GONGNIU(SH:603195)2024-09-28 12:41Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% in the next six months [2][10]. Core Insights - The company's home decoration festival, running from September 15 to October 20, is expected to boost performance in the decoration channel, with significant promotional efforts [2]. - Continuous progress in flagship store reforms and a comprehensive promotional strategy are anticipated to mitigate industry downturn pressures [2]. - The traditional electrical connection business shows steady growth, driven by product structure improvements and price increases [3][10]. - The new energy charging segment is projected to experience rapid growth in the coming years, with revenues increasing by 120% year-on-year in the first half of 2024 [3]. - The company's internationalization strategy is expected to become a long-term growth driver, particularly in Southeast Asia and developed markets [3]. Financial Summary - Total revenue for 2023 is projected at 15,695 million, with a year-on-year growth rate of 11.5% [4]. - Net profit for 2023 is estimated at 3,870 million, reflecting a year-on-year increase of 21.4% [4]. - Earnings per share for 2023 is expected to be 4.36 yuan, with a projected PE ratio of 26 [4][10]. - The company anticipates continued profit margin improvement in the second half of 2024, supported by raw material hedging and price adjustments [10].