4月16日，巨星科技连续4个交易日下跌，区间累计跌幅-9.27%。杭州巨星科技股份有限公司成立于1993年,是全球领先的工具企业。 财报显示，睿远基金旗下睿远成长价值混合A为巨星科技前十大股东，去年四季度减持。今年以来收益率-6.33%，同类排名4090(总4559)。 | 阶段涨幅 李度涨幅 | 今年以来各阶段业绩及同类排名 年度涨幅 | | | | | --- | --- | --- | --- | --- | | | 近1周 近1月 | 近3月 | | 新功能:"小天 | | 阶段涨幅 | 7.04% -12.35% | -2.41% | | 型,智能问答 | | 同类平均0 | 5.91% -7.13% | 2.38% | | 准、专业的问 | | 沪深300 | 2.33% -5.83% | -0.73% | | | | 同类排名 3 | 1425 4632 4052 4623 3647 4566 380 | | | | | 四分位排名 > | | The Later | 图片来源:天天基金网 2025/4/16 | | 睿远成长价值混合A基金经理分别为傅鹏博、朱璘。 简历显示，傅鹏博先生:硕士,1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Viewpoints - The recent announcement of "reciprocal tariffs" by the Trump administration poses both challenges and opportunities for the company, which has strong global capabilities and can better withstand risks during tariff cycles [1][2] - The company has a clear path for managing tariff impacts, with a significant portion of its revenue coming from ODM business, where tariff costs are borne by customers. The company plans to mitigate costs through manufacturing efficiency and product innovation [1][2] - The company is expected to benefit from a favorable mid-term landscape, as its overseas production capabilities remain advantageous compared to local U.S. production, which faces higher costs [2][3] - The anticipated interest rate cuts in the U.S. are expected to boost demand in the real estate sector, positively impacting the tools industry [4] Summary by Sections Tariff Impact and Company Strategy - The company is positioned to manage the impact of the new tariffs effectively, with a focus on maintaining customer relationships and product pricing strategies [1][2] - The company has initiated price increases to cover the additional tariff costs, demonstrating its ability to pass on costs to consumers [1] Mid-term Industry Dynamics - The comparative advantage of non-U.S. production, particularly in Southeast Asia, remains significant despite the narrowing of tariff differentials [2] - The company is well-placed to capture market share due to its established global supply chain and production capabilities [3] Demand and Economic Outlook - Historical data suggests that the company and the industry have shown resilience during previous tariff impacts, with stable demand expected despite short-term challenges [4] - The expected reduction in interest rates is likely to enhance housing demand, further supporting the tools market [4] Financial Projections - The company is projected to see significant growth in net profit from 2024 to 2026, with estimates of 2.41 billion, 2.85 billion, and 3.49 billion respectively, reflecting year-on-year increases of 42.5%, 18.4%, and 22.2% [10] - The current market valuation indicates that the company is undervalued compared to its peers, with a projected P/E ratio of 13.6, 11.5, and 9.4 for the years 2024 to 2026 [10]

