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]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [9]. Core Views - The company has shown strong revenue growth, with a 28.73% year-on-year increase in revenue for the first three quarters of 2024, reaching 11.084 billion yuan, and a net profit of 1.935 billion yuan, up 28.50% year-on-year [4]. - The North American hand tools market is expected to recover, driven by a potential rebound in the real estate sector due to lower loan rates following interest rate cuts [4]. - The company is shifting production capacity to Southeast Asia, aiming to cover the North American market entirely, with 75% of its exports to the U.S. coming from Southeast Asia [4]. Financial Performance Summary - The company's revenue for 2024 is projected to be 13.403 billion yuan, with a year-on-year growth of 22.62%, and net profit expected to reach 2.167 billion yuan, reflecting a 28.07% increase [6]. - The gross margin and net margin for the first three quarters of 2024 were 32.39% and 17.85%, respectively, showing improvements compared to the previous year [5]. - The report forecasts a steady increase in revenue and net profit for the years 2024 to 2026, with revenues projected at 16.457 billion yuan and 19.637 billion yuan for 2025 and 2026, respectively [6][7]. Key Financial Metrics - The company’s earnings per share (EPS) is expected to grow from 1.80 yuan in 2024 to 2.68 yuan in 2026 [6]. - The projected price range for the company's stock is between 36.00 and 41.40 yuan, based on a price-to-earnings (P/E) ratio of 20-23 times [6]. - The report highlights a consistent improvement in profitability metrics, with a projected return on equity (ROE) increasing from 11.39% in 2023 to 14.61% in 2026 [7].

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 ...

证券代码：002444 证券简称：巨星科技 公告编号：2024-053 杭州巨星科技股份有限公司 关于召开公司 2024 年第四次临时股东大会的通知公告 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。 杭州巨星科技股份有限公司（以下简称"公司"）第六届董事会第十一次会议决 定于2024年11月15日（星期五）召开公司2024年第四次临时股东大会。现将本次会 议的有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次:杭州巨星科技股份有限公司2024年第四次临时股东大会（以 下简称"会议"） 2、股东大会的召集人：会议由公司董事会召集，公司第六届董事会第十一次会 议审议通过了《关于召开公司2024年第四次临时股东大会的议案》。 3、会议召开的合法、合规性：公司2024年第四次临时股东大会会议的召集、召 开符合有关法律、行政法规、部门规章、规范性文件和公司章程的有关规定。 4、会议召开的日期、时间： 现场会议召开时间：2024年11月15日（星期五）下午14：30 网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年11月15日 9 ...

