Investment Rating - The investment rating for the company is "Buy" and it is maintained [3]. Core Insights - The company's revenue for Q1-Q3 2024 reached 11.084 billion yuan, representing a year-on-year increase of 28.73%, while the net profit attributable to the parent company was 1.935 billion yuan, up 28.50% year-on-year [4][6]. - In Q3 2024, the company achieved a record revenue of 4.383 billion yuan, with year-on-year and quarter-on-quarter growth of 30.2% and 29.1%, respectively. The net profit for Q3 was 742 million yuan, reflecting a year-on-year increase of 17.1% but a quarter-on-quarter decrease of 5% [4][6]. - The slight underperformance in profit compared to previous guidance was primarily due to higher-than-expected foreign exchange impacts. The gross margin for Q3 2024 was down 0.4 percentage points year-on-year but up 0.2 percentage points quarter-on-quarter [4][6]. Financial Performance Summary - The company's financial expenses amounted to 101 million yuan in Q3, contrasting with a gain of 115 million yuan in Q2, mainly due to foreign exchange losses [4]. - Investment income for Q3 was 125 million yuan, an increase of 41 million yuan year-on-year but a decrease of 114 million yuan quarter-on-quarter, primarily due to rising natural rubber prices affecting the short-term net profit of the joint venture [4]. - The company has actively returned dividends to investors, with total dividends for the year reaching 597 million yuan and a dividend payout ratio of 30.86% for Q1-Q3 2024 [6]. Market Outlook - The U.S. housing market remains weak, with September existing home sales at an annualized rate of 3.84 million units, down 4% year-on-year and 1% month-on-month. However, the Federal Reserve's recent interest rate cuts are expected to boost end-user demand [5]. - The company anticipates a recovery in cash flow in Q4 as revenue is expected to increase further, driven by strong demand and production plans [6]. - The company projects net profits of 2.199 billion yuan, 2.702 billion yuan, and 3.222 billion yuan for 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 16, 13, and 11 times [6].

证券代码：002444 证券简称：巨星科技 公告编号：2024-054 杭州巨星科技股份有限公司 关于公司实际控制人减持股份的预披露公告 仇建平先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 （一）本次拟减持的原因、股份来源、数量、方式、占公司总股本的比例、 减持期间（不超过未来3个月）、价格区间等具体安排： 因个人资金需求，仇建平先生计划在本公告披露之日起15个交易日后的3个 月内以集中竞价方式减持本公司股份不超过5,200,000股（占本公司总股本比例 为0.44%） 本次减持股份来源于首次公开发行前股份。如减持计划期间发生送股、资 本公积转增股本等股份变动事项的，减持股份数量作相应调整。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有杭州巨星科技股份有限公司（以下简称"本公司"、"公司"）股份 51,015,258股（占本公司总股本比例为4.27%）的公司实际控制人、董事长仇建 平先生计划在本公告披露之日起15个交易日后的3个月内以集中竞价方式减持本 公司股份不超过5,200,000股（占本公司总股本比例为0.44%）。 一、 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported excellent performance in Q3 2024, achieving operating revenue of 4.383 billion yuan, a year-on-year increase of 30.25% [3] - The net profit attributable to shareholders reached 742 million yuan, up 17.05% year-on-year, with a basic earnings per share of 0.6209 yuan, reflecting a 17.84% increase [3] - Accounts receivable increased significantly to 3.605 billion yuan, a surge of 82.04% year-on-year, indicating successful market expansion [4] - The company's gross profit margin improved to 32.39% in the first three quarters, compared to 31.80% in the 2023 annual report, showing enhanced profitability [4] Financial Forecasts - The revenue forecasts for 2024-2026 are 13.806 billion, 15.916 billion, and 18.811 billion yuan respectively, with corresponding net profits of 2.107 billion, 2.386 billion, and 2.853 billion yuan [4] - The projected earnings per share (EPS) for 2024-2026 are 1.75, 1.98, and 2.37 yuan respectively [4] - The current price-to-earnings (P/E) ratios are 17, 15, and 12 for the years 2024-2026 [4] Key Financial Metrics - The company’s total assets are projected to grow from 19.684 billion yuan in 2023 to 26.187 billion yuan by 2026 [6] - The operating income is expected to increase from 10.93 billion yuan in 2023 to 18.81 billion yuan in 2026, reflecting a compound annual growth rate [6] - The return on equity (ROE) is forecasted to rise from 11.27% in 2023 to 13.70% in 2026, indicating improved efficiency in generating profits from equity [6]

