Industry Overview - The electric hammer industry plays a significant role in the economy and related sectors, with increasing demand driven by urbanization, infrastructure construction, real estate growth, and home decoration market expansion [1][4][6] - The market size of electric hammers in China is projected to grow from 1.21 billion yuan in 2019 to 1.92 billion yuan in 2024, and is expected to reach 2.14 billion yuan by 2025 [1][4][6] Production and Value Growth - China's electric hammer production is expected to increase from 13.48 million units in 2019 to 17.33 million units in 2024, with industry value rising from 4.45 billion yuan to 6.31 billion yuan during the same period [1][6] - By 2025, the production is anticipated to reach 18.85 million units, with a value of 7 billion yuan [1][6] Industry Chain - The upstream of the electric hammer industry includes raw materials such as metals (steel, aluminum, copper), plastics, battery materials, motors, impact mechanisms, and electronic components [8] - The midstream involves research and development as well as manufacturing, while the downstream focuses on sales through online and offline channels, serving applications in construction, home decoration, industrial maintenance, and new energy infrastructure [8] Policy Environment - The government has introduced various policies to support the electric tool industry, promoting technological innovation and guiding the industry towards smart, green, and high-end development [10][11] Competitive Landscape - The market features competition between international brands like Bosch and Hilti and domestic companies such as Zhejiang Deshuo Technology, Jiangsu Dongcheng Electric Tools, and others [12][13] - Key players include Ruiqi Holdings, which focuses on high-performance electric tools, and Giant Star Technology, which emphasizes innovation and global expansion [15][17] Development Trends - The electric hammer industry is expected to evolve towards smart, diversified, specialized, and green solutions, reflecting the broader trends in China's construction market [19]

证券代码：002444 证券简称：巨星科技 公告编号：2025-035 杭州巨星科技股份有限公司 近日，杭州巨星科技股份有限公司（以下简称"巨星科技"或"公司"）取 得来自某欧洲大型零售业公司（以下简称"H 公司"）的订单中标通知，订单标 的为部分消费级无绳锂电池电动工具系列和相关零配件，订单采购范围为欧洲近 千家门店的未来三年全部该系列电动工具和零配件产品的销售和服务，预计订单 整体采购金额为每年不少于 1500 万美元，超过公司 2024 年电动工具产品收入的 5%。 截至本公告披露日，上述订单已经生效，双方将依据供应商协议和交易惯例 采用实时更新订单的模式进行交易，产品将于 2025 年下半年开始交付客户，由 于 2025 年只执行半年销售，预计 2025 年相关产品收入不超过 1000 万美元。鉴 于交易双方保密协议和具体内容涉及商业机密，应 H 公司要求，本次订单交易对 手方名称与详细金额不对外披露。 二、交易对手方介绍 关于公司取得客户电动工具订单的自愿性信息披露公告 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。 特别提示： 1、公司在电动工具销 ...

