Investment Rating - The investment rating for the home appliance industry is "Strongly Recommended" for key companies such as Midea Group, Gree Electric Appliances, Hisense Home Appliances, Supor, and others [2]. Core Insights - The recent trade agreement between the US and Vietnam is expected to benefit companies with production capacity in Vietnam, as tariffs on Vietnamese exports to the US have significantly decreased from 46% to 20% [1]. - The US labor market data indicates a mixed outlook, with a decrease in ADP employment numbers and a slight drop in the unemployment rate, which may increase the probability of a rate cut by the Federal Reserve in September [1]. Industry Scale - The home appliance industry consists of 88 listed companies, with a total market capitalization of 1,835.5 billion and a circulating market capitalization of 1,748.9 billion [3]. Key Company Financials - Midea Group: Market Cap 563.3 billion, 2024 EPS 5.03, 2025 EPS 5.61, 2025 PE 13.1, PB 2.5, Investment Rating: Strongly Recommended [2]. - Gree Electric Appliances: Market Cap 261.8 billion, 2024 EPS 5.75, 2025 EPS 6.25, 2025 PE 7.5, PB 1.8, Investment Rating: Strongly Recommended [2]. - Hisense Home Appliances: Market Cap 36.5 billion, 2024 EPS 2.42, 2025 EPS 2.71, 2025 PE 9.7, PB 2.2, Investment Rating: Strongly Recommended [2]. - Supor: Market Cap 42.0 billion, 2024 EPS 2.80, 2025 EPS 3.03, 2025 PE 17.3, PB 6.1, Investment Rating: Strongly Recommended [2]. - Other companies such as Zhaochi Co., Juxing Technology, and Stone Technology also received a "Strongly Recommended" rating [2]. Market Performance - The absolute performance of the home appliance sector over 1 month, 6 months, and 12 months is 4.9%, 10.1%, and 30.3% respectively, indicating a strong upward trend [5]. - The relative performance against the benchmark index (CSI 300) is 2.0%, 4.6%, and 14.8% for the same periods [5]. Supply Chain and Production Insights - Major appliance manufacturers like Hisense and TCL are primarily sourcing from Mexico and Vietnam, mitigating tariff impacts [6]. - The shift in TV imports to the US shows that Vietnam's share has increased to 36%, while China's has decreased to 5% [8]. - Companies in the smart home sector, such as Stone Technology, are also benefiting from reduced uncertainties in supply chains due to the Vietnam agreement [6]. Future Outlook - The anticipated rate cut by the Federal Reserve is expected to boost demand in the tools market, with a 66% probability of a 25 basis point cut in September [9][10]. - Companies are advised to focus on production in Vietnam to meet local origin requirements and capitalize on the upcoming peak season for orders [6].

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

Group 1 - The company, Hangzhou Juxing Technology Co., Ltd., announced that its Vice Chairman and President, Ms. Chi Xiaoheng, plans to reduce her holdings by up to 182,000 shares, representing 0.02% of the total share capital, within three months after 15 trading days from the announcement date [1][3] - Mr. Li Zheng, a director and Vice President of the company, intends to reduce his holdings by up to 169,000 shares, also representing 0.01% of the total share capital, under the same timeline [1][3] - Both shareholders hold a small percentage of the company's total shares, with Ms. Chi holding 729,950 shares (0.06%) and Mr. Li holding 676,470 shares (0.06%) as of the announcement date [1][2] Group 2 - The reduction plans are consistent with previously disclosed intentions and commitments by Ms. Chi and Mr. Li [3] - The company confirms that the shareholders are not the controlling shareholders or actual controllers, and the reduction will not lead to a change in control or affect the company's governance structure [3][4] - The specific timing, price, and quantity of the planned reductions are subject to uncertainty, and the company will monitor compliance with relevant regulations [4]

