Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [3][7]. Core Views - The company has shown strong profit growth in Q2 2024, with significant performance in its new energy business. The revenue for H1 2024 reached 8.386 billion yuan, a 10.45% increase year-on-year, while the net profit attributable to shareholders was 2.239 billion yuan, up 22.88% [2][3]. - The report highlights the company's focus on innovation and development in three main business areas: electrical connections, smart electrical lighting, and new energy. The company is leveraging both online and offline channels to strengthen its market position [3][5]. - The projected net profits for the company from 2024 to 2026 are 4.480 billion yuan, 4.955 billion yuan, and 5.563 billion yuan, respectively, with corresponding EPS of 3.47 yuan, 3.83 yuan, and 4.30 yuan [3][4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 4.583 billion yuan, a 7.64% increase, and a net profit of 1.309 billion yuan, reflecting a 20.58% growth [2][3]. - The company's gross margin in Q2 2024 was 43.59%, an increase of 0.44 percentage points year-on-year, while the net margin reached 28.52%, up 3.05 percentage points [2][3]. Business Segments - For H1 2024, the revenue from electrical connections, smart electrical lighting, and new energy businesses were 3.870 billion yuan (up 5.23%), 4.211 billion yuan (up 11.69%), and 289 million yuan (up 120.22%), respectively [2][3]. - The new energy business has shown remarkable growth, supported by the company's technological and brand advantages [2][3]. Market Strategy - The company has established over 750,000 hardware channel points and over 22,000 terminal points for its new energy business, indicating a robust distribution network [3][5]. - The company is actively engaging in e-commerce platforms and has maintained a leading market share in online sales for its converter and wall switch socket categories [3][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][10] Core Views - Since the weakening of the real estate environment in 2022, the company's quarterly revenue growth has never been below 7%, mostly remaining in double digits. Profit performance has been even more outstanding, with digitalization and cost reduction contributing to continuous improvement in gross and net profit margins for seven consecutive quarters since Q4 2022. Despite a weak environment, the company's operational strength is robust, outperforming expectations [3][10]. Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved revenue of 8.386 billion, a year-on-year increase of 10.45%, and a net profit attributable to shareholders of 2.239 billion, up 22.88%. In Q2 2024, revenue was 4.583 billion, a year-on-year increase of 7.64%, with a net profit of 1.309 billion, up 20.58% [10][11]. - The company’s gross margin improved in Q2, with a year-on-year increase of 0.4 percentage points. The company demonstrated strong raw material price-locking capabilities, maintaining gross margin improvement despite a high base in the same period [10][14]. Business Segments - The converter business remained stable, with a year-on-year revenue growth of 5%. The company launched electric tools in the domestic market, expected to contribute incrementally. The smart electrical lighting business saw a year-on-year revenue increase of 12%, although growth slowed in Q2 due to its high correlation with real estate [10][11]. - The new energy business maintained high growth, with a year-on-year increase of 120% to 290 million, accounting for 3% of total revenue [10][11]. Future Outlook - The company is expected to achieve revenues of 17.3 billion, 19.3 billion, and 21.5 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10%, 12%, and 12%. Net profits attributable to shareholders are projected to be 4.5 billion, 4.9 billion, and 5.6 billion for the same years, with corresponding PE ratios of 20, 18, and 16 [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has demonstrated stable performance in its core business segments, with profitability showing a steady upward trend [2][3] - The company achieved a revenue of 8.386 billion yuan in H1 2024, representing a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 2.239 billion yuan, up 22.9% year-on-year [2] - The growth in net profit is primarily attributed to investment income, with bank wealth management income increasing by 329.6% year-on-year [2] Summary by Relevant Sections Business Performance - The electrical connection segment generated revenue of 3.870 billion yuan in H1 