公牛集团股份有限公司（以下简称"公司"）将于 2024 年 10 月 31 日发布公 司《2024 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2024 年 第三季度的经营成果、财务状况，公司计划于 2024 年 10 月 31 日上午 11:00- 12:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 证券代码：603195 证券简称：公牛集团 公告编号：2024-070 公牛集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 10 月 31 日(星期四)上午 11:00-12:00 投资者可于 2024 年 10 月 24 日(星期四)至 10 月 30 日(星期三)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@gongniu.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 一、说明会类型 本次投资者说明会以网络互动方式召开， ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 93.42 [2][3]. Core Views - The company's main operations are stable, and there is confidence in high-quality growth. Despite the current downturn in housing renovation demand, the company is optimizing its business layout and expanding its development depth. The revenue from the smart electrical lighting business has shown steady growth, while the electrical connection business remains resilient. The renewable energy business is expected to continue its growth trajectory [3][4][5]. Summary by Sections Smart Electrical Lighting Business - The smart electrical lighting business is closely tied to new home sales. To counteract the pressure from weaker-than-expected new home sales and completions, the company is focusing on retail and installation enterprises, promoting the construction of all-category flagship stores and expanding installation channels. The revenue from this segment increased by 12% year-on-year in the first half of the year, indicating the effectiveness of channel upgrades [4]. Electrical Connection Business - The company is innovating and upgrading products to cater to the younger consumer demographic and the diversification of usage scenarios. New product categories such as track sockets and travel converters have gained popularity among young consumers online. The marketing strategy has been optimized to enhance brand youthfulness through multi-channel exposure on social media platforms like Douyin and Bilibili [5]. Renewable Energy Business - The company is expanding its channels to drive growth in the renewable energy sector. In May, the company signed a brand ambassador for its charging piles and guns, launching various promotional activities. As of July, the number of private charging piles in China reached 7.394 million, an increase of 1.524 million since the beginning of the year. With the growth in electric vehicle sales, the renewable energy business is expected to enter a harvest period [6]. Global Expansion Strategy - The company is actively exploring globalization by innovating products based on local market demands and enhancing local sales team capabilities. It has developed and launched several new products for markets in Vietnam, the Philippines, and Thailand, receiving positive market feedback. The company has also established a preliminary distribution network in Southeast Asia through nearly 20 local distributors and is beginning to open online flagship stores in various regions [7].

轻工制造 证 券 研 究 报 告 2024 年 09 月 27 日 公牛集团 (603195) ——家装节促销，有望提振 H2 装饰渠道业绩 报告原因：有信息公布需要点评 买入（维持）投资要点： ⚫ 公牛集团家装节启动，延续 1 月左右，涵盖装饰渠道全品类产品。根据公牛集团公众号， 公司自 9 月 15 日开启家装节活动，延续至 10 月 20 日，涵盖装饰渠道全品类，包括墙开、 照明、无主灯、轨道插座、浴霸、风扇灯、晾衣架、智能锁和窗帘机。家装节促销力度较 大，消费者购买公牛全品类产品满 10000 元，即可在门店核销 1 元抵 1000 元的抵扣券。 ⚫ 旗舰店改革持续推进，搭配一站式全品类促销，有望对冲装饰渠道行业下行压力。 24H1/24Q2 装饰渠道收入（即报表中智能电工照明业务）同比 12%/8%。Q2 受到外部 冲击扰动有所降速，但表现仍显著好于行业，主要系公司 2020 年来在装饰渠道推行品类 排他改革，各品类份额有序提升；2024 年公司在此前集中店基础上，重点推进旗舰店落 地，旗舰店 100%售卖公牛品牌，涵盖全品类产品，家装节加持下店效有望持续提升，带 动 H2 各品类收入提速。分品类看 ...

证 券 研 究 报 告 穿越周期，多元发展进入新阶段 ——公牛集团首次覆盖报告 公 司 研 究 公 司 深 度 ◼ 核心观点 公司深耕民用电工领域，形成电连接/智能电工照明/新能源三大主营 业务。电连接产品主要为转换器（即插座）、数码配件等，智能电工照 明产品主要包括墙壁开关插座、LED 照明（智能无主灯）、安全断路 器、智能浴霸、智能门锁、智能晾衣机、智能窗帘机等，新能源产品 主要为新能源汽车充电桩/枪、家庭储能、工商业储能、户外便携式储 能等。23 年电连接/智能电工照明/新能源板块分别实现收入 74/79/3.8 亿元，YoY+5%/15%/149%。展望未来，公司在智能电工照明和新能源 业务依然存在较大发展空间，转换器的增长更多依靠产品单价的提升。 创新性推行线下"配送访销"销售模式，建立超 110 万的线下实体经 销渠道，稳定的经销商队伍，帮助其在地产下行周期实现稳健增长。 公司将制造业与服务业相融合，通过对经销商的培训、支持和深度服 务，组织全国经销商在其经销区域内，配置专用车辆，配备专业的销 售服务人员按照网点布局及既定线路，定期开展配货、送货、拜访服 务及上门销售。已在全国范围内建立了 75 ...