Group 1 - The company, Juxing Technology (002444), announced that board member Chi Xiaoheng plans to reduce his holdings by no more than 182,000 shares, accounting for 0.02% of the total share capital, within three months after 15 trading days from the announcement date [1] - Board member Li Zheng also plans to reduce his holdings by no more than 169,000 shares, which represents 0.01% of the total share capital [1] - The reason for the reduction in holdings by both board members is personal financial needs [1]

证券代码：002444 证券简称：巨星科技 公告编号：2025-030 杭州巨星科技股份有限公司 关于公司董事减持股份的预披露公告 公司董事池晓蘅女士、李政先生保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 （一）股东名称：公司副董事长、总裁池晓蘅女士，公司董事、副总裁李政 先生。 （二）股东持有股份的总数量、占公司总股本的比例： 截至本公告披露日，池晓蘅女士直接持有本公司股份729,950股，占本公司 总股本比例为0.06%；李政先生直接持有本公司股份676,470股，占本公司总股本 比例为0.06%。 二、本次减持计划的主要内容 （一）本次减持计划的具体安排： 特别提示： 持有杭州巨星科技股份有限公司（以下简称"本公司"、"公司"）股份729,950 股（占本公司总股本比例为0.06%）的公司副董事长、总裁池晓蘅女士计划在本 公告披露之日起15个交易日后的3个月内以集中竞价方式减持本公司股份合计不 超过182,000股（占本公司总股本比例为0.02%）。 持有公司股份676,470股（占本公司总股本比例 ...

巨星科技 20250703 越南与美国达成贸易协议对巨星科技有何影响？ 越南与美国达成贸易协议，对巨星科技产生了积极影响。根据 7 月 2 日特朗普 宣布的协议内容，越南对美国出口商品征收 20%的关税，而转运商品则征收 40%的关税。同时，越南可能向美国开放零关税市场准入。这一协议对整个出 口链是一个利好消息，因为它消除了不确定性，有助于具有全球竞争力的出海 型企业提升盈利能力和优化竞争格局。巨星科技由于在东南亚特别是越南有较 多产能布局，将显著受益于这一变化。 巨星科技未来业绩增长预期如何？ 从长期来看，巨星科技未来业绩增长预期乐观。一方面，公司在东南亚尤其是 越南的产能布局使其能够有效应对新的关税政策，并提升市场份额；另一方面， 公司估值目前约为 11 倍，中长期估值可能回归至 15 倍以上。此外，公司不仅 可以通过业绩增长获利，还可以通过估值提升获利。因此，对于大型机构投资 者而言，目前是一个良好的投资时机。 摘要 越南与美国贸易协议对巨星科技构成利好，消除了不确定性，利于公司 优化全球产能分布，尤其受益于其在越南的产能布局，提升盈利能力。 巨星科技长期业绩增长预期乐观，受益于东南亚产能布局应对关税政 ...

Core Viewpoint - The stability of the supply chain is crucial for the success of companies going global, and enhancing supply chain resilience has become a new engine for growth [1][2]. Group 1: Supply Chain Challenges - Global supply chain instability is increasingly affecting cross-border businesses, making timely delivery to consumers a significant challenge [2]. - Companies like PHOMEMO and Giant Star Technology have experienced operational difficulties due to logistics issues, leading to increased costs and unstable delivery times [4][9]. - The traditional logistics network is inadequate for the demands of cross-border e-commerce, necessitating an integrated smart logistics network for optimal fulfillment [1]. Group 2: Success Stories - PHOMEMO improved its conversion rate from 10% to 20% and doubled its revenue by utilizing Amazon's FBA logistics service, which provided better delivery time visibility to consumers [4][6]. - Giant Star Technology's revenue grew from 6.63 billion yuan in 2019 to 14.795 billion yuan in 2024, largely due to brand building and resilient supply chain capabilities [9]. - Happy Jump leveraged Amazon's logistics network to enter new markets, achieving same-day delivery in major Australian cities, which provided a competitive advantage [12]. Group 3: Logistics Efficiency - The last-mile delivery is critical in the supply chain, and Amazon's FBA service excels in this area, achieving over 96% next-day delivery efficiency in the U.S. market [13]. - Companies like倍思奇 have successfully integrated AGL, AWD, and FBA services to enhance logistics efficiency and reduce costs [15]. - TAILI utilized Amazon's FBA and AWD services to manage inventory effectively, resulting in significant cost reductions and explosive growth in new markets [24]. Group 4: Strategies for New Entrants - New companies entering the global market should focus on product testing and utilize Amazon's logistics tools to ensure timely delivery and positive consumer feedback [28][31]. - It is recommended to prioritize FBA over FBM for shipping to enhance conversion rates and customer satisfaction [33][34]. - Companies should prepare for peak sales seasons by accurately forecasting demand and managing inventory to avoid stockouts or excess inventory [21][19]. Group 5: Long-term Outlook - Building a resilient supply chain is essential for companies to navigate uncertainties and achieve sustainable growth in international markets [36]. - Companies are encouraged to collaborate with third-party logistics providers like Amazon to optimize operational costs and improve service quality [27].

