业绩表现靓丽，新能源业务快速增长

Investment Rating - The report maintains a "Recommended" rating for the company, Bull Group (603195.SH) [7][27]. Core Views - The company reported strong performance in 2023 with revenue of 15.69 billion yuan, a year-on-year increase of 11.5%, and a net profit of 3.87 billion yuan, up 21.4% [21][27]. - The new energy business has shown rapid growth, with revenue reaching 380 million yuan, a significant increase of 148.6% year-on-year [21][27]. - The company is focusing on channel development and product enhancement to strengthen its high-end brand image [21][27]. Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 4.09 billion yuan, up 13.3% year-on-year, and a net profit of 1.06 billion yuan, an increase of 27.8% [21][27]. - For Q1 2024, revenue was 3.80 billion yuan, reflecting a 14.1% year-on-year growth, with a net profit of 930 million yuan, up 26.3% [21][27]. Business Segments - Smart Electrical Lighting Business: Revenue reached 7.90 billion yuan, a 15.4% increase year-on-year. The company is enhancing product design and channel transformation to drive sales [21][27]. - New Energy Business: Revenue surged to 380 million yuan, with significant advancements in product and channel development, including a robust online presence and extensive offline network [21][27]. - Electrical Connection Business: Revenue was 7.39 billion yuan, a stable growth of 4.8%. The company is expanding into Southeast Asian markets and enhancing its product offerings [21][27]. Profitability and Forecast - The company's gross margin improved to 43.2% in 2023, up 5.2 percentage points year-on-year, driven by lower raw material costs and efficient procurement strategies [21][27]. - The report forecasts net profits for 2024-2026 to be 4.40 billion, 4.89 billion, and 5.61 billion yuan respectively, with corresponding EPS of 4.9, 5.5, and 6.3 yuan [27][28].