GONGNIU(603195) 华安证券·2025-04-25 10:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady progress in 2024, with rapid growth in its new energy business [1] - In 2024, the company achieved operating revenue of 16.831 billion yuan, a year-on-year increase of 7.24%, and a net profit attributable to shareholders of 4.272 billion yuan, up 10.39% year-on-year [4] - The new energy business has seen significant growth, with revenue increasing by 104.75% [5] Financial Performance Summary - In 2024, the company reported a gross margin of 43.25%, with a net profit margin of 25.38%, reflecting a year-on-year increase of 0.72 percentage points [6] - The company expects revenues of 18.297 billion yuan in 2025, with a year-on-year growth of 8.7%, and net profits of 4.521 billion yuan, up 5.8% [7] - The projected earnings per share (EPS) for 2025 is 3.50 yuan, with a price-to-earnings (P/E) ratio of 20 [7] Business Segment Performance - The company’s revenue from electrical connection products, smart electrical lighting products, and new energy products was 7.683 billion yuan, 8.331 billion yuan, and 0.777 billion yuan respectively, with year-on-year growth rates of 4.01%, 5.42%, and 104.75% [5] - The gross margins for these segments were 40.97%, 46.18%, and 34.81% respectively, with slight improvements year-on-year [5] Future Outlook - The company is expected to continue its growth trajectory, driven by its market share in the residential electrical market and the expansion of its smart home ecosystem [7] - The anticipated revenue for 2026 and 2027 is projected to be 20.045 billion yuan and 21.812 billion yuan, respectively, with year-on-year growth rates of 9.6% and 8.8% [9]