GONGNIU(603195) 国金证券·2025-04-25 02:46Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 16.83 billion RMB and a net profit of 4.27 billion RMB for 2024, reflecting a year-on-year growth of 7.2% and 10.4% respectively [2] - The company's traditional business segments are showing stable growth, while the new energy sector is expanding rapidly, with a revenue increase of 104.7% in 2024 [3] - The gross margin for 2024 is reported at 43.3%, with a slight decline in the fourth quarter and the first quarter of 2025 due to rising raw material costs [3] Performance Summary - For Q4 2024, the company achieved a revenue of 4.23 billion RMB, a year-on-year increase of 3.4%, while the net profit decreased by 4.6% to 1.01 billion RMB [2] - In Q1 2025, the company reported a revenue of 3.92 billion RMB, a year-on-year increase of 3.1%, and a net profit of 970 million RMB, up 4.9% [2] - The dividend proposal includes a distribution of 2.4 RMB per 10 shares and a capital reserve increase of 4 shares for every 10 shares [2] Business Analysis - The company has developed over 25,000 C-end terminal points and has accumulated over 3,000 B-end customers in the new energy sector by the end of 2024 [3] - The company is focusing on enhancing its brand image and expanding its product categories, particularly in electric tools and smart electrical lighting [4] - The internationalization strategy is progressing well, with localized channel systems and sales teams in emerging markets [4] Financial Forecast - The expected EPS for 2025, 2026, and 2027 are projected to be 3.67 RMB, 4.06 RMB, and 4.45 RMB respectively, with corresponding PE ratios of 19, 18, and 16 [5] - The company anticipates a revenue growth rate of 10.48% in 2025, followed by 9.92% in 2026 and 9.67% in 2027 [10]