Summary of Conference Call Industry or Company Involved - The discussion primarily revolves around the impact of U.S. trade policies and tariffs on the manufacturing industry, specifically focusing on a company referred to as "巨星科技" (Star Technology) and its operations in the ODM (Original Design Manufacturer) and OBM (Original Brand Manufacturer) sectors. Core Points and Arguments 1. **U.S. Trade Policies**: The U.S. government's approach to tariffs is characterized as trade protectionism rather than true equality in trade, which is expected to lead to a decline in U.S. economic hegemony rather than a resurgence of manufacturing in the U.S. [2][3][4] 2. **Revenue Projections**: Star Technology anticipates a revenue of approximately $2 billion in 2024, with exports to the U.S. accounting for about $1.3 to $1.4 billion, representing 65% to 70% of total revenue. [3][4] 3. **Impact of Tariffs on ODM and OBM**: The ODM business is less affected by tariffs since customers bear the tariff costs, while the OBM segment faces significant challenges due to direct tariff payments to the U.S. government. [4][5] 4. **Current Tax Burden**: The effective tax burden for the company is reported to be around 79%, making it unsustainable for manufacturing in the U.S. [4][5] 5. **Vietnam's Competitive Advantage**: Vietnam's manufacturing sector is highlighted as having a competitive edge over China due to lower tariffs, despite recent increases. The tariff difference has decreased from 45% to 33%, but Vietnam remains competitive. [5][6] 6. **Lobbying Efforts**: The company is engaging in lobbying efforts with major U.S. retailers to address the negative impacts of global tariffs on manufacturing countries. [6][7] 7. **Price Adjustments**: The company plans to raise prices in response to tariffs, with a consensus among industry players to start price increases imminently. [19][20] 8. **Long-term Industry Outlook**: The company anticipates a challenging environment with rising prices and declining sales volumes, but believes that the demand for home maintenance will continue to grow, leading to opportunities for new product development. [16][17] 9. **Global Manufacturing Strategy**: The company is exploring manufacturing options in Southeast Asia, India, and North Africa, but faces challenges due to rising costs and tariffs in these regions. [25][26][27] 10. **U.S. Manufacturing Costs**: The cost of manufacturing in the U.S. is significantly higher (300% more) compared to other regions, which is unsustainable under current tariff conditions. [28][29] Other Important but Possibly Overlooked Content 1. **Historical Context**: The discussion references historical trade policies and their impacts, drawing parallels to past economic conditions and suggesting that current policies may lead to similar outcomes. [31][32] 2. **Consumer Impact**: There is concern about how rising prices will affect U.S. consumers, potentially leading to decreased demand and economic strain. [30][34] 3. **Market Dynamics**: The company emphasizes the interconnectedness of global trade and the potential for tariffs to disrupt supply chains, leading to increased costs and reduced competitiveness. [9][10][11] 4. **Future Projections**: The company expresses uncertainty about future demand and the need to adapt product offerings to meet changing market conditions. [36][37] This summary encapsulates the key points discussed during the conference call, highlighting the challenges and strategic responses of the company in light of evolving trade policies and market dynamics.

Group 1: Company Insights - Giant Star Technology anticipates industry-wide price increases and has already begun raising prices following tariff changes, with a focus on Southeast Asia for new production capacity due to its low-cost advantages [1] - Yangjie Technology is implementing cost control measures to offset short-term pressure on gross margins from price adjustments, with optimistic growth in automotive electronics and a focus on expanding its Vietnam factory [2] - Kidswant plans to open 30 franchise stores by March 2025, aiming for a total of 500, and is collaborating with various partners to enhance its product offerings and services in the maternal and infant industry [3] Group 2: Market Trends - The shift towards domestic alternatives in low-voltage power chips is expected to drive market growth in the coming years, despite strict verification cycles [2] - The collaboration between Kidswant and partners in the live-streaming and AI technology sectors aims to improve service quality and promote healthy industry development [3]

Group 1: Company Overview and Market Context - Giant Star Technology's revenue from the U.S. market accounts for approximately 65% of total revenue, with part of the products shipped from China and Southeast Asia [2] - The company has around $100 million in production capacity in the U.S. [2] - The new tariffs have resulted in cumulative tariffs of 79% on tool products exported from China to the U.S., while Vietnam, Thailand, and Cambodia face tariffs of 46%, 36%, and 49% respectively [2][3] Group 2: Impact of Tariffs - The tariffs are expected to increase manufacturing costs in the U.S., leading to inflation and overall cost increases across the industry [2] - The company anticipates that the new tariffs will not significantly impact the overall market size, despite potential price increases and decreased sales volume [3] - The company plans to absorb some of the tariff costs through price increases, particularly for OBM products, which are currently subject to a 79% tariff [3][4] Group 3: Strategic Opportunities - The company sees opportunities arising from the demand for maintenance and repair services, which may increase due to inflation and a shift towards DIY projects [3] - There is a potential for market entry into new product categories that were previously difficult to penetrate, particularly in supermarket supply chains [3] - The company aims to focus on developing high-cost performance products to capture market share [3] Group 4: Future Considerations - The company is considering the establishment of production facilities in Mexico or the U.S. but acknowledges that production costs in Southeast Asia remain competitive [4] - Current construction of additional capacity in Southeast Asia will continue, as demand remains strong [4] - The company believes that the challenges posed by tariffs present more opportunities than risks, reinforcing its confidence in becoming a global manufacturing and R&D entity [4]

