研报掘金丨西部证券：维持公牛集团“增持”评级，海外市场持续突破

Core Viewpoint - The announcement of the share buyback completion by Bull Group reflects the company's confidence in its long-term development [1] Group 1: Financial Performance - In H1 2025, the company's new energy business achieved revenue of 386 million yuan, representing a year-on-year growth of 33.52%, indicating better growth compared to the industry [1] Group 2: Market Expansion and Strategy - The company is actively promoting product innovation to enhance competitiveness and is focusing on expanding its overseas market channels [1] - Since last year, the Bull brand has successfully entered over 40 countries, marking a significant step in its international expansion [1] - In the home decoration category, the company is expanding from emerging markets to Europe, the Middle East, and Latin America through effective large customer and product co-creation models, with product offerings rapidly penetrating from converters and wall switches to a full range [1] Group 3: Investment Rating - Given the company's continuous breakthroughs in overseas markets, the investment rating is maintained at "Accumulate" [1]