公司在全球也能排到前三名的水平,也是在降息的预期下会比较明显和率先受益的标的之一。今天我们的汇报主要是分为几个部分,首先是介绍一下公司整体的概况,然后是关于行业的介绍,还有就是关于公司部分的介绍。 首先我们看一下公司过去的发展历程其实公司发展历程的话我们觉得大致可以分为三个阶段一个就是公司主要是做ODM代工起家的这个是08年之前就属于起步阶段那么再就是09年到16年之间这个是内生和增长和外延并购同时发展的一个阶段同时也是公司自身品牌的发展的一个奠基的一个阶段 第三个阶段就是从17年之后公司开始了大规模的并购然后在收入方面和利润方面也是开始了快速增长这个在1993年的时候是公司成立然后做代工起家的然后从19年开始公司创立了第一个全品类的就是综合性的工业品牌WorkPro这个是公司的目前的自由品牌那么在2010年上市之后的话公司又创立了工业级的工业品牌是自由的然后并且又 在并购的同时,又说过了GoBlight以及Alibiet这些品牌,在并购的同时,也逐渐地开始从ODM开始逐渐地往OBM,发展自由品牌方面开始转型。那么这个是初期的发展原则,其实现在来看,我们看去年公司OBM的占比其实已经超过了ODM的占比,但这个 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The discussion revolves around trade policies affecting multiple countries, particularly China and the European Union. Core Points and Arguments - There is an intention to increase tariffs on China by 60% to 100% [1] - Additionally, a 10% tariff is planned for other countries, with a specific emphasis on Europe [1] Other Important but Possibly Overlooked Content - The speaker highlights the perceived threats posed by these tariff increases, indicating a broader impact on international trade dynamics [1]

巨星科技 20240714_原文 2024 年 07 月 14 日 23:25 发言人 00:00 本次电话会议仅服务于长江证券研究所白名单客户。未经长江证券事先书面许可,任何机构或个人不得以 任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容,否则,由此造成的一切后果及法 律责任由该机构或个人承担。长江证券保留追究其法律责任的权利。 发言人 00:34 各位投资者大家晚上好,我是长江证券机械行业分析师李瑞。接下来是我这边来由我这边来汇报一下,关 于巨星科技的这样一个总的一个最新的观点。然后这次的这样一个题目,这次会议的标题是美国降息将至 因为这个手工去龙头已经向上周期。那其实美国这边降息客观来说是我们已经在差不多是在应该说是期待 了一个很长时间的这样一个事情。而且应该说对于这个巨星科技,它的一个核心的逻辑之一,作为一个核 心的逻辑之一,这个也是讲了很长时间了。那么随着上周就是最新的美国的最新的 CPI,包括其他一就像其 他一些数据的这样一个组链数据的这样一个陆续的这样一个出来,我们可以说美国的这个降息应该说是越 来越近了。然后对于巨星科技来说,它后续的这样一个周期也有望是迎来一确也有望是迎来一个 ...

Summary of Conference Call Company or Industry Involved - The conference call pertains to Changjiang Securities Research Institute Core Points and Arguments - The conference call is exclusively for whitelist clients of Changjiang Securities Research Institute [1] - Any institution or individual is prohibited from disclosing, copying, publishing, or forwarding the content of this meeting without prior written permission from Changjiang Securities [1] - Changjiang Securities reserves the right to pursue legal responsibility for any consequences arising from unauthorized actions [1] Other Important but Possibly Overlooked Content - The document emphasizes the legal implications and responsibilities associated with the unauthorized dissemination of the conference call content [1]

Summary of Conference Call Company or Industry Involved - The conference call pertains to Changjiang Securities Research Institute Core Points and Arguments - The conference call is exclusively for whitelist clients of Changjiang Securities Research Institute [1] - Any institution or individual is prohibited from disclosing, copying, publishing, or forwarding the content of this meeting without prior written permission from Changjiang Securities [1] - Changjiang Securities reserves the right to pursue legal responsibility for any consequences arising from unauthorized actions [1] Other Important but Possibly Overlooked Content - The document emphasizes the legal implications and responsibilities associated with the unauthorized dissemination of the conference call content [1]

