照明电工及其他 分析师：龙羽洁 登记编码：S0730523120001 传统业务稳健发展，新能源业务快速增长 l ongyj@ccnew.com 0371-65585753 ——公牛集团(603195)23 年报及 24Q1 季报点评 证券研究报告-年报点评 增持(首次) 市场数据(2024-04-29) 发布日期：2024年04月30日 收盘价(元) 118.12 事件： 一年内最高/最低(元) 157.59/88.50 公司发布2023年年度报告及2024年一季度报告。2023年全年实现营 沪深300指数 3,623.91 业收入156.95亿元，同比增长11.46%，实现归母净利润38.70亿元，同 市净率(倍) 6.83 比增长 21.37%，扣非归母净利润 37.03 亿元，同比增长 27.51%；经营活 流通市值(亿元) 1,048.88 动产生的现金流量净额48.27亿元，同比增长57.86%；基本每股收益4.36 基础数据(2024-03-31) 元,同比增长21.45%；加权平均净资产收益率29.20%，同比+1.32pct；拟 每股净资产(元) 17.29 向全体股东每10股派发现金红利3 ...

公牛集团股份有限公司 2023 年年度股东大会 会 议 材 料 2024 年 5 月 20 日 公牛集团股份有限公司 2023 年年度股东大会会议材料 目 录 | 公牛集团股份有限公司 2023 年年度股东大会会议须知 1 | | | --- | --- | | 公牛集团股份有限公司 2023 年年度股东大会会议议程 2 | | | 议案一：关于 年度董事会工作报告的议案 4 | 2023 | | 议案二：关于 年度监事会工作报告的议案 25 | 2023 | | 议案三：关于 年度财务决算报告的议案 29 | 2023 | | 议案四：关于 年年度报告及摘要的议案 38 | 2023 | | 议案五：关于 年度利润分配及资本公积金转增股本方案的议案 39 | 2023 | | 议案六：关于修订《公司章程》的议案 40 | | | 议案七：关于续聘 2024 年度审计机构的议案 41 | | | 议案八：关于制定《会计师事务所选聘制度》的议案 44 | | | 议案九：关于 年限制性股票激励计划（草案）及其摘要的议案 53 | 2024 | | 议案十：关于 年限制性股票激励计划实施考核管理办法的议案 54 ...

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Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - The company has demonstrated robust revenue growth and significant improvement in profitability, driven by internal procurement and lean cost management. The traditional business model shows strong growth potential, supported by deep manufacturing and channel barriers, alongside continuous product innovation. The new strategic business has also shown substantial growth, particularly in the new energy sector, which is expected to continue doubling. A new round of equity incentive plans has been announced to support long-term growth [2][6][7]. Financial Performance - In 2023, the company achieved revenue of 15.695 billion yuan, with a year-on-year growth of 11%. The net profit attributable to shareholders was 3.870 billion yuan, up 21%, and the net profit after deducting non-recurring gains and losses was 3.703 billion yuan, increasing by 28%. In Q4 2023, revenue reached 4.088 billion yuan, with a 13% increase year-on-year, and net profit attributable to shareholders was 1.057 billion yuan, up 28% [6][7]. - For Q1 2024, the company reported revenue of 3.803 billion yuan, a 14% year-on-year increase, with net profit attributable to shareholders at 929 million yuan, up 26% [6][7]. Business Segments - The company’s traditional business, particularly in wall switches and lighting, has outpaced industry growth, with wall switch revenue growing at double-digit rates due to a favorable competitive landscape. The lighting segment is expected to grow even faster as the company captures market share [6][7]. - The new energy business has seen a remarkable growth of 149% in 2023, reaching 380 million yuan, with simultaneous promotion in both consumer and operator markets. The growth trend is expected to continue into 2024 [6][7]. Profitability and Cost Management - The company’s gross margin improved by 5.2 percentage points in 2023, with net profit margins also increasing. The improvement is attributed to internal cost management and product upgrades. In Q1 2024, the gross margin continued to rise, reflecting ongoing operational efficiency [6][7]. Future Outlook - The company is expected to maintain strong growth in its traditional business and new strategic initiatives. The forecast for net profit attributable to shareholders is 4.467 billion yuan for 2024, 5.153 billion yuan for 2025, and 5.927 billion yuan for 2026, with corresponding valuations of 23.3, 20.2, and 17.5 times [7][8].

Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The company has demonstrated robust revenue growth and significant improvement in profitability, with a proposed cash dividend of 31 CNY per 10 shares, totaling 2.76 billion CNY, resulting in a cash dividend rate of 71.4% [1] - The traditional business segments remain strong, while the new energy sector is experiencing rapid growth, with a revenue increase of 148.6% in 2023 [1] - The company is expected to maintain strong performance in the coming years, with adjusted profit forecasts for 2024-2026 showing a year-on-year growth of 16%, 15%, and 15% respectively [1] Revenue and Profitability - In 2023, the company achieved a revenue of 15.69 billion CNY, representing an 11.5% increase, and a net profit of 3.87 billion CNY, up 21.4% [2][11] - The gross margin for 2023 was 43.2%, an increase of 5.2 percentage points, while the net margin was 24.7%, up 2.0 percentage points [1][11] - The first quarter of 2024 saw a revenue of 3.80 billion CNY, a 14.1% increase, and a net profit of 930 million CNY, up 26.3% [1][2] Business Segments - The electrical connection segment generated 7.39 billion CNY in revenue, with a gross margin of 40.9% [1] - The intelligent electrical lighting segment reported 7.90 billion CNY in revenue, with a gross margin of 45.8% [1] - The new energy business achieved 380 million CNY in revenue, with a gross margin of 34.2% [1] Financial Projections - The company forecasts net profits of 4.47 billion CNY, 5.15 billion CNY, and 5.95 billion CNY for 2024, 2025, and 2026 respectively [1][11] - The diluted EPS is projected to be 5.02 CNY, 5.78 CNY, and 6.67 CNY for the same years, with corresponding PE ratios of 23, 20, and 18 times [1][11]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Insights - The company demonstrated strong performance as a market leader, with a notable increase in revenue and net profit in 2023, achieving operating income of 15.695 billion yuan, a year-on-year growth of 11.46%, and a net profit of 3.870 billion yuan, up 21.37% year-on-year [2][4] - The company is focusing on enhancing its brand and product innovation, with increased investment in advertising and R&D, leading to a rise in gross margin to 43.20%, up 5.20 percentage points year-on-year [3][4] - The company has launched a stock incentive plan to boost employee confidence and align their interests with company performance, targeting revenue and net profit growth over the next three years [4][5] Financial Performance Summary - In 2023, the company's revenue from electrical connection business was 7.387 billion yuan, up 4.77% year-on-year, with a gross margin of 40.89% [2] - The smart electrical lighting business generated 7.902 billion yuan in revenue, a year-on-year increase of 15.37%, with a gross margin of 45.81% [2] - The new energy business saw significant growth, with revenue reaching 380 million yuan, up 148.64% year-on-year, and a gross margin of 34.15% [2] - The company expects revenue to grow to 18.611 billion yuan in 2024, with net profit projected at 4.355 billion yuan, reflecting a growth rate of 19% and 13% respectively [5][6]

公司研究 | 年报点评 公牛集团 603195.SH 核心业务稳健增长，新能源业务高增，盈 增持 （维持） 股价（2024年04月26日） 116.5元 利水平持续提升 目标价格 129.76元 52周最高价/最低价 117.38/87.78元 总股本/流通A股（万股） 89,154/88,798 A股市值（百万元） 103,865 核心观点 国家/地区 中国 行业 造纸轻工 事件1：公司公告2023年年报，2023年公司实现营收156.95亿元，同比增 报告发布日期 2024年04月29日 长11.46%，实现归母净利润38.70亿元，同比增长21.37%。 事件2：公司公告2024年一季报，2024年一季度公司实现营收38.03亿 元，同比增长14.06%，实现归母净利润9.29亿元，同比增长26.27%。 1周 1月 3月 12月 ⚫ 核心业务稳健增长，新能源业务高速成长。分产品来看，2023年公司电连接产品/ 绝对表现% 6.41 13.55 27.6 18.53 智能电工照明产品/新能源产品分别实现营收73.87/79.02/3.80亿元，同比分别增长 相对表现% 5.21 12.41 20.09 ...

