巨星科技(002444)：业绩持续高增 看好公司持续受益于产能全球化

Group 1 - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 14.795 billion yuan, a year-on-year growth of 35.4%, and net profit attributable to shareholders at 2.304 billion yuan, up 36.2% [2] - In Q4 2024, the company achieved revenue of 3.71 billion yuan, representing a 60% year-on-year increase, and net profit of 368 million yuan, which is a remarkable growth of 98.6% [2] - The company's profitability improved, with a net profit margin of 10.4% in Q4 2024, an increase of 2.6 percentage points compared to the same period last year [2] Group 2 - The company has established a robust global production and supply chain management system, enhancing its competitive edge through internationalization and global capacity [3] - The company operates 23 manufacturing bases worldwide, allowing for global procurement, manufacturing, and distribution, which positions it favorably amidst macroeconomic fluctuations [3] - The company is expected to benefit from the global capacity layout as North American clients prioritize companies with global operational capabilities due to tariff impacts [3] Group 3 - The company has seen over 35% growth in electric tool revenue, indicating strong potential for long-term revenue contributions [4] - In 2024, the company launched several innovative products, including woodworking tools and a 20V cordless lithium battery electric tool series, which have garnered significant orders from major retailers [4] - The company aims to capture more market share through product innovation, despite the electric tools' revenue share not significantly increasing in 2024 [4] Group 4 - Based on the latest performance report, the company adjusted its revenue and net profit forecasts for 2025-2026, with expected revenues of 18.2 billion yuan and 22.3 billion yuan, and net profits of 2.96 billion yuan and 3.58 billion yuan respectively [5] - The company also introduced a new forecast for 2027, projecting revenue of 27 billion yuan and net profit of 4.18 billion yuan [5] - The company's stock price of 22.94 yuan corresponds to a PE ratio of 9.3, 7.7, and 6.6 for 2025-2027, maintaining a "buy" rating [5]