证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 03 日 [Table_Title] 2025Q3 传统业务短暂承压,新兴业务持续开拓 [Table_Title2] 公牛集团(603195) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603195 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 78.78/43.15 | | 目标价格： | | 总市值(亿) | 789.81 | | 最新收盘价： | 43.67 | 自由流通市值(亿) | 786.38 | | | | 自由流通股数(百万) | 1,800.73 | [Table_Summary] 事件概述 公司发布 2025 年前三季度报告：2025 前三季度实现营收 121.98 亿元、同比下滑 3.22%，归母净利 29.79 亿 元、同比下滑 8.72%，扣非后归母净利 27.01 亿元，同比下滑 4.87%；单季度看，2025Q3 实现营收 40.30 亿 元，同比-4.44%（3 季度营收同比降幅收窄），归母净利润 ...

Core Viewpoint - The report highlights the financial performance and operational strategies of Gongniu Group Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit while emphasizing the company's focus on innovation and market expansion in the electrical connection, smart electrical lighting, and new energy sectors [1][9]. Financial Performance - The total revenue for the first half of 2025 was approximately 8.17 billion RMB, a decrease of 2.60% compared to the same period last year [2][3]. - The total profit amounted to approximately 2.49 billion RMB, reflecting a decline of 6.93% year-on-year [2][3]. - The net profit attributable to shareholders was approximately 2.06 billion RMB, down 8.00% from the previous year [2][3]. - The company's net assets decreased by 7.34% to approximately 14.70 billion RMB compared to the end of the previous year [2][3]. Business Overview - Gongniu Group operates primarily in three business segments: electrical connections, smart electrical lighting, and new energy products, focusing on consumer needs and product quality since its establishment in 1995 [4][9]. - The company has established a comprehensive supply chain and production capabilities, enhancing its competitive edge in the market [13][19]. Market Position and Trends - The company is positioned as a leader in the domestic market for electrical connection products, with significant sales in converter and wall switch categories [9][21]. - The demand for electrical connection, smart electrical lighting, and new energy products is expected to continue growing due to rising disposable income and consumption levels in China [8][21]. Innovation and Product Development - The company has introduced innovative products such as the "invisible track socket" and high-end charging solutions, which have received positive market feedback [10][11]. - The new energy segment has shown significant growth, with revenue increasing by 33.52% to approximately 386 million RMB in the first half of 2025 [21][22]. Sales and Marketing Strategies - Gongniu Group employs an integrated online and offline sales strategy, leveraging e-commerce platforms and a vast offline distribution network to enhance market penetration [7][9]. - The company is actively expanding its presence in Southeast Asia and other international markets, aiming for global business growth [7][9].