本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 26 日 公 牛集团(603195.SH) 证券研究报告 收入增长良好，盈利持续提升 家电 投资评级 买入-A 事件：公牛集团公布2023 年年报与 2024年一季报。公司 2023 维持评级 年实现收入 156.9 亿元，YoY+11.5%；实现归母净利润 38.7 亿 6个月目标价 138.84元 元，YoY+21.4%。经折算，2023Q4 公司实现收入 40.9 亿元， 股价 (2024-04-26) 116.50元 YoY+13.3%；实现归母净利润10.6 亿元，YoY+27.8%。2024Q1公 司实现收入 38.0 亿元，YoY+14.1%；实现归母净利润9.3 亿元， 交易数据 YoY+26.3%。公司传统优势业务增长良好，新兴业务保持快速增长。 总市值(百万元) 103,864.51 Q1 收入保持良好增长态势：2024Q1 公司经营分业务来看，1） 流通市值(百万元) 103,449.86 电连接业务，转换器围绕用户升级需求、细分场景痛点需求、海 总股本(百万股) 891.54 外差异化需求三个方向进 ...

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 136.2 CNY [1][9]. Core Insights - The company is recognized as the absolute leader in the consumer electrical market, achieving over 80% market share in converters and maintaining a strong net profit margin of 22-25% [1][15]. - The company's unique channel management strategy and lean digital upgrade strategy are key to its strong performance and growth potential in new business areas [1][6]. - The report forecasts a stable growth trajectory for the company's core business, with projected net profits of 45 billion CNY, 52 billion CNY, and 58 billion CNY for 2024-2026, respectively [1][9]. Summary by Sections Company Overview - The company has nearly 40 years of experience in the consumer electrical sector, establishing a strong market position in converters and wall switches, which serve as its cash cow business [16][24]. - It has successfully expanded into LED lighting, digital accessories, and new energy sectors, leveraging its channel management and brand recognition [16][24]. Core Competitiveness - The company employs an efficient and reusable channel model that significantly lowers the entry barriers for distributors, enhancing market coverage [1][6]. - The supply chain has undergone digital upgrades, improving efficiency and reducing costs, with a focus on flexible production [1][6]. - The BBS (Business Basic System) management strategy is highlighted as a critical factor in maintaining operational efficiency and synergy across the organization [1][6]. Main Business and Growth Potential - The converter business is in a mature phase, with a projected market demand CAGR of 2.7% over the next nine years, while the wall switch business is expected to grow through market share gains [1][8]. - The LED lighting market remains fragmented, providing opportunities for the company to leverage its existing channels for growth [1][8]. - New business areas, including the no-main-light category and new energy charging products, are expected to drive significant growth over the next decade [1][8]. Financial Projections - The company is projected to achieve revenue of 15.7 billion CNY in 2023, with a year-on-year growth of 11.5%, and net profit of 3.87 billion CNY, reflecting a 21.4% increase [2][21]. - The report anticipates a stable cash flow and strong profitability, with a projected PE ratio of 27 for 2024 [2][9].

[Table_Header] 公司点评●家居用品 2024年 04 月26 日 [Table_Title] [Table_StockCode] 利润增速亮眼，传统业务深化发展、新 公牛集团(603195) 业务布局快速突破 [Table_InvestRank] 推荐 (维持) 核心观点： 分析师 [ T abl 事e_S 件u ：mm 公a 司ry 发] 布 2023年年度报告及 2024年一季度报告。2023年，公司实现 [陈Ta柏b儒le_ Authors] 营收 156.95亿元，同比+11.46%；归母净利润 38.7亿元，同比+21.37%；扣非 ：010-80926000 净利润 37.03亿元，同比+27.51%；基本每股收益 4.36元。23Q4，公司实现营 ：chenbairu_yj@chinastock.com.cn 收 40.88亿元，同比+13.34%；归母净利润 10.57亿元，同比+27.75%；扣非净 分析师登记编码：S0130521080001 利润 10.8亿元，同比+36.43%。24Q1，公司实现营收 38.03亿元，同比+14.06%； 归母净利润 9.29亿元， ...

