研报掘金丨东海证券：首予巨星科技“买入”评级，建立覆盖全球的多层次销售渠道

Core Viewpoint - The report from Donghai Securities highlights that Juxing Technology has enhanced its manufacturing capabilities through a series of mergers and acquisitions, evolving into a diversified enterprise covering hand tools, power tools, and industrial tools [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 7.027 billion yuan, representing a year-on-year increase of 4.87% [1] - The net profit attributable to the parent company was 1.273 billion yuan, reflecting a year-on-year growth of 6.63% [1] Market Distribution - In the first half of 2025, revenue distribution was as follows: 65.00% from the United States and 25.66% from Europe [1] Sales Channels - The company utilizes various sales channels, including large home improvement and building materials supermarkets, as well as hardware chain stores [1] - Strategic partnerships with international giants such as Home Depot, Lowe's, Walmart, and Europe’s Cifang have enabled the company to reach a wide range of consumers across multiple regions [1] Business Development - The company is focused on accelerating its Direct-to-Consumer (DTC) business, with cross-border e-commerce revenue growing by over 30% in the first half of 2025 [1] Strategic Positioning - Despite a complex and changing market environment, Juxing Technology has built core competitiveness through optimizing production capacity, increasing product innovation, and strengthening brand channel development under its globalization strategy [1] - This strategic positioning lays a solid foundation for the company to respond to risks and seize opportunities in the future [1]