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巨星科技(002444):全球布局深化 业绩显现韧性 电动工具增长亮眼
Xin Lang Cai Jing· 2025-08-27 08:38
事件:公司发布2025 半年报。2025H1 公司实现收入70.27 亿元(同比+4.9%),归母净利润12.73 亿元 (同比+6.6%),扣非归母净利润12.54 亿元(同比+3.9%);2025Q2 公司实现收入33.71 亿元(同 比-0.7%),归母净利润8.12 亿元(同比+4.1%),扣非归母净利润7.92 亿元(同比+2.1%)。 点评: 手工具逆势维稳,电动工具突破显著。2025H1 公司手工具/电动工具/工业工具分别实现收入 46.20/7.41/16.32 亿元,同比+1.64%/+56.03%/+0.12%;毛利率方面,手工具/电动工具/工业工具则分别 为31.46%/28.99%/34.78%,同比-0.54pct/+2.18pct/+0.14pct。公司手工具&工业工具作为传统主业维持稳 定,电动工具产品作为第二增长曲线实现较高成长:①手工具:尽管美国对等关税对出货、下游需求带 来较大影响,但公司依然实现手工具业务的基本稳定、市场份额不断提升。公司一方面积极拓展海外产 能提升交付能力,另一方面拓展跨境电商、"一带一路国家"市场等新渠道,其中跨境电商增长30%带来 较大增量;②电动工 ...
巨星科技(002444):全球布局深化,业绩显现韧性,电动工具增长亮眼
Xinda Securities· 2025-08-27 07:32
证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 巨星科技(002444) 投资评级 买入 OBM 建设成果显著,ODM 渠道壁垒深厚。2025H1 公司 OBM/ODM 业务 分别实现收入 32.60/37.34 亿元,同比+10.37%/+0.98%;OBM/ODM 业务 毛利率分别为 34.66%/29.62%,分别同比+2.44pct/-2.70pct,业务分化较为 显著。①OBM 业务:公司不断打造自有品牌影响力,在提升公司毛利率、 业务稳定性上均已取得显著成果,面对市场环境变化继续保持增长,此外在 美国通胀环境下自有品牌利润率预计仍有提升空间,我们判断未来公司仍将 积极扩展 OBM 业务。②ODM 业务:公司深厚的渠道客户资源是 ODM 业 务基本盘,尽管短期内欧美市场需求不振、中国产能出货受阻影响了 ODM 业务增长、利润率也因规模效应不足有所下行,但长期全球市场份额在公司 全球化布局加持下依然有较大空间,业务规模有望持续提升。 上次评级 买入 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号:S150052 ...
巨星科技(002444):中报业绩符合预告,电动工具高速增长
CMS· 2025-08-27 06:02
证券研究报告 | 公司点评报告 2025 年 08 月 27 日 巨星科技(002444.SZ) 中报业绩符合预告,电动工具高速增长 中游制造/机械 2025H1 业绩:收入 70.27 亿元,同比+4.87%,归母净利润 12.73 亿元,同比 +6.63%,扣非归母净利润为 12.54 亿元,同比+3.94%。 2025Q2 业绩:收入 33.71 亿元,同比-0.69%,环比-7.79%;归母净利润 8.12 亿元,同比+4.08%,环比+76.28%;扣非归母净利润 7.92 亿元,同比+2.14%, 环比+71.26%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 10930 | 14795 | 15560 | 17201 | 19021 | | 同比增长 | -13% | 35% | 5% | 11% | 11% | | 营业利润(百万元) | 1997 | 2776 | 3102 | 3517 | 3966 | | 同比增长 ...
巨星科技20250826
2025-08-26 15:02
公司在不同产品线和区域市场的表现如何? 从收入构成来看,手工具仍然是主要业务,占比 65.74%。电动工具增长显著, 占比从 7%提升至 10%,符合公司预期。工业工具基本持平,受欧洲经济状况 和竞争加剧影响较大。美洲市场增速快于欧洲市场,考虑汇率因素,美洲实际 公司资产负债率降至历史新低 19.04%,归还约 20 亿元借款,计划继 续降低负债率,账上净现金较高,上半年每 10 股派发现金红利 2.5 元, 总分红 2.98 亿元,力求保持净利润 30%左右的分红率。 公司预计全年收入增长为中个位数,三季度经营情况将有所改善,毛利 率有望稳定增长,长期看好美国降息通道带来的机遇,并有信心提升市 场份额。 巨星科技 20250826 摘要 巨星科技 2025 年上半年净利润 12.54 亿元,同比增长 3.94%,经营活 动现金流大幅增长 76.54%至 10.33 亿元,归属于上市公司股东的净资 产达 181 亿元,增长 10.69%。 手工具仍是主要收入来源,占比 65.74%,电动工具增长显著,占比提 升至 10%,工业工具受欧洲经济和竞争影响基本持平,美洲市场增速超 过欧洲,自有品牌增长快于客户品牌。 ...
