公牛集团：核心品类经营稳健，战略业务加速推进

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 8.386 billion yuan for H1 2024, representing a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 2.239 billion yuan, up 22.9% year-on-year [1]. - The company is expected to achieve double-digit revenue growth for the full year, with profit growth outpacing revenue growth [1]. - The company continues to innovate and increase prices in its converter segment, while gaining market share in wall switches despite weak consumer demand [1]. Financial Performance - For H1 2024, the company's electrical connection and smart electrical lighting businesses generated revenues of 3.87 billion yuan and 4.21 billion yuan, respectively, with year-on-year growth of 5.2% and 11.7% [1]. - The gross margin for Q2 2024 was 43.6%, an increase of 0.4 percentage points year-on-year, while the net profit margin was 28.6%, up 3.1 percentage points year-on-year [1]. - The company’s operating cash flow for Q2 2024 was 8.42 billion yuan, reflecting a healthy operational capacity [1]. Business Segments - The new energy segment achieved revenue of 290 million yuan in H1 2024, a significant increase of 120.2% year-on-year, with a focus on expanding channels and developing key components in-house [1]. - The company is actively pursuing a new retail model by enhancing offline flagship stores and online traffic, aiming to open 3,000 flagship stores throughout the year [1]. - Internationally, the company reported overseas revenue of 140 million yuan in H1 2024, a year-on-year increase of 71.6%, with a strong focus on developing new products tailored to local market demands [1]. Profit Forecast - The company’s net profit attributable to shareholders is projected to be 4.49 billion yuan, 5.14 billion yuan, and 5.85 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19.5X, 17.0X, and 15.0X [2][3].