公牛集团(603195)：业绩彰显龙头发展韧性 综合竞争优势持续显现

Core Viewpoint - In 2024, the company reported a revenue of 16.831 billion yuan, a year-on-year increase of 7.24%, and a net profit attributable to shareholders of 4.272 billion yuan, up 10.39% year-on-year, indicating stable growth across its business segments [1] Group 1: Business Performance - The electrical connection business generated revenue of 7.683 billion yuan, a year-on-year increase of 4.01%, with a gross margin of 40.97% [2] - The smart electrical lighting business achieved revenue of 8.331 billion yuan, up 5.42% year-on-year, with a gross margin of 46.18% [3] - The new energy business saw significant growth, with revenue reaching 777 million yuan, a remarkable increase of 104.75% year-on-year, and a gross margin of 34.81% [3] Group 2: Cost Management and Efficiency - The company's overall gross margin improved to 43.25%, a slight increase of 0.04 percentage points year-on-year, while the net profit margin rose to 25.37%, up 0.74 percentage points [4] - The company implemented cost reduction strategies through centralized procurement and direct sourcing from suppliers, enhancing bargaining power and controlling raw material quality [4] - The period expense ratio increased to 16.21%, up 1.80 percentage points year-on-year, with notable increases in sales and R&D expenses [4] Group 3: Talent and Incentive Plans - The company announced a special talent holding plan for 2025, involving approximately 30 participants, with a share repurchase price of 71.54 yuan per share [5] - A restricted stock incentive plan for 2025 was also introduced, proposing to grant 3.0969 million restricted shares at a price of 35.77 yuan per share, targeting 671 individuals [5] Group 4: Future Outlook - The company is positioned as a "safety electricity expert," with stable performance in the electrical connection business and proactive expansion in the smart lighting and new energy sectors [6] - Revenue projections for 2025-2027 are estimated at 17.921 billion yuan, 19.335 billion yuan, and 20.810 billion yuan, with net profits of 4.526 billion yuan, 4.929 billion yuan, and 5.331 billion yuan respectively [6]