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 ...

2024 年度 环境、社会和公司治理报告 杭州巨星科技股份有限公司 Hangzhou GreatStar Industrial Co.,Ltd. 二、环境管理： 绿色先行,共筑生态未来 股票代码：������ 目录 | 关于本报告 | 02 | | --- | --- | | 董事长致辞 | 04 | | 关于我们 | 06 | | ESG管理 | 10 | 一、合规治理： 合规精进，引领治理新篇 | 公司治理 | 14 | | --- | --- | | 投资者关系管理 | 15 | | 合规风控与负责任商业 | 7 | | 环境合规管理 | 22 | | --- | --- | | 能源利用 | 25 | | 水资源利用 | 30 | | 污废处理 | 32 | | 应对气候变化 | 38 | | 绿色运营 | 41 | 三、产业共进： 创新驱动 行业合作 产品质量 供应链安全 G 数据安全 四、社会发展： 员工权益 培训发展 健康安全 社会贡献 精益求精，链接产业发展 | 44 | | | --- | --- | | 46 | | | 49 | | | 52 | 全 | | 54 | | 以人为本,传递 ...