Investment Rating - The industry investment rating is "Overweight" indicating a strong expectation for the industry index to outperform the CSI 300 index by 10% or more over the next six months [27]. Core Insights - The report highlights the ongoing trend of domestic substitution in the automation equipment sector, with significant developments in the robotics industry, particularly the demonstration of the A2-W general-purpose robot by Zhiyuan Robotics, which showcased its operational capabilities in an industrial setting [1][7]. - The report also notes the strategic acquisitions and performance forecasts of companies like Huace Testing and Juxing Technology, indicating a positive outlook for their growth and market positioning [10][17]. Summary by Sections 1. Robotics Industry Dynamics - Zhiyuan Robotics successfully conducted a live demonstration of its A2-W robot, which autonomously handled over 800 turnover boxes, showcasing its efficiency and adaptability in industrial operations [1][7]. - Shanghai Zhiyuan Hengyue Technology Partnership is acquiring shares in Upwind New Materials, which specializes in environmentally friendly materials, indicating a strategic move towards sustainable product offerings [1][7]. 2. Testing Industry Dynamics - Huace Testing anticipates a 6.06-7.80% year-on-year increase in net profit for the first half of the year, driven by its "123 strategy" focusing on traditional markets, fast-growing sectors, and new business incubation [10][12]. - The testing industry is undergoing structural adjustments, shifting from scale expansion to quality and efficiency, which is reshaping the competitive landscape [10]. 3. Tools Industry Dynamics - Juxing Technology projects a 5-15% increase in net profit for the first half of the year, despite challenges from U.S. tariff policies affecting production capacity [17][21]. - The company has established 23 production bases globally, enhancing its ability to navigate trade policy fluctuations [17]. 4. Rail Transit Equipment Industry Dynamics - National railway fixed asset investment reached 355.9 billion yuan in the first half of the year, a 5.5% increase year-on-year, with China National Railway reporting significant profit growth expectations [23]. 5. Market Review - The CSI 300 index increased by 0.82%, while the machinery equipment sector outperformed with a 1.87% rise, indicating a positive market sentiment towards the industry [24].

证券代码：002444 证券简称：巨星科技 公告编号：2025-034 杭州巨星科技股份有限公司 关于收购股权的公告 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。 一、交易概述 （一）交易基本情况 为加大在芯片领域的投资并提高公司电动工具和智能工具产品的核心竞争 力，杭州巨星科技股份有限公司（以下简称"公司"）拟以支付现金的方式收购 杭州微纳科技股份有限公司（以下简称"微纳科技"）18.4706%股权（对应注册 资本320.28万元），具体交易方案如下： 公司拟收购海南微纳投资合伙企业（有限合伙）（以下简称"海南微纳"）持 有的微纳科技11.6315%股权（对应注册资本201.69万元），拟收购杭州紫兴创业 投资合伙企业（有限合伙）（以下简称"紫兴创投"）持有的微纳科技1.9608%股 权（对应注册资本34万元），拟收购姚嘉持有的微纳科技4.8783%股权（对应注册 资本84.59万元）。本次交易前，公司持有微纳科技32.5294%股权（对应注册资本 564.06万元），微纳科技为公司参股公司，交易完成后，公司持有微纳科技51%股 权（对应注册资本884.3 ...

公司收购海南微纳投资合伙企业（有限合伙）（以下简称"海南微纳"）持 有的微纳科技11.6315%股权（对应注册资本201.69万元），收购杭州紫兴创业投 资合伙企业（有限合伙）（以下简称"紫兴创投"）持有的微纳科技1.9608%股权 （对应注册资本34万元），收购姚嘉持有的微纳科技4.8783%股权（对应注册资 本84.59万元）。本次交易前，公司持有微纳科技32.5294%股权（对应注册资本 564.06万元），微纳科技为公司参股公司，交易完成后，公司持有微纳科技51% 股权（对应注册资本884.34万元），微纳科技成为公司控股子公司。 杭州巨星科技股份有限公司 第六届董事会第十六次会议决议公告 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"）第六届董事会第十六次会 议通知于2025年7月7日以传真、电子邮件等方式发出，且全体董事均已书面确 认收到全部会议材料。会议于2025年7月14日在杭州市上城区九环路35号公司九 楼会议室以现场会议的方式召开。本次会议应出席董事9名，实际出席董事9 名，公司全体高级管理人员列 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 14 日 浙商早知道 2025 年 07 月 14 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 重要推荐 【浙商国防 邱世梁/王华君/孙旭鹏】华辰装备（300809）公司深度：国内轧辊磨床龙头，布局人形机器人磨床打 开蓝海市场——20250712 重要观点 重要点评 【浙商大制造中观策略 邱世梁/王华君/王家艺】巨星科技（002444）公司点评：盈利正增长，云开见星途 —— 20250710 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 1、国防-华辰装备（300809） 2、推荐逻辑：国内轧辊磨床龙头，布局人形机器人磨床打开蓝海市场 1）超预期点 公司丝杠导轨磨床主要基于亚μ平台开发，通过与国际头部产品对比，其精度已达国际领先水平，同时公 司与贝斯特、福立旺等头部人形机器人厂商已签订磨床订单或交付产品，进一步验证了公司的产品性能。 2）驱动因素 ①钢铁行业有望筑底回升。当前公司业绩主要来自数控轧辊磨床， ...

