杭州巨星科技股份有限公司（以下简称"公司"）董事会于近日收到内部审 计部负责人方磊先生递交的辞呈。方磊先生因个人原因，申请辞去内部审计部负 责人职务，辞职后方磊先生将不在公司担任其他任何职务。 根据《公司法》和《公司章程》的有关规定，方磊先生的辞职申请自送达董 事会之日起生效，公司将按照法律、法规的相关规定，尽快完成内部审计部负责 人的聘任工作。 方磊先生在任职期间勤勉尽责，公司及董事会对方磊先生为公司发展所做出 的贡献表示衷心的感谢！ 特此公告。 证券代码：002444 证券简称：巨星科技 公告编号：2025-052 杭州巨星科技股份有限公司董事会 二○二五年十二月十九日 杭州巨星科技股份有限公司 关于内部审计部负责人辞职的公告 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。 ...

Group 1 - The core point of the news is that Fang Lei has resigned from his position as the head of the internal audit department at Giant Star Technology due to personal reasons, and he will not hold any other position in the company after his resignation [1] - For the first half of 2025, Giant Star Technology's revenue composition shows that tools and hardware account for 99.53% of the total revenue, while other businesses contribute only 0.47% [1] - As of the time of reporting, Giant Star Technology has a market capitalization of 43.1 billion yuan [2]

Core Viewpoint - The report from China Merchants Securities indicates that Juxing Technology is expected to achieve a compound annual growth rate (CAGR) of 19.38% in revenue from 2017 to 2024, significantly outpacing the industry average [1] Group 1: Revenue Growth and Market Position - Juxing Technology's overseas revenue consistently accounts for over 90%, primarily benefiting from the recovery of the U.S. tool industry [1] - The company is expanding its channels and product categories, which is expected to enable it to continue achieving growth rates above the industry average [1] Group 2: Sales Channels and Partnerships - Juxing Technology provides a one-stop supply chain service to Fortune 500 supermarkets in Europe and the U.S., covering both traditional offline supermarkets and online platforms [1] - The company has maintained a long-term partnership with Amazon, enhancing its online presence [1] Group 3: Financial Forecast and Valuation - Due to the prolonged impact of tariffs on this year's performance, the company has adjusted its earnings forecast downward for the current year but raised projections for the following years [1] - The current market valuation corresponds to a price-to-earnings (PE) ratio of 17x for this year, 13x for next year, and 10.5x for the year after, indicating a relatively low valuation level [1] - The investment rating is maintained at "strongly recommended" [1]

Core Insights - The global hand tools market is experiencing steady growth, with cross-border e-commerce becoming a significant engine for China's foreign trade transformation. The total revenue of the global DIY and hardware store market reached $285.7 billion in 2023, with the core tools category estimated at $85 billion, projected to grow at a CAGR of 2.48% in the coming years [2][3]. Company Overview - Juxing Technology, founded in 1993, has become the largest hand tools company in Asia and ranks among the top three globally. The company, headquartered in Hangzhou, offers a wide range of products including hand tools, power tools, and laser measuring tools, with sales in over 180 countries and regions. In 2024, the company achieved a revenue of 14.795 billion yuan, a year-on-year increase of 35.37%, and a net profit of 2.304 billion yuan, up 36.18%, both hitting historical highs [2][3]. Strategic Transformation - The transition from OEM to self-owned brands was driven by the need to overcome the limitations of the OEM model, which lacked pricing power. Juxing Technology recognized that to achieve sustainable growth and maximize profits, expanding into overseas markets and building its own brands was essential [5][6][14][16]. Market Insights - Juxing Technology's deep understanding of international market demands, product categories, and pricing strategies, gained from its experience as an OEM, laid a solid foundation for its subsequent research and innovation efforts. The company has made strategic acquisitions to enhance its capabilities, including acquiring stakes in laser measurement tool companies and American brands [6][10][16]. Brand Development - Since entering Amazon in 2015, Juxing Technology has accelerated its brand globalization. The company relies heavily on Amazon's logistics services, with over 90% of its goods shipped through Amazon's Global Logistics (AGL), which enhances delivery speed and reduces costs [7][9][22][23]. Product Innovation - Juxing Technology emphasizes product innovation and regional customization as core strategies. The company has over 600 engineers in China and local engineers in various countries to tailor products to local consumer preferences. Approximately 80% of its products are designed in-house, allowing for greater pricing autonomy and improved profit margins [10][11][19][20]. Future Outlook - The company plans to continue its collaboration with Amazon to leverage market data and develop products that meet consumer needs in emerging markets such as Latin America, the Middle East, and Australia. Juxing Technology believes that economic downturns can present opportunities for growth and innovation [20][21].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company is expected to benefit from the recovery in the U.S. housing market and consumer spending, with a projected revenue compound annual growth rate (CAGR) of 19.38% from 2017 to 2024, significantly outperforming the industry [7]. - The company has a strong presence in the U.S. market, with over 90% of its revenue coming from overseas, primarily from the U.S. tools industry [7]. - The company is expanding its product categories and channels, including partnerships with major retailers and online platforms like Amazon, where it has seen over 50% annual growth in sales [7]. - The report forecasts a recovery in the company's performance, with expected revenue growth of 3% in 2025, 26% in 2026, and 19% in 2027, alongside net profit growth of 7%, 31%, and 26% respectively [7]. Financial Data and Valuation - The company's total revenue is projected to reach 10,930 million in 2023, increasing to 22,801 million by 2027, with a year-on-year growth of -13% in 2023, followed by 35% in 2024 [2][16]. - Operating profit is expected to grow from 1,997 million in 2023 to 5,006 million in 2027, with a growth rate of 18% in 2023 and 39% in 2024 [2][16]. - The earnings per share (EPS) is projected to increase from 1.42 in 2023 to 3.42 in 2027, with a corresponding price-to-earnings (PE) ratio decreasing from 25.3 to 10.5 over the same period [2][16]. - The company's return on equity (ROE) is expected to improve from 12.0% in 2023 to 18.2% in 2027, indicating enhanced profitability [16]. Market Performance - The company's stock price has shown strong performance, with absolute returns of 16% over one month, 47% over six months, and 34% over twelve months [5]. - The current stock price is 35.83 yuan, with a total market capitalization of 42.8 billion yuan [3].