2024, up 5.2% year-on-year, with a focus on innovative products catering to diverse market needs [3] - The smart electrical lighting business achieved revenue of 4.211 billion yuan, a year-on-year increase of 11.69%, driven by a dual focus on cost-effective and mid-to-high-end products [3] - The new energy segment reported revenue of 289 million yuan, a significant increase of 120.22% year-on-year, with ongoing development of product lines and strategic partnerships [3] Profitability Metrics - The gross margin for H1 2024 was 42.94%, an increase of 2.40 percentage points year-on-year, with Q2 2024 gross margin at 43.59% [4] - The net profit margin for H1 2024 was 26.70%, up 2.7 percentage points year-on-year, with Q2 2024 net profit margin at 28.57% [4] - The company has increased its marketing and promotional expenditures, with sales expenses rising by 27.2% year-on-year [9] Financial Forecast - The company is projected to achieve revenues of 17.229 billion yuan, 19.097 billion yuan, and 21.263 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 9.77%, 10.84%, and 11.35% [10] - Net profit attributable to shareholders is expected to reach 4.387 billion yuan, 4.965 billion yuan, and 5.635 billion yuan for the same years, with growth rates of 13.36%, 13.17%, and 13.49% respectively [10]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 20/18/16X for the years 2024-2026 [3]. Core Views - The company reported a revenue of 8.39 billion yuan for the first half of 2024, representing a year-on-year increase of 10.5%, and a net profit of 2.24 billion yuan, up 22.9% year-on-year [2]. - The company is experiencing steady growth in its main business despite the downturn in the real estate sector, with significant growth in its new energy business [2]. - The company is actively expanding its flagship stores and new retail channels, with plans to open 3,000 new stores by the end of 2024, having already opened 2,000 by the end of August [2]. - The company is also focusing on overseas market expansion, particularly in Southeast Asia and Europe, with a strategy to promote new energy products [2]. Financial Performance Summary - For the first half of 2024, the company's gross margin was 42.9%, an increase of 2.4 percentage points year-on-year, while the net profit margin was 26.7%, up 2.7 percentage points year-on-year [2]. - The company has adjusted its profit forecasts for 2024-2026 to 4.42 billion, 4.90 billion, and 5.51 billion yuan, respectively, reflecting growth rates of 14%, 11%, and 13% [3]. - The report highlights a significant increase in investment income, with a year-on-year growth of 329.6% in the first half of 2024, contributing to higher profit elasticity [2].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 8.386 billion yuan for H1 2024, representing a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 2.239 billion yuan, up 22.9% year-on-year [1]. - The company is expected to achieve double-digit revenue growth for the full year, with profit growth outpacing revenue growth [1]. - The company continues to innovate and increase prices in its converter segment, while gaining market share in wall switches despite weak consumer demand [1]. Financial Performance - For H1 2024, the company's electrical connection and smart electrical lighting businesses generated revenues of 3.87 billion yuan and 4.21 billion yuan, respectively, with year-on-year growth of 5.2% and 11.7% [1]. - The gross margin for Q2 2024 was 43.6%, an increase of 0.4 percentage points year-on-year, while the net profit margin was 28.6%, up 3.1 percentage points year-on-year [1]. - The company’s operating cash flow for Q2 2024 was 8.42 billion yuan, reflecting a healthy operational capacity [1]. Business Segments - The new energy segment achieved revenue of 290 million yuan in H1 2024, a significant increase of 120.2% year-on-year, with a focus on expanding channels and developing key components in-house [1]. - The company is actively pursuing a new retail model by enhancing offline flagship stores and online traffic, aiming to open 3,000 flagship stores throughout the year [1]. - Internationally, the company reported overseas revenue of 140 million yuan in H1 2024, a year-on-year increase of 71.6%, with a strong focus on developing new products tailored to local market demands [1]. Profit Forecast - The company’s net profit attributable to shareholders is projected to be 4.49 billion yuan, 5.14 billion yuan, and 5.85 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19.5X, 17.0X, and 15.0X [2][3].

