公司报告 | 季报点评 公牛集团（603195） 证券研究报告 短期调整，蓄势待发 事件： 2025 年 10 月 30 日，公司发布 2025 年三季度财报。2025Q1-Q3，公司实现 营业收入 122 亿元（同比-3.2%，下同），归母净利润 29.8 亿元（-8.7%）， 扣非归母净利润 27 亿元（-4.9%）。其中，2025Q3 公司实现营业收入 40.3 亿元（-4.4%），归母净利润 9.2 亿元（-10.3%），扣非归母净利润 8.6 亿元 （-8.3%）。 点评： 收入降幅收窄，积极布局新业务。受新房竣工低迷影响，国内相关行业整 体需求疲软，公司收入同样承压。今年以来公司依托 PDU（电源分配单元） 积极向数据中心业务布局。目前已与字节跳动、腾讯等客户形成了较好的 合作关系，大功率直流 PDU、高功率小母线等系列新产品受到了广泛好评， 微模块等趋势性新产品正在加紧研发中。凭借在照明及新能源领域积累的 平台化研发和产品能力，公司积极布局太阳能照明业务，通过不断深化的 用户需求洞察，围绕庭院、工厂、乡镇道路照明等场景，推出了"一体化 路灯头"、"投光灯"等高性能产品。 理财收益扰动表观业绩增速 ...

Core Viewpoint - Bull Group reported a slight decline in revenue and net profit for the first half of 2025, emphasizing the need for strategic adaptation in response to evolving market conditions [2] Business Performance - In the first half of 2025, Bull Group achieved revenue of 8.168 billion yuan and net profit of 2.060 billion yuan, both showing a slight decrease compared to the same period last year [2] - Traditional business segments such as electrical connections and smart electrical lighting experienced revenue declines, while emerging businesses like new energy continued to grow, with new energy revenue reaching 386 million yuan, a year-on-year increase of 33.52% [2] Strategic Focus - The company is committed to maintaining operational resilience and is focusing on strategic directions including "smart ecology, new energy, and internationalization" [2] - Bull Group is enhancing the competitiveness and market share of its main product categories through innovation in products and channels, while actively exploring new business opportunities in embedded systems, data centers, and solar lighting [2] New Energy Business - Bull Group has launched new products such as the "Tianji" and "Weixing" series of charging piles, reinforcing its market leadership in personal charging piles [3] - The company is developing comprehensive commercial solutions for high-value applications in heavy trucks and high-power scenarios, improving customer service capabilities across delivery, installation, and operation [3] Storage and Data Center Initiatives - In the storage business, Bull Group is focusing on European household storage and domestic commercial applications, aiming to build a multi-layered product ecosystem [3] - The company is actively entering the data center business with its PDU (Power Distribution Unit) products, establishing good cooperation with various industry clients [3] Solar Lighting Development - Bull Group has introduced high-performance products in the solar lighting sector, enhancing product performance and installation convenience through innovations in optics, structure, electrical control, and new materials [3][4] - The company is leveraging both offline hardware channels and e-commerce to reach a broad consumer base, establishing an integrated research, production, and sales organization [4] Market Insights - Industry experts note that Bull Group's strength in the new energy sector lies in the deep integration of its existing channel capabilities with self-developed technologies, positioning it well for future growth [4] - The company's expansion into data centers and solar lighting is seen as a strategic extension based on its core competencies in power technology and channel networks, which is expected to drive future performance [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company's performance in the first half of 2025 showed a decline in revenue and profit due to a challenging consumer environment, but it managed to increase its market share in core categories, demonstrating operational resilience [1][2] - The traditional business experienced slight declines, while the new energy business showed steady growth, with a revenue increase of 33.5% in the first half of 2025 [2] - The company is actively incubating new businesses and accelerating international expansion, with significant partnerships established in the data center sector and a growing presence in solar lighting and new energy solutions [3] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 8.17 billion yuan, down 2.6%, and a net profit of 2.06 billion yuan, down 8.0% [1] - Q2 2025 revenue was 4.25 billion yuan, down 7.4%, with a net profit of 1.08 billion yuan, down 17.2% [1] - The core categories saw an increase in market share despite the overall decline in revenue and profit [1] Business Segments - Electrical connections revenue in H1 2025 was 3.66 billion yuan, down 5.4%, while smart electrical lighting revenue was 4.09 billion yuan, down 2.8% [2] - The new