Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [3][11]. Core Views - The company demonstrated resilience with a revenue increase of 8.58% year-on-year, reaching 12.6 billion yuan, and a net profit growth of 16.00%, totaling 3.26 billion yuan for the first three quarters of 2024 [1]. - Despite challenges in the domestic housing market, the company is expected to maintain steady growth in its core business segments, particularly in electrical connections and smart electrical products, while the relatively smaller new energy segment is projected to continue its rapid growth [1]. - The company is actively pursuing three strategic initiatives: smart ecosystem development, new energy expansion, and internationalization, which are anticipated to enhance its market position and revenue streams [1]. Financial Performance Summary - For 2024E, the company is projected to achieve a revenue of 16.93 billion yuan, with a growth rate of 7.85% [2][7]. - The net profit attributable to the parent company is expected to reach 4.36 billion yuan in 2024E, reflecting a growth rate of 12.67% [2][7]. - The company's EBITDA for 2024E is forecasted at 5.27 billion yuan, with a slight decrease in growth rate compared to previous years [2][7]. Strategic Initiatives - The company is enhancing its smart ecosystem by adapting to changing consumer habits through flagship stores and new retail transformations [1]. - In the new energy sector, the company has expanded its product line and developed over 22,000 retail points for end consumers, while also establishing a strong presence in the e-commerce market [1]. - The international strategy includes establishing a local sales team in Southeast Asia and successfully launching products in European markets, indicating a robust approach to global expansion [1].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 12.6 billion yuan for the first nine months of 2024, representing an 8.6% year-on-year increase, and a net profit of 3.26 billion yuan, up 16.0% year-on-year. In Q3 2024, revenue reached 4.217 billion yuan, a 5.0% increase year-on-year, with a net profit of 1.02 billion yuan, up 3.3% year-on-year [1]. - The electrical connection business shows steady growth, with the company focusing on product innovation to meet diverse customer needs and enhance revenue streams. Marketing strategies have been optimized through social media platforms to boost consumer conversion [1]. - The company is building a high-end product ecosystem in the smart electrical lighting sector, maintaining resilience despite market pressures. The brand "Muguang" continues to grow rapidly from a low base, indicating significant future growth potential [1]. - The renewable energy business is expanding its product lines, focusing on comprehensive scene-based development. The company anticipates continued high growth in Q3, driven by positive market feedback on new products [1][2]. Financial Summary - For the first nine months of 2024, the company achieved a gross margin of 43.1%, a 1.2 percentage point increase year-on-year. The net profit margin stood at 25.9%, up 1.7 percentage points year-on-year [2]. - The projected earnings per share (EPS) for 2024-2026 are 3.43 yuan, 3.67 yuan, and 4.10 yuan, respectively. The closing price on October 30 was 74.02 yuan, corresponding to price-to-earnings (PE) ratios of 22, 20, and 18 times for the respective years [2][3].