2024 年 9 月 8 日 公司研究 传统业务稳健增长，Q2 归母净利率大幅提升 ——公牛集团（603195.SH）2024 年半年报点评 增持（维持） 当前价：62.91 元 作者 分析师：洪吉然 执业证书编号：S0930521070002 021- 52523793 hongjiran@ebscn.com | --- | --- | |-----------------------|-------------| | | | | 市场数据 | | | 总股本 (亿股) | 12.92 | | 总市值(亿元)： | 813.10 | | 一年最低/最高 (元) ： | 59.00/88.45 | | 近 3 月换手率： | 10.70% | -17% -7% 3% 13% 23% 09/23 12/23 03/24 06/24 公牛集团 沪深300 | --- | --- | --- | --- | |--------------|-------|--------|--------| | 收益表现 \n% | \n1M | 3M | 1Y | | 相对 | -5.09 | -14.79 | 1.70 | | ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨公牛集团（603195.SH） [Table_Title] 公牛集团 2024H1 点评： α优势延续，新渠道新业务稳步推进 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 报告要点 | | | | 分析师及联系人 [Table_Author] 蔡方羿 曹海花 陈亮 米雁翔 SFC：BUV463 SFC：BUW408 SAC：S0490516060001 SAC：S0490522030001 SAC：S0490517070017 SAC：S0490520070002 请阅读最后评级说明和重要声明 公牛集团（603195.SH） cjzqdt11111 相关研究 [Table_Title 公牛集团 2024H1 2] 点评： α优势延续，新渠道新业务稳步推进 [Table_Summary2] 事件描述 2024H1 实现营收/归母净利润/扣非净利润 83.86/22.39/19.03 亿元，同增 10%/23%/14%； 2024Q2 实现营收/归母净利润/扣非 ...

分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 照明电工及其他 经营业绩稳健，新能源及海外业务保持高 增 ——公牛集团(603195)中报点评 | --- | --- | --- | |----------------------------------|------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [12]. Core Views - The company's main business demonstrates resilience, with revenue growth of 10.5% year-on-year, reaching 8.39 billion yuan in the first half of 2024. Net profit attributable to shareholders increased by 22.9% year-on-year to 2.24 billion yuan [1][2]. - The report highlights the strong performance of the company's core segments, particularly in electrical connections, smart electrical lighting, and new energy, with respective revenues of 3.87 billion, 4.21 billion, and 290 million yuan, showing year-on-year growth of 5.2%, 11.7%, and 120.2% [2]. - The company is expected to benefit from its strong channel management and lean manufacturing capabilities, establishing a cash cow structure with its main products while exploring new business opportunities in new categories, international markets, and new energy [2]. Financial Summary - The company achieved total revenue of 15.695 billion yuan in 2023, with projected revenues of 17.297 billion yuan in 2024, reflecting a year-on-year growth rate of 10.2% [3]. - The net profit attributable to shareholders is forecasted to grow from 3.87 billion yuan in 2023 to 4.44 billion yuan in 2024, indicating a growth rate of 14.7% [3]. - The earnings per share (EPS) is expected to increase from 2.99 yuan in 2023 to 3.44 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 21 and 19 respectively [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) as of September 2, 2024 [1][7]. Core Insights - The company demonstrated resilience in its leading position with continuous improvement in operational quality, as reflected in its performance metrics [1][4]. - The company is transitioning from providing products to offering better scene solutions, with a focus on innovation in smart home products [2][4]. - The company has established a comprehensive competitive advantage through technology, channels, supply chain, and brand [4][5]. Financial Performance Summary - For H1 2024, the company achieved revenue of 8.386 billion yuan, a year-on-year increase of 10.45%, and a net profit attributable to shareholders of 2.239 billion yuan, up 22.88% [3][5]. - The company's gross margin for H1 2024 was 42.94%, an increase of 2.43 percentage points year-on-year, while the net profit margin was 26.68%, up 2.70 percentage points [5][6]. - The company’s revenue from the smart electrical lighting business reached 4.211 billion yuan, growing by 11.69% year-on-year, while the new energy business revenue surged by 289 million yuan, a remarkable increase of 120.22% [2][3]. Business Segment Performance - The electrical connection business generated revenue of 3.870 billion yuan in H1 2024, reflecting a growth of 5.23% year-on-year [4][5]. - The company has developed over 12,000 decoration channel points for its smart lighting products and has initiated a comprehensive customer acquisition system [2][4]. - The company is actively expanding its C-end channels in the new energy sector, having developed over 22,000 terminal points and 2,200 operator clients [2][4]. Future Projections - The company is projected to achieve revenues of 17.885 billion yuan, 20.284 billion yuan, and 22.965 billion yuan for the years 2024, 2025, and 2026, respectively [6][7]. - The net profit attributable to shareholders is expected to be 4.384 billion yuan, 5.002 billion yuan, and 5.690 billion yuan for the same years [6][7]. - The company maintains a strong return on equity (ROE) of 27% for 2024, with a projected PE ratio of 19x [6][7].

公牛集团（603195.SH） 优于大市 2024 年半年报点评： 基本盘稳固，收入稳健增长，非经收益增厚利润 收入稳健增长，非经收益增厚利润，经营彰显韧性。公司发布 2024 年半年 报，2024H1 实现收入 83.9 亿/+10.5%，归母净利润 22.4 亿/+22.9%，扣非归 母净利润19.0亿/+14.3%；其中2024Q2收入45.8亿/+7.6%，归母净利润13.1 亿/+20.6%，扣非归母净利润 10.9 亿/+6.4%。经营稳中有进，基本盘业务稳 健，新能源、电动工具等新业务快速发展；盈利能力稳定，业绩稳健增长， 投资理财等非经收益增厚利润。 电连接稳健，智能电工持续增长，新能源延续高增。1）电连接：2024H1 收 入 38.7 亿/+5.2%，转化器产品聚焦不同群体多样化场景需求，推出针对年 轻用户的 Z 世代转化器等，数码配件完善立式数显插座系列产品布局，同时 上半年在国内正式上市近 30 款电动工具，产品线扩充，有望成为新增长点。 2）智能电工照明：2024H1 收入 42.1 亿/+11.7%，其中墙开业务持续增长， 智能无主灯公牛与沐光双品牌运作良好，着力提升门店运营与多元 ...