内容概要：随着消费结构的升级，地产开发商逐渐由销售毛坯房转向销售精装房，全装修/精装修住宅 的开盘数量呈现上升趋势。同时，伴随着房产市场进入存量房时代，长期累积的存量房装修耐用年限逐 步到期，翻新装修需求逐步释放。此外，办公商业场所的更换频率随着市场主体规模的不断扩大而加 快，进一步带动了装修翻新需求。装修市场是开关插座行业的重要增长点，对开关插座产品的品质、功 能、设计等提出了更高的要求。在此背景下，我国开关插座行业规模呈现上升趋势，据统计，2024年中 国开关插座行业市场规模为277.24亿元，同比上涨4.57%。 相关上市企业：公牛集团（603195）、正泰电器（601877）、欧普照明（603515）、小米集团-W （01810）、江西铜业（600362）、紫金矿业（601899）、洛阳钼业（603993）、西部矿业 （601168）、京东集团-SW（09618）、阿里巴巴-W（09988）等。 相关企业：杭州鸿雁电器有限公司、飞雕电器集团有限公司、德力西集团有限公司等 关键词：开关插座、铜材、电子商务、市场规模 一、开关插座行业相关概述 电源插座作为我们日常生活中不可或缺的电力设备，其重要性不容忽视 ...

Core Viewpoint - Bull Group is expanding its new energy business, including charging piles and energy storage, amid slowing growth in its core businesses of electrical connections and smart electrical lighting [2][3]. Group 1: Business Performance - In 2024, Bull Group achieved operating revenue of 16.831 billion yuan, a year-on-year increase of 7.24%, and a net profit attributable to shareholders of 4.272 billion yuan, up 10.39% [3]. - The growth rates for both operating revenue and net profit in 2024 are the lowest in four years, with revenue growth rates from 2021 to 2024 being 23.22%, 13.70%, 11.46%, and 7.24% respectively [3][5]. - The electrical connection business generated revenue of 7.683 billion yuan in 2024, growing by 4.01% [4]. Group 2: Core Business Challenges - The revenue growth of the electrical connection business has slowed, with growth rates dropping from 15.58% in 2021 to 4.22% in 2022 and 4.77% in 2023 [5]. - The smart electrical lighting business has also seen a significant decline in revenue growth, from 36.90% in 2021 to 5.42% in 2024 [5]. Group 3: New Energy Business Expansion - The new energy business achieved revenue of 777 million yuan in 2024, a remarkable increase of 104.75%, becoming a new growth driver for the company [6]. - Bull Group is focusing on fast-charging products and aims to enhance its market position in personal charging piles through increased brand and marketing efforts [6][7]. Group 4: Internationalization Strategy - In 2024, Bull Group's overseas revenue reached 239 million yuan, growing by 36.75%, although the gross margin decreased by 10.80 percentage points [6][7]. - The company is expanding its business into emerging markets and Europe, developing a diverse product line that includes wall switches, lighting, and energy storage solutions [7].

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha abc 2025 年 06 月 03 日 Global Research 2025年展望维持不变；鉴于需求疲软，管理层基调保守 5月30日，公牛出席了瑞银AIC。管理层重申了2025年收入/利润正增长目 标，主要驱动力来自产品创新，这将有助于提升产品结构，从而提高平均售 价并在需求疲软的环境下提升公司市场份额（尤其是在墙壁插座/开关领 域）。公司预计，由于营销和品牌投入增加，2025年费用率将有所上升。 公司指引今年资本支出和股息支付将保持稳定。投资者关注的重点包括渠道 转型、新能源业务和海外扩张。我们认为，鉴于消费需求恢复缓慢，2025 年第二季度同比增速将与2025年第一季度相当（约5%）。得益于持续的产 品创新和渠道转型，公牛已证明其防御性，即使在房地产下行周期也能实现 强韧的盈利增长。然而，我们预计收入同比增速也将在2025年逐季下滑， 因此我们认为公司当前估值合理。 零售渠道转型以应对消费需求变化 公牛传统线下渠道结构已发生改变，五金店和夫妻店在萎缩，取而代之的是 更多便利店以应对消费者满足即时性需求的消费偏好变化。在家装渠道方 面，公 ...

Group 1: Core Insights - French Fleet Group executives are conducting an in-depth market research tour in Asia to explore potential opportunities and enhance their strategic positioning in the region [1] - The first stop of the tour is China, where the company aims to leverage the country's policy benefits and market potential [2] Group 2: China Market Focus - The company has engaged with local governments and industry partners in key cities like Shanghai, Shenzhen, and Guangzhou to understand market dynamics [2] - In Shanghai, the government’s support for high-end manufacturing and technology innovation was highlighted, along with the advantages of the free trade zone [2] - Shenzhen's vibrant entrepreneurial environment and strong R&D capabilities align with the company's smart home brand development [2] - The company plans to increase investment in China to enhance product supply capabilities and service levels, capitalizing on the growing demand for high-quality infrastructure products [2] Group 3: Southeast Asia Market Exploration - Following China, the company is exploring Southeast Asia, focusing on countries like Singapore, Malaysia, and Thailand, where rapid economic growth and urbanization present significant market opportunities [3] - In Singapore, the company is collaborating with local builders to promote green building and smart city initiatives [3] - The company recognizes the need to adapt its products to meet the specific demands of the Southeast Asian market [3] Group 4: Technological Innovation - Technology innovation is a key focus for the company, with an emphasis on smart home and smart building solutions driven by IoT, big data, and AI [4] - The company is investing in R&D for smart products, including smart switches, lighting systems, and security systems [4][5] - Collaborations with universities and research institutions are being established to accelerate the development of smart pipeline technology and smart home systems [5]

证券代码：002641 证券简称：公元股份 2025 年 4 月 29 日投资者关系活动记录表（二） 编号：2025-002 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 及人员姓名 公元股份2024年度业绩说明会采用网络远程方式进行，面向全体投资 者 时间 2025 年 4 月 29 日 15:00-17:00 地点 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访 谈"栏目 公司接待人员 姓名 董事长：卢震宇 副总经理兼财务负责人：杨永安 董事兼董事会秘书：陈志国 独立董事：王旭 投资者关系活动 主要内容介绍 1.公司在成本控制方面有哪些具体措施？这些措施对提升净利润有何 贡献？ 答：您好！公司在成本控制方面采取的措施有：一是通过物控大宗原 料集中采购，以及现货和期货结合进行成本锁定，降低原材料采购成 本。二是通过智能化、数字化改革减少生产成本和人工成本，提升效 率；三是通过技术配方优化，降低产品成本。以上措施对公司提高产 品市场竞争力起到 ...