GreatStar(SZ:002444) Shanxi Securities·2025-08-29 10:38Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company reported a revenue of 7.027 billion yuan for the first half of 2025, a year-on-year increase of 4.87%, and a net profit attributable to shareholders of 1.273 billion yuan, up 6.63% year-on-year [4] - The second quarter saw a slight revenue decline of 0.69% due to the impact of tariffs, particularly from the U.S. [5] - The electric tools and cross-border e-commerce segments are becoming significant growth drivers for the company [5][6] - The company is expanding its product categories and global footprint, with expectations for continued growth in profitability [6] Financial Performance - For Q2 2025, the company achieved a gross margin of 33.73% and a net margin of 24.64%, both showing year-on-year improvements [6] - The gross margin for electric tools increased by 2.18 percentage points to 28.99% [6] - The company anticipates net profits of 2.614 billion yuan, 3.176 billion yuan, and 3.853 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 13.5%, 21.5%, and 21.3% [6][10] Market Data - As of August 28, 2025, the closing price was 31.18 yuan, with a price-to-earnings ratio of 14/12/10 for the next three years [2][8] - The company has a total market capitalization of 37.244 billion yuan [2]