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 ...

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 ...

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 ...

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。 ...

| | 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. ...

人民财讯8月26日电，巨星科技（002444）8月26日晚间发布半年报，公司2025年上半年实现营业收入 70.27亿元，同比增长4.87%；归母净利润12.73亿元，同比增长6.63%；基本每股收益1.0656元；拟每10 股派发现金红利2.5元(含税)。报告期内，公司继续重点发展欧美家庭消费用手工具及电动工具领域兼顾 布局工业工具，同时大力推动全球化布局和新品类扩张，重点发展电动工具这一核心新产品，电动工具 业务目前已经逐步成为公司重要增长点，同时自有品牌特别是跨境电商业务继续保持快速增长，公司业 绩稳步提升。 ...

Summary of Conference Call on Home Appliances and Retail Industry Industry Overview - The conference focused on the home appliances and retail industry in the United States, particularly the performance of tool categories, outdoor power equipment (OPE), and home appliances during the first half of 2025 [1][3][16]. Key Points and Arguments Sales Performance - Tool categories showed strong growth with hand tools increasing by 3.54% in May and 2.48% in June, while electric tools grew by 6.48% in May and 2.35% in June [3][4]. - OPE sales declined, with handheld devices dropping 14.46% in May and 5.68% in June, and riding equipment decreasing by 23.18% and 9.10% respectively [4]. - Home appliances experienced a surge in sales due to anticipated tariff increases, with refrigerators up 10.83% and washing machines up 17.12% in May, but saw a decline in June [4][16]. Tariff and Cost Implications - Procurement costs have risen by approximately 10%, leading retailers to increase overseas sourcing to mitigate tariff impacts, resulting in a final store price increase of only about 3% [1][5][6]. - New tariffs on goods from Vietnam have increased from 10% to 20%, raising import costs significantly [7]. - A new round of price increases is anticipated due to rising supplier and procurement costs, with tariffs expected to rise to 15%-20% for Vietnam and Indonesia [8]. Inventory and Market Outlook - As of June 2025, inventory levels have increased significantly, with tool inventory up by about 18% and home appliance inventory up by 15% in preparation for the fourth quarter sales peak [18]. - The overall outlook for the fourth quarter remains optimistic, particularly for electric tools, which are closely tied to the real estate market [19]. Supplier Dynamics - The core supplier, Techtronic Industries (TTI), has maintained strong performance, contributing significantly to procurement shares [20]. - The Nuoki brand has increased its market share in electric tools from 41% to 45% between February and June 2025 [21][22]. - The Giant Star company has captured over 60% of the market share in tool cabinets, with plans to shift production to Thailand to address capacity constraints [23]. Challenges and Adjustments - The Daya company faced challenges in sales due to adverse weather conditions affecting lawn growth, leading to a strategic shift towards promoting the Muray brand [24][25]. - The overall market for lithium battery products has seen positive growth, while traditional brands like Honda have experienced significant declines [25]. Future Projections - The U.S. real estate market is expected to rebound following the resolution of tariff uncertainties and potential interest rate cuts, which could drive demand for tools and appliances [16][17]. - The anticipated recovery in the real estate market is expected to enhance sales, particularly for electric tools, which have a replacement cycle of 3-5 years [19]. Additional Important Insights - The impact of customs policies remains relatively stable, with suppliers often underreporting costs to navigate tariff implications [13][14]. - The interplay between Section 232 tariffs and counterpart tariffs continues to complicate the cost structure for imported goods [12]. - The overall sentiment in the retail market remains cautious but optimistic, with expectations of a strong sales season in the fourth quarter of 2025 [19].

