周专题：巨星科技Q2业绩超预期，电动工具收获新订单

Investment Rating - Industry rating: Recommended [6] Core Insights - The report highlights that the company, Juxing Technology, is expected to achieve a net profit attributable to shareholders of 1.253-1.373 billion yuan in H1 2025, with a year-on-year growth rate of 5%-15% [10][11] - The company has secured a significant electric tool order from a major international retailer, with an expected annual procurement amount of no less than 30 million USD, marking its first overseas production order since the launch of its electric tool product line in 2021 [2][13] - The report emphasizes the resilience of Juxing Technology's operations despite tariff impacts, with Q2 profits expected to increase due to higher gross margins driven by cross-border e-commerce sales and new product launches, particularly in electric tools [12][15] Summary by Sections 1. Weekly Focus: Juxing Technology Q2 Performance Exceeds Expectations - Juxing Technology's Q2 performance is projected to show a net profit of 792-912 million yuan, with a year-on-year growth rate of 1.6%-16.9% [11] - The company faced production capacity impacts for approximately 40 days due to tariff policies, affecting order delivery and revenue [11][12] - The establishment of production bases in Vietnam is expected to provide a tariff advantage, with agreements in place to reduce tariffs from 25% to 20% for exports to the US [12][13] 2. Key Company Announcements - The company, Ecovacs, anticipates a net profit of 960-990 million yuan for H1 2025, representing a year-on-year increase of 57.64%-62.57% [16] - The net profit for Ecovacs in Q2 2025 is expected to be 485-515 million yuan, reflecting a year-on-year increase of 55.9%-65.6% [17] 3. Data Tracking - Raw material prices show fluctuations, with LME copper prices down by 3.3% and LME aluminum prices up by 0.2% as of July 11, 2025 [18] - Shipping rates have decreased, with the CCFI composite index down by 2.18% compared to the previous week [23] - Real estate data indicates a decline in sales area, completion area, and new construction area by 2.9%, 17.3%, and 22.8% respectively for the first five months of 2025 [25]