GONGNIU(603195) 信达证券·2025-04-25 07:51Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on growth and innovation strategies. Core Viewpoints - The company reported a revenue of 16.83 billion yuan in 2024, a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 4.27 billion yuan, up 10.4% year-on-year. The first quarter of 2025 saw a revenue of 3.92 billion yuan, reflecting a 3.1% year-on-year growth, with a net profit of 975 million yuan, up 4.9% year-on-year. The company focuses on three strategic directions: "smart ecology, new energy, and internationalization," driving growth through innovation and channel expansion [1]. Summary by Sections Electric Connection - The electric connection business generated revenue of 7.68 billion yuan in 2024, a 4.01% increase year-on-year, with a gross margin of 40.97%, up 0.08 percentage points. Continuous innovation in converter products, including the launch of "zero-gap ultra-thin track" sockets and the "Z Generation series" targeting younger consumers, has strengthened the company's high-quality image [2]. Smart Electrical Lighting - The smart electrical lighting segment achieved revenue of 8.33 billion yuan in 2024, a 5.42% year-on-year increase, with a gross margin of 46.18%, up 0.37 percentage points. The company has introduced high-end innovations in wall switches and LED lighting, focusing on health-oriented light products. The development of a distributed AI voice control system for smart lighting is expected to enhance the overall home electrical ecosystem [2]. New Energy - The new energy business reported revenue of 777 million yuan in 2024, a significant year-on-year increase of 104.75%, with a gross margin of 34.81%, up 0.65 percentage points. The company has established a comprehensive product and channel layout, with a focus on home charging and fast charging & storage solutions, positioning itself as a leader in the industry [3]. Internationalization - The international business segment generated revenue of 239 million yuan in 2024, a 36.75% year-on-year increase, with a gross margin of 16.49%, down 10.80 percentage points. The company is actively expanding its global footprint by developing localized products and channels in emerging markets, including Southeast Asia, the Middle East, and South America [3]. Financial Performance - The company's gross margin for 2024 was 43.25%, with a net profit margin of 25.38%, both showing relative stability. The operating cash flow for 2024 was 3.73 billion yuan, with a cash dividend and buyback totaling 3.43 billion yuan, resulting in a payout ratio of 80.2% [5]. The forecast for net profit attributable to shareholders for 2025-2027 is 4.66 billion yuan, 5.20 billion yuan, and 5.84 billion yuan, respectively, with corresponding growth rates of 9.2%, 11.5%, and 12.3% [5].