证券代码：603195 证券简称：公牛集团 公告编号：2025-032 公牛集团股份有限公司 第三届职工代表大会第二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、审议通过了《关于公司 2025 年特别人才持股计划（草案）及其摘要的议案》 为建立和完善员工、股东的利益共享机制，改善公司治理水平，提高职工的凝聚力 和公司竞争力，调动员工的积极性和创造性，促进公司长期、持续、健康发展，根据相 关法律、法规的规定和要求，公司结合实际情况拟订了《公牛集团股份有限公司 2025 年 特别人才持股计划（草案）》及其摘要。 经与会职工代表讨论，认为上述计划遵循依法合规、自愿参与、风险自担的基本原 则，在实施员工持股计划前充分征求了公司员工意见，不存在损害公司及全体股东利益 的情形，亦不存在摊派、强行分配等方式强制员工参与员工持股计划的情形。 全体职工代表一致同意并通过《公牛集团股份有限公司2025年特别人才持股计划（草 案）》及其摘要。 本议案需经股东会审议通过后方可生效。 特此公告。 公牛集团股份有限公司董事会 二〇二 ...

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） ...

证券研究报告 | 2025年04月28日 公牛集团（603195.SH） 优于大市 2024 年报&2025 年一季报点评： 全年收入利润双增，一季度延续稳健经营 2024 年收入利润双增，2025Q1 延续稳健增长。公司发布 2024 年报和 2025 年一季报，2024 年实现收入 168.3 亿/+7.2%，归母净利润 42.7 亿/+10.4%， 扣非归母净利润 37.4 亿/+1.0%；其中 2024Q4 收入 42.3 亿/+3.4%，归母净 利润 10.1 亿/-4.6%，扣非归母净利润 9.0 亿/-16.5%。2025Q1 收入 39.2 亿 /+3.1%，归母净利润 9.7 亿/+4.9%，扣非归母净利润 8.6 亿/+4.6%。2024 年 在消费疲软与地产压力下行业增长乏力，公司收入利润实现双增，基石主业 夯实，新业务快速成长，海外有序拓展；2025Q1 延续稳健增长态势。 电连接基本盘业务稳健增长，智能电工照明穿越周期，新能源实现跨越式增 长。1）2024 年电连接业务收入 76.8 亿/+4.0%，销量同比-0.98%，电连接作 为公司核心业务，持续推动产品焕新与细分场景创新，上市 ...

证券代码：603195 证券简称：公牛集团 公告编号：2025-031 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公牛集团股份有限公司（以下简称"公司"）于 2024 年 12 月 26 日召开的第 三届董事会第七次会议、第三届监事会第六次会议，审议通过了《关于继续使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司在确保不影响募投项目 建设和募集资金使用的情况下，使用不超过人民币 2 亿元暂时闲置募集资金补充 公司流动资金。使用期限为自公司第三届董事会第一次会议授权到期之日起 12 个月内，即 2025 年 2 月 6 日至 2026 年 2 月 5 日。到期后，公司将及时归还至募 集资金专用账户。此次使用部分闲置募集资金暂时补充流动资金仅限于与主营业 务相关的生产经营使用，不通过直接或间接安排用于新股配售、申购或用于股票 及其衍生品种、可转换公司债券等的交易，不进行证券投资等风险投资。本次以 闲置募集资金暂时补充流动资金不会影响募集资金投资项目的正常进行，不会变 相改变募集资金用途。具体内容详见公司于 2024 ...

证券代码：603195 证券简称：公牛集团 公告编号：2025-030 公牛集团股份有限公司 关于回购股份事项前十大股东和前十大无限售条件股 东持股信息的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 序号 | 股东名称 | 持股数量 | 占总股本比 | | --- | --- | --- | --- | | | | （股） | 例（%） | | 1 | 宁波良机实业有限公司 | 695,304,000 | 53.81 | | 2 | 阮立平 | 208,355,798 | 16.12 | | 3 | 阮学平 | 182,557,549 | 14.13 | | 4 | 香港中央结算有限公司 | 40,269,380 | 3.12 | | 5 | 宁波凝晖投资管理合伙企业（有限合伙） | 8,740,559 | 0.68 | | 6 | 招商银行股份有限公司－兴全合润混合型 证券投资基金 | 5,934,910 | 0.46 | | 7 | 全国社保基金一零一组合 | 5,048,503 | 0.39 | | 8 | ...

