研报掘金丨申万宏源研究：公牛集团估值具备性价比，维持“买入”评级

Group 1 - The core viewpoint of the article highlights that Bull Group is a benchmark enterprise in the civil electrical field, with a strong competitive moat in traditional core categories and benefits from channel reform [1] - The company's product, channel, and supply chain competitiveness continue to strengthen, leading to expected stable growth in its traditional main business [1] - The company is accelerating its overseas expansion to open new growth points, with rapid growth in smart lighting and new energy businesses [1] Group 2 - Due to lower-than-expected real estate and consumer sentiment, the company has adjusted its forecast for net profit attributable to shareholders for 2025-2026 to 3.955 billion and 4.224 billion yuan, down from previous estimates of 4.991 billion and 5.818 billion yuan [1] - The newly added forecast for 2027 net profit attributable to shareholders is 4.620 billion yuan, with year-on-year growth rates for 2025-2027 expected to be -7.4%, +6.8%, and +9.4% respectively [1] - The current market capitalization corresponds to price-to-earnings ratios of 20, 19, and 17 times for 2025, 2026, and 2027, respectively, indicating that the company's valuation is attractive compared to peers [1]