Summary of the Conference Call for Giant Technology Company Overview - **Company**: Giant Technology - **Industry**: Manufacturing, specifically in the ODM (Original Design Manufacturer) and OBM (Own Brand Manufacturer) sectors Key Points and Arguments Impact of U.S. Tariff Policies - The U.S. tariff policy is viewed as a form of trade protectionism, aiming to eliminate trade surpluses, which is deemed nearly impossible in the modern economy [3][4] - Giant Technology's exports to the U.S. account for 65% to 70% of its total revenue, approximately $1.3 to $1.4 billion, with a significant impact on its OBM business due to a tax burden of 79% [5][4] - The company is actively lobbying to reduce global manufacturing costs and develop new products that can adapt to high tariffs [4][7] Production Cost Challenges - The imposition of a 25% tariff on global steel products has led to a 33% increase in domestic steel prices, raising production costs for manufacturers like Giant Technology [8][4] - The production cost of a specific product is projected to rise from $11.942 in late 2024 to $13.034 in early 2025, marking a 9.14% increase due to tariffs [8][10] - The company plans to accelerate the closure of U.S. factories to mitigate losses from rising production costs [12][4] Market Dynamics in Vietnam - The Vietnamese market is experiencing high demand, with prices expected to remain stable as global capacity is limited [13][4] - Giant Technology has informed clients that prices will not decrease, and orders are already booked until 2026 [13][4] Strategic Shifts and Opportunities - The company aims to transition from an export-focused entity to a global production, manufacturing, sales, and R&D organization [15][4] - There is a growing demand for home maintenance and DIY projects in the U.S., which benefits ODM manufacturers like Giant Technology [15][4] - The company is exploring new product areas such as electric tools and small appliances, leveraging its strong R&D capabilities [15][4] Future Industry Trends - The U.S. market size has grown from $15 billion in 2008 to $50 billion currently, with expectations of entering a stable phase by 2025 [14][4] - The overall industry is not expected to decline, despite challenges from high inflation and tariffs [14][4] Pricing Strategies and Market Adjustments - Other companies in the industry anticipate price increases starting in Q3 2025, while Giant Technology plans to adjust its supply chain to capture market share [16][4] - The company will not lower prices due to the current market conditions, and it is developing low-cost products to meet changing market demands [22][4] Production Base Considerations - Giant Technology will not establish new factories in Mexico or the U.S. due to high production costs and tariffs [17][4] - The company is focusing on increasing production capacity in Thailand, which offers a more favorable cost structure compared to other regions [19][4] Economic Outlook and Challenges - The current U.S. economic situation is described as precarious, with concerns about the Federal Reserve's ability to respond effectively [24][4] - The company believes that the current challenges present more opportunities than risks, and it is optimistic about future growth [27][4] Conclusion - Giant Technology is navigating a complex landscape shaped by U.S. trade policies, rising production costs, and shifting market dynamics. The company is strategically positioning itself to leverage opportunities in the evolving market while managing the challenges posed by tariffs and competition.

Summary of the Conference Call for Giant Technology Company Overview - Giant Technology is a significant player in the global power tools industry, ranking as the second-largest supplier worldwide. The market size of this industry is approximately 200 billion RMB [3][4]. Core Growth Logic - The expected compound annual growth rate (CAGR) for Giant Technology's performance over the next few years is close to 20%. This growth is driven by three main factors: 1. Continuous expansion of product categories and market share through acquisitions [3]. 2. Limited impact of tariffs on demand due to the low price elasticity of hand tools, which constitute a small portion of household spending [3][5]. 3. Strong global production capacity, particularly in Southeast Asia, which helps mitigate tariff impacts and maintain market share [3][4]. Investment Recommendation - Current investment in Giant Technology is recommended due to a discrepancy between market expectations and actual performance, leading to a stock price adjustment. The company is believed to be at the bottom of its operational and industry cycle, presenting a high-risk, high-reward opportunity [6]. - The company is expected to maintain stable growth over the next three to five years, with strong risk resilience and the potential for above-expectation performance [7][8]. Valuation and Market Position - Giant Technology's current valuation is below 12 times earnings, indicating significant room for expansion. Using a PEG ratio of 1, the company has substantial valuation growth potential [9][10]. - The company has established strong barriers in the tool industry, with robust channel relationships and supply chain management capabilities that are difficult to replicate. Since 2016, Giant Technology has consistently outperformed competitors like Stanley Black & Decker and has shown superior profitability compared to Techtronic Industries [13]. Impact of Tariffs - The impact of tariffs on Giant Technology is considered limited. The company has a high production capacity in Southeast Asia, allowing it to effectively spread risk. The proportion of tariffs borne by the company for exports to the U.S. is significantly lower than expected, demonstrating its resilience [5][8][11]. Industry Demand and Future Outlook - Despite concerns about the U.S. not lowering interest rates, industry demand remains robust, supported by the aging housing stock and maintenance needs. The expected industry demand growth rate is around 5% [12]. - The overall industry is currently in a bottom reversal phase, with potential for growth if interest rate cuts are implemented [16][17]. Future Catalysts - Potential catalysts for the company include exceeding order expectations, significant breakthroughs in new business areas, acquisition announcements, unexpected interest rate cuts, and robust new housing construction plans [14]. Conclusion - Giant Technology is positioned as a multinational leader with unique advantages, including a strong global presence and resilient demand for its products. The current valuation presents a compelling investment opportunity, with expectations of over 50% upside potential based on comparisons with other multinational companies [20]. The recommendation is to use 2026 earnings as a benchmark for valuation due to anticipated tariff impacts in 2025 [21].

