Core Viewpoint - Bull Group (公牛集团) announced the third unlock period of its restricted stock incentive plan, allowing 994,163 shares to be listed and traded starting June 23, 2025, involving 502 incentive recipients [2] Company Overview - Bull Group was established on January 18, 2008, with a registered capital of 1.809 billion RMB. The company is headquartered in Cixi, Zhejiang Province, and its main businesses include electrical connection, smart electrical lighting, and new energy [2] - The current chairman is Ruan Liping, and the company has 13,223 employees. The actual controllers are Ruan Liping and Ruan Xueping. The company has 23 subsidiaries [2] Financial Performance - The company's projected operating revenues for 2022, 2023, and 2024 are 14.081 billion RMB, 15.695 billion RMB, and 16.831 billion RMB, reflecting year-on-year growth rates of 13.70%, 11.46%, and 7.24% respectively [3] - The net profit attributable to the parent company for the same years is expected to be 3.189 billion RMB, 3.870 billion RMB, and 4.272 billion RMB, with year-on-year growth rates of 14.68%, 21.37%, and 10.39% respectively [3] - The company's asset-liability ratios for the years 2022, 2023, and 2024 are projected to be 25.44%, 26.83%, and 22.54% [3]

事项： 公司发布 24年报及 25年一季报。24年公司实现营收 168.31亿元，同比+7.24%， 归母净利润 42.72 亿元，同比+10.39%；其中单 Q4营收 42.27 亿元，同比+3.41%， 归母净利润 10.09 亿元，同比-4.55%。25Q1 实现营收 39.22 亿元，同比+3.14%， 归母净利润 9.75 亿元，同比+4.91%。 评论： [ReportFinancialIndex] 主要财务指标 公司研究 证 券 研 究 报 告 公牛集团（603195）2024 年报&2025 年一季报点评 强推（维持） 主业稳健增长，新兴加速发展 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 16,831 | 18,089 | 19,513 | 21,235 | | 同比增速(%) | 7.2% | 7.5% | 7.9% | 8.8% | | 归母净利润(百万) | 4,272 | 4,569 | 4,912 | 5,281 | | 同比增速(%) | 10.4% | 7.0 ...

公司研究 证 券 研 究 报 告 主业稳健增长，新兴加速发展 事项： 公司发布 24年报及 25年一季报。24年公司实现营收 168.31亿元，同比+7.24%， 归母净利润 42.72 亿元，同比+10.39%；其中单 Q4营收 42.27 亿元，同比+3.41%， 归母净利润 10.09 亿元，同比-4.55%。25Q1 实现营收 39.22 亿元，同比+3.14%， 归母净利润 9.75 亿元，同比+4.91%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 16,831 | 18,089 | 19,513 | 21,235 | | 同比增速(%) | 7.2% | 7.5% | 7.9% | 8.8% | | 归母净利润(百万) | 4,272 | 4,569 | 4,912 | 5,281 | | 同比增速(%) | 10.4% | 7.0% | 7.5% | 7.5% | | 每股盈利(元) | 3.31 | 3. ...

24&25Q1 民用电工板块综述：至暗时点或已过，关注红利价值 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 07 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com 龚轶之 新消费行业分析师 执业编号：S1500525030005 邮 箱：gongyizhi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 24&25Q1 民用电工板块综述：至暗时点或已 过，关注红利价值 [Table_ReportDate] 2025 年 05 月 07 日 本期内容提要: 请阅读最后 ...

24&25Q1 民用电工板块综述：至暗时点或已过，关注红利价值 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 07 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com 龚轶之 新消费行业分析师 执业编号：S1500525030005 邮 箱：gongyizhi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 24&25Q1 民用电工板块综述：至暗时点或已 过，关注红利价值 [Table_ReportDate] 2025 年 05 月 07 日 请阅读最后一页免责声明及信 ...

今日重点推荐 2025 年 04 月 30 日 九号公司（689009）2024 年报和 2025 年一季报点评：25Q1 业绩超预期，新品类放量，盈利能力提升 ◼ 智能短交通先锋，秉承工程师文化，持续推进技术创新和产品迭代，商业 变现能力强，节奏快。考虑到规模效应释放超预期，我们调高 2025-2026 年归母净利预测至 18.98/27.00 亿元（前值为 16.36/22.74 亿元），新增 2027 年预测 36.00 亿元，2025-2027 年同比为 75.1%/42.2%/33.3%,当 前市值对应 PE 为 24X/17X/13X，维持"买入"评级。 ◼ 风险提示：海外消费景气度回落、国内电动两轮车竞争加剧。 (联系人：屠亦婷/张文静) | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3287 | -0.0 | -1.9 | -0.4 | | 深证综指 | 1902 | 5 0.24 | 3 -6.1 | -0.34 | 贵州茅台（600519）：业绩 ...

丨证券研究报告丨 分析师及联系人 [Table_Author] SAC：S0490516060001 SAC：S0490517070017 SAC：S0490522030001 SAC：S0490520070002 SFC：BUV463 SFC：BUW408 蔡方羿 陈亮 曹海花 米雁翔 联合研究丨公司点评丨公牛集团（603195.SH） [Table_Title] 公牛集团 2024A&2025Q1 点评： 经营韧性穿越周期，持续开拓新业务 报告要点 [Table_Summary] 公司发布 2024 年年报和 2025 年一季报。2024 年实现营收/归母净利润/扣非净利润 168.31/42.72/37.42 亿元，同增 7%/10%/1%；其中 2024Q4 实现营收/归母净利润/扣非净利润 42.27/10.09/9.02 亿元，同比+3%/-5%/-16%。2025Q1 实现营收/归母净利润/扣非净利润 39.22/9.75/8.55 亿元，同比+3%/+5%/+5%。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公牛集团（603195.SH） ...