Investment Rating - The report maintains a "Buy" rating for Giant Tech (002444 SZ) with a target price of 30 64 yuan per share, based on a 16x PE multiple for 2024 [1][3] Core Views - Giant Tech's H1 2024 net profit is expected to reach 1 09-1 18 billion yuan, a 25%-35% YoY increase, with Q2 2024 net profit growing 26 4% YoY [1] - The US inventory destocking phase has ended, leading to a recovery in tool market demand, as evidenced by Home Depot's Q1 2024 inventory decreasing by 12% YoY [1] - The company has expanded its product portfolio from hand tools to power tools and laser instruments, with revenue share increasing from 18% in 2021 to 26% in 2023 [1] - Giant Tech's self-branded products now account for nearly 50% of revenue, up from less than 10% in 2016, significantly improving profitability [1] - The company has established 3 Southeast Asian, 5 European, and 3 US production bases, with Southeast Asian facilities contributing to improved profitability in H1 2024 [1] Financial Projections - Revenue is projected to grow from 12 61 billion yuan in 2022 to 22 51 billion yuan in 2026, with a 34 7% YoY increase expected in 2024 [2] - Net profit is forecasted to increase from 1 42 billion yuan in 2022 to 3 34 billion yuan in 2026, with a 36 1% YoY growth in 2024 [2] - EPS is expected to rise from 1 24 yuan in 2022 to 2 78 yuan in 2026 [2] - ROE is projected to improve from 10 6% in 2022 to 14 3% in 2026 [2] Operational Highlights - The company's gross margin improved from 26 5% in 2022 to 31 8% in 2023, with a stable margin of around 31% projected for 2024-2026 [8] - Inventory turnover ratio is expected to increase from 4 48 in 2022 to 6 37 in 2024, indicating improved operational efficiency [8] - The current ratio is projected to improve from 2 75 in 2022 to 3 34 in 2026, reflecting stronger liquidity [8] Industry Context - The US core CPI increased by 3 4% YoY in May 2024, showing marginal easing of inflationary pressures [1] - US retailer inventory grew by 4 8% YoY in April 2024, indicating a recovery in demand [1]

第三个是关于这个产品品类变更 这里的话就有公司提出啊就在24年会考虑把这个整个产品品类划分为手工具工业设备和电动工具的三大品类这里呢这个电动工具呢和区别于以前的动力工具可能会把那个工业的部分就摘出来更贴合市场上对于就是我们这种消费级电动工具的一个理解 呃那我们来看的话就测算一下的话就去年23年如果单看这个电动工具新的这个分类大概占8.66%呃那基本上对应的就是9.5个亿左右9.5个亿左右然后像 如果换算成美元就是如果在美元的话大概接近一点一点三亿美元以上这个样子然后公司也提出啊就是现在就是占比8%的这个新提出来的这个电动工具然后基本上从今年开始就二十年开始可以提供一个整体收入10%的一个增长整体收入10%一个增长那其实我们通过这个来测算的话 去年9.51左右 今年的话就接近20亿20亿那整个就你按它的收入10%增长来算它的这个增量再加上去年大概20亿那整个今年就这个工具这一块电动工具这一块就有一个翻倍的增长翻倍增长那么算明年的话那接近就是34亿左右34亿左右那你算25年的这个增速就有70%以上的增长 那如果是二六年大概可能五十亿以上五十三五十四亿这个样子未来几年保持一个百分之十的收入增长的贡献那五十亿的增长的 ...