Summary of Conference Call on Machinery Export Chain Industry Overview - The conference call focuses on the machinery export chain industry, particularly in the context of U.S.-China relations and global tariff negotiations [1][4]. Key Points and Arguments - **U.S. Economic Data**: Recent U.S. economic data, including GDP revisions and inflation rates, have created a stable outlook for the machinery export chain. The anticipated impact of tariffs has not yet materialized, contributing to a positive market sentiment [2][3]. - **Tariff Impact**: Companies are managing tariff pressures through overseas manufacturing and price increases. End customers are generally accepting of slight price hikes, indicating a resilient demand linked to U.S. home repair and renovation [1][6]. - **Optimism in Market**: The easing of U.S.-China relations and favorable global tariff negotiations have led to increased investor optimism, resulting in a rebound in stock prices for machinery export chain companies [2][4]. - **Performance Discrepancy**: Consumer goods have returned to pre-tariff highs due to stronger performance certainty, while machinery companies face uncertainties in profit margins and demand stability, particularly in the B2B sector [5]. - **Global Manufacturing Expansion**: The acceleration of global manufacturing capacity is expected to drive economic growth, with countries seeking to benefit from this trend, leading to increased wages and consumer demand locally [8]. - **Competitive Advantage of Giants Technology**: Giants Technology is positioned favorably due to its global production layout, particularly in low-cost regions like China and Southeast Asia, allowing it to mitigate risks associated with tariffs [7]. - **Emerging Market Dynamics**: Chinese products are seen as valuable tools for developing countries, with purchasing decisions based more on product value and cost-effectiveness rather than origin [10]. - **Future Growth Areas**: The machinery sector is expected to see growth in industrial control products, equipment components, and one-stop procurement models, with injection molding machines and forklifts showing the fastest response [11][12]. Additional Important Insights - **Investment Opportunities**: Other companies worth monitoring include TaoTao, Yindu, Dingli, Quanfeng, Honghua Digital Technology, and Jack, each demonstrating unique strengths in navigating tariff challenges [9]. - **Long-term Global Positioning**: Chinese manufacturers are likely to become global leaders in various sectors, leveraging their competitive advantages in cost and product quality [12][13].

