890 shares [3] Group 2 - The company plans to use its idle funds for entrusted wealth management, with a maximum daily investment limit of 15 billion RMB [9][11] - The purpose of the entrusted wealth management is to enhance the efficiency of the company's idle funds while ensuring the safety of its operations [10] - The company will invest in low-risk financial products issued by qualified financial institutions, ensuring that the funds are not directly invested in stocks or derivatives [14][19] Group 3 - The company reported a total of 3,567 million RMB raised from its initial public offering, with a net amount of 3,503 million RMB after deducting issuance costs [21] - As of December 31, 2024, the company had used 3,362.47 million RMB of the raised funds, leaving a balance of 291.64 million RMB [22] - The company has established a dedicated management system for the raised funds to ensure compliance with relevant laws and regulations [23][36] Group 4 - The company has approved the repurchase and cancellation of certain restricted stocks, with specific prices set for different years' stock plans [57] - The total share capital will decrease from 1,292,158,890 shares to 1,291,848,372 shares following the cancellation of these stocks [57]

Core Viewpoint - The company reported a net profit of approximately 4.27 billion yuan for the fiscal year 2024, reflecting a growth of 10.39% compared to the previous year, and plans to distribute cash dividends and increase share capital through capital reserves [1][12]. Company Overview - The company operates in the electrical machinery and equipment manufacturing industry, focusing on products such as converters, wall switches, sockets, digital accessories, LED lighting, and new energy charging equipment [3][4]. - The company has established itself as a leader in the civil electrical field since its founding in 1995, with a strong emphasis on product quality and brand reputation [5][7]. Business Segments - The main business segments include electrical connections, smart electrical lighting, and new energy products, with a focus on innovation and consumer needs [6][7]. - The company has achieved significant market presence, ranking first in online sales for converters, wall switches, and new energy vehicle charging products on platforms like Tmall [5]. Financial Performance - The company achieved a total revenue of 16.83 billion yuan in 2024, marking a 7.24% increase from the previous year [12]. - The proposed profit distribution plan includes a cash dividend of 24.00 yuan per 10 shares and a capital reserve increase of 4.0 shares for every 10 shares held [1][2]. Industry Position - The company is positioned in a mature market for traditional electrical products, while segments like smart home products and new energy solutions are experiencing growth [4][5]. - The demand for electrical connections and smart lighting products is closely tied to consumer lifestyle, with no significant cyclical or regional characteristics affecting the industry [4].

证券代码：603195 证券简称：公牛集团 公告编号：2025-016 公牛集团股份有限公司 关于回购注销部分限制性股票的公告 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。 公牛集团股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开第三 届董事会第九次会议，审议通过《关于回购注销部分限制性股票的议案》，由于 2022 年限制性股票激励计划、2023 年限制性股票激励计划、2024 年限制性股票 激励计划共 52 名激励对象因离职已失去本次限制性股票激励资格，其已获授但 尚未解除限售的限制性股票合计 310,518 股拟由公司回购注销。具体情况如下： 一、限制性股票激励计划批准及实施情况 （一）2022 年限制性股票激励计划批准及实施情况 1.2022 年 4 月 11 日，公司召开第二届董事会第十次会议和第二届监事会第 十次会议，审议通过了《关于 2022 年限制性股票激励计划（草案）及其摘要的 议案》和《关于 2022 年限制性股票激励计划实施考核管理办法的议案》。公司独 立董事就本次激励计划是否有利于 ...

