Financial Performance - The company's revenue for Q1 2025 was ¥3,656,152,858.21, representing a 10.59% increase compared to ¥3,306,076,731.31 in the same period last year[5] - Net profit attributable to shareholders was ¥460,716,041.98, up 11.44% from ¥413,430,234.37 year-on-year[5] - Basic and diluted earnings per share increased by 11.44% to ¥0.3857 from ¥0.3461 in the same period last year[5] - Net profit for the current period was ¥482,365,511.63, representing a growth of 12.69% from ¥427,821,090.06 in the previous period[19] - The total comprehensive income for the current period was ¥522,528,546.63, compared to ¥427,789,121.26 in the previous period, reflecting a growth of 22.14%[19] - The total comprehensive income attributable to the parent company was approximately ¥500.82 million, an increase from ¥413.61 million in the previous period, representing a growth of about 21.1%[20] Cash Flow - The net cash flow from operating activities surged by 225.47% to ¥548,052,938.23, compared to ¥168,387,520.85 in the previous year[5] - Cash inflow from operating activities totaled approximately ¥3.99 billion, up from ¥3.07 billion, marking an increase of about 29.8%[20] - Cash inflow from investment activities was approximately ¥2.52 billion, compared to ¥93.04 million in the previous period, representing a substantial increase[21] - Cash outflow for purchasing goods and services was approximately ¥2.31 billion, compared to ¥1.92 billion in the previous period, indicating a rise of about 20.9%[21] - Cash inflow from financing activities was approximately ¥585.02 million, down from ¥1.10 billion in the previous period, indicating a decrease of about 46.8%[21] Assets and Liabilities - Total assets decreased by 4.18% to ¥22,138,770,566.73 from ¥23,104,639,375.15 at the end of the previous year[5] - Total liabilities decreased to ¥5,023,498,850.14, down 22.93% from ¥6,519,100,418.39 in the previous period[17] - The company's equity increased to ¥17,115,271,716.59, up 3.21% from ¥16,585,538,956.76 in the previous period[17] - The company's cash and cash equivalents decreased to ¥5,682,847,511.28 from ¥6,852,110,987.40, a decline of approximately 17.0%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 44,150[11] - The largest shareholder, Giant Star Holdings Group Co., Ltd., holds 38.82% of shares, totaling 463,739,864 shares[11] Operational Challenges - The company faced challenges in production capacity, particularly in Southeast Asia, impacting sales revenue[12] - The company conducted asset impairment and provisions in the first quarter, affecting net profit[13] - The company is actively responding to risks associated with changes in U.S. tariffs, which have impacted product delivery[13] Other Financial Metrics - Research and development expenses for the current period were ¥81,226,335.90, an increase of 19.21% compared to ¥68,124,327.51 in the previous period[18] - The company reported an investment income of ¥102,881,724.01, which is a slight increase from ¥98,979,392.50 in the previous period[19] - The company reported a significant increase in cash received from sales, totaling ¥3,674,777,200.22, a 30.78% rise from ¥2,809,809,283.89[9] - Cash flow from investment activities saw a dramatic increase of 3245.33%, reaching ¥2,509,000,000.00 compared to ¥75,000,000.00 in the previous year[9] - The company experienced a 900.42% increase in cash paid for debt repayment, amounting to ¥647,303,306.95, compared to ¥160,650,415.45 last year[9] - The company reported a 1330.08% increase in asset impairment losses, totaling ¥54,035,522.00, compared to ¥3,778,494.29 in the previous year[9]

证券代码：002444 证券简称：巨星科技 杭州巨星科技股份有限公司投资者关系活动记录表 编号：[2025 年]第 002 号 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ■业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及 | 通过价值在线网站或小程序参与公司 2024 年度网上业绩 | | 人员姓名 | 说明会的投资者 | | 时间 | 2025 年 4 月 25 日 15:00-17:00 | | 地点 | 线上交流 | | 上市公司接待人 | 董事长仇建平先生、独立董事王刚先生、财务总监倪淑一女士、 | | 员姓名 | 公司副总裁兼董事会秘书周思远先生. | | | 1、问：高管您好。请问贵公司本期财务报告中，盈利表现如 | | | 何？谢谢。 | | | 答：尊敬的投资者您好，公司已披露 2024 年年度报告，2024 | | | 年，公司实现营业收入 1,479,545.33 万元，同比增长 35.37%， | | | 归属于上市公司股东的净利润 230,362.4 ...

