Huayuan Securities: Initiates a "Buy" rating for Bull Group, as new business is expected to open a second growth curve.

Huayuan Securities' research report points out that Bull Group, a leader in the consumer electrical appliances sector, is expected to open a second growth curve with new business initiatives. Currently, the company has established three main businesses: electrical connections, intelligent electrical lighting, and new energy. The traditional businesses of electrical connections and intelligent lighting are developing steadily, while the new energy business is accelerating growth, with a revenue CAGR of 151.1% from 2021 to 2025, expected to initiate the company's second growth curve. The company has strong competitive advantages in channels, costs, and brand, resulting in excellent ROE from high profits and high turnover; the new energy, intelligent lighting, and internationalization all present expansive opportunities for new business, likely accelerating the realization of the second growth curve. The comparable companies chosen are Chint Electrics, Opple Lighting, and Foshan Lighting, which also belong to the consumer electrical appliances sector. Considering the company's leading brand, cost, and channel capabilities in the consumer electrical appliances sector, it is initially rated as "Buy."