Core Viewpoint - The company achieved significant growth in 2024, with revenue reaching 14.795 billion and net profit at 2.304 billion, reflecting year-on-year increases of 35.4% and 36.2% respectively [2][3] Financial Performance - In 2024, the company reported revenue of 14.795 billion, a year-on-year increase of 35.4% - The net profit attributable to shareholders was 2.304 billion, up 36.2% year-on-year - The company's gross profit margin for 2024 was 32.0%, an increase of 0.2 percentage points compared to the previous year [2][3] Quarterly Analysis - In Q4 2024, the company achieved revenue of 3.712 billion, a year-on-year increase of 60.0% but a quarter-on-quarter decrease of 15.3% - The net profit for Q4 was 368 million, showing a year-on-year increase of 98.6% but a quarter-on-quarter decrease of 50.4% [2][3] Growth Drivers - The company's growth was driven by several factors: 1. Global supply chain advantages with 23 manufacturing bases supporting capacity release to meet demand in the DIY market in Europe and America 2. Successful product category expansion with 3.66 billion invested in R&D, launching 1,937 new products, including mainstream 20V lithium battery power tools 3. Accelerated growth of proprietary brands, with revenue from brands like WORKPRO increasing by 36% year-on-year 4. Strong channel advantages through direct cross-border e-commerce, acquisitions of distribution channels in Europe and America, and establishing distribution channels in the Asia-Pacific region, with cross-border e-commerce revenue growth exceeding 45% [3] Product Performance - Revenue from hand tools reached 10.069 billion, a year-on-year increase of 40.5%, with a gross margin of 32.1% - Revenue from power tools was 1.438 billion, up 36.5% year-on-year, with a gross margin of 23.8% - Industrial tools revenue was 3.229 billion, reflecting a year-on-year growth of 22.1%, with a gross margin of 35.6% [3] Regional Performance - Revenue from the Americas and Europe accounted for 63.4% and 24.6% of total revenue, with corresponding gross margins of 31.0% and 35.2%, both showing year-on-year increases [4] Business Model Analysis - The company's OBM (Own Brand Manufacturing) and ODM (Original Design Manufacturing) business accounted for 47.9% and 51.7% of total revenue, with gross margins of 35.7% and 28.7% respectively - The OBM business showed slightly higher growth than the ODM business, indicating potential for continued improvement in overall gross margin as the OBM business expands [4]

Real Estate - In Q1, the land auction heat in key cities continues to rise, with the average transaction price of residential land in the core 30 cities increasing by 24% year-on-year [3] - The total area of residential land sold in 100 cities reached 41.97 million square meters, a year-on-year increase of 0.1%, with a floor price of 7,373 yuan per square meter, up 15.1% year-on-year [3] - The total area of residential land sold in 30 cities was 21.34 million square meters, a year-on-year increase of 16.1%, with a floor price of 13,080 yuan per square meter, up 24.1% year-on-year [3] - The overall premium rate for residential land transactions in the core 30 cities was 18.7%, an increase of 11.3 percentage points year-on-year [3] Machinery - In March, exports continued the growth trend from January, with notable performance in lawn mowers and sewing machines [3] - The export growth rates for tractors and mining machinery in March were 21% and 24% year-on-year, respectively [3] - Cumulative exports of electric tools and lawn mowers to North America from January to March increased by 20% and 30% year-on-year, respectively [3] - The export of industrial sewing machines increased by 47% year-on-year [3] China National Offshore Oil Corporation (CNOOC) - In Q1 2025, CNOOC reported a significant increase in drilling workload, with net profit attributable to shareholders rising by 39.6% year-on-year [4] - The total operating revenue for Q1 was 10.8 billion yuan, an increase of 6.4% year-on-year, but a decrease of 26.25% quarter-on-quarter [4] - The average price of Brent crude oil in Q1 was $74.98 per barrel, down 8.3% year-on-year but up 1.3% quarter-on-quarter [4] China Jushi - In Q1 2025, China Jushi's profit per ton for its roving yarn business improved sequentially, with sales maintaining rapid growth [5] - The profitability of the electronic cloth business increased significantly year-on-year, although it saw a slight decline quarter-on-quarter [5] - The core variable for the roving yarn industry in 2025 is the demand for wind power yarn, driven by rapid growth in new wind power installations [5] Aokrey - Aokrey's overseas market expansion showed significant results, with notable improvement in profitability in Q1 2025 [6] - The company reported a total operating revenue of 1.7 billion yuan in 2024, a decrease of 5.24% year-on-year, and a net profit of 170 million yuan, down 15.68% year-on-year [6] - In Q1 2025, the operating revenue was 243 million yuan, an increase of 0.58% year-on-year, and net profit was 52 million yuan, up 15.33% year-on-year [6] Giant Technology - In 2024, Giant Technology achieved a revenue of 14.795 billion yuan, a year-on-year increase of 35.4%, and a net profit of 2.304 billion yuan, up 36.2% year-on-year [7] - The company's net profit excluding non-recurring gains and losses was also 2.304 billion yuan, reflecting a growth of 35.7% year-on-year [7] - The gross profit margin for 2024 was 32.0%, an increase of 0.2 percentage points year-on-year [7] Sanhuan Group - Sanhuan Group reported steady growth in performance, with operating revenue of 7.375 billion yuan in 2024, up 28.78% year-on-year [8] - The net profit attributable to shareholders for 2024 was 2.19 billion yuan, an increase of 38.55% year-on-year [8] - In Q4 2024, the company achieved an operating revenue of 1.994 billion yuan, a year-on-year increase of 23.03% and a quarter-on-quarter increase of 2.09% [8]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 4月22 日 巨星科技发布 2024年年报 ， 2024年公司实现营收147.95亿元，同比+35.4%；实现归母净利润 23.04亿元，同比+36.2%；实现扣非归母净利润23.04亿元，同比+35.7%。2024年销售毛利率为32.0%，同 比+0.2pct。单季度来看，2024Q4公司实现营收37.12亿元，同比+60.0%，环比-15.3%；实现归母净利润 3.68亿元，同比+98.6%，环比-50.4%；实现扣非归母净利润3.71亿元，同比+146.5%，环比-48.9% 。 点评： 2024年业绩持续高增长，盈利能力稳步提升 2024年全球工具市场需求稳定，维修维护的需求明显回暖，公司业绩实现高增长主要受益 ...

