Workflow
智能电工照明
icon
Search documents
公牛集团(603195):新能源业务成长突出 加大分红回馈股东
Xin Lang Cai Jing· 2025-04-29 02:40
公牛集团披露24A&25Q1 业绩: 2024 年公司实现营业收入168 亿元,同比+7%,实现归母净利润43 亿元,同比+10%,扣非后归母净利 润37 亿元,同比+1%。非经常性损益主要为银行理财收益同比增长较多,2024 年公司银行理财收益5.4 亿元,同比+183%。24Q4 单季实现营业收入42 亿元,同比+3%,归母净利润10 亿元,同比-5%,扣非 后归母净利润9 亿元,同比-16%。25Q1 公司实现营业收入39 亿元,同比+3%,归母净利润10 亿元,同 比+5%,扣非后归母净利润9 亿元,同比+5%。2024 年公司拟每10 股派息24 元,进一步提高现金分红 比例至73%,积极回报股东。 电连接&智能电工照明表现稳健,新能源成长突出 (1)电连接:2024 年公司电连接业务实现收入76.8 亿元,同比+4%,24H2 电连接业务收入38.1 亿 元,同比+3%。我们预计25Q1 公司电连接业务延续24H2 相对稳健表现。产品端,公司电连接业务中转 换器业务持续推动产品升级并拓宽产品线至更多蓝海细分市场。电动工具业务加速丰富产品线,提供新 业务增量。 (2)智能电工照明:2024 年公司智 ...
公牛集团(603195):新能源业务成长突出,加大分红回馈股东
ZHESHANG SECURITIES· 2025-04-27 13:51
Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 16.8 billion yuan for 2024, a year-on-year increase of 7%, and a net profit attributable to shareholders of 4.3 billion yuan, up 10% year-on-year [1] - The company plans to distribute a cash dividend of 24 yuan per 10 shares, increasing the cash dividend payout ratio to 73% [1] - The company's performance in the electric connection and smart electrical lighting segments remains stable, while the new energy business shows significant growth [2][3][4] - The gross margin is under short-term pressure due to high copper prices, but the net profit margin improved in Q1 2025 [5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 16.8 billion yuan, with a net profit of 4.3 billion yuan, and a non-recurring net profit of 3.7 billion yuan [1] - For Q1 2025, the company reported a revenue of 3.9 billion yuan and a net profit of 1 billion yuan, both showing a year-on-year increase of 3% and 5% respectively [1] Business Segments - Electric Connection: Revenue reached 7.68 billion yuan in 2024, a 4% increase year-on-year, with expectations for continued stable performance in Q1 2025 [2] - Smart Electrical Lighting: Revenue was 8.33 billion yuan in 2024, a 5% increase year-on-year, although growth faced pressure in the second half of the year [3] - New Energy: Revenue surged to 780 million yuan in 2024, a remarkable 105% increase year-on-year, with continued rapid growth expected in Q1 2025 [4] Profitability Metrics - The overall gross margin for 2024 was 43.25%, with segment margins of 40.97% for electric connection, 46.18% for smart electrical lighting, and 34.81% for new energy [5] - The net profit margin for 2024 was 25.38%, reflecting a year-on-year increase of 0.72 percentage points [5] Cash Flow and Valuation - The company reported a net operating cash flow of 3.73 billion yuan in 2024, a decrease of 23% year-on-year [11] - Future revenue projections for 2025-2027 are 18.1 billion, 19.9 billion, and 21.9 billion yuan respectively, with expected growth rates of 7.57%, 10.04%, and 9.74% [12]