GONGNIU(SH:603195)2024-05-14 01:02Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported 2023 revenue of 15.695 billion yuan, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 3.870 billion yuan, up 21.4% year-on-year [4][5] - The company is positioned as a benchmark in the civil electrical industry, with deep competitive advantages in traditional core categories and significant channel reform benefits [7] - The company is expanding into high-growth sectors such as smart lighting and renewable energy, with a notable increase in revenue from renewable energy products, which reached 380 million yuan in 2023, a year-on-year growth of 148.6% [4][7] Financial Summary - For 2023, the company achieved a gross margin of 43.2%, which improved significantly due to lower raw material prices and effective management [7] - The company expects revenue growth rates of 16.5% in 2024, 17.3% in 2025, and 17.8% in 2026, with net profit projections of 4.463 billion yuan, 5.271 billion yuan, and 6.278 billion yuan respectively [5][7] - The company's earnings per share are projected to be 5.01 yuan in 2024, 5.91 yuan in 2025, and 7.04 yuan in 2026 [5][7]