energy business generated 390 million yuan in revenue, up 33.5%, with over 30,000 offline terminal points developed in the C-end market [2] Cost Management and Profitability - The gross margin in Q2 2025 was 43.5%, a slight decrease of 0.1 percentage points, while the net margin was 25.5%, down 3.0 percentage points [3] - The sales expense ratio decreased to 7.0%, primarily due to reduced marketing and advertising expenses [3] Future Outlook - The profit forecast has been adjusted downwards, with expected net profits of 4.38 billion yuan, 4.70 billion yuan, and 5.10 billion yuan for 2025, 2026, and 2027 respectively, reflecting a growth of 2.5%, 7.4%, and 8.5% [4] - The current stock price corresponds to a PE ratio of 19.4, 18.1, and 16.7 for the years 2025, 2026, and 2027 respectively [4]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, reflecting challenges in the domestic market due to weak demand in related industries, particularly influenced by low new housing completions [1][2] Financial Performance - In H1 2025, the company achieved revenue of 8.17 billion yuan, a year-on-year decrease of 2.6%, and a net profit attributable to shareholders of 2.06 billion yuan, down 8.0% year-on-year [1] - Q2 2025 saw revenue of 4.25 billion yuan, a decline of 7.4% year-on-year, with net profit attributable to shareholders at 1.08 billion yuan, down 17.2% year-on-year [1] - The company's gross margin in Q2 2025 was 43.5%, a slight decrease of 0.1 percentage points year-on-year, indicating stable profitability despite revenue challenges [2] Business Segment Performance - The electrical connection business generated revenue of 3.662 billion yuan, down 5.37% year-on-year, while the smart electrical lighting business reported revenue of 4.094 billion yuan, a decrease of 2.78% year-on-year [2] - The new energy business, however, saw a significant increase in revenue, reaching 386 million yuan, up 33.52% year-on-year, indicating growth potential in this segment [2] Strategic Initiatives - The company is actively expanding its data center and solar lighting business, having established good partnerships with major clients like ByteDance and Tencent [3] - New product developments in high-power direct current PDU and integrated solar lighting solutions are underway, aimed at meeting diverse customer needs [3] Investment Outlook - The company is positioned as a leader in the electrical industry, with a clear long-term growth strategy, particularly in its core product categories and new energy initiatives [3] - Projected net profits for 2025-2027 are 4.24 billion, 4.54 billion, and 4.96 billion yuan respectively, with a maintained "buy" rating based on the company's growth potential [3]

Investment Rating - The investment rating for Gongniu Group (603195) is not explicitly stated in the provided documents, but the report indicates a cautious outlook due to short-term performance pressures and ongoing exploration for growth opportunities [1]. Core Insights - Gongniu Group reported a revenue of 8.168 billion yuan for H1 2025, a decrease of 2.6% year-on-year, and a net profit attributable to shareholders of 2.060 billion yuan, down 8.0% year-on-year [1]. - The company is focusing on product innovation in its electrical connection business, which generated 3.662 billion yuan in revenue for H1 2025, a decline of 5.37% year-on-year, while also expanding its digital and electric tool offerings [2]. - The smart lighting segment achieved a revenue of 4.094 billion yuan in H1 2025, down 2.78% year-on-year, with a focus on AI and health lighting to enhance market competitiveness [3]. - The new energy business saw significant growth, with revenue reaching 386 million yuan, an increase of 33.52% year-on-year, driven by self-developed charging solutions and expansion into overseas markets [4]. - The company is actively pursuing international expansion and innovation opportunities, covering over 40 countries and focusing on AI and new energy sectors [4]. Financial Performance Summary - For H1 2025, Gongniu Group maintained a gross margin of 42.33%, a slight decrease of 0.62 percentage points year-on-year, and a net profit margin of 25.22%, down 1.48 percentage points year-on-year [5][6]. - The company’s operating cash flow for H1 2025 was 2.378 billion yuan, indicating strong cash flow management [6]. - Profit forecasts for 2025-2027 estimate net profits of 4.24 billion yuan, 4.78 billion yuan, and 5.35 billion yuan, respectively, with corresponding P/E ratios of 20.4X, 18.1X, and 16.2X [7].