值得关注的是，一直以来，公牛集团分红力度较高。年报中，公牛集团拟每股派发现金红利2.40元并以 资本公积金转增0.40股，合计拟派发现金红利31.01亿元。若包括2024年分红在内，上市五年，公牛集团 现金分红总金额将达到127.73亿元。而公司自IPO募资35.67亿元之后，暂未实施股权再融资。 业绩提升五折向671名员工激励股票 日前，公牛集团发布年报。2024年，公牛集团实现营业收入168.31亿元，同比增长7.24%；净利润42.72 亿元，同比增长10.39%；扣非净利润37.42亿元，同比增长1.04%。 长江商报记者注意到，2020年2月，公牛集团闯关IPO并在沪市主板上市。尽管上市首年，公牛集团业 绩增长停滞，但2021年开始，公司业绩持续稳步提升。 长江商报消息 ●长江商报记者 徐佳 在创立的第30个年头，公牛集团（603195.SH）保持稳定增长态势。 年报显示，2024年，公牛集团实现营业收入168.31亿元，同比增长7.24%；归属于上市公司股东的净利 润（净利润，下同）42.72亿元，同比增长10.39%；扣除非经常性损益的净利润（扣非净利润，下同） 37.42亿元，同比增长1.04 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth with a 2024 revenue of 168.31 billion yuan, representing a year-on-year increase of 7.24%. The net profit attributable to shareholders for 2024 was 42.72 billion yuan, up 10.39% year-on-year [6] - The company plans to distribute a cash dividend of 24 yuan per 10 shares, totaling 3.1 billion yuan, maintaining a high dividend payout ratio of 73% [7] - The company is expected to continue benefiting from its core business segments, including electric connections, smart electrical lighting, and new energy products, which have shown respective revenue growth rates of 4.01%, 5.42%, and 104.75% in 2024 [7] Financial Summary - The company's revenue for 2025 is projected to be 183.30 billion yuan, with a year-on-year growth of 8.9%. The net profit attributable to shareholders is expected to reach 45.45 billion yuan, reflecting a growth of 6.4% [9] - The gross margin for 2024 is reported at 43.25%, with a slight increase from the previous year. The net profit margin is expected to stabilize around 24.8% for 2025 [8][12] - The earnings per share (EPS) for 2025 is projected at 5.10 yuan, with a price-to-earnings (P/E) ratio of 14.1 times [6][9]

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]

Core Viewpoint - Bull Group reported revenue and net profit growth for 2024, but faced a significant increase in sales expenses and a decline in net cash flow from operating activities [1][2] Financial Performance - For 2024, Bull Group achieved revenue of 16.831 billion yuan, a year-on-year increase of 7.24%, and a net profit of 4.272 billion yuan, up 10.39% from the previous year [2] - In Q1 2025, the company reported revenue of 3.922 billion yuan, a 3.14% increase year-on-year, and a net profit of 975 million yuan, up 4.91% [1] - Operating cash flow net amount for 2024 was 3.73 billion yuan, a decline of 22.72% compared to the previous year [2] - Sales expenses reached 1.369 billion yuan, reflecting a 27.93% increase year-on-year [2] Business Segments - The main business revenue from electrical connection products was 7.683 billion yuan, a 4.01% increase, while the cost was 4.536 billion yuan, up 3.87% [3] - Revenue from smart electrical lighting products was 8.331 billion yuan, a 5.42% increase, with costs at 4.484 billion yuan, rising 4.70% [3] - New energy products saw a significant revenue increase of 104.75%, reaching 777 million yuan, with costs rising 102.72% to 507 million yuan [3] Market Dynamics - The company faces intensified market competition in the civil electrical field, with numerous domestic and international players entering the market [3] - The competition in the civil electrical and lighting industry is expected to remain fierce, with uncertainties in market dynamics [3][4] - The company is expanding into new business areas such as charging guns/stations and smart home products, but there are uncertainties regarding market trends and consumer preferences that may affect future performance [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The company is expected to achieve a revenue of 16.83 billion yuan in 2024, representing a year-on-year growth of 7.24%, and a net profit of 4.27 billion yuan, up 10.39% year-on-year [1][5]. - The company demonstrates strong operational resilience despite a slowdown in related categories due to weak demand in the domestic housing market, with significant growth in its new energy business, which saw a revenue increase of 105% year-on-year [2][4]. - The company is actively pursuing three strategic initiatives: smart ecology, new energy, and internationalization, with notable growth in overseas revenue, which increased by 37% year-on-year [4]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 39.2 billion yuan, a 3.14% increase year-on-year, and a net profit of 9.7 billion yuan, up 4.91% year-on-year [1][3]. - The gross margin for 2024 is projected to remain stable at 43.2%, with slight improvements in specific segments such as smart electrical lighting [3]. - The company plans to distribute a cash dividend of 2.40 yuan per share, totaling 3.1 billion yuan, which accounts for 72.6% of the net profit for 2024 [1]. Strategic Initiatives - The company is enhancing its product line in the new energy sector and has developed over 25,000 retail points for end consumers, while also expanding its B2B customer base [2][4]. - The company is implementing a restricted stock incentive plan for 2025, granting 3.1 million shares to 671 employees, which is 0.24% of the total share capital [2]. Valuation Metrics - The projected net profit for the company for 2025 is 4.52 billion yuan, with a corresponding price-to-earnings (P/E) ratio of 20.58x [5][6]. - The company’s total market capitalization is approximately 93.06 billion yuan, with a price-to-book (P/B) ratio of 5.87 [7].