GONGNIU(603195) 华创证券·2024-09-02 17:06Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [12]. Core Views - The company's main business demonstrates resilience, with revenue growth of 10.5% year-on-year, reaching 8.39 billion yuan in the first half of 2024. Net profit attributable to shareholders increased by 22.9% year-on-year to 2.24 billion yuan [1][2]. - The report highlights the strong performance of the company's core segments, particularly in electrical connections, smart electrical lighting, and new energy, with respective revenues of 3.87 billion, 4.21 billion, and 290 million yuan, showing year-on-year growth of 5.2%, 11.7%, and 120.2% [2]. - The company is expected to benefit from its strong channel management and lean manufacturing capabilities, establishing a cash cow structure with its main products while exploring new business opportunities in new categories, international markets, and new energy [2]. Financial Summary - The company achieved total revenue of 15.695 billion yuan in 2023, with projected revenues of 17.297 billion yuan in 2024, reflecting a year-on-year growth rate of 10.2% [3]. - The net profit attributable to shareholders is forecasted to grow from 3.87 billion yuan in 2023 to 4.44 billion yuan in 2024, indicating a growth rate of 14.7% [3]. - The earnings per share (EPS) is expected to increase from 2.99 yuan in 2023 to 3.44 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 21 and 19 respectively [3].