Gelonghui, May 14 | According to Shenwan Hongyuan Research Report, Bull Group (603195.SH)'s revenue for 23 years was 15.695 billion yuan, an increase of 11.5% over the previous year, in line with expectations; net profit to mother was 3.87 billion yuan, an increase of 21.4% over the previous year, which exceeded expectations. Revenue from traditional electrical connections is expected to be around 5% in 2023, and the 24Q1 trend continues. Among them, sockets mainly rely on price increases to promote product structure upgrades around quality and personalization. Sales performance of special models with high single value, such as rail sockets, is relatively good, and categories such as wires and electrical accessories contribute more. The company is a benchmark enterprise in the field of civil electricians. The traditional core category has deep moats, and channel reform dividends have been released; it is expected that it will continue to regain its leading position on many new tracks with no main lights and new energy charging. Maintain a “buy” rating.