GreatStar(002444) Huaan Securities·2024-09-02 05:04Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown excellent performance in the first half of 2024, with a strong outlook for long-term stable development [1] - The company reported a revenue of 6.701 billion yuan for the first half of 2024, representing a year-on-year growth of 27.75% [1] - The net profit attributable to shareholders reached 1.194 billion yuan, up 36.81% year-on-year [1] - The company is accelerating the expansion of its overseas production capacity, enhancing its global competitiveness [1] - The end of inventory destocking in overseas markets indicates that product demand is about to recover [1] Financial Performance Summary - Revenue for 2023 was 10,930 million yuan, with projections of 13,806 million yuan for 2024, 15,916 million yuan for 2025, and 18,811 million yuan for 2026 [2] - The net profit attributable to the parent company for 2023 was 1,692 million yuan, expected to rise to 2,107 million yuan in 2024, 2,386 million yuan in 2025, and 2,853 million yuan in 2026 [2] - The gross margin for 2023 was 31.8%, projected to be 29.7% in 2024, 28.8% in 2025, and 28.7% in 2026 [2] - The earnings per share (EPS) for 2023 was 1.41 yuan, expected to increase to 1.75 yuan in 2024, 1.98 yuan in 2025, and 2.37 yuan in 2026 [2] Growth Potential - The company has established a global supply chain management system and maintains good relationships with thousands of suppliers, allowing for quick responses to market demands [1] - The company plans to continue adding manufacturing capacity in Southeast Asia, which is expected to enhance its global resource allocation capabilities [1] - The company has a diverse product range with over 30,000 SKUs, with nearly 40% of its products being non-hand tools, positioning it as a leading manufacturer in laser measuring instruments and tool storage [1]