GONGNIU(SH:603195) Tianfeng Securities·2024-11-01 07:15Investment 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 resilience with a revenue increase of 8.58% year-on-year, reaching 12.6 billion yuan, and a net profit growth of 16.00%, totaling 3.26 billion yuan for the first three quarters of 2024 [1]. - Despite challenges in the domestic housing market, the company is expected to maintain steady growth in its core business segments, particularly in electrical connections and smart electrical products, while the relatively smaller new energy segment is projected to continue its rapid growth [1]. - The company is actively pursuing three strategic initiatives: smart ecosystem development, new energy expansion, and internationalization, which are anticipated to enhance its market position and revenue streams [1]. Financial Performance Summary - For 2024E, the company is projected to achieve a revenue of 16.93 billion yuan, with a growth rate of 7.85% [2][7]. - The net profit attributable to the parent company is expected to reach 4.36 billion yuan in 2024E, reflecting a growth rate of 12.67% [2][7]. - The company's EBITDA for 2024E is forecasted at 5.27 billion yuan, with a slight decrease in growth rate compared to previous years [2][7]. Strategic Initiatives - The company is enhancing its smart ecosystem by adapting to changing consumer habits through flagship stores and new retail transformations [1]. - In the new energy sector, the company has expanded its product line and developed over 22,000 retail points for end consumers, while also establishing a strong presence in the e-commerce market [1]. - The international strategy includes establishing a local sales team in Southeast Asia and successfully launching products in European markets, indicating a robust approach to global expansion [1].