公牛集团：坚韧生长，长期战略清晰

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [3][11]. Core Views - The company demonstrated strong operational resilience with a revenue of 8.386 billion, a year-on-year increase of 10.45%, and a net profit attributable to shareholders of 2.239 billion, up 22.88% year-on-year [1]. - The company is actively pursuing three strategic initiatives: smart ecosystem, new energy, and internationalization, which are expected to drive future growth [1]. - The company maintains a leading position in the electrical appliance sector, with stable growth in core categories and expanding revenue contributions from new business lines [1]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 83.86 billion, with a net profit of 22.39 billion and a non-recurring net profit of 19.03 billion, reflecting year-on-year growth rates of 10.45%, 22.88%, and 14.27% respectively [1]. - In Q2 2024, the company reported a revenue of 45.83 billion, a year-on-year increase of 7.64%, and a net profit of 13.09 billion, up 20.58% year-on-year [1]. - The gross margin for Q2 2024 improved by 0.4 percentage points to 43.6%, driven by ongoing cost reduction efforts [1]. Business Segment Performance - The electrical connection business generated revenue of 3.87 billion, a year-on-year increase of 5% [1]. - The smart electrical lighting business achieved revenue of 4.21 billion, reflecting a year-on-year growth of 12% [1]. - The new energy business saw significant growth, with revenue reaching 290 million, a year-on-year increase of 120% [1]. Future Earnings Forecast - The company is projected to achieve net profits of 4.4 billion, 4.8 billion, and 5.5 billion for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19.7x, 18.3x, and 16.0x [1][2].