Financial Performance - Revenue for the third quarter reached RMB 4.38 billion, a year-over-year increase of 30.25%[3] - Net profit attributable to shareholders was RMB 741.7 million, up 17.05% compared to the same period last year[3] - Operating revenue reached 11,083,737,039.19 yuan, a significant increase from 8,610,217,402.80 yuan in the same period last year[15] - Net profit attributable to the parent company's owners was 10,379,200,690.69 yuan, compared to 8,861,804,110.41 yuan in the prior period[14] - Net profit attributable to parent company shareholders reached 1,935,463,943.98 yuan, an increase from 1,506,185,101.35 yuan in the previous period[16] - Total comprehensive income amounted to 2,116,700,904.44 yuan, compared to 1,501,654,154.12 yuan in the prior period[16] - Basic earnings per share stood at 1.62 yuan, up from 1.26 yuan in the previous period[17] Cash Flow and Liquidity - Operating cash flow for the first nine months of the year was RMB 839.72 million, a decrease of 39.46% year-over-year[3] - Cash flow from operating activities was 839,724,875.65 yuan, a decrease from 1,387,067,596.64 yuan in the prior period[18] - Cash inflows from operating activities were 10,561,788,183.53 yuan, compared to 8,885,652,076.06 yuan in the prior period[18] - Cash outflows for purchasing goods and services were 6,762,146,930.72 yuan, an increase from 4,773,513,794.42 yuan in the previous period[18] - Cash inflows from investment activities totaled 1,780,135,617.16 yuan, up from 176,650,511.48 yuan in the prior period[18] - Cash outflows for the construction of fixed assets, intangible assets, and other long-term assets were 353,025,741.13 yuan, slightly down from 361,261,830.58 yuan in the previous period[18] - Net cash flow from financing activities increased to 766,647,352.79 RMB, driven by a rise in borrowings to 4,207,173,160.00 RMB[19] - The company's cash and cash equivalents at the end of the period stood at 6,107,844,412.98 RMB, reflecting a net increase of 1,123,864,663.38 RMB[19] - Debt repayment amounted to 2,881,361,221.92 RMB, while dividends and interest payments totaled 501,087,216.24 RMB[19] - The impact of exchange rate changes on cash and cash equivalents was negative, amounting to -35,822,946.24 RMB[19] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 23.04 billion, an increase of 17.05% from the end of the previous year[3] - Total assets increased to 23,039,778,260.95 yuan, up from 19,683,797,271.17 yuan in the previous period[13] - Total liabilities rose to 6,300,253,360.33 yuan, compared to 4,671,225,774.95 yuan in the prior period[13] - Total equity attributable to the parent company's owners grew to 16,539,242,153.69 yuan, up from 14,847,980,075.62 yuan in the previous period[14] - The company's monetary funds increased to RMB 6.24 billion at the end of the reporting period, up from RMB 5.18 billion at the beginning of the period[12] - Accounts receivable rose significantly to RMB 3.60 billion from RMB 2.10 billion at the beginning of the period[12] - Inventory increased to RMB 2.76 billion from RMB 2.57 billion at the beginning of the period[12] - Total current assets grew to RMB 13.14 billion from RMB 10.56 billion at the beginning of the period[12] - Long-term equity investments increased to RMB 3.46 billion from RMB 2.95 billion at the beginning of the period[12] - Fixed assets slightly increased to RMB 1.74 billion from RMB 1.73 billion at the beginning of the period[12] - Construction in progress rose to RMB 307.10 million from RMB 270.20 million at the beginning of the period[12] Revenue and Costs - Sales revenue from goods and services reached 9,863,507,405.99 yuan, up from 8,277,806,507.40 yuan in the previous period[18] - Operating costs amounted to 9,194,921,249.66 yuan, up from 7,156,450,251.78 yuan in the previous year[15] - Cash paid for goods and services increased by 41.66% to RMB 676.21 million, reflecting higher procurement activities[6] Investments and Financing - Investment income increased by 61.93% to RMB 46.32 million, primarily due to higher earnings from affiliated companies[6] - Investment income rose to 463,164,215.08 yuan, up from 286,026,397.39 yuan in the previous year[15] - Short-term borrowings surged by 199.91% to RMB 330.87 million, driven by increased bill discount financing by subsidiaries[6] - Short-term borrowings surged to 3,308,696,514.10 yuan, a significant rise from 1,103,247,899.65 yuan in the prior period[13] - Investment cash outflow totaled 2,226,820,235.98 RMB, with a significant portion allocated to acquiring subsidiaries and other business units at 234,112,899.69 RMB[19] R&D and Other Expenses - R&D expenses increased to 248,270,380.69 yuan, up from 223,305,989.83 yuan in the previous year[15] - Financial expenses rose by 119.88% to RMB 3.39 million due to increased foreign exchange losses[6] - Interest income increased to 127,130,998.06 yuan, compared to 105,356,416.01 yuan in the prior year[15] Shareholder Information - The company's largest shareholder, Giant Star Holding Group Co., Ltd., holds 38.56% of the shares, totaling 463.74 million shares[9] Comprehensive Income - Other comprehensive income after tax attributable to parent company shareholders was 138,632,933.38 yuan, compared to -10,718,847.66 yuan in the prior period[16] Capital Allocation - The company plans to increase capital by RMB 333.55 million to its subsidiary, Changzhou Huada Kejie Optoelectronic Instrument Co., Ltd., to optimize the management structure of its laser division and focus on developing laser measurement business[11]