关于以集中竞价交易方式回购股份方案的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：603195 证券简称：公牛集团 公告编号：2025-021 公牛集团股份有限公司 ● 回购股份用途：用于实施公司股权激励计划及员工持股计划，法定期间未使用 部分公司将履行相关程序予以注销并减少注册资本。 ● 回购股份价格：不超过人民币 107 元/股（含） ● 回购股份方式：集中竞价交易方式 ● 回购股份期限：自公司董事会审议通过本回购方案之日起不超过 12 个月 ● 相关股东是否存在减持计划：公司董事、监事、高级管理人员、控股股东及其 一致行动人、持股 5%以上的股东未来 3 个月、未来 6 个月及本回购方案实施期间 无减持公司股份的计划，如未来减持，将严格按照相关法律法规规定及时履行信 息披露义务。 ● 相关风险提示： 1、本次回购可能存在回购期限内公司股票价格持续超出回购价格上限，进而 导致本次回购方案无法顺利实施或者只能部分实施的风险； 2、若公司在实施回购股份期间，受外部环境变化、临时经营需要等因 ...

证券代码：603195 证券简称：公牛集团 公告编号：2025-022 公牛集团股份有限公司 关于以集中竞价交易方式回购股份方案的回购报告书 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： ● 回购股份用途：用于实施公司股权激励计划及员工持股计划，法定期间未使用 部分公司将履行相关程序予以注销并减少注册资本。 ● 相关股东是否存在减持计划：公司董事、监事、高级管理人员、控股股东及其 一致行动人、持股 5%以上的股东未来 3 个月、未来 6 个月及本回购方案实施期间 无减持公司股份的计划，如未来减持，将严格按照相关法律法规规定及时履行信 息披露义务。 ● 相关风险提示： 1、本次回购可能存在回购期限内公司股票价格持续超出回购价格上限，进而 导致本次回购方案无法顺利实施或者只能部分实施的风险； 2、若公司在实施回购股份期间，受外部环境变化、临时经营需要等因素影响， 致使本次回购股份所需资金未能筹措到位，可能存在回购方案无法实施或者部分 实施的风险； 3、若因公司生产经营、财务状况、外部客观情况发生重大变化等，可 ...

公牛集团股份有限公司 2025 年限制性股票激励计划激励对象名单 一、激励对象获授的限制性股票分配情况 | 职务 | 获授的限制性股票 | 占授予限制性股票 | 占本计划公告时公 | | --- | --- | --- | --- | | | 数量（万股） | 总数的比例 | 司股本总额的比例 | | 核心管理人员及核心骨干 （671 人） | 309.69 | 100.00% | 0.24% | | 合计 | 309.69 | 100.00% | 0.24% | 注：上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票均未超过公司总股本的 1%。公司全部在有效期内的激励计划所涉及的标的股票总数累计不超过股权激励计划提交股东大会时公司 股本总额的 10%。 二、核心管理人员及核心骨干名单 | 序号 | 姓名 | 类别 | | --- | --- | --- | | 1 | 朱俊杰 | 核心管理人员 | | 2 | 成瀚 | 核心管理人员 | | 3 | 郑国强 | 核心管理人员 | | 4 | 曹铁兵 | 核心管理人员 | | 5 | 郑湘洲 | 核心管理人员 | | 6 | 章卫军 | 核心 ...

股权激励所涉及的标的股票总数：本激励计划拟授予的限制性股票数量 为309.69万股，占本激励计划草案公告时公司股本总额129,215.89万股的0.24%。 2025 年限制性股票激励计划（草案）摘要公告 一、公司基本情况 （一）公司简介： 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。 证券代码：603195 证券简称：公牛集团 公告编号：2025-018 重要内容提示： 股权激励方式：限制性股票 公牛集团股份有限公司 股份来源：公司从二级市场回购的公司 A 股普通股股票 1、公司基本情况 公司名称：公牛集团股份有限公司（以下简称"公司"或"本公司"） 法定代表人：阮立平 成立日期：2008 年 1 月 18 日 经营范围：一般项目：机械电气设备制造；配电开关控制设备制造；五金产 品制造；电工器材制造；塑料制品制造；照明器具制造；家用电器研发；配电开 关控制设备研发；五金产品研发；新材料技术研发；工程和技术研究和试验发展； 技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；市场调查（不 含涉外调查）；新能源原动设备制 ...