业绩简评 4月 25 日公司发布23年报及24 年一季报，23年全年营收/归母 净利润分别同比+11.5%/+21.4%至 157.0/38.7 亿元。其中 23Q4公 司营收/归母净利润分别同比+13.3%/+27.7%至 40.9/10.6 亿元。 24Q1 营 收 / 归 母 净 利 / 扣 非 归 母 净 利 分 别 同 比 +14.1%/+26.3%/+26.7%至 38.0/9.3/8.2 亿元。分红方案为每股派 息 3.1 元（含税），以资本公积金每股转增0.45 股。 经营分析 收入增长符合预期，新能源产品表现优异：在房地产市场持续低 迷的情况下，公司收入增长显现龙头韧性。分业务来看，23 年电 连 接 / 智 能 电 工 照 明 / 新 能 源 产 品 收 入 分 别 同 比 +4.8%/+15.4%/+148.6%至 73.9/79.0/3.8 亿元，其中 23H2 收入分 别同比+0.4%/+15.2%/+129.6%，公司传统优势品类延续稳健增长 的同时，新能源业务随着产品线逐步完善、线下渠道持续扩张（截 人民币(元) 成交金额(百万元) 至 23年末已累计开发1.7 万余家终端网点） ...

环境、社会及管治报告 Environment Society and Governance Report 2023 公牛集团 股份有限公司 * 数据来源：尚普咨询集团；正在使用或曾经使用过公牛产品（电连接、墙壁开关插座、LED 照明、数码配件等）的家庭超过中国家庭总量的 70%；于 2023 年 8 月完成调研。 目录 | 关于本报告 | 01 | | --- | --- | | 董事会寄语 | 03 | | 公司简介 | 04 | | 公司战略 | 05 | | 企业文化 | 06 | | 荣耀 2023 | 07 | | ESG 赋能 | 09 | | 指标索引 | 91 | | --- | --- | | 读者反馈 | 94 | 责任专题 | 从"新"出发，创新 | | | --- | --- | | 驱动发展引擎 | 15 | | 新赛道 | 15 | | 新成果 | 19 | | 新布局 | 20 | | 科学治理 强稳健发展之基 | 21 | | --- | --- | | 公司治理 | 23 | | 合规管控 | 27 | | 商业道德 | 31 | | 绿色生态 | | | --- | --- ...

证券代码：603195 证券简称：公牛集团 公告编号：2024-029 公牛集团股份有限公司 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 网络投票系统：上海证券交易所股东大会网络投票系统 关于召开 2023 年年度股东大会的通知 网络投票起止时间：自 2024 年 5 月 20 日 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。 至 2024 年 5 月 20 日 重要内容提示： 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 股东大会召开日期：2024年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 ...