单件产品的毛利和净利这一块的动作我觉得也是公司未来几年很关键的一点 第三个是关于产品品类变更这里的话估计有公司提出就在24年会考虑把整个产品品类划分为手工具工业设备和电动工具的三大品类而这里电动工具和区别于以前的动力工具可能会把工业的部分就摘出来更贴合市场上对于我们这种消费级电动工具的一个理解 那我们来看的话就测算一下的话就去年23年如果单看这个电动工具新的这个分类大概占8.66%那基本上对应的就是9.5个亿左右9.5个亿左右然后像 如果换算成美元就如果在美元的话大概接近一点一点三亿美元以上呃这个样子啊公司也提出啊就是现在就是占比8%的这个新提出来的这个电动工具然后基本上从今年开始就24年开始可以提供一个整体收入10%的一个增长分你收入10%一个增长那其实我们通过这个来测算的话 去年9.51左右 今年的话就接近20亿20亿那整个就你按它的收入10%增长来算它的这个增量那大家去年大概20亿那整个今年就这个工具这一块电动工具这一块就有一个翻倍的增长翻倍增长那么算明年的话那接近就是34亿左右34亿左右那你算25年的这个增速就有70%以上的增长 那如果在26年大概可能50亿以上53、54亿这个样子未来几年保持一个10 ...

巨星科技20240701_1_导读 2024年07月01日 22:51 关键词 电动工具 品类变更 估值提升 全文摘要 公司电动工具业务表现出色，预期未来几年将实现快速增长。从24年开始，公司计划将产品细分为手工 具、工业设备及电动工具三大类，其中电动工具业务尤为突出，已获得大量订单并成功切入20伏电动工 具的主要市场，导致市场规模显著扩大。依靠持续的产品类别扩展与渠道扩张，该业务预计将进入高速 增长期，到26年时收入增长率可能超过50%，显示出强劲的增长潜力和市场前景。公司通过技术创新和 市场拓展实现了业务的显著增长，并成功开辟了新的市场领域。尽管早期市场低估了公司的价值，但其 持续的成长能力已经得到了验证，未来估值有望回归合理水平。同时，公司正在通过加速产能布局和推 出新产品来进一步推动业绩增长和市场份额的扩大。总体来看，公司展示了良好的发展前景和投资潜 力，值得关注。 章节速览 ● 00:00 电动工具业务快速增长与未来展望 公司电动工具业务表现强劲，预计未来几年将实现显著增长。24年起，公司计划将产品品类细分为手工 具、工业设备及电动工具三大类，其中电动工具业务贡献突出，已获得大量订单并成功进入20伏 ...

Financial Data and Key Metrics Changes - The company reported a revenue increase of approximately 10% for the upcoming year, with an overall revenue growth projection of 11% [2] - The revenue from electric tools is expected to double this year, reaching around 20 billion, with projections of approximately 34 billion next year, indicating a growth rate of over 70% [3][4] - The company anticipates maintaining a revenue growth contribution of around 10% annually over the next few years [3] Business Line Data and Key Metrics Changes - The company plans to categorize its products into three main categories: hand tools, industrial equipment, and electric tools, with electric tools currently accounting for 8% of total revenue [1][2] - The introduction of 20-volt electric tools marks a significant shift from the previous 12-volt offerings, expanding the market potential to over 20 billion [4][5] - The electric tools segment is expected to see substantial growth due to new orders and expanded product lines, with a projected order volume of 300 million to 300 million USD next year [6][7] Market Data and Key Metrics Changes - The market for 20-volt electric tools is estimated to be around 10 billion USD, with the potential to exceed 20 billion USD as the company expands its offerings [5] - The company has secured significant orders from major retailers, contributing to its rapid growth in the electric tools market [7] Company Strategy and Development Direction - The company is focusing on expanding its product categories and distribution channels to enhance market penetration in the electric tools segment [10][11] - There is a clear strategy to improve valuation by demonstrating growth in the electric tools market, which has historically been underrepresented [10][11] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the market, particularly in the electric tools segment, driven by a rebound in the real estate sector and overall economic conditions [12] - The company expects to adjust its earnings forecast upwards by 100 to 200 million due to accelerated capacity expansion and strong growth in electric tools [13] Other Important Information - The company has been recognized for its technological advancements in electric tools, which are expected to lead to a higher valuation compared to historical averages [10][11] - The company is positioned as a strong investment opportunity, with a stable performance record over recent years [12] Q&A Session Summary Question: Is the company's second-quarter performance above expectations? - Management confirmed that the performance exceeded expectations and indicated that an upward adjustment of 100 to 200 million is reasonable due to significant changes in capacity and product growth [13]