GreatStar(SZ:002444) East Money Securities·2025-11-07 08:45Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [5] Core Views - The company is expected to recover its revenue due to anticipated interest rate cuts, despite short-term revenue pressure [5] - The company has shown a significant improvement in profitability, with a historical high gross margin of 35% in Q3 2025 [4][5] - The electric tools segment is emerging as a crucial growth driver, supported by the company's global expansion strategy [5] Financial Summary - For the first three quarters of 2025, the company achieved revenue of 11.156 billion yuan, a year-on-year increase of 0.65%, and a net profit attributable to shareholders of 2.155 billion yuan, up 11.35% year-on-year [4] - Q3 2025 revenue was 4.129 billion yuan, down 5.80% year-on-year, while net profit for the same period was 882 million yuan, an increase of 18.96% year-on-year [4] - The company forecasts revenues of 15.750 billion, 17.535 billion, and 20.120 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.554 billion, 3.060 billion, and 3.540 billion yuan [5][6] Growth Projections - The company anticipates a revenue growth rate of 6.45% in 2025, followed by 11.33% in 2026 and 14.74% in 2027 [6][12] - The expected earnings per share (EPS) are projected to be 2.14 yuan in 2025, 2.56 yuan in 2026, and 2.96 yuan in 2027 [5][12] Market Performance - The company's stock has shown a 52-week increase of 45.68%, with a market capitalization of approximately 37.29 billion yuan [4]