公牛集团：Q3收入稳健增长

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 87.68 CNY, corresponding to a 2024 PE valuation of 26X [11][15]. Core Views - The company reported a steady revenue growth in Q3 2024, achieving a total revenue of 12.6 billion CNY for the first three quarters, representing a year-over-year increase of 8.6%. The net profit attributable to shareholders reached 3.26 billion CNY, up 16.0% year-over-year [11]. - The traditional business segments are growing steadily, while new business areas are experiencing rapid growth. The company is focusing on product innovation and upgrading in the electrical connection business to meet diverse consumer demands [11][12]. - The company is actively expanding its new energy business, particularly in the "light-storage-charge-discharge" ecosystem, enhancing its product offerings in both the European and domestic markets [11]. Financial Performance Summary - Q3 2024 revenue was 4.22 billion CNY, a year-over-year increase of 5.0%, with a net profit of 1.02 billion CNY, up 3.4% year-over-year [11]. - The gross margin decreased by 1.2 percentage points year-over-year due to rising raw material prices, while the net profit margin fell by 0.4 percentage points [12]. - The company’s operating cash flow decreased by 3.9 billion CNY year-over-year, primarily due to increased cash payments for goods and services [12]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 3.37 CNY, 3.64 CNY, and 3.89 CNY for the years 2024, 2025, and 2026, respectively [12][22].