In Gongniu Group's research reports on November 4, GTJA pointed out that the performance of gongniu group (603195.SH) in Q3 2024 was slightly lower than expected. In Q3, revenue reached 4.217 billion yuan, up by 5.04% year-on-year, with a net income attributable to the parent company of 1.025 billion yuan, up by 3.36% year-on-year. The company experienced pressure from the completion of real estate projects in Q3 2024, but still demonstrated operational resilience thanks to its extensive presence in consumer-end million outlets and support from emerging businesses. The overseas expansion direction in European energy storage business is clear, and it is expected to contribute to revenue in 2024. Overall, the company is expected to maintain a doubling growth trend. Compared to peers, the company is given a 27x PE for 2024, with the target price lowered to 90.99 yuan, while maintaining a ""shareholding"" rating.