Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company, Juxing Technology, is a leading player in the tool export sector, focusing on brand development and global expansion to drive growth [8][12] - The company has seen significant growth in its OBM (Own Brand Manufacturing) revenue, which is expected to reach approximately 47.9% by 2024, indicating a successful transition from ODM (Original Design Manufacturing) to OBM [8][23] - The company has maintained a robust financial performance, with a projected CAGR of 19.4% in revenue and 22.7% in net profit from 2017 to 2024, despite facing challenges such as tariffs and the pandemic [8][12] Summary by Sections Company Overview - Juxing Technology, established in 1993, has evolved from an ODM-focused business to a leader in the OBM space, with a diverse product line including hand tools, power tools, laser measuring instruments, and storage cabinets [12][19] - The company has successfully expanded its brand matrix through both internal growth and acquisitions, enhancing its market presence in North America and Europe [12][19] Business Structure - The company's revenue is primarily derived from hand tools (68.1% of revenue in 2024), followed by industrial tools (21.8%) and electric tools (9.7%) [22][19] - The OBM business model has been instrumental in increasing profit margins and stabilizing revenue fluctuations, particularly during market downturns [23][28] Financial Analysis - The company has demonstrated strong financial metrics, with an average ROE of approximately 12.7% from 2017 to 2024, reflecting its status as a high-quality asset [25][26] - Revenue and net profit are projected to grow to 16.25 billion and 2.42 billion respectively by 2025, with year-on-year growth rates of 9.9% and 5.1% [7][8] Industry Analysis - The global tool industry is valued at over $100 billion, with a significant portion of demand coming from the North American market, which accounts for over 60% of the company's revenue [36][39] - The industry is currently at a cyclical low, but signs of recovery are anticipated as housing sales stabilize and inventory levels normalize [47][50] Competitive Advantages - The company has established strong relationships with major clients such as Home Depot and Lowe's, ensuring a steady order flow while exploring new markets through e-commerce [8][19] - Continuous investment in R&D, with a consistent allocation of around 3% of revenue, supports innovation and product development [8][19]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company, Giant Star Technology, is a leading player in the tool export sector, focusing on brand development and global expansion to drive growth [8][12] - The company has successfully transitioned from an ODM model to an OBM model, with OBM revenue share increasing to approximately 47.9% by 2024 [8][23] - The company has demonstrated strong financial growth, with a CAGR of 19.4% in revenue and 22.7% in net profit from 2017 to 2024 [8][12] Summary by Sections Company Overview - Giant Star Technology, established in 1993, has evolved from an ODM manufacturer to a leader in the tool export industry, focusing on the North American market [12][19] - The company has expanded its product lines to include hand tools, power tools, laser measuring instruments, and storage cabinets, achieving a strong reputation in both consumer and professional segments [12][19] Business Structure - The company's business is divided into hand tools, power tools, and industrial tools, with hand tools accounting for approximately 68.1% of revenue in 2024 [19][22] - The power tools segment has seen significant growth since 2021, with a revenue increase of 36.5% year-on-year in 2024 [19][22] - Industrial tools, primarily targeting B2B customers, have faced slower growth due to global industrial investment fluctuations [19][22] Financial Analysis - The company has maintained a robust financial profile, with an average ROE of approximately 12.7% from 2017 to 2024, indicating strong asset quality [25][28] - Revenue and net profit for 2024 are projected to grow by 35.4% and 36.2%, respectively, reflecting the company's recovery and growth momentum [8][12] Industry Analysis - The global tool industry is valued at over $100 billion, with a significant portion of demand driven by the North American market [36][39] - The industry is currently at a cyclical low, but signs of recovery are emerging as housing sales stabilize and inventory levels