Market Overview - On April 23, the Shanghai Composite Index decreased by 0.1%, while the CSI 300 rose by 0.08%. The STAR Market 50 fell by 0.35%, the CSI 1000 increased by 0.59%, and the ChiNext Index rose by 1.08%. The Hang Seng Index saw a gain of 2.37% [4] - The best-performing industries on April 23 were automotive (+3.21%), machinery equipment (+2.47%), telecommunications (+1.73%), electric power equipment (+1.18%), and electronics (+0.91%). The worst-performing industries included retail (-1.85%), agriculture, forestry, animal husbandry, and fishery (-1.39%), real estate (-1.38%), non-ferrous metals (-1.26%), and beauty care (-0.95%) [4] - The total trading volume for the entire A-share market on April 23 was 12,624.62 billion yuan, with net outflow of southbound funds amounting to 9.905 billion HKD [4] Important Recommendations Greenfield Machinery (605259) - The company is recognized as a hidden leader in high-pressure cleaning machines, with growth driven by the recovery of overseas non-US demand and an increase in market share [5] - Key points include: - Overseas demand and domestic market penetration rates for high-pressure cleaning machines have exceeded expectations [5] - Revenue projections for 2024-2026 are 2,092 million, 2,848 million, and 3,671 million yuan, with growth rates of 28.64%, 36.12%, and 28.88% respectively. Net profit is expected to be 193 million, 257 million, and 311 million yuan, with growth rates of 7.07%, 33.19%, and 21.21% [5] - Catalysts for growth include unexpected demand from Europe or emerging markets and the release of production capacity [5] Huichuan Technology (300124) - The company is positioned as a leader in industrial control, with its humanoid robot business opening new growth avenues [7] - Key points include: - The industrial control cycle is expected to recover, and the new energy vehicle business is entering a profit-contributing phase [7] - Revenue forecasts for 2024-2026 are 37,574 million, 45,456 million, and 54,600 million yuan, with growth rates of 24%, 21%, and 20% respectively. Net profit is projected to be 4,922 million, 5,827 million, and 6,928 million yuan, with growth rates of 4%, 18%, and 19% [8] - Catalysts for growth include the recovery of the manufacturing sector and accelerated commercialization of humanoid robots [8] Important Insights Giant Star Technology (002444) - The company has shown impressive operational quality, and its capacity restructuring is expected to lead to a new round of valuation reconstruction [9] - Investment opportunities include: - The comparative advantage of overseas capacity and the scarcity of resources in the tool industry, particularly in Southeast Asia [9] - Catalysts for growth include unexpected overseas capacity construction, easing trade tensions, and resilient end-demand [9]

Core Viewpoint - The overseas concept stocks experienced a significant rebound, with multiple stocks hitting the daily limit up, driven by the expectation of reduced tariffs on imports from China as indicated by U.S. President Trump's recent comments [1] Group 1: Stock Performance - Zhejiang Natural, Guotou Zhonglu, and Jianerkang stocks hit the daily limit up, while Xiangxin Home and several others, including Juxing Technology and Chuanfeng Power, saw gains exceeding 5% [1] Group 2: Market Drivers - President Trump acknowledged that the current tariffs on Chinese imports are too high and indicated that a substantial reduction in tax rates is expected [1]

