GONGNIU(SH:603195) Southwest Securities·2024-05-06 01:33Investment Rating - The report maintains a "Hold" rating for the company [1]. Core Insights - The company demonstrated strong performance with a revenue of 15.69 billion yuan in 2023, reflecting an 11.5% year-on-year increase, and a net profit of 3.87 billion yuan, up 21.4% year-on-year [2][6]. - The company plans to distribute a cash dividend of 3.1 yuan per share, totaling 2.76 billion yuan, with a cash dividend rate of 71.4% [2]. - The gross margin improved to 43.2% in 2023, up 5.2 percentage points year-on-year, driven by lower raw material prices and enhanced operational efficiency [2][3]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 4.09 billion yuan, a 13.3% increase year-on-year, and a net profit of 1.06 billion yuan, up 27.8% year-on-year [2]. - For Q1 2024, revenue reached 3.8 billion yuan, a 14.1% increase year-on-year, with a net profit of 930 million yuan, up 26.3% year-on-year [2]. Product Segmentation - The electrical connection business generated 7.39 billion yuan in revenue, a 4.8% increase year-on-year [3]. - The smart electrical lighting products segment saw revenue of 7.90 billion yuan, growing 15.4% year-on-year, focusing on smart pre-installed electrical products [3]. - The new energy products segment achieved a remarkable revenue of 380 million yuan, a 148.6% increase year-on-year, indicating rapid growth [3]. Operational Efficiency - The overall net profit margin for 2023 was 24.7%, an increase of 2 percentage points year-on-year, reflecting improved profitability [2]. - The company is enhancing its marketing efforts and brand recognition, leading to a slight increase in sales expenses [2][3]. Future Outlook - The company forecasts revenue growth of 15.1% in 2024, with projected earnings per share (EPS) of 5.05 yuan [6][7]. - The new energy business is expected to maintain high growth rates, with projected increases of 100%, 50%, and 35% in the next three years [8].