面对关税的不确定性 这家手工具产品龙头企业在半年报中透露了这些信息
Mei Ri Jing Ji Xin Wen· 2025-08-26 14:25
| | 本报告期 | 上年同期 | 本报告期 | | --- | --- | --- | --- | | 营业收入(元) | 7.027.498.063.33 | 6, 700, 922, 534. 41 | | | 归属于上市公司股东的净利 | 1, 272, 861, 836. 46 | 1, 193, 767, 743. 43 | | | 润(元) | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 (元) | 1, 254, 313, 310. 98 | 1, 206, 791, 925. 19 | | | 经营活动产生的现金流量净 | 1, 033, 757, 623. 71 | 585, 558, 517. 71 | | | 额(元) | | | | | 基本每股收益(元/股) | 1. 0656 | 0. 9994 | | | 稀释每股收益(元/股) | 1. 0656 | 0. 9994 | | | 加权平均净资产收益率 | 7. 37% | 7. 74% | | | | 本报告期末 | 上年度末 | 本报告期7 | | 总资产(元) | 22, 629, 970, 752. ...
Dover Posts 5% Gain in Q2 Revenue
The Motley Fool· 2025-07-25 19:15
Core Insights - Dover reported adjusted earnings per share (EPS) of $2.44 for Q2 2025, exceeding analyst expectations of $2.39, with GAAP revenue reaching $2.05 billion, slightly above the $2.04 billion estimate, marking a 5% increase compared to Q2 2024 [1][2][5] - The growth in revenue and profit was primarily driven by recent acquisitions and favorable foreign exchange rates, rather than organic growth from core businesses [1][5] - Operating margin improved to 17.3%, and management raised its full-year adjusted EPS outlook to $9.35–$9.55, reflecting confidence in margin structure and underlying demand trends [1][12] Financial Performance - Adjusted EPS for Q2 2025 was $2.44, a 16% increase year-over-year from $2.10 in Q2 2024 [2] - GAAP revenue was $2.05 billion, up 5% from $1.95 billion in Q2 2024 [2] - Operating margin improved by 34 basis points to 17.3% [2] - Free cash flow increased by 34% to $151 million compared to $113 million in Q2 2024 [2] Business Segments Overview - Dover operates in five main segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies [3] - The Clean Energy & Fueling segment reported revenue of $546.1 million, an 18% increase year-over-year, with organic sales up 8% [7] - Pumps & Process Solutions saw a 9% revenue increase, with organic growth at 3.9% and a segment margin of 30.6% [7] - Engineered Products experienced a revenue decline of 3.3%, with organic sales down 5.1% [8] - Climate & Sustainability Technologies reported a 4.7% decline in revenue but improved profit margin to 18.6% [9] Strategic Focus and Investments - Dover is focusing on expanding digital offerings, improving operational efficiency, and investing in high-growth areas such as clean energy and biopharma process solutions [4] - The company completed two acquisitions in the Pumps & Process Solutions segment, continuing its strategy of adding high-growth, high-margin businesses [10] - Capital expenditures increased to $60.9 million in Q2 2025, aimed at expanding productive capacity and upgrading facilities [10] Future Outlook - Management raised its full-year 2025 adjusted EPS guidance to $9.35–$9.55, assuming revenue growth of 4% to 6% [12] - There is cautious optimism regarding ongoing macroeconomic volatility and potential tariff impacts, particularly on the vehicle services business [12][13] - Orders received in Q2 2025 rose 7% year-over-year to $2.01 billion, indicating a strong revenue pipeline for the next quarter [11]
巨星科技(002444):2024年年报点评:收入利润快速增长,持续推进全球产能布局
Changjiang Securities· 2025-05-08 10:12
Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2024, the company achieved operating revenue of 14.795 billion yuan, a year-on-year increase of 35.37%. The net profit attributable to the parent company was 2.304 billion yuan, up 36.18% year-on-year. In Q4 2024, the operating revenue reached 3.712 billion yuan, a significant increase of 60% year-on-year, with a net profit of 368 million yuan, up 98.55% year-on-year [2][6]. Summary by Relevant Sections Business Performance - The company continues to focus on the development of consumer hand tools and power tools in the European and American markets while also expanding its industrial tools segment. The ODM business is recovering rapidly, and the OBM business is gaining market share. In 2024, the revenue breakdown was 68.05% from consumer hand tools, 9.72% from consumer power tools, and 21.82% from industrial tools, with respective year-on-year growth rates of 40.46%, 36.53%, and 22.14% [12]. Market Expansion - The company has seen rapid revenue growth in overseas non-European and American markets, although the base is low. The Americas accounted for 63.44% of revenue, while Europe accounted for 24.64%, showing a slight decline of approximately 0.9 percentage points. Revenue from non-European markets in China doubled, reaching 6.77% of total revenue due to new product development targeting the Belt and Road Initiative [12]. Financial Performance - The company reported an investment income of 521 million yuan for the year, with Q4 investment income of 58 million yuan, an increase of 103 million yuan year-on-year. Financial expenses contributed positively to profits, totaling 130 million yuan, with exchange gains of 78 million yuan [12]. Profitability Metrics - The gross profit margin for the year was 32.01%, an increase of 0.21 percentage points year-on-year, primarily due to a 4.60 percentage point increase in OBM gross margin. However, Q4 gross margin was 30.89%, down 2.77 percentage points year-on-year [12]. Global Capacity Expansion - As of the end of 2024, the company had construction projects worth 231 million yuan, with a decrease from the beginning of the year. The company is actively expanding its production capacity in Southeast Asia, particularly in Vietnam, to mitigate tariff challenges [12]. Future Projections - The company expects to achieve net profits attributable to the parent company of 2.79 billion yuan, 3.34 billion yuan, and 3.96 billion yuan for 2025, 2026, and 2027, respectively, corresponding to P/E ratios of 10, 8, and 7 times [12].