尽管业绩表现出色，但公司应收账款上升至31.66亿元，同比增幅达50.66%，应收账款与利润的比例高 达137.45%，这可能暗示着潜在的回款风险。每股经营性现金流为1.46元，同比减少17.59%，表明公司 在营运资金管理和现金流周转方面面临一定压力。 近期巨星科技（002444）发布2024年年报，证券之星财报模型分析如下： 经营业绩显著增长 根据巨星科技发布的2024年年报，公司在报告期内实现了显著的增长。营业总收入达到147.95亿元，同 比上升35.37%；归母净利润为23.04亿元，同比上升36.18%；扣非净利润同样为23.04亿元，同比上升 35.74%。尤其值得注意的是，第四季度的表现尤为突出，营业总收入为37.12亿元，同比上升60.0%；归 母净利润为3.68亿元，同比上升98.55%；扣非净利润为3.71亿元，同比上升146.49%。 盈利能力和成本控制 公司盈利能力保持稳健，毛利率为32.01%，同比增加0.67%；净利率为15.99%，同比增加3.13%。销售 费用、管理费用、财务费用总计17.62亿元，三费占营收比为11.91%，同比下降8.35%，显示出公司在成 本控制方面的成 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 巨星科技(002444) ODM 业务持续扩张，OBM 收入占比提升。1）ODM 业务：2024 年实现营 业收入 76.45 亿元，同比增长 35.30%。公司持续提高渠道客户粘性，绑定 下游大客户家得宝、劳氏，前五大客户收入占比 48.73%，并不断依托大客 户拓展新品类并加快全球化布局。2）OBM 业务：2024 年实现营业收入 70.90 亿元，同比增长 35.97%，收入占比提升至 47.92%。公司积极执行品牌战 略扩大 DTC 业务规模，以市场反馈促进产品创新，持续扩大市场份额，自 有品牌销售收入快速增长。 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com 龚轶之 新消费行业分析师 执业编号：S1500525030005 邮 箱：gongyizhi@cindasc.com 王锐 机械行业首席分析师 执业编号：S1500523080006 邮 箱：wan ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 巨星科技(002444) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com 龚轶之 新消费行业分析师 执业编号：S1500525030005 邮 箱：gongyizhi@cindasc.com 王锐 机械行业首席分析师 执业编号：S1500523080006 邮 箱：wangrui@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 巨星科技：自主品牌高增，加速全球化布局 [Table_ReportDate] 2025 年 04 月 22 日 [Table_S 事件：巨星科技发布 ummary] 2024 年年度报告。2024 年公司实现收入 147.95 亿元 （同比+35.4%），归母净利润 23.04 亿元（同比+36. ...

Hangzhou GreatStar Industrial Co., Ltd. | About This Report | 02 | | --- | --- | | Message from the Chairman | 04 | | About Us | 06 | | ESG Management | 12 | 2024 Environmental, Social and Governance Report | Corporate Governance | �� | | --- | --- | | Investor Relations Management | �� | | Compliance Risk Control and Responsible Business | �� | | Environmental Compliance Management | �� | | --- | --- | | Energy Utilization | �� | | Water Resources Utilization | �� | | Pollutants and Waste Treatment | �� | ...

分产品来看，去年，手工具业务收入为100.69亿元，同比增长40.46%；电动工具业务收入为14.38亿 元，同比增长36.53%；工业工具业务收入为32.28亿元，同比增长22.14%。 手工具方面，去年巨星科技以品牌和产品驱动业务发展，跨境电商业务保持45%以上的增速。继续拓展 全球经销商网络，助力非美地区尤其是共建"一带一路"自有品牌的发展，自有品牌的迅猛发展带动公司 盈利能力继续提升。另外，公司针对市场需求开发了针对非美地区的全新系列产品，完善现有产品系 列，取得客户新订单；东南亚产能的投放提升了公司的产能天花板，帮助公司更好满足客户的订单需 求。 年报显示，经过近10年的努力，巨星科技已经建立了行业内完善的全球化生产和供应链管理体系，与全 球数千家供应商建立了良好的合作关系，确保公司不局限于任何单一国家和自身产能。 4月21日晚，巨星科技（002444）发布2024年年报。公司去年实现营业收入147.95亿元，同比增长 35.37%；实现归母净利润23.04亿元，同比增长36.18%，扣非净利润23.04亿元,同比增长35.74%。 总部位于浙江杭州的巨星科技，主要产品包括手工具、电动工具及工业工具 ...