GONGNIU(603195) 开源证券·2025-04-27 14:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth with a 2024 revenue of 168.31 billion yuan, representing a year-on-year increase of 7.24%. The net profit attributable to shareholders for 2024 was 42.72 billion yuan, up 10.39% year-on-year [6] - The company plans to distribute a cash dividend of 24 yuan per 10 shares, totaling 3.1 billion yuan, maintaining a high dividend payout ratio of 73% [7] - The company is expected to continue benefiting from its core business segments, including electric connections, smart electrical lighting, and new energy products, which have shown respective revenue growth rates of 4.01%, 5.42%, and 104.75% in 2024 [7] Financial Summary - The company's revenue for 2025 is projected to be 183.30 billion yuan, with a year-on-year growth of 8.9%. The net profit attributable to shareholders is expected to reach 45.45 billion yuan, reflecting a growth of 6.4% [9] - The gross margin for 2024 is reported at 43.25%, with a slight increase from the previous year. The net profit margin is expected to stabilize around 24.8% for 2025 [8][12] - The earnings per share (EPS) for 2025 is projected at 5.10 yuan, with a price-to-earnings (P/E) ratio of 14.1 times [6][9]