摘要 美联储虽上调 2026 年 GDP 预测至 2.3%，但点阵图显示降息预期存在 分歧，多数委员预计至少两次降息，为未来货币政策走向带来不确定性， 影响股票市场对利率敏感型行业的估值。 美国 30 年期房贷利率自 2025 年 10 月起低于租金回报率，预示降息后 房贷利率可能低于 6%，有望刺激房地产市场复苏，相关房地产股票或 将受益。 巨星科技过去八年收入和净利润复合增速远超工具行业平均水平，显示 出强大的增长动能，在宏观不确定性消退后，渠道、品类、品牌和并购 将是其长期增长的关键驱动力。 巨星科技通过跨境电商、欧美本土直销等渠道拓展，以及每年新增至少 1,000 个 SKU 的品类扩张，不断提升市场覆盖率和产品竞争力，为公司 业绩增长提供有力支撑。 巨星科技通过 GoPro、SK 和 Switch 等品牌提升终端定价权，有效应对 成本上涨和通胀压力，保障盈利能力，品牌价值成为公司核心竞争力之 一。 Q&A 巨星科技 20251211 美联储最新的利率决策对市场有何影响？ 在美东时间 12 月 10 日，美联储在货币委员会的议息会议上宣布将联邦基金利 率目标区间从 3.75%~4%下调至 3.5%。纽 ...

Group 1 - The report aims to summarize important internal deep reports, significant commentary, and marginal changes in the macro strategy group of large manufacturing [1] - Key companies highlighted include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, Taotao Vehicle, Sany Heavy Industry, and XCMG Machinery among others [2][3] - The report maintains a positive outlook on the machinery sector, noting a 14% increase in excavator sales in November, which slightly exceeded expectations [4] Group 2 - The best-performing indices in the last week (December 1-5, 2025) included Nonferrous Metals (+5.35%), Communications (+3.69%), and Defense Industry (+2.82%) [5][20] - The top three indices in the large manufacturing sector were the Yangtze River Engineering Machinery Index (+5.47%), the ChiNext Index (+1.86%), and the Automotive Parts Index (+1.83%) [5][21] Group 3 - The report draws parallels between the current potential of humanoid robots and the past boom of electric vehicles, suggesting a similar macroeconomic backdrop and industry stage could lead to significant investment opportunities [8][9] - The expected market size for humanoid robots is projected to reach $700 billion by 2030, compared to an estimated $570 billion for electric vehicles in 2024 [8] - Investment opportunities are identified in core components and domestic manufacturers, with a focus on companies that meet three necessary conditions: management determination, past performance validation, and future application scenarios [9] Group 4 - The report discusses the rise of Hengli Heavy Industry as a new player in the shipbuilding sector, benefiting from an upturn in shipbuilding demand and improved profitability [10] - The global shipbuilding industry is expected to see a 34.9% increase in new orders in 2024, with specific segments like container ships and oil tankers showing significant growth [10] - Hengli Heavy Industry's competitive advantages include ample production capacity and an integrated supply chain, which are expected to support future performance [10][11] Group 5 - The report highlights the strategic moves of Meilixin, including a planned share buyback and a fundraising initiative aimed at expanding its liquid cooling and semiconductor projects [11][13] - The company is positioned to benefit from its partnerships in the server liquid cooling market, leveraging its manufacturing capabilities and established client relationships [11][13] - Future performance is anticipated to exceed market expectations due to the company's strategic focus on high-demand sectors such as telecommunications and electric vehicles [11][13]

