研报掘金丨东海证券：维持巨星科技“买入”评级，全球化布局显效，推进新业务拓展

Core Viewpoint - The report from Donghai Securities indicates that Juxing Technology is expected to achieve a net profit attributable to shareholders of 2.419 billion to 2.764 billion yuan in 2025, representing a year-on-year growth of 5.00% to 20.00% [1] Financial Performance - For Q4, the company is projected to realize a net profit attributable to shareholders of 264 million to 609 million yuan, showing a year-on-year change of -28.40% to 65.46% [1] - The overall performance is in line with expectations, demonstrating resilience despite external environmental fluctuations [1] Business Development - The cross-border e-commerce channel has shown strong performance, and the company's own brand strength is increasing [1] - The company is cultivating a second growth curve, with breakthroughs in the electric tools business [1] - As new production capacity in Southeast Asia becomes more efficient, collaboration with traditional ODM clients is expected to return to normal [1] Competitive Positioning - The company has established a diversified global production capacity layout and is building core competitiveness through product innovation, brand strengthening, and channel development [1]