坚韧生长，长期战略清晰 公牛集团（603195） 证券研究报告 2024 年 08 月 31 日 投资评级 行业 轻工制造/家居用品 6 个月评级 买入（维持评级） 当前价格 67.76 元 目标价格 元 事件：公司 24H1 实现营收 83.86 亿，同比+10.45%，归母净利润 22.39 亿，同比+22.88%，扣非净利润 19.03 亿，同比+14.27%。其 中，24Q2 实现营收 45.83 亿，同比+7.64%，归母净利润 13.09 亿， 同比+20.58%，扣非净利润 10.85 亿，同比+6.40%。 点评： 经营韧性凸显。公司上半年实现营收 83.9 亿，同比+10%，显示出超 强的经营韧性，分业务看，电连接业务实现收入 38.7 亿元，同比+5%； 智能电工照明业务实现收入 42.1 亿元，同比+12%，增长较 23 年有 所降速，我们预计为地产竣工数据低迷所致；新能源业务收入 2.9 亿 元，同比增长 120%。 盈利水平延续高位，投资收益增厚业绩。24Q2公司毛利率同比+0.4pct 至43.6%，我们预计主要为内部持续降本增效拉动。费用端，公司24Q2 销售/管理/研发/财务费 ...

Financial Performance - The company reported a total revenue of 1.5 billion RMB for the first half of 2024, representing a year-on-year increase of 15%[12]. - The company has set a revenue guidance of 3.2 billion RMB for the full year 2024, which reflects a growth target of 10%[12]. - The company's operating revenue for the first half of 2024 reached ¥8,386,193,255.57, representing a 10.45% increase compared to ¥7,592,428,031.73 in the same period last year[17]. - Net profit attributable to shareholders was ¥2,238,736,714.04, marking a 22.88% increase from ¥1,821,916,948.91 year-on-year[17]. - The basic earnings per share increased to ¥1.74, up 23.40% from ¥1.41 in the previous year[18]. - The net cash flow from operating activities decreased by 20.75% to ¥2,360,963,885.49, down from ¥2,979,014,148.04 in the same period last year[17]. - The total assets at the end of the reporting period were ¥19,049,016,183.18, a decrease of 3.61% from ¥19,762,205,724.93 at the end of the previous year[17]. User Growth and Market Expansion - User data indicates an increase in active users by 20% compared to the same period last year, reaching 3 million active users[12]. - The company is expanding its market presence in Southeast Asia, with plans to open 50 new retail locations by the end of 2024[12]. - The company aims to become a leader in the international civil electrical industry, emphasizing innovation and consumer demand in its product development[22]. - The company is actively implementing its international strategy, launching products tailored to local markets in Southeast Asia and the Middle East[38]. Product Development and Innovation - New product launches in the smart home category contributed to 25% of total sales during the reporting period[12]. - The company launched a series of innovative products targeting diverse consumer needs, including GaN fast chargers and multifunctional power strips, which have received positive market feedback[38][40]. - The company is focusing on technological advancements in fast charging, including self-developed technologies for real-time power distribution and temperature control[40]. - The company has established a vertically integrated supply chain system, enhancing product quality, production efficiency, and innovation capabilities through automation and digitalization[35]. Research and Development - Research and development expenses increased by 30% to 200 million RMB, focusing on innovative technologies in energy efficiency[12]. - The company has made substantial investments in construction projects, with ongoing projects increasing by 30.51% to ¥1,052,645,848.03[70]. - The company is investing 200 million in research and development for new technologies aimed at improving operational efficiency[109]. Corporate Governance and Compliance - The board of directors has confirmed that all members attended the board meeting, ensuring accountability for the report's accuracy[12]. - There are no violations of decision-making procedures regarding external guarantees during the reporting period[12]. - The company has committed to reducing related party transactions to ensure fair trading practices and protect shareholder interests[112]. - The company is focusing on enhancing its corporate governance structure through the election of new independent directors and supervisors[87]. Environmental Responsibility - The company invested 3.5636 million CNY in environmental protection equipment operation costs in the first half of 2024[93]. - The company achieved a 60% reuse rate of water from its comprehensive wastewater treatment system[93]. - The company has implemented advanced environmental protection measures, achieving a VOC removal efficiency of over 95% through the use of international advanced technology[100]. - The company has not faced any environmental penalties and has ensured that all emissions are below regulatory limits[100]. Financial Management and Investments - The total amount of funds raised through the initial public offering (IPO) was CNY 356,700,000, with a net amount of CNY 350,320,850 after deducting issuance costs[117]. - The company reported a significant increase in prepayments, which rose by 103.99% to ¥114,703,858.99, primarily due to increased e-commerce promotion expenses[70]. - The company has approved the use of up to RMB 500 million of idle raised funds to temporarily supplement working capital, with a usage period from February 6, 2024, to February 5, 2025[122]. Risks and Challenges - The report includes a risk statement highlighting potential market volatility and competition as key risks for the upcoming period[12]. - The company faces risks from macroeconomic slowdowns, which could impact consumer purchasing power and demand for its products[82]. - Fluctuations in raw material prices, particularly for copper and plastic, could significantly affect the company's cost control and overall performance[83]. Shareholder Information - The total share capital increased from 891,540,875 shares to 1,292,734,248 shares after the 2023 annual equity distribution, with a cash dividend of RMB 3.1 per share and a capital reserve conversion of 0.45 shares per share[125]. - The total number of common shareholders as of the end of the reporting period is 22,491[129]. - The top ten shareholders hold a total of 695,304,000 shares, representing 53.80% of the total shares[130].