Core Insights - The article highlights the success of companies in Jiangyu Town, Linyi City, Shandong Province, in exporting agricultural products and tools globally, showcasing the transformation of local resources into profitable assets [2][3][4]. Group 1: Agricultural Exports - Sheng'an Food is a leading canned food exporter in Shandong, with over 200 product varieties, exporting to 42 countries, including Japan and Dubai [3][4]. - The company has established deep partnerships with 15 international retail giants, aiming for online export revenue to reach 20% by 2024, enhancing the reputation of Chinese agricultural products [3][4]. - In Japan, 1 in 10 canned fruit products is from Sheng'an, reflecting the company's commitment to quality [3]. Group 2: Tool Manufacturing - Jiexili Tools has transformed an old school into a global tool manufacturer, producing 25 million automotive tools and 35 million hand tools annually [4][5]. - The company has effectively utilized idle resources, generating over 68 million yuan in economic benefits by revamping 63 idle properties [5]. Group 3: Goose Liver Production - Chunguang Food has developed a modern goose farming and processing operation, with a capacity to process 265,000 geese and produce 1,650 tons of goose liver, generating 364 million yuan in revenue [6][7]. - The company is actively participating in international exhibitions and has established export channels for its goose liver products, aiming to strengthen brand promotion in the Greater Bay Area [8].

Core Insights - The U.S. home improvement market is dominated by two major players: Home Depot and Lowe's, which together hold a market share of 76.7% [1][2] - Home Depot's revenue for 2024 is projected at $159.5 billion, while Lowe's is expected to reach $83.674 billion [2] - Home Depot has successfully cultivated the DIY market and established a warehouse-style retail model, which has allowed it to offer competitive pricing [5][10] Market Positioning - Home Depot and Lowe's have distinct customer bases; Home Depot targets DIY consumers and professional contractors, while Lowe's initially focused on contractors before shifting towards DIY [13][18] - Home Depot's market share in the DIY segment was 17% in 2022, while Lowe's derived 75% of its revenue from DIY customers [16][22] Competitive Strategies - Home Depot's strategy includes a focus on low pricing and a wide range of products, with a significant portion of its sales coming from "explosive products" [6][9] - Lowe's has made efforts to expand into the professional market, including acquisitions like Maintenance Supply Headquarters and Artisan Design Group [19][22][23] Financial Performance - Home Depot's Pros sales have surpassed DIY sales as of Q4 2024, indicating a successful shift in focus [20] - Lowe's has faced challenges with declining DIY customer spending due to inflation and rising interest rates [18][25] Supply Chain and Logistics - Both companies have established strong supply chain management practices, with Home Depot sourcing over 50% of its products from the U.S. and reducing reliance on Chinese suppliers [38][39] - Home Depot's logistics system is highly developed, with 98% of its goods transported through its own logistics network [42] Online Business Development - Home Depot has been more aggressive in its online sales strategy, achieving a higher online sales percentage compared to Lowe's [45]

Core Viewpoint - Zhongce Rubber, a leading tire manufacturer, faces high debt levels while maintaining a policy of continuous dividends, raising questions about its financial strategy and sustainability [1][6][12]. Group 1: Company Overview - Zhongce Rubber is primarily engaged in the research, production, and sales of various tire products, ranking as the largest tire company in China and the ninth globally [4]. - The company was founded in 1958 and has a long history, with its current controlling shareholder, Qiu Jianping, starting his entrepreneurial journey in 1993 [4][5]. - As of June 6, 2023, Zhongce Rubber's market capitalization was 41.13 billion yuan [3]. Group 2: Financial Performance and Strategy - From 2020 to mid-2024, Zhongce Rubber distributed a total of 2.8 billion yuan in dividends, with annual distributions of 1.1 billion yuan, 300 million yuan, 250 million yuan, 450 million yuan, and 700 million yuan respectively [7][9]. - The company initially planned to raise 7 billion yuan through an IPO, with 2.85 billion yuan earmarked for supplementing working capital, but later revised the fundraising target down to 4.85 billion yuan, removing the working capital component [10][12]. - Zhongce Rubber's asset-liability ratio significantly exceeds the industry average, with figures of 69.15%, 68.58%, 63.81%, and 62.62% from 2021 to mid-2024, compared to an average of around 50% for comparable companies [12]. Group 3: Debt and Dividend Policy - Despite its high debt levels, Zhongce Rubber has maintained an active dividend policy, which has raised concerns about the sustainability of this approach given its financial obligations [6][9][12]. - The company's strategy to use dividends to help shareholders repay loans has drawn scrutiny, especially in light of regulatory changes aimed at curbing excessive pre-IPO dividend distributions [9][10]. - The ongoing challenge for Zhongce Rubber lies in balancing shareholder returns, debt repayment, and the need for capital to support business growth [12].