GONGNIU(SH:603195) EBSCN·2024-05-06 12:02Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has shown significant growth in its new energy business, with a notable increase in gross profit margin [6][7] - The company is expected to maintain its leading position in the civil electrical industry while actively expanding into new business areas such as new energy [7] Financial Performance - In 2023, the company achieved operating revenue of 15.7 billion yuan, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 3.87 billion yuan, up 21.4% year-on-year [6] - For Q4 2023, the company reported operating 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 [6] - In Q1 2024, the company achieved operating revenue of 3.8 billion yuan, a 14.1% increase year-on-year, and a net profit of 929 million yuan, up 26.3% year-on-year [6] Profitability and Margins - The company's gross profit margin for 2023 was 43.2%, an increase of 5.2 percentage points year-on-year, with Q4 2023 gross profit margin reaching 46.8% [7] - The net profit margin for 2023 was 24.7%, up 2.0 percentage points year-on-year [7] Cash Flow and Dividends - The company reported operating net cash flow of 4.83 billion yuan in 2023, a 58% increase year-on-year [7] - The cash dividend plan for 2023 includes a distribution of 3.1 yuan per 10 shares (including tax), totaling 2.76 billion yuan [6] Business Segments - Revenue from the company's electrical connection products, smart electrical lighting products, and new energy products in 2023 was 7.39 billion yuan, 7.90 billion yuan, and 380 million yuan, respectively, with growth rates of 4.8%, 15.4%, and 148.6% [7] - The new energy business has rapidly expanded its product lines and channels, contributing to a year-on-year increase in revenue share by 1.3 percentage points [7] Regional Performance - In 2023, the company generated 15.49 billion yuan in domestic revenue, a 12.3% increase year-on-year, while international revenue was 175 million yuan, down 33.0% year-on-year [7]