Financial Performance - Revenue for 2023 reached 15.695 billion yuan, a year-on-year increase of 11.46%[9] - Net profit attributable to shareholders was 3.87 billion yuan, a year-on-year increase of 21.37%[9] - Revenue for 2023 reached RMB 15,694,755,606.24, an increase of 11.46% compared to 2022[21] - Net profit attributable to shareholders in 2023 was RMB 3,870,135,376.47, up 21.37% year-on-year[21] - Operating cash flow surged by 57.86% to RMB 4,827,282,098.55 in 2023[21] - Basic earnings per share (EPS) for 2023 stood at RMB 4.36, a 21.45% increase from 2022[22] - Weighted average return on equity (ROE) for 2023 was 29.20%, up 1.32 percentage points from 2022[22] - Q4 2023 revenue was RMB 4,087,928,636.34, contributing significantly to the annual total[24] - Net profit attributable to shareholders in Q4 2023 was RMB 1,056,899,314.11, the highest among all quarters[24] - Revenue for 2023 reached 15.695 billion yuan, a year-on-year increase of 11.46%, with net profit attributable to the parent company of 3.87 billion yuan, up 21.37% year-on-year[30] - The company achieved a revenue of 15.695 billion yuan, a year-on-year increase of 11.46%, and a net profit attributable to shareholders of 3.87 billion yuan, a year-on-year increase of 21.37%[68] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 31 yuan per 10 shares and a capital reserve transfer of 4.5 shares per 10 shares[5] - Total cash dividends to be distributed amount to 2.763 billion yuan[5] - In 2023, the company distributed a cash dividend of RMB 2,763,776,569.90 (including tax), representing 71.41% of the net profit attributable to ordinary shareholders[147] - The company implemented a rights distribution plan in 2023, offering a cash dividend of 33 yuan per 10 shares and a capital reserve transfer of 4.8 shares per 10 shares[200] Product Innovation and Development - The company launched new products such as the Master Rail Socket, Butterfly Ultra-Thin Switch, and Smart Ceiling Light, enhancing product intelligence and premiumization[9] - The company launched innovative products such as the Master Rail Socket, high-value sockets, and Z-generation series sockets, enhancing its brand image in the electric connection sector[31] - The company's digital accessories business introduced products like the "Small Power Cabin" socket and the nitrogen gallium anti-overcharge charger, addressing diverse consumer needs[32] - The company launched the Butterfly Wing ultra-thin switch and Cream Style switch sockets, catering to the aesthetic preferences of the post-90s generation and enhancing mid-to-high-end product competitiveness[36] - The company introduced the "Bull Natural Light Series" in the lighting category, featuring full-spectrum light sources and ultra-thin designs, which received positive market feedback[37] - The company launched the Y30 series bath heater, Y18 fast-heating bath heater, and M02 electric warm air dryer in the bathroom scene, along with the J04 and J06 series clothes dryers in the balcony scene, targeting young consumers with aesthetic designs[39] - The smart lock business introduced the "Preference" series with innovative eccentric handle design and Dynamic integrated drive, achieving multiple international awards and certifications including TÜV Rheinland and CQC[40] International Expansion - The company established an International Business Division to expand into global markets[9] - The company expanded its international strategy by launching localized products in the Southeast Asian market, improving brand recognition and reputation[31] - The company established an international business division and subsidiaries in Germany and Indonesia, accelerating the localization of its organization and team[51] - The company completed the upgrade of the dealer system in major Southeast Asian countries and initiated in-depth research and dealer recruitment in emerging markets such as the Middle East and South America[51] Corporate Governance and Leadership - The company's legal representative is Ruan Liping[17] - The company's board secretary is Liu Shengsong, and the securities affairs representative is Jin Xiaoxue[18] - The company's Chairman and President, Ruan Liping, holds 143,693,654 shares, an increase of 46,829,455 shares due to capital reserve conversion and non-trading transfers[117] - The company's Vice Chairman, Ruan Xueping, holds 125,901,758 shares, an increase of 29,037,559 shares due to capital reserve conversion, block trades, and non-trading transfers[117] - The company's Director and Senior Vice President, Liu Songsong, holds 152,048 shares, an increase of 109,648 shares due to capital reserve conversion and non-trading transfers[117] - The company's Director and Senior Vice President, Zhou Zhenghua, holds 196,993 shares, an increase of 154,393 shares due to capital reserve conversion and non-trading transfers[117] - The company's Director, Xie Weiwei, holds 110,853 shares, an increase of 62,753 shares due to capital reserve conversion and restricted stock grants[117] - The company's Chairman of the Supervisory Board, Yu Yingqi, holds 19,920 shares, an increase of 14,820 shares due to capital reserve conversion and restricted stock grants[117] - The company's Supervisor, Wei Lingpeng, holds 28,200 shares, an increase of 19,800 shares due to capital reserve conversion[117] Environmental and Social Responsibility - The company donated a total of 193 million yuan in 2023, covering areas such as education, healthcare, and disaster relief[10] - The company invested a total of 5.9934 million yuan in environmental protection funds during the reporting period[154] - The company's hazardous waste disposal volume for the entire group in 2023 was 747 tons, all in compliance with relevant laws and regulations[155] - The company's environmental protection equipment operation costs in 2023 amounted to 5.9934 million yuan, mainly for new equipment and technical upgrades[156] - The company's VOC removal efficiency using advanced "zeolite wheel adsorption + RTO combustion" technology reached over 95%[162] - The company built two distributed photovoltaic power stations with a total installed capacity of 7.2MW, expected to generate over 8 million kWh annually, with over 98% for self-use[162] - The company's actual solar energy usage in 2023 was approximately 5.54 million kWh[163] - The company's total social responsibility investment in 2023 was 193.2249 million yuan, including 191.4752 million yuan in funds and 1.7497 million yuan in material donations[165][167] - The company's environmental credit rating in Zhejiang Province for 2023 was Grade A[159] - The company's Ningbo Gongniu and Gongniu Digital were awarded the title of "Green Factory" at the municipal level in Ningbo in 2023[160] - Total investment in poverty alleviation and rural revitalization projects reached 10 million yuan, benefiting 4,172 residents in Cixi City, Zhejiang Province[169] Market and Industry Trends - China's GDP grew by 5.2% in 2023, with per capita disposable income reaching 39,218 RMB, up 6.3% year-on-year[99] - China's new energy vehicle sales reached 9.495 million units in 2023, with a market share of 31.6%[101] - The smart home market in China reached 1.128 million units in 2023, with a penetration rate of 20.5% in the premium housing market[100] - The company is expanding into the energy storage industry, focusing on home energy systems in Europe and commercial storage systems in China[101] Risks and Challenges - The company faces risks from macroeconomic slowdown, which could impact consumer demand for electrical and lighting products[109] - Increased market competition in the civilian electrical sector poses a risk to the company's market share[109] - New business development, such as charging guns/piles and energy storage, may not meet expectations due to market uncertainties[109] - Fluctuations in raw material prices, particularly copper and plastics, could impact the company's cost control and performance[109] Research and Development - The company's R&D expenses increased by 14.47% to 673.43 million yuan, reflecting continued investment in innovation[69] - The company has 1,581 R&D personnel, accounting for 11.50% of the total workforce[85] - The company's conversioner factory adopted industrial internet and AI technologies, achieving digital design, intelligent production, and smart management, earning titles such as "Mobile Socket Smart Factory" in Zhejiang Province and "Future Factory" in Ningbo City[34] - The digital factory focused on "high flexibility and fast delivery," improving per capita output and inventory turnover rates through lean transformation and the "micro-business unit" model[34] Sales and Distribution - The company has over 750,000 hardware channel sales points and 250,000 digital channel sales points, ensuring widespread product availability[33] - The e-commerce channel achieved record sales for rail sockets, with market share continuing to rise, driving industry growth and consumer upgrades[33] - The company's sales method includes a distribution and sales approach using dedicated vehicles along fixed routes[16] - The company's business management system is referred to as BBS (Bull Business System)[16] Subsidiaries and Investments - The company's subsidiaries include Ningbo Gongniu Electric Appliance Co., Ltd., Shanghai Gongniu Electric Appliance Co., Ltd., and others[14] - Revenue of Ningbo Gongniu Electric Co., Ltd. reached 5,170.82 million RMB with a net profit of 1,948.83 million RMB[96] - Revenue of Ningbo Gongniu Precision Manufacturing Co., Ltd. was 2,445.66 million RMB with a net profit of 80.57 million RMB[96] - Revenue of Ningbo Gongniu Electrical Sales Co., Ltd. surged to 10,710.38 million RMB with a net profit of 77.77 million RMB[96] - Revenue of Ningbo Gongniu Marketing Co., Ltd. stood at 4,108.94 million RMB with a net profit of 162.99 million RMB[96] - New subsidiary Ningbo Qiquanyang Trading Co., Ltd. reported a net loss of 0.11 million RMB[97] - Gongniu New Energy Europe GmbH recorded a net loss of 12.18 million EUR[98] Corporate Strategy and Future Plans - The company aims to become a global leader in the civilian electrical industry, focusing on smart ecosystems, new energy, and international business development[102] - The company plans to optimize its product structure in the electrical connection business, emphasizing safety, fashion, and smart upgrades[103] - The smart electrical and lighting business will focus on home decoration upgrades, with a strong emphasis on intelligent and ultra-thin wall switches and LED lighting solutions[104] - The new energy business will enhance product competitiveness and channel construction, with a focus on optimizing product lines for both C-end and B-end markets[105] - The company will accelerate the development of international business, particularly in developed countries like Germany, by leveraging supply chain and R&D advantages[107] - The company will deepen organizational, process, and digital transformation to improve high-quality operational capabilities across the entire chain[108]