Financial Performance - The company's revenue for Q3 2024 reached ¥4,216,850,153.83, representing a year-over-year increase of 5.04%[2] - Net profit attributable to shareholders was ¥1,024,665,943.29, reflecting a growth of 3.36% compared to the same period last year[2] - The basic earnings per share (EPS) for the quarter was ¥0.79, an increase of 2.60% year-over-year[3] - Total operating revenue for the first three quarters of 2024 reached CNY 12,603,043,409.40, an increase of 8.6% compared to CNY 11,606,826,969.90 in the same period of 2023[14] - Net profit attributable to shareholders for the first three quarters of 2024 was CNY 3,360,587,480.74, compared to CNY 3,198,334,000.00 in 2023, representing an increase of 5.1%[14] - The net profit for Q3 2024 reached CNY 3,262,317,161.70, an increase of 15.99% compared to CNY 2,810,846,023.97 in Q3 2023[15] - The operating profit for Q3 2024 was CNY 3,913,555,350.38, compared to CNY 3,433,141,533.35 in Q3 2023, marking an increase of 13.98%[15] - The total comprehensive income for Q3 2024 was CNY 3,291,930,828.46, compared to CNY 2,805,172,473.20 in Q3 2023, an increase of 17.36%[16] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥19,338,846,760.59, showing a decrease of 2.14% from the previous year-end[3] - Total assets as of the end of the third quarter of 2024 were CNY 19,338,846,760.59, a slight decrease from CNY 19,762,205,724.93 at the end of the same period in 2023[13] - Total liabilities decreased to CNY 4,467,766,338.58 from CNY 5,301,794,179.20 year-on-year, showing a reduction of 15.7%[12] - The company's trading financial assets decreased to ¥8,343,771,873.60 from ¥9,727,000,000.00, representing a decline of about 14.26%[10] - The company reported a significant increase in fixed assets, which rose to CNY 2,052,318,319.71 from CNY 1,986,168,945.03, reflecting a growth of 3.3%[11] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥3,014,914,290.40, down 25.01% year-over-year[2] - The cash flow from operating activities for the first three quarters of 2024 was CNY 3,014,914,290.40, down from CNY 4,020,374,606.84 in the same period of 2023, a decrease of 25%[19] - The company's cash and cash equivalents at the end of the third quarter of 2024 were CNY 1,500,000,000.00, down from CNY 2,000,000,000.00 in the previous year, a decrease of 25%[12] - The cash and cash equivalents at the end of Q3 2024 were CNY 1,121,747,724.24, down from CNY 2,078,782,421.78 at the end of Q3 2023, a decrease of 46.00%[20] - The total cash inflow from investment activities for the first three quarters of 2024 was CNY 14,588,422,405.94, compared to CNY 6,983,221,985.10 in the same period of 2023, an increase of 109.00%[19] - The net cash outflow from financing activities for Q3 2024 was CNY 3,624,667,626.98, compared to CNY 1,729,979,128.25 in Q3 2023, indicating a significant increase in cash outflow[20] Shareholder Information - The total equity attributable to shareholders increased to ¥14,854,755,679.01, up 2.83% from the previous year-end[3] - The total number of common shareholders at the end of the reporting period is 25,194, with the largest shareholder, Ningbo Liangji Industrial Co., Ltd., holding 53.80% of shares[7] - The top three shareholders, including Ningbo Liangji Industrial Co., Ltd., hold a combined total of 70.04% of the shares, indicating significant control over the company[7] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities during the reporting period[10] - The company has not identified any related party transactions among the top ten shareholders[8] Research and Development - Research and development expenses for the first three quarters of 2024 amounted to CNY 516,417,399.52, compared to CNY 427,301,998.27 in 2023, indicating a growth of 20.9%[14] Future Outlook - The company is focused on expanding its market presence and developing new products, although specific details on new products or technologies were not disclosed in the report[8] - The company plans to expand its market presence and invest in new product development to drive future growth[14] - The company has not provided any specific guidance for future performance or outlook in the current report[9]

2024 年 10 月 30 日，公司提前归还 10,000 万元至募集资金专项账户，并将 上述募集资金的归还情况告知保荐机构及保荐代表人。 截至本公告披露日，公司实际使用 27,289 万元（最高额）闲置募集资金暂 时补充流动资金。本次归还后，尚未归还的闲置募集资金余额为 17,289 万元。 特此公告。 证券代码：603195 证券简称：公牛集团 公告编号：2024-075 公牛集团股份有限公司 关于归还部分暂时补充流动资金的闲置募集资金的公告 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 2024 年 1 月 5 日召开的第三 届董事会第一次会议、第三届监事会第一次会议，审议通过了《关于继续使用部 分闲置募集资金暂时补充流动资金的议案》，同意公司在确保不影响募投项目建 设和募集资金使用的情况下，使用不超过人民币 5 亿元暂时闲置募集资金补充公 司流动资金。使用期限为自公司第二届董事会第十六次会议授权到期之日起 12 个月内，即 2024 年 2 月 6 日至 2025 年 2 ...

证券代码：603195 证券简称：公牛集团 公告编号：2024-074 公牛集团股份有限公司 关于回购注销部分限制性股票通知债权人的公告 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 2024 年 10 月 30 日召开了第 三届董事会第六次会议及第三届监事会第五次会议，审议通过了《关于回购注销 部分限制性股票的议案》，由于 2021 年限制性股票激励计划、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 53 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 319,312 股拟由公司回购注销。具体内容详见公司于上海证券交易 所网站（www.sse.com.cn）及指定信息披露媒体发布的相关公告。 现根据《中华人民共和国公司法》《上市公司股份回购规则》等相关法律法 规的规定，将有关事项通知如下：公司债权人自本公告披露之日（2024 年 10 月 31 日）起 45 日内，均有权凭有效债权文件 ...

