GreatStar(002444) 国海证券·2024-09-01 02:39Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][3]. Core Views - The company has experienced rapid growth in performance due to the end of inventory destocking in downstream markets, leading to increased orders [3]. - In the first half of 2024, the company reported a revenue of 6.701 billion yuan, a year-on-year increase of 27.75%, and a net profit attributable to shareholders of 1.194 billion yuan, up 36.81% year-on-year [2][3]. - The company's profitability has improved, with a gross margin of 32.05% and a net profit margin of 17.82% in the first half of 2024, reflecting increases compared to the previous year [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 3.395 billion yuan, a year-on-year increase of 26.20% and a quarter-on-quarter increase of 2.69% [3]. - The net profit for Q2 2024 was 780 million yuan, showing a year-on-year increase of 36.87% and a quarter-on-quarter increase of 88.75% [3]. Market Data - As of August 30, 2024, the company's current stock price is 26.74 yuan, with a market capitalization of approximately 32.155 billion yuan [3]. - The company has shown strong performance relative to the CSI 300 index, with a 1-month return of 17.6%, a 3-month return of 4.3%, and a 12-month return of 37.4% [3]. Revenue Breakdown - The company's revenue from hand tools reached 4.546 billion yuan, up 29.95% year-on-year, while electric tools revenue was 475 million yuan, up 35.13% year-on-year [3]. - Revenue from the Americas increased significantly, reaching 4.381 billion yuan, a year-on-year growth of 41.83% [3]. Earnings Forecast - The company is expected to achieve revenues of 14.153 billion yuan, 17.410 billion yuan, and 20.901 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 29%, 23%, and 20% [3][5]. - The forecasted net profit attributable to shareholders for the same years is 2.334 billion yuan, 2.735 billion yuan, and 3.307 billion yuan, with growth rates of 38%, 17%, and 21% [3][5].