Financial Performance - The company's operating revenue for Q1 2024 reached ¥3,802,785,098.41, representing a year-on-year increase of 14.06%[4] - Net profit attributable to shareholders was ¥929,269,677.23, reflecting a growth of 26.27% compared to the same period last year[4] - Basic and diluted earnings per share were both ¥1.05, up by 26.51% from the previous year[4] - The company reported a net profit margin of approximately 25.66% for Q1 2024, compared to 20.66% in Q1 2023[17] - In Q1 2024, the company reported a net profit of ¥930,185,837.24, an increase of 26.4% compared to ¥735,664,087.87 in Q1 2023[18] - Operating profit for Q1 2024 was ¥1,117,003,546.32, up 27.0% from ¥879,809,550.60 in the same period last year[18] - Total comprehensive income for Q1 2024 was ¥945,109,510.70, compared to ¥734,528,065.92 in Q1 2023, reflecting an increase of 28.7%[19] Cash Flow and Liquidity - The net cash flow from operating activities amounted to ¥1,518,671,567.41, showing an increase of 5.52% year-on-year[4] - Cash flow from operating activities netted ¥1,518,671,567.41, an increase from ¥1,439,163,828.60 in Q1 2023, representing a growth of 5.5%[20] - The company's cash and cash equivalents increased to RMB 5,982,509,195.14 as of March 31, 2024, compared to RMB 4,743,714,425.66 at the end of 2023, reflecting a growth of 26.14%[13] - Cash and cash equivalents at the end of the period reached $3,221,713,007.64, up from $2,647,630,976.89[21] - The net increase in cash and cash equivalents for the period was $1,296,369,832.66, compared to $722,287,801.91 in the previous period[21] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥21,296,750,984.25, a 7.77% increase from the end of the previous year[5] - Total liabilities amounted to RMB 5,862,819,014.57, an increase of 10.56% from RMB 5,301,794,179.20 in Q4 2023[15] - The company's equity attributable to shareholders reached RMB 15,418,802,159.78, up from RMB 14,445,921,963.84 at the end of 2023, reflecting a growth of 6.73%[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,249[8] - Shareholders' equity attributable to the parent company was ¥15,418,802,159.78, marking a 6.73% increase year-on-year[5] Expenses and Investments - Total operating costs for Q1 2024 were RMB 2,825,714,618.04, up 9.59% from RMB 2,578,041,454.32 in Q1 2023[17] - Research and development expenses rose to ¥172,615,888.92, a 34.0% increase from ¥128,814,538.91 in Q1 2023[18] - The company’s management expenses increased to ¥159,402,504.30, up from ¥132,982,616.50 in Q1 2023, a rise of 19.9%[18] Other Financial Metrics - The weighted average return on equity was 6.22%, an increase of 0.46 percentage points compared to the previous year[4] - Non-recurring gains and losses for the period totaled ¥111,309,817.50, after accounting for tax effects[7] - The company reported investment income of ¥105,435,964.07, significantly higher than ¥40,876,190.65 in the previous year, indicating a growth of 157.5%[18] - The company reported a decrease in credit impairment losses to -¥4,504,610.04 from ¥21,818.46 in Q1 2023, indicating improved asset quality[18] Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[17] Audit and Accounting - The company did not conduct an audit for the Q1 financial statements[3] - The company did not apply new accounting standards or interpretations for the first quarter of 2024[22]