Core Viewpoint - Company Giant Technology has secured a significant order to supply 20V cordless lithium battery power tools and related accessories to a major international retail company, marking its first overseas electric tool order since 2021 [2][3]. Group 1: Order Details - The order is for global distribution across thousands of retail stores over a three-year period, with an estimated annual procurement amount of no less than $30 million [2][3]. - The production and delivery for the U.S. market will be based in Vietnam, with the expected revenue from this order in 2025 not exceeding $20 million due to only half a year of sales being executed [3]. - This order represents a significant milestone for the company, demonstrating its global supply capabilities and the operational readiness of its Vietnamese production base [3]. Group 2: Financial Performance - In 2024, the company achieved a revenue of 14.795 billion yuan, a year-on-year increase of 35.37%, and a net profit of 2.304 billion yuan, up 36.18% [7]. - For the first half of 2025, the company forecasts a net profit between 1.253 billion and 1.373 billion yuan, reflecting a growth of 5% to 15% compared to the same period last year [7]. - The electric tools segment generated revenue of 1.438 billion yuan in 2024, marking a 36.53% increase year-on-year, although it still represents only 9.72% of total revenue [5]. Group 3: Market Position and Strategy - The company has established itself as a major supplier for large retail chains in the U.S. and Europe, including Home Depot, Walmart, and Lowe's [5]. - Since 2018, the company has been implementing an internationalization strategy, building overseas manufacturing bases and developing a global supply chain [5]. - The company has 23 production bases worldwide and has formed strong partnerships with thousands of suppliers [5]. Group 4: Research and Development - The company has consistently increased its R&D expenditure, with amounts growing from 310 million yuan in 2021 to 812.3 million yuan in the first quarter of 2025, indicating a commitment to innovation [8]. - The company aims to enhance its market share and overall profitability through continuous product development and innovation [8].

证券研究报告|行业研究周报 [Table_Date] 2025 年 07 月 13 日 2025 年 H1：归母净利润预计 12.53-13.73 亿元，同比增速 预计 5%-15%；扣非归母净利润预计 12.67-13.88 亿元，同 比增速预计 5%-15%。 根据折算，对应 2025 年 Q2：收入：预计同比持平。归母净 利润：预计 7.92-9.12 亿元，同比增速预计 1.6%-16.9%， 对应中枢值为 8.52 亿元，同比增速预计 9.2%； Q2 收入预计持平，利润预计有所增长。由于关税政策冲击 导致 Q2 实际有 40 天左右，公司各个生产基地的产能均受 到了不同程度的负面影响，订单交付和收入受到较大影响。 利润端，依靠跨境电商销售和新产品特别是电动工具产品销 售的增加有效提升了毛利率水平，预计归母净利润将有所增 长。产能方面，越南和美国已经达成了 20%关税的有效协 议，税率低于去年公司产品从中国出口至美国的 25%关税。 公司越南一期二期生产基地已于去年底前投入使用，体量更 大的越南三期生产基地已于近期投入使用，越南四期生产基 地目前已开工建设。 巨星科技取得来自某国际大型零售业公司的电 ...

