公牛集团（603195.SH） 优于大市 2024 年半年报点评： 基本盘稳固，收入稳健增长，非经收益增厚利润 收入稳健增长，非经收益增厚利润，经营彰显韧性。公司发布 2024 年半年 报，2024H1 实现收入 83.9 亿/+10.5%，归母净利润 22.4 亿/+22.9%，扣非归 母净利润19.0亿/+14.3%；其中2024Q2收入45.8亿/+7.6%，归母净利润13.1 亿/+20.6%，扣非归母净利润 10.9 亿/+6.4%。经营稳中有进，基本盘业务稳 健，新能源、电动工具等新业务快速发展；盈利能力稳定，业绩稳健增长， 投资理财等非经收益增厚利润。 电连接稳健，智能电工持续增长，新能源延续高增。1）电连接：2024H1 收 入 38.7 亿/+5.2%，转化器产品聚焦不同群体多样化场景需求，推出针对年 轻用户的 Z 世代转化器等，数码配件完善立式数显插座系列产品布局，同时 上半年在国内正式上市近 30 款电动工具，产品线扩充，有望成为新增长点。 2）智能电工照明：2024H1 收入 42.1 亿/+11.7%，其中墙开业务持续增长， 智能无主灯公牛与沐光双品牌运作良好，着力提升门店运营与多元 ...

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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].

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 strong operational resilience with a 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% year-on-year [1]. - The company is actively pursuing three strategic initiatives: smart ecosystem, new energy, and internationalization, which are expected to drive future growth [1]. - The company maintains a leading position in the electrical appliance sector, with stable growth in core categories and expanding revenue contributions from new business lines [1]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 83.86 billion, with a net profit of 22.39 billion and a non-recurring net profit of 19.03 billion, reflecting year-on-year growth rates of 10.45%, 22.88%, and 14.27% respectively [1]. - In Q2 2024, the company reported a revenue of 45.83 billion, a year-on-year increase of 7.64%, and a net profit of 13.09 billion, up 20.58% year-on-year [1]. - The gross margin for Q2 2024 improved by 0.4 percentage points to 43.6%, driven by ongoing cost reduction efforts [1]. Business Segment Performance - The electrical connection business generated revenue of 3.87 billion, a year-on-year increase of 5% [1]. - The smart electrical lighting business achieved revenue of 4.21 billion, reflecting a year-on-year growth of 12% [1]. - The new energy business saw significant growth, with revenue reaching 290 million, a year-on-year increase of 120% [1]. Future Earnings Forecast - The company is projected to achieve net profits of 4.4 billion, 4.8 billion, and 5.5 billion for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19.7x, 18.3x, and 16.0x [1][2].

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《 ...

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 ...