Summary of the Conference Call for Giant Technology Company Overview - **Company**: Giant Technology - **Industry**: Mechanical and Consumer Goods Key Points and Arguments Expansion and Production Capacity - Giant Technology is establishing production bases in Thailand, Cambodia, and Vietnam, with plans to expand to Malaysia to avoid US tariffs and increase downstream customer share switching. By 2027, Southeast Asia's production capacity is expected to grow significantly, enhancing future growth certainty [2][5] Impact of US Real Estate Market - The current low sales of second-hand homes in the US indicate a high probability of stabilizing or even increasing demand. For low-value consumables, price increases have minimal impact on purchasing behavior, supporting the performance growth of Giant Technology [2][6] Price Adjustments and Demand - Price adjustments made in April and May did not significantly affect terminal demand. Downstream customers are switching capacities to companies like Giant Technology, allowing for independent revenue growth from industry beta fluctuations [2][8] Tariff Policy and Market Conditions - The clarity of Trump's tariff policy suggests that overseas market tax rates may not exceed 25%, keeping terminal price increases manageable. The annual CPI increase of 2-3% for consumer goods indicates that a 10% price increase for low-value products is acceptable, thus limiting concerns over overall demand [2][9] Performance and Future Growth - Despite the impact of high tariffs in April and May, Giant Technology still achieved year-on-year revenue growth in Q2. The company is expected to enter a profit release period in Q3 and Q4 of 2025, with strong performance certainty for 2025 and 2026 [4][11] Competitive Advantage through Global Diversification - The global diversification of production bases allows Giant Technology to meet the diverse supply chain needs of customers while reducing cost pressures and increasing profitability. The planned significant growth in Southeast Asia's production capacity by 2027 further solidifies its competitive position [7][12] Investor Sentiment and Market Outlook - Investors are not overly concerned about price increases affecting consumer behavior, as evidenced by stable demand in the US market. The company’s ability to adapt to tariff impacts and demand changes presents a favorable opportunity for growth [8][10] Additional Important Insights - The mechanical industry leaders are underperforming compared to consumer goods companies due to uncertainties related to tariff impacts on performance predictability. In contrast, consumer goods companies exhibit stronger performance certainty due to differing product and industry cycles [3]

Summary of Key Points from the Conference Call on Giant Star Technology Company Overview - **Company**: Giant Star Technology - **Industry**: Hand Tools and Manufacturing Core Insights and Arguments - **Market Share Growth**: Giant Star Technology has consistently increased its market share during the trade war, benefiting from low price elasticity of demand for hand tools and production capacity advantages. The easing of tariff conflicts and the intensification of technology wars serve as favorable catalysts for long-term growth potential [2][5][8]. - **Stock Price Reaction**: The stock price of Giant Star Technology has experienced significant declines, attributed to market concerns over its high exposure to the U.S. market and its role as an export bellwether. However, the company's fundamentals remain robust, indicating that the tariff impacts have been overreacted [2][11][7]. - **Response to Tariffs**: Historical experience from 2018-2019 shows that Giant Star Technology can quickly restore profitability in response to tariffs. The company has improved its response strategies, including overseas factory setups and supply chain management, minimizing the impact of tariffs on its fundamentals [9][10]. - **U.S. Market Projections**: It is anticipated that Giant Star Technology's revenue in the U.S. market will grow to $1.5-1.6 billion by 2025, driven by the release of capacity from new projects in Southeast Asia and ongoing investments in capacity expansion [2][14]. Additional Important Insights - **Demand Resilience**: The impact of terminal price increases on tool consumption demand is limited. Despite a downturn in the U.S. real estate market, strong maintenance demand for aging homes mitigates the negative effects on tool consumption [2][16][17]. - **Channel Trends**: The sales channels expect a trend of low growth in the first half of the year followed by stronger growth later, supported by robust maintenance demand due to aging homes and potential release of delayed home improvement demand from interest rate cuts [3][18]. - **Competitive Landscape**: The U.S. hand tools import market is dominated by Mainland China and Taiwan, accounting for over 50% of imports. Giant Star Technology plans to increase its U.S. procurement while reducing reliance on single-country imports, positioning itself to capture more market share [12][13]. - **Future Growth Catalysts**: The company is expected to see significant growth in 2025, with Q2 and Q3 showing strong support due to optimistic channel conditions. Despite potential currency exchange impacts on profit growth, overall revenue growth remains promising [19]. Conclusion Giant Star Technology is positioned favorably within the hand tools industry, with strong fundamentals, strategic responses to market challenges, and a clear path for revenue growth in the coming years. The company's proactive measures in capacity expansion and market adaptation are likely to enhance its competitive edge and market share.