2023A&2024Q1业绩点评：营收延续双位数增长，毛利大幅改善业绩靓丽

Investment Rating - The report assigns a "Buy" rating to the company, Bull Group, with a target price of 121.25 yuan, based on a 25X P/E ratio for 2024 [4][6][7]. Core Insights - Bull Group reported a revenue of 15.695 billion yuan for 2023, representing a year-on-year growth of 11.46%. The net profit attributable to shareholders was 3.870 billion yuan, up 21.37% year-on-year [2][3]. - The company has shown strong performance in its traditional business while also benefiting from new business segments, with a notable 149% increase in revenue from the new energy sector [3]. - The gross profit margin improved significantly, with the net profit margin reaching a historical high of 24.7% in 2023, an increase of 2.0 percentage points year-on-year [3]. Financial Performance Summary - For 2023, Bull Group achieved a revenue of 15.695 billion yuan, with a net profit of 3.870 billion yuan, and a non-recurring net profit of 3.703 billion yuan, reflecting growth rates of 21.37% and 27.51% respectively [2][5]. - In Q1 2024, the company reported a revenue of 3.803 billion yuan, a year-on-year increase of 14.06%, and a net profit of 929 million yuan, up 26.27% [2][3]. - The company expects revenues of 18.047 billion yuan and 20.698 billion yuan for 2024 and 2025, respectively, with year-on-year growth rates of 14.99% and 14.69% [4][5]. Business Segment Performance - The electrical connection business saw a revenue increase of 5%, while the smart electrical lighting business grew by 15%. The new energy business revenue surged by 149% to 380 million yuan [3][4]. - The company has implemented two incentive plans to maintain employee motivation and stability, which include a special talent stock ownership plan and a rolling restricted stock incentive plan [4]. Valuation Metrics - The report provides a forecast for key financial metrics, including an expected EPS of 4.85 yuan for 2024 and 5.51 yuan for 2025, with a CAGR of 12.96% from 2023 to 2026 [4][5]. - The company's P/E ratio is projected to decrease from 24.8 in 2023 to 22.2 in 2024, indicating a favorable valuation trend [5].