山西证券：给予巨星科技买入评级

Core Viewpoint - Company maintains profitability improvement in Q2 2025, with notable growth in electric tools and cross-border e-commerce segments, leading to a "buy" rating for the stock [1][4] Financial Performance - In H1 2025, the company achieved revenue of 7.027 billion yuan, a year-on-year increase of 4.87%, and a net profit attributable to shareholders of 1.273 billion yuan, up 6.63% year-on-year [1] - For Q2 2025, revenue was 3.371 billion yuan, a slight decline of 0.69% year-on-year, while net profit was 812 million yuan, an increase of 4.08% year-on-year [1][2] Revenue Drivers - The decline in Q2 revenue is attributed to the impact of "reciprocal tariffs" from the U.S. and increased export tariffs affecting production and shipment in Southeast Asia [2] - Electric tools and cross-border e-commerce are emerging as significant growth drivers, with electric tools revenue increasing by 56.03% year-on-year [2] Profitability Metrics - In Q2 2025, the company's gross margin and net margin improved by 1.03 percentage points and 1.11 percentage points to 33.73% and 24.64%, respectively [3] - The gross margin for electric tools increased by 2.18 percentage points to 28.99% [3] Brand Development - The company has focused on developing its own brands, with sales revenue from proprietary brands growing by 10.37% year-on-year and gross margin rising to 34.66% [4] Future Outlook - The company is expected to continue expanding its product categories and global presence, with projected net profits of 2.61 billion yuan, 3.18 billion yuan, and 3.85 billion yuan for 2025, 2026, and 2027, respectively [4]