证券代码：603195 证券简称：公牛集团 公告编号：2024-073 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 2024 年 10 月 30 日召开第 三届董事会第六次会议，审议通过《关于回购注销部分限制性股票的议案》，由 于 2021 年限制性股票激励计划、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 53 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 319,312 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）2021 年限制性股票激励计划批准及实施情况 11.2023 年 6 月 9 日，公司召开第二届董事会第十八次会议和第二届监事会 第十八次会议，审议通过了《关于调整 2021 年限制性股票激励计划回购价格及 数量的议案》。公司独立董事对此发表了同意的独立意见。 1.2021 年 ...

证券代码：603195 证券简称：公牛集团 公告编号：2024-072 公牛集团股份有限公司 第三届监事会第五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 1.公司 2024 年第三季度报告的编制和审议程序符合法律、法规、《公司章 程》和公司内部管理制度的规定； 2.2024 年第三季度报告的内容和格式符合中国证监会和上海证券交易所的 相关规定，所包含信息从各个方面真实地反映出公司 2024 年第三季度的经营管 理和财务状况等事项； 3.公司监事会在提出本意见前，未发现参与 2024 年第三季度报告编制和审 议的人员有违反保密规定的行为。 表决结果：3 票同意，0 票反对，0 票弃权。 （二）审议通过《关于回购注销部分限制性股票的议案》 监事会认为：本次回购注销限制性股票符合相关规定，不存在损害公司及 全体股东、特别是中小股东利益的情形。 公牛集团股份有限公司（以下简称"公司"）第三届监事会第五次会议通知 于 2024 年 10 月 20 日以书面、邮件、电话等方式发出，会议于 202 ...

地址：上海市徐汇区田林路 487 号 20 号楼宝石大楼 705 室邮编：200233 电话（Tel）：021-61255878 传真（Fax）：021-61255877 网站：www.renyinglawfirm.com | 第一节 | 引言 3 | | --- | --- | | 第二节 | 正文 4 | | 一、 | 限制性股票激励计划的基本情况 4 | | | 二、本次回购的原因、数量及价格 9 | | | 三、本次回购的批准和授权 11 | | 第三节 | 结论性意见 12 | | 第四节 | 结尾 13 | 上海仁盈律师事务所 关于公牛集团股份有限公司 关于公牛集团股份有限公司 回购注销部分限制性股票的 法律意见书 上海仁盈律师事务所 SHANGHAIRENYINGLAWFIRM 回购注销部分限制性股票的 法律意见书 （2021）仁盈律非诉字第 005-11 号 致：公牛集团股份有限公司 根据公牛集团股份有限公司（以下简称"公司"或"公牛集团"）与上海仁盈律 师事务所（以下简称"本所"）签订的《聘请律师合同》，本所接受公牛集团的委 托，担任公牛集团限制性股票激励计划专项法律顾问，本所律师根据《中华 ...

证券代码：603195 证券简称：公牛集团 公告编号：2024-071 公牛集团股份有限公司 第三届董事会第六次会议决议公告 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。 一、董事会会议召开情况 经与会董事认真讨论，审议通过如下议案： （一）审议通过《关于 2024 年第三季度报告的议案》 本议案已经第三届董事会审计与风险委员会 2024 年第四次会议审议通过。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）及指 定媒体的《公牛集团股份有限公司 2024 年第三季度报告》。 表决结果：9 票同意，0 票反对，0 票弃权。 （二）审议通过《关于回购注销部分限制性股票的议案》 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）及指 定媒体的《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》（公告 编号：2024-073）。 公牛集团股份有限公司（以下简称"公司"）第三届董事会第六次会议通知 于 2024 年 10 月 20 日以书面、邮件、电话等方式发出，会议于 20 ...

公牛集团股份有限公司（以下简称"公司"）将于 2024 年 10 月 31 日发布公 司《2024 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2024 年 第三季度的经营成果、财务状况，公司计划于 2024 年 10 月 31 日上午 11:00- 12:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 证券代码：603195 证券简称：公牛集团 公告编号：2024-070 公牛集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 10 月 31 日(星期四)上午 11:00-12:00 投资者可于 2024 年 10 月 24 日(星期四)至 10 月 30 日(星期三)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@gongniu.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 一、说明会类型 本次投资者说明会以网络互动方式召开， ...