公牛集团股份有限公司 2024 年特别人才持股计划管理办法 公司实施特别人才持股计划，严格按照法律、行政法规的规定履行程序，真 实、准确、完整、及时地实施信息披露。任何人不得利用特别人才持股计划进行 内幕交易、操纵证券市场等证券欺诈行为。 2、自愿参与原则 公司实施特别人才持股计划遵循公司自主决定，员工自愿参加，公司不以摊 第一章 总则 第一条 为规范公牛集团股份有限公司（以下简称"公牛集团"或"公司"）2024 年特别人才持股计划（以下简称"本持股计划"）的实施，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《指导 意见》"）等相关法律、行政法规、规范性文件和《公司章程》、《公牛集团股份 有限公司 2024 年特别人才持股计划（草案）》之规定，特制定《公牛集团股份有 限公司 2024 年特别人才持股计划管理办法》（以下简称"本管理办法"）。 第二章 本持股计划的制定 第二条 本持股计划的目的 公司依据《公司法》《证券法》《指导意见》等有关法律、行政法规、规章、 规范性文件和《公司章程》 ...

证券代码：603195 证券简称：公牛集团 公告编号：2024-024 公牛集团股份有限公司 关于独立董事公开征集委托投票权的公告 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。 重要提示： 征集投票权的起止时间：自2024年5月14日起，至2024年5月15日止（每 日上午9:30-11:30，下午13:30-17:30）。 征集人对相关表决事项的表决意见：同意 征集人未持有公牛集团股份有限公司的股份 根据中国证券监督管理委员会颁布的《上市公司股权激励管理办法》的有关 规定，公牛集团股份有限公司（以下简称"公司"）独立董事陈臻女士受其他独 立董事的委托作为征集人，就公司拟于2024年5月20日召开的2023年度股东大会 审议的股权激励有关议案向公司全体股东征集投票权。 一、征集人的基本情况、对表决事项的表决意见及理由 （一）征集人的基本情况 本次征集投票权的征集人为公司现任独立董事陈臻女士，基本情况如下： 陈臻女士，1957年出生，硕士研究生学历，中国国籍，无境外永久居留权。 曾任浙江省电力局法律事务室主任，现任浙江阳光时代 ...