normalize [47][50] - The company is well-positioned to capitalize on the recovery in demand, supported by its strong brand portfolio and global production capabilities [8][12]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - In 2024, the company achieved a revenue of approximately 14.795 billion yuan, a year-on-year increase of 35.37%, and a net profit attributable to the parent company of 2.304 billion yuan, up 36.18% year-on-year [1]. - The gross margin and net margin for the year were 32% and 16%, respectively, showing improvements of 0.21 and 0.48 percentage points year-on-year [1]. - The company has been actively expanding its international manufacturing bases to mitigate tariff challenges, having established 23 production bases globally since 2018 [3]. - The company expects to fully absorb the tariff impacts through price increases in its OBM business model, while the ODM model's tariff costs will be borne by customers [3]. - The company’s profitability forecast for 2025-2027 has been adjusted, with expected net profits of 2.63 billion, 3.13 billion, and 3.64 billion yuan, representing year-on-year growth rates of 14%, 19%, and 16% respectively [3]. Financial Summary - For 2024, the company is projected to generate revenues of 14.795 billion yuan, with a growth rate of 35.37% [4]. - The net profit for 2024 is estimated at 2.304 billion yuan, reflecting a growth rate of 36.18% [4]. - The company’s earnings per share (EPS) for 2024 is expected to be 1.93 yuan, with a price-to-earnings (P/E) ratio of 12.65 [4]. - The company’s total assets are projected to reach 23.105 billion yuan by 2024, with a debt-to-asset ratio of 28.22% [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - In 2024, the company achieved a revenue of approximately 14.795 billion yuan, a year-on-year increase of 35.37%, and a net profit attributable to the parent company of 2.304 billion yuan, up 36.18% year-on-year [1]. - The gross margin and net margin for the year were 32% and 16%, respectively, showing improvements of 0.21 and 0.48 percentage points year-on-year [1]. - The company has been actively expanding its international manufacturing bases to mitigate tariff challenges, having established 23 production bases globally since 2018 [3]. - The company expects to fully absorb the tariff impacts through price increases in its OBM business model, while the ODM model's tariff costs will be borne by customers [3]. - The company’s profitability forecast for 2025 to 2027 is adjusted to net profits of 2.63 billion, 3.13 billion, and 3.64 billion yuan, reflecting year-on-year growth rates of 14%, 19%, and 16% respectively [3]. Financial Summary - For 2024, the company is projected to generate revenues of 14.795 billion yuan, with a growth rate of 35.37% [4]. - The estimated net profit for 2025 is 2.626 billion yuan, with a growth rate of 14% [4]. - The company’s earnings per share (EPS) for 2024 is expected to be 1.93 yuan, with a projected P/E ratio of 12.65 [4]. - The company’s total assets are expected to reach 23.105 billion yuan by 2024, with a debt-to-asset ratio of 28.22% [10].

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Viewpoints - The tool sector is experiencing a recovery from the cyclical bottom as of late 2024, primarily driven by demand from the United States, with key home improvement retailers like Home Depot and Lowe's showing relatively low inventory levels [3][7] - The overall growth of the sector in 2024 and Q1 2025 is attributed to stable demand and inventory replenishment, with significant revenue growth reported by key companies such as Keter Group (+7.9%), Giant Star Technology (+35.4%), and others [9] - The high overseas exposure of the industry necessitates an accelerated global supply chain layout, with major companies like Giant Star Technology and Greebo having over 94% of their revenue from international markets [10][12] - Profitability in the tool sector has improved significantly, with average gross margins reaching 29.6% in 2024 and 30.2% in Q1 2025, indicating a recovery in profit margins [14][17] Summary by Sections Tool Sector Overview - The tool sector's demand is heavily reliant on the U.S. market, with signs of recovery noted as of late 2024, including a stabilization in U.S. home sales and low inventory levels at major retailers [7] - The sector faces potential challenges from rising supply-side costs due to tariffs, which may impact demand if passed on to consumers [3] Growth