证券研究报告 2024 年 11 月 05 日 评级 买入 | --- | --- | |-----------------------|-----------------| | 交易数据 | 评级变动 首次 | | 当前价格（元） | 30.55 | | 52 周价格区间（元） | 18.54-32.41 | | 总市值（百万） | 36736.50 | | 流通市值（百万） | 35163.10 | | 总股本（万股） | 120250.20 | | 流通股（万股） | 115100.00 | | | | 涨跌幅比较 -31% -11% 9% 29% 49% 69% 2023-11 2024-02 2024-05 2024-08 2024-11 巨星科技 通用设备 | --- | --- | --- | --- | |----------|-------|-------|-------| | % | 1M | 3M | 12M | | 巨星科技 | -2.55 | 29.07 | 52.18 | | 通用设备 | 10.05 | 29.60 | 0.68 | 杨甫 分析师 执业证书编号:S05305171 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its stock performance in the near term [4]. Core Views - The company has successfully overcome production capacity bottlenecks, leading to expected profit elasticity. The third quarter saw a significant increase in revenue and net profit, with year-to-date revenue reaching 11.084 billion yuan, up 28.73% year-on-year, and net profit at 1.935 billion yuan, up 28.50% year-on-year [1][6]. - The company is benefiting from accelerated capacity construction in Vietnam, with the second phase of its factory successfully launched, and Southeast Asia's production capacity expected to exceed 75% by year-end. This alleviation of capacity constraints has resulted in a substantial increase in revenue [2][6]. - New product launches are gaining market recognition, particularly in core technologies and products, which are expected to drive future growth. The company has made significant advancements in new materials and laser technology, enhancing its competitive edge [3][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 11.084 billion yuan, a year-on-year increase of 28.73%, and a net profit of 1.935 billion yuan, also up 28.50% year-on-year. The third quarter alone saw revenue of 4.383 billion yuan, a 30.25% increase year-on-year [1][6]. - The gross margin and net margin for the first three quarters were 32.39% and 17.85%, respectively, reflecting improvements due to increased e-commerce and direct sales [3][6]. Capacity Expansion - The successful launch of the second phase of the factory in Vietnam has increased the Southeast Asian production capacity to 73%, with expectations to exceed 75% by the end of the year. The company has a strong order backlog, with a 90% order fulfillment rate in Q3 [2][6]. Product Development - The company has made significant progress in new product development, particularly in reducing friction and increasing the lifespan of tool products. The new generation of laser rangefinders has also shown strong market acceptance, contributing to future growth potential [3][6]. Earnings Forecast - The company is projected to achieve revenues of 13.582 billion yuan, 16.342 billion yuan, and 19.508 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.123 billion yuan, 2.595 billion yuan, and 3.095 billion yuan [6][7].

感谢各位投资人今天好像是由于信批系统的可能比较拥堵到目前为止可能大家在主流的财经的系统上面可能还没有办法看到我们三级报的主要内容 所以呢这个今天在和微信上可能还是希望大家稍微注意一点呃那事实上这个三级报呢因为我们已经正常披露了我们在半个小时前也已经经过了所有交易系统但是可能在聚潮网等主流媒体上可能现在还没有嗯还没有能够进到系统里公开给大家啊 所以请大家关于机报的有关内容以及其他的一些细节第一就尽量不要大家还是不要取在公众号或者别的这种媒体平台做发布大家个人或者是机构作为投资的参考依据第二个就是说请大家也不要去转载或者转发有关内容以免给公司在合规性上造成一定的困扰好吧 由于现在可能在刚才讲的三七报还没有在所有的媒体上得到发布所以今天关于三七报业绩内容我们就稍微讲的慢一点可能大家可以关注一下首先报告期内公司实现销售收入是43.82亿比上年同期增长是30.25% 那么归属于上市公司股东的淨利润是7.41亿比上年同期增长17.05%那么归属于上市公司股东的扣费淨利润是7.26亿比上年同期上升13.37%那么每股收益是6毛2分钱加权平均淨资产 定资产的160.53亿的一个规模那么年初至本科报告期末公司的收入是来到了11 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 35 yuan [1][2]. Core Insights - The company reported a significant revenue increase of 30.3% year-on-year in Q3 2024, reaching 4.38 billion yuan, while the net profit attributable to shareholders was 740 million yuan, up 17.1% year-on-year [1][2]. - The end of inventory destocking in North America has led to a recovery in orders, with Q1 and Q2 revenue growth rates of 29.4% and 26.2%, respectively. The new capacity in Southeast Asia has also contributed to meeting over 90% of downstream order demand [2]. - The gross profit margin in Q3 2024 improved sequentially to 32.9%, despite a slight year-on-year decline of 0.5 percentage points. The increase is attributed to product mix changes and the appreciation of the yuan, which impacted costs [2]. - The company has accelerated its overseas capacity layout, with 65% of its North American revenue coming from overseas production, significantly reducing tariff risks [2]. - The investment suggestion highlights the company's leadership in the global hand tools market, with expectations for a new cycle of growth driven by the recovery in the U.S. real estate market and retail inventory replenishment [2]. Financial Summary - For 2023, the company's main revenue is projected at 10.93 billion yuan, with a year-on-year decline of 13.3%. However, revenue is expected to rebound with growth rates of 27.2%, 24.2%, and 20.8% in 2024, 2025, and 2026, respectively [3]. - The net profit attributable to shareholders is forecasted to grow from 1.69 billion yuan in 2023 to 2.15 billion yuan in 2024, reflecting a growth rate of 27.3% [3]. - The earnings per share (EPS) is expected to increase from 1.41 yuan in 2023 to 1.79 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio of 16 times [3].

