编号：2025-003 | 投资者关系活动类别 | 特定对象调研□分析师会议□媒体采访 | | --- | --- | | | □业绩说明会□新闻发布会□路演活动 | | | 现场参观□其他 | | 参与单位名称及人员 | 易方达基金周洋 | | | 招商证券李哲瀚 | | 姓名 | | | 时间 | 2025年05月28日 10:00-11:00 | | 地点 | 公司会议室 | | 上市公司接待人员姓名 | 董事会秘书兰美华 | | | 财务总监付丽萍 | | | 一、公司基本情况介绍 | | | 公司董事会秘书兰美华女士向投资者介绍了公司的发 | | | 展历程、生产经营情况及产品情况。 | | | 二、问答环节 | | | 1、公司近期成立了子公司朗腾未来，未来在汽车零部 | | 投资者关系活动主要内 | 件有什么具体的发展规划？ | | | 答：公司全资子公司朗腾未来专注于汽车零部件及配件 | | 容介绍 | 制造领域，并致力于相关产品的研发与创新；目前子公司 | | | 朗腾未来正处于培育和孵化期，预计ODM项目落地后， | | | 营收将会有一定的提升。 | | | 2、中美关税政策的变动对 ...

工具出海龙头，品牌化+全球布局共铸成长 [Table_CoverStock] —巨星科技(002444)公司首次覆盖报告 [Table_ReportDate] 2025 年 05 月 08 日 [Table_CoverAuthor] 姜文镪 新消费行业首席分析师 S1500524120004 S1500525030005 S1500523080006 jiangwenqiang@cindasc.com gongyizhi@cindasc.com wangrui@cindasc.com 龚轶之 新消费行业分析师 王锐 机械行业首席分析师 [Table_CoverReportList] 相关研究 1.巨星科技：自主品牌高增，加速全球化布局 证券研究报告 公司研究 资料来源：聚源，信达证券研发中心 [Table_BaseDat 公司主要数据 | a] 收盘价（元） | 24.40 | | --- | --- | | 52 周内股价波动区间 | 33.53-21.43 | | (元) | | | 最近一月涨跌幅(％) | 10.11 | | 总股本(亿股) | 11.94 | | 流通 A 股比例(％) | 95.7 ...

Group 1: Market Expansion and Revenue Growth - The company is implementing a ROW (rest of the world) strategy to actively develop global markets outside North America, with non-North American market revenue reaching nearly 10% by the end of 2024 [2][3] - In 2024, the company's revenue grew by 45.05%, and net profit increased by 44.94%, driven by product and market expansion [2][3] - The North American pneumatic tools market is recovering, with major clients increasing procurement, contributing to the company's growth [3] Group 2: Financial Performance - In Q1 2025, the company's revenue increased by 61.33% year-on-year, while net profit rose by 43.84% [3] - The gross margin of key products such as vacuum cleaners and air compressors showed limited year-on-year variation, with plans to optimize product structure and increase high-margin products [4][5] Group 3: Product Development and R&D Focus - Future R&D will focus on upgrading small air compressors and wet/dry vacuum cleaners, as well as developing new air power technology products [4][5] - The company plans to enhance its nursing robot technology, ensuring stable growth in R&D investment and developing more functionalities [5][6] Group 4: Sales Models and Profit Contribution - The main sales models are ODM and brand authorization, each contributing over 45% to total sales [4][5] - The company aims to promote the OBM (own brand) model while enhancing high-end and high-margin products within ODM and brand authorization [5] Group 5: Cost Management and Risk Mitigation - The company employs vertical integration in production to control costs and improve product quality, with plans to continue this model [5][6] - To address raw material price fluctuations, the company has established long-term agreements with suppliers and employs flexible pricing strategies [6][7] Group 6: Operational Updates and Future Outlook - The new factory in Malaysia is expected to start large-scale production in May 2025, which will mitigate the impact of U.S. tariffs on exports [7] - The company anticipates stable production and shipping operations despite recent tariff changes [7]