证券代码：603195 证券简称：公牛集团 公告编号：2024-068 公牛集团股份有限公司 第三届监事会第四次会议决议公告 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。 公司 2024 年半年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各项规定；公司 2024 年半年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，所包含的信息从各个方面真实地反映出 公司上半年度财务状况和经营成果等事项。 表决结果：3 票同意，0 票反对，0 票弃权。 （二）审议通过《关于 2024 年半年度募集资金存放与实际使用情况的专项 报告的议案》 经审核，我们认为： 一、监事会会议召开情况 公牛集团股份有限公司（以下简称"公司"）第三届监事会第四次会议通知 于 2024 年 8 月 19 日以书面、邮件、电话等方式发出，会议于 2024 年 8 月 29 日 以通讯方式召开。本次会议应到监事 3 人，实到监事 3 人，会议由监事会主席俞 颖其先生主持，会议的召开符合《中华人民共和国公司法》和《公牛集团股份有 ...

证券代码：603195 证券简称：公牛集团 公告编号：2024-067 公牛集团股份有限公司 第三届董事会第五次会议决议公告 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 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 年半年度报告》及摘要。 表决结果：9 票同意，0 票反对，0 票弃权。 （二）审议通过《关于 2024 年半年度募集资金存放与实际使用情况的专项 报告的议案》 公牛集团股份有限公司（以下简称"公司"）第三届董事会第五次会议通知 于 2024 年 8 月 19 日以书面、邮件、电话等方式发出，会议于 2024 年 8 月 29 日 以通讯方式召开。本次会议应到董事 9 人，实到董事 9 人，公司监事及高级管理 人员列席本次会议，会议由董事长阮立平先生主持，会议的召开符合《中华人民 共和国公司法》和《公牛集团股份有限公司章程》的规定。 二、董事会会议审议情况 经与会董事认真讨论，审议通过如下议案： （一）审议通过《 ...

一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 根据中国证券监督管理委员会出具的《关于核准公牛集团股份有限公司首次公 开发行股票的批复》（证监许可〔2019〕3001号），公司首次公开发行6,000万股人 民币普通股（A股）股票，发行价格为59.45元/股，募集资金总额为人民币 3,567,000,000.00元，扣除各项新股发行费用后，实际募集资金净额为人民币 3,503,208,500.00元。上述募集资金已于2020年1月22日存入募集资金专户，并由天 健会计师事务所（特殊普通合伙）于2020年1月23日出具《公牛集团股份有限公司验 资报告》（天健验〔2020〕13号）验证确认。 证券代码：603195 证券简称：公牛集团 公告编号：2024-069 公牛集团股份有限公司 2024年半年度募集资金存放与实际使用情况的 专项报告 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。 （二）使用金额及当前余额 截至2024年6月30日，公司累计使用募集资金304,219.15万元，含置换募投项目 预先投入金额34,31 ...