巨星科技(002444):订单稳定增长,积极筹备东南亚制造基地
Changjiang Securities· 2025-05-08 09:46
Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - In Q1 2025, the company achieved operating revenue of 3.656 billion yuan, representing a year-on-year increase of 10.59%. The net profit attributable to the parent company was 461 million yuan, up 11.44% year-on-year [2][4] Summary by Sections Company Overview - The company is actively preparing a manufacturing base in Southeast Asia to enhance its global production capacity [9] Financial Performance - The gross profit margin for Q1 2025 was 30.31%, showing a slight year-on-year decline but remaining stable compared to the previous quarter. The company continues to focus on the development of hand tools and power tools for the European and American markets while expanding into industrial tools [9] Future Outlook - The company anticipates that with the release of new production capacity in Southeast Asia, operating revenue will align with order growth. The projected net profits for 2025, 2026, and 2027 are estimated at 2.79 billion, 3.34 billion, and 3.96 billion yuan, respectively, corresponding to P/E ratios of 10, 8, and 7 times [9]
巨星科技:24年全年业绩高增,积极布局应对关税挑战-20250508
Tianfeng Securities· 2025-05-08 03:50
Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - In 2024, the company achieved a revenue of approximately 14.795 billion yuan, a year-on-year increase of 35.37%, and a net profit attributable to the parent company of 2.304 billion yuan, up 36.18% year-on-year [1]. - The gross margin and net margin for the year were 32% and 16%, respectively, showing improvements of 0.21 and 0.48 percentage points year-on-year [1]. - The company has been actively expanding its international manufacturing bases to mitigate tariff challenges, having established 23 production bases globally since 2018 [3]. - The company expects to fully absorb the tariff impacts through price increases in its OBM business model, while the ODM model's tariff costs will be borne by customers [3]. - The company’s profitability forecast for 2025-2027 has been adjusted, with expected net profits of 2.63 billion, 3.13 billion, and 3.64 billion yuan, representing year-on-year growth rates of 14%, 19%, and 16% respectively [3]. Financial Summary - For 2024, the company is projected to generate revenues of 14.795 billion yuan, with a growth rate of 35.37% [4]. - The net profit for 2024 is estimated at 2.304 billion yuan, reflecting a growth rate of 36.18% [4]. - The company’s earnings per share (EPS) for 2024 is expected to be 1.93 yuan, with a price-to-earnings (P/E) ratio of 12.65 [4]. - The company’s total assets are projected to reach 23.105 billion yuan by 2024, with a debt-to-asset ratio of 28.22% [10].
巨星科技(002444):24年全年业绩高增,积极布局应对关税挑战
Tianfeng Securities· 2025-05-08 02:43
Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - In 2024, the company achieved a revenue of approximately 14.795 billion yuan, a year-on-year increase of 35.37%, and a net profit attributable to the parent company of 2.304 billion yuan, up 36.18% year-on-year [1]. - The gross margin and net margin for the year were 32% and 16%, respectively, showing improvements of 0.21 and 0.48 percentage points year-on-year [1]. - The company has been actively expanding its international manufacturing bases to mitigate tariff challenges, having established 23 production bases globally since 2018 [3]. - The company expects to fully absorb the tariff impacts through price increases in its OBM business model, while the ODM model's tariff costs will be borne by customers [3]. - The company’s profitability forecast for 2025 to 2027 is adjusted to net profits of 2.63 billion, 3.13 billion, and 3.64 billion yuan, reflecting year-on-year growth rates of 14%, 19%, and 16% respectively [3]. Financial Summary - For 2024, the company is projected to generate revenues of 14.795 billion yuan, with a growth rate of 35.37% [4]. - The estimated net profit for 2025 is 2.626 billion yuan, with a growth rate of 14% [4]. - The company’s earnings per share (EPS) for 2024 is expected to be 1.93 yuan, with a projected P/E ratio of 12.65 [4]. - The company’s total assets are expected to reach 23.105 billion yuan by 2024, with a debt-to-asset ratio of 28.22% [10].