浙商证券研报指出，巨星科技董事长仇建平近期连续4个交易日通过竞价交易形式增持合计40万股（累 计金额1321.8万元，占公司总股本为0.0336%，均价33.05元/股），彰显对公司发展信心。美国已进入降 息周期，工具行业景气度有望拾级而上。巨星科技作为我国工具行业出口龙头，全球化产能布局持续深 化，认为公司已锤炼出相当的外部风险抵御能力，明后年业绩增长有望进一步加速。当前市值对应 PE 为15.64/12.78/10.45 X，维持"买入"评级。 ...

证券代码：002444 证券简称：巨星科技 公告编号：2025-051 杭州巨星科技股份有限公司 关于公司取得奖项的自愿性信息披露公告 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。 近期，杭州巨星科技股份有限公司（以下简称"公司"）获得公司跨境电商 主要渠道亚马逊颁发的"十年同行 长赢品牌"奖项，表彰公司 Workpro 品牌在 过去十年发展历程中的表现。上述奖项是亚马逊官方在中国推出的一个重要荣誉， 旨在表彰那些与亚马逊跨境电商事业共同成长、具有长期卓越表现和深远影响力 的中国出海品牌，公司 Workpro 品牌系工具品类中唯一获此奖项的品牌。 公司于 2016 年首次通过亚马逊渠道销售公司自有品牌工具产品，过去十年 在亚马逊渠道实现了高速增长，业务量年复合增速超过 50%，成为亚马逊渠道工 具类产品销售规模和增速均处于前列的公司。本次系公司首次获得这一奖项，证 明了公司品牌和产品在跨境电商渠道的竞争力，未来公司将继续大力拓展电商销 售，同时加强和亚马逊在基础品牌、算力配套设备等领域的全面合作。 上述奖项系亚马逊对于公司过去所做出成绩的正面回应和奖励，不代 ...

Core Insights - The article highlights the transformation of traditional manufacturing companies like Juxing Technology, which has successfully transitioned from OEM to establishing its own brand on global platforms like Amazon over the past decade [1][2]. Group 1: Company Transformation - Juxing Technology began its journey in 2015 by leveraging Amazon to sell its products globally, achieving significant brand recognition with its WORKPRO brand consistently ranking on Amazon's best-seller lists [1]. - The company has expanded its presence to over ten overseas Amazon sites, marking a successful global brand establishment [1]. Group 2: Cross-Border E-commerce Trends - The 2025 Amazon Global Store Cross-Border Summit in Hangzhou introduced the "Next Generation Cross-Border Chain" strategy, emphasizing the role of AI tools in transforming cross-border e-commerce into a "global smart brain" [2][3]. - The new strategy allows sellers to reach consumers in over 200 countries with a single listing and inventory entry, enhancing efficiency in cross-border logistics by over 30% through the Global Warehouse Distribution (GWD) service [3]. Group 3: AI Integration in Operations - The upgrade of seller tools to Agentic AI enables autonomous decision-making for inventory optimization and advertising, allowing sellers to focus 70% of their operational time on product innovation [4]. - AI is shifting cross-border trade from a labor-intensive model to an intelligence-driven approach, enhancing operational efficiency [4]. Group 4: Regional Ecosystem Support - Hangzhou has become a hub for cross-border e-commerce, housing two-thirds of China's cross-border e-commerce platforms and nurturing 65,000 enterprises in this sector [5]. - The collaboration between Amazon and the Hangzhou government has led to innovative projects that support the growth of cross-border e-commerce, including the establishment of a seller training center [5]. Group 5: Future Outlook - By 2025, sales from Chinese sellers on Amazon's emerging sites are expected to grow by over 30%, with a significant increase in the number of million-dollar sellers [6]. - Hangzhou aims to continue its role as a model for national cross-border e-commerce development through a combination of live streaming, platforms, and e-commerce initiatives [6].