GreatStar(SZ:002444) Guohai Securities·2025-09-11 06:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue growth of over 35% year-on-year in 2024, with a global capacity layout accelerating [5] - The company is positioned to benefit from the U.S. interest rate cut cycle and the development of electric tools as a second growth curve [9] Financial Performance - In H1 2025, the company achieved a revenue of 7.03 billion yuan, a year-on-year increase of 4.9%, and a net profit attributable to shareholders of 1.27 billion yuan, up 6.6% year-on-year [5] - For Q2 2025, the company reported a revenue of 3.37 billion yuan, a slight decrease of 0.7% year-on-year, with a net profit of 810 million yuan, an increase of 4.1% year-on-year [5] Product Line Development - The hand tools business remains the core, generating 4.62 billion yuan in H1 2025, a year-on-year increase of 1.64%, accounting for 65.74% of total revenue [6] - The electric tools business is experiencing rapid growth, with revenue of 742 million yuan in H1 2025, a year-on-year increase of 56.03%, increasing its share of total revenue from 7.1% to 10.56% [6] - The industrial tools business remained stable, with revenue of 1.63 billion yuan in H1 2025, a slight increase of 0.12% year-on-year [6] Brand and Global Operations - The self-owned brand (OBM) business is a key growth driver, achieving revenue of 3.26 billion yuan in H1 2025, a year-on-year increase of 10.37%, with its share rising from 44.08% to 46.39% [7] - The OBM business has a higher gross margin of 34.66%, compared to 29.62% for ODM, enhancing overall profitability [7] - The company has established a global operational system with 23 manufacturing bases worldwide, expanding production capacity in Southeast Asia and actively seeking manufacturing solutions globally [7] Profit Forecast and Valuation - The company is projected to achieve revenues of 16.3 billion yuan, 19.1 billion yuan, and 22.7 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 2.6 billion yuan, 3.2 billion yuan, and 4 billion yuan [9][10] - The corresponding price-to-earnings ratios (PE) are expected to be 14, 12, and 9 for the respective years [9][10]