GONGNIU(SH:603195) Tai Ping Yang·2024-11-01 07:19Investment Rating - The report maintains a "Buy" rating for the company, Bull Group (603195) [1][6]. Core Views - The company reported a steady revenue growth in Q3 2024, with total revenue reaching 12.603 billion yuan, an increase of 8.58% year-on-year. The net profit attributable to shareholders was 3.263 billion yuan, up 16.00% [1]. - The report highlights the company's strong performance in the electric connection, smart electrical lighting, and new energy sectors, which are expected to continue driving growth. The international expansion is anticipated to contribute additional revenue streams [1][3]. - Despite facing pressures from the real estate and consumer environment, the company achieved a quarterly revenue of 4.217 billion yuan in Q3 2024, reflecting a 5.04% increase [1]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 12.603 billion yuan, with a net profit of 3.263 billion yuan and a non-recurring net profit of 2.839 billion yuan [1]. - The report projects the company's revenue and net profit for 2024 to be 17.311 billion yuan and 4.402 billion yuan, respectively, with corresponding EPS of 3.41 yuan [3][4]. - The gross margin for Q3 2024 was reported at 43.47%, a decrease of 1.18 percentage points, attributed to high raw material prices. The net margin was 24.31%, down 0.36 percentage points [1][4]. Future Projections - The company is expected to see continued revenue growth, with projected revenues of 19.053 billion yuan in 2025 and 21.168 billion yuan in 2026, reflecting growth rates of 10.06% and 11.10%, respectively [3][4]. - The net profit is projected to reach 4.894 billion yuan in 2025 and 5.431 billion yuan in 2026, with growth rates of 11.18% and 10.98% [3][4]. Industry Outlook - The report indicates a positive outlook for the industry, with expectations that the overall returns will exceed the CSI 300 index by more than 5% over the next six months [5]. - The company is well-positioned within the industry, particularly in the growing segments of smart home ecosystems and new energy products, which are still in their growth phase [1][5].