[Table_Page] 年报点评|家居用品 证券研究报告 [公Table_牛Title] 集团（603195.SH） [公Tab司le_I评nves级t] 增持 当前价格 116.50元 业绩亮眼，股权激励及高分红绑定增长 合理价值 128.0元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-28 ⚫ 公司发布23年年报及24年一季报。23年公司实现收入156.95亿元， [相Tab对le_P市icQ场uote表] 现 同比+11.46%；实现归母净利润38.70亿，同比+21.37%。分季度来看， 23 年四季度及 24 年一季度分别实现收入 40.88/38.03 亿元，同比 20% +13.34%/+14.06%；实现归母净利润 10.57/9.29 亿元，同比 12% 4% +27.75%/+26.27%，业绩表现出亮眼增长。 -4%04/23 06/23 08/23 10/23 12/23 02/24 04/24 ⚫ 传统业务较稳定，新能源业务实现高增。分产品看，23 年公司智能电 -12% 工照明/电连接/新能源实现收入 79.02/73.87/3 ...

证券研究报告 公 2024年04月29日 司 报 告 公牛集团(603195) │ 行业： 轻工制造/家居用品 公 投资评级： 买入（首次） 司 2023A&2024Q1 业绩点评： 当前价格： 116.50元 年 报 营收延续双位数增长，毛利大幅改善业绩靓丽 目标价格： 121.25元 点 事件： 评 公牛集团发布 23 年报及 24 年一季报：23年，实现营收 156.95 亿，同比 基本数据 +11.46%，归母净利润 38.70 亿，同比+21.37%，扣非净利润 37.03 亿，同 总股本/流通股本(百万股) 891.54/887.98 比+27.51%；其中四季度，实现营收 40.88 亿，同比+13.34%，归母净利润 流通A股市值(百万元) 103,449.86 10.57 亿，同比+27.75%，扣非净利润 10.80亿，同比+36.45%。23 年拟分 每股净资产(元) 17.29 红27.64亿，分红率71.41%。24年一季度，实现营收38.03亿，同比+14.06%， 归母净利润9.29亿，同比+26.27%，扣非净利润8.18亿，同比+26.73%。 资产负债率(%) 27.53 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [2][23]. Core Insights - The company achieved a revenue of 15,695 million yuan in 2023, representing a year-on-year growth of 11.46%. The net profit attributable to shareholders was 3,870 million yuan, up by 21.4% [5][11]. - The revenue for Q4 2023 was 4,088 million yuan, reflecting a growth of 13.34%, while the net profit for the same period was 1,057 million yuan, increasing by 27.75% [11][23]. - For Q1 2024, the revenue reached 3,803 million yuan, marking a 14.06% increase, with a net profit of 929 million yuan, up by 26.27% [11][23]. - The company is optimistic about its long-term growth prospects, driven by product structure upgrades and internal supply chain efficiency improvements [23]. Summary by Sections Revenue Growth and Profitability - The company reported a total revenue of 156.95 billion yuan in 2023, with a net profit of 38.7 billion yuan and a non-recurring net profit of 37.03 billion yuan [11][23]. - The revenue growth for Q4 2023 and Q1 2024 was 13.34% and 14.06%, respectively, indicating a consistent upward trend in sales [11][23]. Business Segments Performance - The electrical connection business generated 73.87 billion yuan in revenue, growing by 4.77%, while the smart electrical lighting business saw a revenue of 79.02 billion yuan, up by 15.37% [14][15]. - The new energy business experienced significant growth, with revenue reaching 3.8 billion yuan, a remarkable increase of 148.64% [15]. Margin and Cost Management - The gross margin for 2023 was 43.2%, an increase of 5.2 percentage points, with Q4 2023 and Q1 2024 gross margins at 46.77% and 42.16%, respectively [19][20]. - The net profit margin for 2023 was 24.66%, up by 2.01 percentage points, with Q4 2023 and Q1 2024 net profit margins at 25.85% and 24.44%, respectively [19][20]. Future Earnings Forecast - The company has revised its earnings forecast, projecting net profits of 44.66 billion yuan, 51.35 billion yuan, and 58.32 billion yuan for 2024, 2025, and 2026, respectively [23]. - The expected earnings per share (EPS) for the same period are 5.01 yuan, 5.76 yuan, and 6.54 yuan, with corresponding price-to-earnings (P/E) ratios of 23.3, 20.2, and 17.8 [23].