巨星科技发布年报，2024 年实现营收147.95 亿元（yoy+35.37%），归母净利23.04 亿元 （yoy+36.18%），扣非净利23.04 亿元（yoy+35.74%）。其中Q4 实现营收37.12 亿元（yoy+60.00%， qoq-15.31%），归母净利3.68 亿元（yoy+98.55%，qoq-50.36%），公司年报业绩超出我们预期主要系东 南亚产能瓶颈突破，公司跨境电商营收增速较快，带来营收增长超出预期（预期营收133.72 亿元，超出 预期10.6%；预期归母净利22.36 亿元，超出预期3%）。尽管短期海外关税波动或对企业出货造成一定 影响，但公司全球化的产能布局有望为公司提供较为稳定的供应能力，维持"买入"。 考虑到公司东南亚产能有望持续释放，产能效率有望提升，公司盈利能力有望持续优化。我们上调公司 25-26 年盈利预测，上调7.4%/12.4%归母净利润至28.68 亿、34.72 亿，并预测2027 年归母净利润为 41.89 亿元，对应EPS 分别为2.40、2.91、3.51 元。可比公司 25 年 Wind 一致预期 PE 均值为14 倍，考 虑到当前关税变化仍 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for investment returns over the next 6-12 months [6]. Core Insights - The company achieved a revenue of 14.795 billion yuan in 2024, representing a year-on-year growth of 35.4%, and a net profit attributable to shareholders of 2.304 billion yuan, up 36.2% year-on-year [2][3]. - The company benefits from a global supply chain advantage with 23 manufacturing bases, which supports capacity release to meet demand in the DIY market in Europe and the US [3]. - The company has successfully expanded its product categories, launching 1,937 new products with a research and development investment of 366 million yuan [3]. - The company's self-owned brands, such as WORKPRO, saw a revenue increase of 36% year-on-year [3]. - The company’s revenue from hand tools reached 10.069 billion yuan, up 40.5% year-on-year, while electric tools revenue was 1.438 billion yuan, growing 36.5% year-on-year [3]. - The company’s gross profit margin for 2024 was 32.0%, a slight increase of 0.2 percentage points year-on-year [2][3]. Revenue and Profit Forecast - The company’s revenue is projected to grow to 17.334 billion yuan in 2025, with a growth rate of 17.16%, and to 19.928 billion yuan in 2026, with a growth rate of 14.97% [5][10]. - The net profit attributable to shareholders is expected to reach 2.568 billion yuan in 2025 and 3.063 billion yuan in 2026, reflecting growth rates of 11.46% and 19.31% respectively [5][10]. Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected at 1.93 yuan, with a return on equity (ROE) of 14.04% [5][12]. - The company’s gross profit margin is expected to remain stable, with slight fluctuations projected for the coming years [12]. - The company’s asset-liability ratio is forecasted to be 28% in 2024, decreasing to 18% by 2027, indicating improving financial stability [12]. Market Position and Strategy - The company has a significant market presence in the Americas and Europe, with revenue shares of 63.4% and 24.6% respectively [4]. - The company’s OBM (Own Brand Manufacturer) and ODM (Original Design Manufacturer) business models account for 47.9% and 51.7% of revenue, with OBM showing higher growth potential [4]. - The company is focusing on expanding its overseas business, particularly in non-US regions, which is expected to drive future growth [4].

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 | �� | ...

3.风险提示：外汇衍生品业务的收益受汇率及利率波动影响，存在市场风险、 流动性风险、履约风险、客户违约风险等风险，敬请广大投资者注意投资风险。 一、开展外汇衍生品交易情况概述 证券代码：002444 证券简称：巨星科技 公告编号：2025-010 杭州巨星科技股份有限公司 关于开展 2025 年度外汇衍生品交易的公告 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。 重要内容提示： 1.为锁定成本、防范外汇市场风险，杭州巨星科技股份有限公司（以下简称 "公司"）拟开展外汇衍生品交易业务，任意时点交易余额不超过美元 80,000 万元（若涉及其他币种的折算成美元），在上述额度范围内可滚动实施。公司拟 开展的外汇衍生品主要包括远期、期货、掉期（互换）和期权等产品或者混合上 述产品特征的金融工具。 2. 公司于 2025 年 4 月 21 日召开第六届董事会第十二次会议，审议通过了 《关于开展 2025 年度外汇衍生品交易的议案》，该议案尚需提交公司股东大会 审议。 （一）开展外汇衍生品交易的目的和必要性 公司的主要产品以国际销售为主，国际销售业务收入占主营业务收入总 ...

1 杭州巨星科技股份有限公司内部控制规则落实自查表 杭州巨星科技股份有限公司内部控制规则落实自查表 证券代码：002444 证券简称：巨星科技 内部控制规则落实自查表 | 内部控制规则落实自查事项 | 是/否/不适用 | 说明 | | --- | --- | --- | | 一、内部审计和审计委员会运作 | | | | 1、内部审计部门负责人是否为专职，并由 | 是 | | | 审计委员会提名，董事会任免。 | | | | 2、公司是否设立独立于财务部门的内部审 | 是 | | | 计部门，是否配置专职内部审计人员。 | | | | 3、内部审计部门是否至少每季度向审计委 | 是 | | | 员会报告一次。 | | | | 4、内部审计部门是否至少每季度对如下事 | --- | --- | | 项进行一次检查： | | | | （1）募集资金的存放与使用 | 是 | | | （2）对外担保 | 是 | | | （3）关联交易 | 是 | | | （4）证券投资 | 不适用 | | | （5）风险投资 | 不适用 | | | （6）对外提供财务资助 | 是 | | | （7）购买和出售资产 | 是 | | | ...