GONGNIU(603195) 国金证券·2025-04-25 03:23Investment 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, with a year-on-year growth of 3.1% and a net profit of 970 million RMB, up 4.9% [2] Business Analysis - The company’s revenue from electrical connections, smart electrical lighting, and new energy products for 2024 was 7.68 billion RMB, 8.33 billion RMB, and 780 million RMB respectively, with the new energy segment showing significant growth [3] - The company has developed over 25,000 C-end terminal points and has more than 3,000 B-end customers by the end of 2024, maintaining a leading market share in the charging category on e-commerce platforms [3] Profit Forecast and Valuation - The expected EPS for 2025, 2026, and 2027 are 3.67 RMB, 4.06 RMB, and 4.45 RMB respectively, with corresponding PE ratios of 19, 18, and 16 [5]