GreatStar(SZ:002444) 光大证券研究·2025-04-24 09:00Core Viewpoint - The company achieved significant growth in 2024, with revenue reaching 14.795 billion and net profit at 2.304 billion, reflecting year-on-year increases of 35.4% and 36.2% respectively [2][3] Financial Performance - In 2024, the company reported revenue of 14.795 billion, a year-on-year increase of 35.4% - The net profit attributable to shareholders was 2.304 billion, up 36.2% year-on-year - The company's gross profit margin for 2024 was 32.0%, an increase of 0.2 percentage points compared to the previous year [2][3] Quarterly Analysis - In Q4 2024, the company achieved revenue of 3.712 billion, a year-on-year increase of 60.0% but a quarter-on-quarter decrease of 15.3% - The net profit for Q4 was 368 million, showing a year-on-year increase of 98.6% but a quarter-on-quarter decrease of 50.4% [2][3] Growth Drivers - The company's growth was driven by several factors: 1. Global supply chain advantages with 23 manufacturing bases supporting capacity release to meet demand in the DIY market in Europe and America 2. Successful product category expansion with 3.66 billion invested in R&D, launching 1,937 new products, including mainstream 20V lithium battery power tools 3. Accelerated growth of proprietary brands, with revenue from brands like WORKPRO increasing by 36% year-on-year 4. Strong channel advantages through direct cross-border e-commerce, acquisitions of distribution channels in Europe and America, and establishing distribution channels in the Asia-Pacific region, with cross-border e-commerce revenue growth exceeding 45% [3] Product Performance - Revenue from hand tools reached 10.069 billion, a year-on-year increase of 40.5%, with a gross margin of 32.1% - Revenue from power tools was 1.438 billion, up 36.5% year-on-year, with a gross margin of 23.8% - Industrial tools revenue was 3.229 billion, reflecting a year-on-year growth of 22.1%, with a gross margin of 35.6% [3] Regional Performance - Revenue from the Americas and Europe accounted for 63.4% and 24.6% of total revenue, with corresponding gross margins of 31.0% and 35.2%, both showing year-on-year increases [4] Business Model Analysis - The company's OBM (Own Brand Manufacturing) and ODM (Original Design Manufacturing) business accounted for 47.9% and 51.7% of total revenue, with gross margins of 35.7% and 28.7% respectively - The OBM business showed slightly higher growth than the ODM business, indicating potential for continued improvement in overall gross margin as the OBM business expands [4]