and Performance - The overall growth in 2024 and Q1 2025 is supported by a stable demand environment and inventory replenishment, with key companies reporting substantial revenue increases [9] - Notable revenue growth figures include Keter Group (+7.9%), Giant Star Technology (+35.4%), and others, with profit margins also showing improvement [9][14] Global Supply Chain and Strategy - Companies are accelerating their global supply chain strategies, with significant overseas revenue contributions from major players [10][12] - Giant Star Technology aims to increase its production capacity in Southeast Asia to 60% by the end of 2025 to meet North American market demands [12] Profitability and Financial Metrics - The tool sector has seen a notable recovery in profitability, with average gross margins improving to 29.6% in 2024 and 30.2% in Q1 2025 [14] - Companies are actively managing costs, leading to a decrease in expense ratios, which further supports profitability [17]

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2]. Core Viewpoints - The tool sector is experiencing a recovery from the cyclical bottom reached at the end of 2024, primarily driven by demand from the United States, with key home improvement retailers' inventory levels at relatively low points [3][7]. - The overall growth of the sector in 2024 and Q1 2025 is attributed to stable demand and inventory replenishment, with significant revenue and profit growth reported by key companies [9]. - The high overseas exposure of the industry necessitates an accelerated global supply chain layout, with major companies increasing their overseas revenue proportions significantly [10][12]. - Profitability has improved in 2024, with notable increases in gross and net profit margins, although future profitability may be impacted by tariff disturbances [14][17]. - The report suggests focusing on leading companies with product innovation, global capacity, and proprietary brand advantages, particularly highlighting companies like Juxing Technology, Chuangke Industrial, and Quanfeng Holdings [3][12]. Summary by Sections Tool Sector Overview - The tool sector's demand is heavily reliant on the U.S. market, with signs of recovery noted as of late 2024, including a stabilization in U.S. home sales and low inventory levels at major retailers [7]. - The sector is facing potential challenges from rising supply-side costs due to tariffs, which may lead to increased end-user prices and weakened demand [3][7]. Growth and Performance - The sector has shown overall growth in 2024 and Q1 2025, with key companies reporting significant year-on-year revenue increases, such as Juxing Technology (+35.4%) and Daya Co. (+91.9%) [9]. - The average gross margin for key companies improved to 29.6% in 2024, with net margins also showing significant recovery [14]. Global Supply Chain and Strategy - Major companies are increasing their overseas revenue share, with Juxing Technology and others reporting over 90% of their income from international markets [10][12]. - Companies are actively adjusting pricing strategies to manage cost pressures, particularly in OBM and ODM business models [12]. Profitability Trends - The average gross margin for the tool sector reached 30.2% in Q1 2025, indicating a continued positive trend in profitability [14]. - Some companies have successfully reduced their expense ratios, contributing to improved profitability metrics [17].

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 2025 年 4 月 22 日在证 券时报》、《中国证券报》及巨潮资讯网（http://www.cninfo.com.cn）披露了《关 于 2024 年度利润分配预案的公告》（公告编号：2025-007）。经事后核查，公告 部分内容需要更正，具体情况如下： 一、更正情况 证券代码：002444 证券简称：巨星科技 公告编号：2025-021 杭州巨星科技股份有限公司 关于 2024 年度利润分配预案公告的更正公告 更正后： …… 三、现金分红方案的具体情况 更正前： …… 三、现金分红方案的具体情况 （一）本年度现金分红方案未触及其他风险警示情形 项目 本年度 上年度 上上年度 现金分红总额 （元） 597,239,091.00 328,482,500.05 198,283,378.21 回购注销总额 （元） 0.00 0.00 50,184,048 归属于上市公司股 东的净利润（元） 2,303,624,287. 24 1,691,612,756. 79 1,41 ...

证券代码：002444 证券简称：巨星科技 公告编号：2025-022 杭州巨星科技股份有限公司 关于 2024 年度利润分配预案的公告（更新后） 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、审议程序 杭州巨星科技股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开 第六届董事会第十二次会议、第六届监事会第八次会议，分别以 9 票赞成、0 票 反对、0 票弃权和 3 票赞成、0 票反对、0 票弃权审议通过了《关于公司 2024 年 度利润分配预案的议案》，上述议案尚需提交公司股东大会审议。 二、2024 年度利润分配预案的基本情况 经天健会计师事务所（特殊普通合伙）审计，公司（母公司）2024 年度实现 净利润 141,980.11 万元。根据《公司法》、《企业会计准则》及《公司章程》等 规定，公司拟按照 2024 年度实现净利润的 10%提取法定盈余公积 14,198.01 万 元，加上以前年度剩余可供分配利润为 560,092.80 万元，扣除 2024 年用于现金 股利分配 71,668.70 万元，实际可供股东分配的利润为 6 ...