行业承压显著，公司仍稳健增长 2024H1/H2/Q4/2025Q1 公司收入分别同比+10%/+4%/+3%/+3%，显著优于行业。其中2024A 电连接业务 占比46%，同比+4%，2024H1/H2 分别同比+5%/+3%，2025Q1 预计小个位数增长；2024A 智能电工照 明业务占比49%，同比+5%，2024H1/H2 分别同比+12%/+0%，2025Q1 预计小幅增长。2024A 新能源业 务占比5%，同比+105%；2024H1/H2分别同比+120%/+97%；2025Q1 预计依然快速增长。综上，公司营 收维持小幅增长。 24Q4 盈利承压，25Q1 盈利小幅改善 重视股东回报，持股计划绑定员工利益 公牛集团发布2024 年报/2025 年一季报：2024 年，实现营收168.31 亿，同比+7.24%，归母净利润42.72 亿，同比+10.39%，扣非归母净利润37.42 亿，同比+1.04%。其中Q4 实现营收42.27 亿，同比+3.41%， 归母净利润10.09 亿，同比-4.55%，扣非归母净利润9.02 亿，同比-16.48%。2024 年拟每10 股派24 元 （含税）， ...

Core Viewpoint - The company reported a revenue of 16.831 billion yuan for 2024, representing a year-on-year increase of 7.24%, and a net profit attributable to shareholders of 4.272 billion yuan, up 10.39% year-on-year [1] Revenue Summary - The company's revenue from the electrical connection business reached 7.683 billion yuan in 2024, growing by 4.01% year-on-year [1] - The smart electrical lighting business generated 8.331 billion yuan in revenue, an increase of 5.42% year-on-year [1] - The new energy business saw significant growth, with revenue of 777 million yuan, up 104.75% year-on-year [1] - The company expanded its market presence from a few countries to the Southeast Asian market and is extending into emerging markets in the Middle East and South America [1] Profitability Summary - In Q1 2025, the company's gross margin was 41.04%, a decrease of 1.12 percentage points [2] - The net profit margin improved slightly to 24.86%, an increase of 0.40 percentage points [2] - In Q4 2024, the gross margin was 43.62%, down 3.15 percentage points, while the net profit margin was 23.82%, a decrease of 1.95 percentage points [2] Share Buyback and Incentive Plans - The company plans to repurchase shares at a price not exceeding 107 yuan per share, with an expected buyback amount between 250 million yuan and 400 million yuan [3] - A restricted stock incentive plan for 2025 aims to grant 3.0969 million shares at 35.77 yuan per share to 671 core management and key personnel [3] - The performance targets for the incentive plan include achieving a revenue of no less than 17.889 billion yuan or a net profit of no less than 4.473 billion yuan in 2025 [3] Talent Holding Plan - The company introduced a special talent holding plan, granting 740,800 shares at 71.54 yuan per share to 30 individuals, including directors and special talents [4] - The plan aims to raise a maximum of 53 million yuan and has similar performance targets as the 2025 restricted stock incentive plan [4] - The duration of the 2020 special talent holding plan has been extended by three years, now set to expire on September 24, 2028 [4] Investment Outlook - The company is expanding its competitive advantages into new business areas, aiming to become a leader in the consumer electrical sector [6] - Revenue projections for 2025-2027 are adjusted to 18.210 billion yuan, 20.075 billion yuan, and 21.661 billion yuan, respectively [6] - The earnings per share (EPS) estimates for the same period are 3.57 yuan, 3.95 yuan, and 4.25 yuan, with a maintained "buy" rating [6]

Core Viewpoint - In 2024, the company reported a 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% year-on-year, indicating stable growth across its business segments [1] Group 1: Business Performance - The electrical connection business generated revenue of 7.683 billion yuan, a year-on-year increase of 4.01%, with a gross margin of 40.97% [2] - The smart electrical lighting business achieved revenue of 8.331 billion yuan, up 5.42% year-on-year, with a gross margin of 46.18% [3] - The new energy business saw significant growth, with revenue reaching 777 million yuan, a remarkable increase of 104.75% year-on-year, and a gross margin of 34.81% [3] Group 2: Cost Management and Efficiency - The company's overall gross margin improved to 43.25%, a slight increase of 0.04 percentage points year-on-year, while the net profit margin rose to 25.37%, up 0.74 percentage points [4] - The company implemented cost reduction strategies through centralized procurement and direct sourcing from suppliers, enhancing bargaining power and controlling raw material quality [4] - The period expense ratio increased to 16.21%, up 1.80 percentage points year-on-year, with notable increases in sales and R&D expenses [4] Group 3: Talent and Incentive Plans - The company announced a special talent holding plan for 2025, involving approximately 30 participants, with a share repurchase price of 71.54 yuan per share [5] - A restricted stock incentive plan for 2025 was also introduced, proposing to grant 3.0969 million restricted shares at a price of 35.77 yuan per share, targeting 671 individuals [5] Group 4: Future Outlook - The company is positioned as a "safety electricity expert," with stable performance in the electrical connection business and proactive expansion in the smart lighting and new energy sectors [6] - Revenue projections for 2025-2027 are estimated at 17.921 billion yuan, 19.335 billion yuan, and 20.810 billion yuan, with net profits of 4.526 billion yuan, 4.929 billion yuan, and 5.331 billion yuan respectively [6]