GONGNIU(SH:603195) KAIYUAN SECURITIES·2024-04-28 12:32Investment Rating - The investment rating for the company is maintained as "Buy" [2][23]. Core Insights - The company achieved a revenue of 15,695 million yuan in 2023, representing a year-on-year growth of 11.46%. The net profit attributable to shareholders was 3,870 million yuan, up by 21.4% [5][11]. - The revenue for Q4 2023 was 4,088 million yuan, reflecting a growth of 13.34%, while the net profit for the same period was 1,057 million yuan, increasing by 27.75% [11][23]. - For Q1 2024, the revenue reached 3,803 million yuan, marking a 14.06% increase, with a net profit of 929 million yuan, up by 26.27% [11][23]. - The company is optimistic about its long-term growth prospects, driven by product structure upgrades and internal supply chain efficiency improvements [23]. Summary by Sections Revenue Growth and Profitability - The company reported a total revenue of 156.95 billion yuan in 2023, with a net profit of 38.7 billion yuan and a non-recurring net profit of 37.03 billion yuan [11][23]. - The revenue growth for Q4 2023 and Q1 2024 was 13.34% and 14.06%, respectively, indicating a consistent upward trend in sales [11][23]. Business Segments Performance - The electrical connection business generated 73.87 billion yuan in revenue, growing by 4.77%, while the smart electrical lighting business saw a revenue of 79.02 billion yuan, up by 15.37% [14][15]. - The new energy business experienced significant growth, with revenue reaching 3.8 billion yuan, a remarkable increase of 148.64% [15]. Margin and Cost Management - The gross margin for 2023 was 43.2%, an increase of 5.2 percentage points, with Q4 2023 and Q1 2024 gross margins at 46.77% and 42.16%, respectively [19][20]. - The net profit margin for 2023 was 24.66%, up by 2.01 percentage points, with Q4 2023 and Q1 2024 net profit margins at 25.85% and 24.44%, respectively [19][20]. Future Earnings Forecast - The company has revised its earnings forecast, projecting net profits of 44.66 billion yuan, 51.35 billion yuan, and 58.32 billion yuan for 2024, 2025, and 2026, respectively [23]. - The expected earnings per share (EPS) for the same period are 5.01 yuan, 5.76 yuan, and 6.54 yuan, with corresponding price-to-earnings (P/E) ratios of 23.3, 20.2, and 17.8 [23].