Core Viewpoint - The Chinese laser rangefinder industry is characterized by a diverse competitive landscape, with major players including large measurement instrument manufacturers, OEM companies, and specialized lidar manufacturers, driven by the growing demand for lidar in smart vehicles [1][6][12]. Group 1: Types of Competitors - The Chinese laser rangefinder industry consists of three main types of companies: large measurement instrument manufacturers, OEM companies, and specialized lidar manufacturers [1][3]. - Large measurement instrument manufacturers, such as JiuZhiYang and LaiSai Laser, focus on R&D and production of laser rangefinders and have a diverse business portfolio [3]. - OEM companies primarily engage in the processing and production of non-core components, exemplified by DanYang XieGuang Technology [3]. - Specialized lidar manufacturers, like SuTeng JuChuang and HeSai Technology, concentrate on producing new lidar products [3]. Group 2: Leading Companies - The Chinese laser rangefinder industry can be categorized into three tiers: - The first tier includes listed companies like JiuZhiYang, JuXing Technology, LaiSai Laser, and YouLiDe, which have rich industry experience and strong brand advantages [6]. - The second tier consists of competitive enterprises, including specialized small giants and pre-listed companies, such as MaiCe Technology and LeiShen Intelligent, which possess significant technical accumulation [6]. - The third tier comprises small and medium-sized enterprises and new entrants [6]. Group 3: Market Concentration - As of January 2025, there are over 300 major laser rangefinder-related companies in China, with Guangdong province having the highest number, exceeding 90 [8]. - The market concentration in the laser rangefinder industry is moderate, with a CR3 of 53% and a CR5 of 63% [8]. Group 4: Market Share and Competition - In 2023, leading companies like JuXing Technology, JiuZhiYang, and YouLiDe collectively held a market share of no more than 25%, indicating a relatively fragmented market [10]. - The competitive landscape is intense, with numerous suppliers and established international brands like Bosch and Leica maintaining a leading position in the market [13]. Group 5: Business Strategies - Among listed companies, there is a noticeable divergence in market strategies: JiuZhiYang and LaiSai Laser focus on the domestic market, while JuXing Technology primarily targets international markets [12]. - LaiSai Laser leads in the business layout of laser rangefinders among listed companies, while other firms like JiuZhiYang and JuXing Technology treat laser rangefinder business as a supplementary segment [12].

Core Viewpoint - The newly revised financial delisting indicators have effectively identified a number of main board companies with net profit losses and revenue below 300 million yuan, highlighting their weak operational sustainability and leading to delisting risk warnings for some companies [1][4]. Group 1: Financial Delisting Indicators - A total of 48 main board companies have triggered the new financial delisting indicators as of April 29, with industries such as social services, machinery, and textiles being the most affected [1]. - The new rules have raised the revenue threshold for delisting from 100 million yuan to 300 million yuan, directly impacting companies like Aiai Precision Engineering, which has struggled with revenue below the new threshold [2][4]. Group 2: Company Performance and Risks - Aiai Precision Engineering has reported continuous revenue below 300 million yuan since its listing in 2017, with a net profit loss of 8.8461 million yuan in 2024 due to poor operational performance and asset impairment [2]. - Other companies such as Weitai, Xingguang Co., and Sitong Co. have also faced delisting warnings due to similar financial issues, indicating a broader trend among underperforming firms [2][4]. Group 3: Regulatory Impact - The new delisting regulations are expected to accelerate the elimination of "shell" companies, thereby improving the overall quality of listed companies on the main board [1][4]. - Companies like *ST Longjin have been warned of delisting due to continuous losses and revenue below 100 million yuan, reflecting the stringent enforcement of the new rules [4]. Group 4: Broader Market Implications - The tightening of delisting criteria is seen as a mechanism to redirect capital towards more stable and profitable companies, enhancing the overall market quality [5][6]. - The regulatory framework aims to create a balanced and orderly exit for underperforming companies, facilitating a shift of resources towards high-quality enterprises [5][6].