GONGNIU(SH:603195) Guohai Securities·2024-04-29 07:00Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Insights - The company demonstrated strong performance as a market leader, with a notable increase in revenue and net profit in 2023, achieving operating income of 15.695 billion yuan, a year-on-year growth of 11.46%, and a net profit of 3.870 billion yuan, up 21.37% year-on-year [2][4] - The company is focusing on enhancing its brand and product innovation, with increased investment in advertising and R&D, leading to a rise in gross margin to 43.20%, up 5.20 percentage points year-on-year [3][4] - The company has launched a stock incentive plan to boost employee confidence and align their interests with company performance, targeting revenue and net profit growth over the next three years [4][5] Financial Performance Summary - In 2023, the company's revenue from electrical connection business was 7.387 billion yuan, up 4.77% year-on-year, with a gross margin of 40.89% [2] - The smart electrical lighting business generated 7.902 billion yuan in revenue, a year-on-year increase of 15.37%, with a gross margin of 45.81% [2] - The new energy business saw significant growth, with revenue reaching 380 million yuan, up 148.64% year-on-year, and a gross margin of 34.15% [2] - The company expects revenue to grow to 18.611 billion yuan in 2024, with net profit projected at 4.355 billion yuan, reflecting a growth rate of 19% and 13% respectively [5][6]