Investment Rating - The report assigns a "Buy-A" rating for the company, with a target price of 36.20 CNY, corresponding to a 20x dynamic PE for 2024 [4][5][17]. Core Insights - The company has shown stable revenue growth, achieving 11.084 billion CNY in revenue for the first three quarters of 2024, a year-on-year increase of 28.73%. The net profit attributable to shareholders reached 1.935 billion CNY, also up by 28.50% year-on-year [1][4]. - The electric tool business is progressing well, with significant orders from major clients, indicating a strong market position and potential for future growth [3][4][17]. - The overall demand in the global tool market is recovering, benefiting from the end of inventory destocking by downstream customers, which aligns with the company's strategy to enhance brand loyalty and expand its own brand products [4][17]. Revenue and Profit Forecast - The company is projected to achieve revenues of 137.2 billion CNY, 169.5 billion CNY, and 209.3 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.5%, 23.5%, and 23.5% [4][17]. - Net profits are expected to be 21.73 billion CNY, 26.49 billion CNY, and 32.39 billion CNY for the same years, with growth rates of 28.5%, 21.9%, and 22.3% [4][17]. Margin Analysis - The gross margin for Q3 2024 was reported at 32.91%, an increase from 32.70% in Q2 2024, attributed to the optimization of product structure and cost stabilization [2][13]. - The net profit margin for Q3 2024 was 17.15%, slightly down from 23.53% in Q2 2024, influenced by fluctuations in the RMB/USD exchange rate and changes in investment income [2][13]. Business Segment Performance - The hand tools segment generated 45.46 billion CNY in revenue for H1 2024, a 29.95% increase year-on-year, while the electric tools segment saw a 35.13% increase, reaching 4.75 billion CNY [3][12]. - The industrial tools segment achieved 16.30 billion CNY in revenue, up 19.67% year-on-year, indicating robust performance across all product categories [3][12]. Valuation Analysis - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 15.8, 13.0, and 10.6, respectively, which are lower than the average PE ratios of comparable companies in the industry [15][17]. - The report suggests that the company's valuation is reasonable given its global business layout and competitive advantages in the industry [15][17].

证券代码：002444 证券简称：巨星科技 公告编号：2024-052 杭州巨星科技股份有限公司 关于变更回购股份用途并注销的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 三、本次变更股份回购用途并注销后的公司总股本变动情况 本次拟将已回购股份 8,023,810 股注销，注销完成后，公司总股本将由 1,202,501,992 股变更为 1,194,478,182 股。具体变动情况如下： | 股份性质 | 回购股份注销前 | | 拟注销数量 | 回购股份注销后 | | | --- | --- | --- | --- | --- | --- | | | 股份数量 | 比例 | （股） | 股份数量 | 比例 | | | （股） | | | （股） | | | 一、有限售 条件股份 | 51,502,660 | 4.28% | 0 | 51,502,660 | 4.31% | | 二、无限售 | 1,150,999,332 | 95.72% | 8,023,810 | 1,142,975,522 | 95.69% | | 条件股份 | | | | | | ...

杭州巨星科技股份有限公司 章程修订对照表 （2024 年 11 月） 公司拟将2021年7月5日第五届董事会第十一次会议审议通过的《关于回购 公司股份方案的议案》的回购股份用途，由"回购股份的40%用于员工持股计划 或股权激励计划的股份来源，回购股份的60%用于转换公司发行的可转换为股票 的公司债券"变更为"用于注销并减少公司注册资本"。注销完成后，公司总股 本将由1,202,501,992股变更为1,194,478,182股。公司注册资本将由 1,202,501,992元变更为1,194,478,182元，并据此修订《公司章程》。具体内容 如下： 除上述修订条款外，《公司章程》其他条款保持不变。 本次《公司章程》修改尚需提交股东大会审议。 特此公告。 杭州巨星科技股份有限公司董事会 二○二四年十月三十一日 | 原条款 | | | 修订后条款 | | --- | --- | --- | --- | | 第六条 | 公 司 注 册 资 本 为 人 民 币 | | 第六条 公 司 注 册 资 本 为 人 民 币 | | 1,202,501,992 元。 | | | 1,194,478,182 元。 | | 第二十 ...