Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2024, the company achieved operating revenue of 14.795 billion yuan, a year-on-year increase of 35.37%. The net profit attributable to the parent company was 2.304 billion yuan, up 36.18% year-on-year. In Q4 2024, the operating revenue reached 3.712 billion yuan, a significant increase of 60% year-on-year, with a net profit of 368 million yuan, up 98.55% year-on-year [2][6]. Summary by Relevant Sections Business Performance - The company continues to focus on the development of consumer hand tools and power tools in the European and American markets while also expanding its industrial tools segment. The ODM business is recovering rapidly, and the OBM business is gaining market share. In 2024, the revenue breakdown was 68.05% from consumer hand tools, 9.72% from consumer power tools, and 21.82% from industrial tools, with respective year-on-year growth rates of 40.46%, 36.53%, and 22.14% [12]. Market Expansion - The company has seen rapid revenue growth in overseas non-European and American markets, although the base is low. The Americas accounted for 63.44% of revenue, while Europe accounted for 24.64%, showing a slight decline of approximately 0.9 percentage points. Revenue from non-European markets in China doubled, reaching 6.77% of total revenue due to new product development targeting the Belt and Road Initiative [12]. Financial Performance - The company reported an investment income of 521 million yuan for the year, with Q4 investment income of 58 million yuan, an increase of 103 million yuan year-on-year. Financial expenses contributed positively to profits, totaling 130 million yuan, with exchange gains of 78 million yuan [12]. Profitability Metrics - The gross profit margin for the year was 32.01%, an increase of 0.21 percentage points year-on-year, primarily due to a 4.60 percentage point increase in OBM gross margin. However, Q4 gross margin was 30.89%, down 2.77 percentage points year-on-year [12]. Global Capacity Expansion - As of the end of 2024, the company had construction projects worth 231 million yuan, with a decrease from the beginning of the year. The company is actively expanding its production capacity in Southeast Asia, particularly in Vietnam, to mitigate tariff challenges [12]. Future Projections - The company expects to achieve net profits attributable to the parent company of 2.79 billion yuan, 3.34 billion yuan, and 3.96 billion yuan for 2025, 2026, and 2027, respectively, corresponding to P/E ratios of 10, 8, and 7 times [12].
巨星科技(002444):2024年年报点评:收入利润快速增长,持续推进全球产能布局