Core Viewpoint - The announcement by Giant Star Technology Co., Ltd. regarding a procurement confirmation from a major international retail company signifies a substantial growth opportunity for the company in the electric tools market, particularly in the global supply chain context [1][2]. Group 1: Procurement Details - The order involves a series of 20V cordless lithium battery electric tools and related accessories, with a total procurement amount expected to be no less than $30 million annually, which exceeds 10% of the company's projected revenue from electric tools in 2024 [1]. - This order marks the first electric tool order produced and delivered outside of China since the company began developing its electric tool product line in 2021, specifically for the U.S. market with production and delivery based in Vietnam [1]. Group 2: Global Manufacturing and Supply Chain - The order is seen as recognition of the company's global manufacturing layout, which is expected to enhance revenue share from electric tools and build confidence among global customers regarding the company's Vietnamese production base [2]. - The company has established a comprehensive global production and supply chain management system, with 23 production bases worldwide and strong partnerships with thousands of suppliers [2]. - The Southeast Asia region is highlighted for its abundant labor resources and relatively low costs, which can effectively reduce production costs and expand capacity, allowing the company to seize market opportunities [2]. Group 3: Strategic Implications - The global supply chain is undergoing a structural transformation towards resilience, and the company's overseas supply system is designed to mitigate various operational risks, ensuring stable orders and customer trust [2]. - The globalization of the supply chain enables the company to achieve "customer proximity, rapid delivery, and customized response," transitioning from traditional export models to local service and competition capabilities [2].

Summary of Key Points from the Conference Call of Giant Star Technology Company Overview - **Company**: Giant Star Technology - **Industry**: Electric Tools and Manufacturing Core Insights and Arguments 1. **Q2 Performance**: Revenue for Q2 remained flat year-over-year at approximately 3.4 billion yuan, with net profit expected to grow by 5% to 15%, translating to a range of 1.25 billion to 1.37 billion yuan [2][3] 2. **Impact of Tariffs**: The U.S. tariffs have negatively impacted production capacity, particularly in China, leading to order delays and freezes. The company is adjusting capacity to ensure future supply [2][3][7] 3. **Profitability Improvement**: Operating profit for Q2 is expected to increase by over 20% year-over-year and over 40% quarter-over-quarter, primarily due to a significant rise in gross margin [2][5] 4. **Strategic Response to Tariffs**: The company is relocating production from China to Vietnam, Cambodia, and Thailand, and has reached a trade agreement with the U.S. to reduce tariffs on Chinese exports to 55% [2][8][10] 5. **Global Manufacturing Model**: The integrated global business model allows the company to efficiently shift production to low-tariff regions, mitigating risks associated with sudden tariff changes [12][13] 6. **Future Profit Margins**: The operating profit margin is projected to reach 15.84% or higher in Q3, with sales gross margin expected to hit historical highs due to price increases in proprietary brands and higher sales volumes [6][24] 7. **Electric Tools Market Outlook**: The company is confident in achieving $1 billion in revenue from electric tools over the next three years, positioning itself among the top three global electric tool companies [4][24][36] Additional Important Insights 1. **Tariff Impact on Exports**: In early 2025, approximately 63% of exports were from China, but this has since decreased significantly due to tariffs, with many orders frozen for over 40 days [7][10] 2. **Investment in Southeast Asia**: The company plans to complete five phases of production in Vietnam, aiming for an export capacity of around $1 billion, while also expanding in Thailand and Cambodia [2][15][16] 3. **Challenges in U.S. Real Estate Market**: The U.S. real estate market is at a historical low, affecting tool consumption, although maintenance demand remains stable, with industry growth expected at around 4% [19] 4. **Long-term Manufacturing Trends**: The company believes that manufacturing is unlikely to return to the U.S. due to high costs and a lack of industrial supply chains, making overseas production more viable [17] 5. **Supply Chain Opportunities**: The restructuring of global supply chains presents significant opportunities for companies to expand market share, particularly in Southeast Asia [18] 6. **Future Capacity and Orders**: There is an anticipated significant increase in orders for the second half of the year, but current capacity may not fully meet demand, necessitating increased production efforts [21][22] This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic responses to market challenges and its outlook for future growth.