巨星科技（002444）：首次覆盖报告：国际巨星，再添动力

Investment Rating - The report assigns an "Accumulate" rating to the company, Juxing Technology (002444.SZ) [6][17]. Core Insights - The tools industry is a significant market with a global scale of approximately 100 billion USD, characterized by stable growth driven by home renovation investments [1][22]. - Juxing Technology has established itself as a leading hand tools manufacturer in Asia, holding the second-largest market share globally, and is expected to outperform the industry due to its competitive advantages in channel expansion, brand acquisition, and product innovation [1][3]. - The company is positioned to benefit from a recovery in the economic cycle, with anticipated support from a Federal Reserve interest rate cut, a healthy inventory cycle, and a new product cycle in electric tools [2][3]. Summary by Sections Industry Overview - The tools industry is categorized as a necessity consumer product, with demand primarily concentrated in Europe and North America, while supply is mainly from Asia [1][25]. - The market is characterized by a high concentration of demand from large retailers, with the top four channel players accounting for over 70% of the market [1][35]. Company Development - Juxing Technology has transitioned from OEM to ODM and OBM models, with a significant focus on brand acquisition and product innovation [1][2][69]. - The company has shown robust revenue growth, with a compound annual growth rate (CAGR) of approximately 16.44% from 2018 to 2024, outperforming industry growth rates [72]. Financial Performance and Forecast - Revenue projections for Juxing Technology are estimated at 155.06 billion, 184.80 billion, and 222.90 billion CNY for 2025, 2026, and 2027, respectively, with corresponding growth rates of 4.8%, 19.2%, and 20.6% [3][17]. - The net profit attributable to the parent company is forecasted to be 25.87 billion, 28.51 billion, and 34.51 billion CNY for the same years, with growth rates of 12.3%, 10.2%, and 21.0% [3][17].