研报掘金丨浙商证券：维持公牛集团“买入”评级，看好公司中长期盈利能力稳中向好

Core Viewpoint - Bull Group achieved a net profit attributable to shareholders of 3 billion yuan in Q1-Q3 2025, a year-on-year decrease of 9%, with a single-quarter net profit of 900 million yuan in Q3, down 10% year-on-year [1] Financial Performance - The basic business is under short-term pressure, while growth segments are gradually being realized [1] - The company’s cash cow business, the converter segment, remains stable [1] Business Segments - The LED segment is performing well, indicating potential for future growth [1] - The company is a leader in the consumer electrical sector, with strong growth potential in smart electrical lighting and other segments such as unlit and renewable energy [1] Long-term Outlook - The company has sufficient long-term growth momentum, supported by ongoing lean improvements [1] - The medium to long-term profitability outlook is positive [1]