巨星科技去年扣非净利逼近27亿，手工具龙头缘何产能出海？

Core Viewpoint - The company, Juxing Technology, forecasts a net profit for 2025 between 2.419 billion and 2.764 billion yuan, reflecting a year-on-year growth of 5% to 20%, despite challenges from increased tariffs and a turbulent global trade environment [2] Group 1: Financial Performance - The company's net profit excluding non-recurring gains is expected to be between 2.31 billion and 2.65 billion yuan, with a growth rate of 0.2% to 15.2% year-on-year [2] - Revenue is projected to remain stable, with the company's global production network and optimized product and channel structure serving as key support [2] - The second quarter of 2025 will see pressure on domestic production due to the U.S. "reciprocal tariff" policy, affecting delivery schedules and increasing costs [2] Group 2: Global Production Strategy - The company has established a global production layout with 23 production bases, including 12 overseas, to mitigate trade cycle fluctuations [3] - Significant investments in overseas production, such as 120 million yuan in Vietnam and 150 million yuan in Thailand, highlight the strategic priority of shifting production to Southeast Asia [3] - By the end of 2025, Southeast Asian production is expected to cover 90% of exports to the U.S., providing a crucial buffer against tariff barriers [2][3] Group 3: Product and Channel Upgrades - The optimization of product structure, particularly the explosive growth in the electric tools segment, is a core driver of profit growth [4] - The electric tools segment achieved revenue of 742 million yuan in the first half of 2025, a year-on-year increase of 56.03%, with a gross margin improvement of 2.18 percentage points [4] - The company has invested 175 million yuan in R&D, holding 2,904 patents, which supports product upgrades and market position [4] Group 4: E-commerce and Direct Sales - The optimization of channel structure has expanded the company's profit margins, with cross-border e-commerce direct sales becoming a key strategy to offset tariff costs [5] - The company has achieved over 30% growth in its cross-border e-commerce business, with online revenue increasing by 12% year-on-year [5] - The company’s self-owned brand revenue is approaching 50%, significantly improving gross margins compared to OEM business [5] Group 5: Future Outlook - Short-term disturbances are expected in Q4 2025 due to currency fluctuations and additional costs from U.S. factory relocations [6] - The company anticipates a return to stable growth in 2026, supported by new business and product developments [6] - The global production and supply chain system positions the company to respond flexibly to market demands, aiming to increase market share in the global DIY tools market [6]