证券代码：002444 证券简称：巨星科技 公告编号：2025-002 杭州巨星科技股份有限公司 关于参股公司首次公开发行股票并在主板上市申请 根据上海证券交易所网站公告，杭州巨星科技股份有限公司（以下简称"公 司"）参股公司中策橡胶集团股份有限公司（以下简称"中策橡胶"）首次公开发 行股票事项于 2025 年 2 月 13 日经上海证券交易所上市审核委员会 2025 年第 2 次审议会议审核通过。 中策橡胶成立于 1992 年，主要从事全钢胎、半钢胎、斜交胎和车胎等轮胎 产品的研发、生产和销售，自成立以来致力于为国内外消费者提供高质量、高性 能、绿色节能的多样化轮胎产品，是国内外销售规模最大的轮胎制造企业之一。 截至本公告日，中策橡胶总股本为 78,703.7038 万股，公司间接持有其 11.44% 的股份。 中策橡胶首次公开发行股票并上市尚需履行中国证券监督管理委员会注册 程序，存在不确定性。公司将根据相关事项进展情况，严格按照相关法律法规及 规则要求，及时履行信息披露义务，敬请广大投资者注意投资风险。 获得上海证券交易所上市审核委员会审核通过的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 ...

证券代码：002444 证券简称：巨星科技 公告编号：2025-001 杭州巨星科技股份有限公司 关于完成工商变更登记的公告 类型：股份有限公司（外商投资、上市） 注册资本：壹拾壹亿玖千肆佰肆拾柒万捌仟壹佰捌拾贰人民币元 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 杭州巨星科技股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召开 第六届董事会第十一次会议、于 2024 年 11 月 15 日召开 2024 年第四次临时股东 大会，审议通过了《关于减少注册资本并修订<公司章程>的议案》，具体内容详 见 2024 年 10 月 31 日、2024 年 11 月 16 日披露在《证券时报》、《中国证券报》 和巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 近日，公司已完成相关工商变更登记手续，并取得了换发的《营业执照》， 具体信息如下： | 原条款 | | | | 修订后条款 | | | --- | --- | --- | --- | --- | --- | | 第六条 | | | 公 司 注 册 资 本 为 人 ...

Company Rating - The report maintains a "Buy" rating for the company [5][3]. Core Insights - The company is a leading player in the hand tools industry, with a strong channel advantage and a significant presence in the global market, particularly in North America and Europe [1][3]. - The company has been focusing on building its own brands, with the OBM (Own Brand Manufacturing) ratio increasing from 19.39% in 2018 to 48% in 2023, indicating a shift towards direct consumer engagement [59][3]. - The company is expected to see substantial profit growth, with projected net profits of 2.41 billion, 2.95 billion, and 3.51 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 42.57%, 22.43%, and 18.88% [3][4]. Company Overview - The company was established in 1993 and went public in 2010, experiencing consistent revenue growth since its inception, except for 2009 and 2023 [1][3]. - The company has diversified its product offerings, with a notable increase in the share of power tools and laser measuring instruments, which accounted for 25.6% of total revenue in 2023 [21][3]. - The company has a global manufacturing base with 23 production facilities, allowing it to mitigate tariff impacts and ensure a steady supply chain [73][3]. Industry Insights - The industrial tools industry has shown stable growth, with global tool product sales exceeding $50 billion since 2019, and electric products making up the largest share at 37.9% in 2023 [2][33]. - The North American and European markets dominate the tool industry, accounting for 77.6% of total demand in 2023, driven by a strong DIY culture and high labor costs in these regions [2][37]. - The report indicates that the tool industry is entering a new growth cycle as inventory levels improve and interest rates decline, which is expected to boost consumer demand [49][53].