巨星科技：整合渠道主攻出海，前瞻布局领跑行业

Investment Rating - The report initiates coverage with a "Buy" rating for the company [22][33]. Core Insights - The company has maintained a high level of profitability, with a stable expense ratio. In 2023, the sales gross margin reached 32.91%, and the net profit margin was 17.15%. The company has effectively controlled costs, with a stable expense ratio over the years [10][32]. - The company has significantly increased its self-owned brand revenue, which rose from below 10% in 2016 to nearly 50% in 2023. The OBM business revenue CAGR from 2018 to 2023 was 35.4% [22][23]. - The company is expanding its electric tool segment, with a focus on cordless electric tools, which accounted for 25.61% of revenue in 2023, growing by 27.11% year-on-year [23][31]. Company Overview - The company has undergone three development phases since its establishment in 1993, transitioning from ODM to OBM and expanding through acquisitions of high-end overseas brands [22][31]. - The company has a global presence with 23 production bases, including 11 in China, 3 in Southeast Asia, and 6 in Europe, allowing it to respond quickly to market demands [31][34]. - The company’s revenue is primarily derived from exports to Europe and North America, with overseas revenue consistently accounting for over 90% [4][70]. Market Dynamics - The global hardware tools industry is highly concentrated, with the top five companies holding approximately 67% market share. The company has significant room for market share growth [14][70]. - The demand for hardware tools is expected to benefit from a recovery in the real estate market as interest rates decline, which will enhance the overall market environment for the tools industry [33][46]. - The electric tools market is projected to grow significantly, driven by technological advancements and changing consumer preferences, with a notable shift towards cordless tools [23][40]. Financial Projections - The company is expected to achieve net profits of 22.8 billion to 25.4 billion yuan in 2024, representing a year-on-year growth of 35% to 50% [17][33]. - Revenue is projected to grow significantly, with total revenue expected to exceed 35% year-on-year in 2024, driven by new product launches and increased market demand [17][33].