Group 1: Company Overview and Market Context - Giant Star Technology's revenue from the U.S. market accounts for approximately 65% of total revenue, with part of the products shipped from China and Southeast Asia [2] - The company has around $100 million in production capacity in the U.S. [2] - The new tariffs have resulted in cumulative tariffs of 79% on tool products exported from China to the U.S., while Vietnam, Thailand, and Cambodia face tariffs of 46%, 36%, and 49% respectively [2][3] Group 2: Impact of Tariffs - The tariffs are expected to increase manufacturing costs in the U.S., leading to inflation and overall cost increases across the industry [2] - The company anticipates that the new tariffs will not significantly impact the overall market size, despite potential price increases and decreased sales volume [3] - The company plans to absorb some of the tariff costs through price increases, particularly for OBM products, which are currently subject to a 79% tariff [3][4] Group 3: Strategic Opportunities - The company sees opportunities arising from the demand for maintenance and repair services, which may increase due to inflation and a shift towards DIY projects [3] - There is a potential for market entry into new product categories that were previously difficult to penetrate, particularly in supermarket supply chains [3] - The company aims to focus on developing high-cost performance products to capture market share [3] Group 4: Future Considerations - The company is considering the establishment of production facilities in Mexico or the U.S. but acknowledges that production costs in Southeast Asia remain competitive [4] - Current construction of additional capacity in Southeast Asia will continue, as demand remains strong [4] - The company believes that the challenges posed by tariffs present more opportunities than risks, reinforcing its confidence in becoming a global manufacturing and R&D entity [4]

Summary of the Conference Call for Giant Technology Company Overview - **Company**: Giant Technology - **Industry**: Manufacturing, specifically in the ODM (Original Design Manufacturer) and OBM (Own Brand Manufacturer) sectors Key Points and Arguments Impact of U.S. Tariff Policies - The U.S. tariff policy is viewed as a form of trade protectionism, aiming to eliminate trade surpluses, which is deemed nearly impossible in the modern economy [3][4] - Giant Technology's exports to the U.S. account for 65% to 70% of its total revenue, approximately $1.3 to $1.4 billion, with a significant impact on its OBM business due to a tax burden of 79% [5][4] - The company is actively lobbying to reduce global manufacturing costs and develop new products that can adapt to high tariffs [4][7] Production Cost Challenges - The imposition of a 25% tariff on global steel products has led to a 33% increase in domestic steel prices, raising production costs for manufacturers like Giant Technology [8][4] - The production cost of a specific product is projected to rise from $11.942 in late 2024 to $13.034 in early 2025, marking a 9.14% increase due to tariffs [8][10] - The company plans to accelerate the closure of U.S. factories to mitigate losses from rising production costs [12][4] Market Dynamics in Vietnam - The Vietnamese market is experiencing high demand, with prices expected to remain stable as global capacity is limited [13][4] - Giant Technology has informed clients that prices will not decrease, and orders are already booked until 2026 [13][4] Strategic Shifts and Opportunities - The company aims to transition from an export-focused entity to a global production, manufacturing, sales, and R&D organization [15][4] - There is a growing demand for home maintenance and DIY projects in the U.S., which benefits ODM manufacturers like Giant Technology [15][4] - The company is exploring new product areas such as electric tools and small appliances, leveraging its strong R&D capabilities [15][4] Future Industry Trends - The U.S. market size has grown from $15 billion in 2008 to $50 billion currently, with expectations of entering a stable phase by 2025 [14][4] - The overall industry is not expected to decline, despite challenges from high inflation and tariffs [14][4] Pricing Strategies and Market Adjustments - Other companies in the industry anticipate price increases starting in Q3 2025, while Giant Technology plans to adjust its supply chain to capture market share [16][4] - The company will not lower prices due to the current market conditions, and it is developing low-cost products to meet changing market demands [22][4] Production Base Considerations - Giant Technology will not establish new factories in Mexico or the U.S. due to high production costs and tariffs [17][4] - The company is focusing on increasing production capacity in Thailand, which offers a more favorable cost structure compared to other regions [19][4] Economic Outlook and Challenges - The current U.S. economic situation is described as precarious, with concerns about the Federal Reserve's ability to respond effectively [24][4] - The company believes that the current challenges present more opportunities than risks, and it is optimistic about future growth [27][4] Conclusion - Giant Technology is navigating a complex landscape shaped by U.S. trade policies, rising production costs, and shifting market dynamics. The company is strategically positioning itself to leverage opportunities in the evolving market while managing the challenges posed by tariffs and competition.

Summary of the Conference Call for Giant Technology Company Overview - Giant Technology is a significant player in the global power tools industry, ranking as the second-largest supplier worldwide. The market size of this industry is approximately 200 billion RMB [3][4]. Core Growth Logic - The expected compound annual growth rate (CAGR) for Giant Technology's performance over the next few years is close to 20%. This growth is driven by three main factors: 1. Continuous expansion of product categories and market share through acquisitions [3]. 2. Limited impact of tariffs on demand due to the low price elasticity of hand tools, which constitute a small portion of household spending [3][5]. 3. Strong global production capacity, particularly in Southeast Asia, which helps mitigate tariff impacts and maintain market share [3][4]. Investment Recommendation - Current investment in Giant Technology is recommended due to a discrepancy between market expectations and actual performance, leading to a stock price adjustment. The company is believed to be at the bottom of its operational and industry cycle, presenting a high-risk, high-reward opportunity [6]. - The company is expected to maintain stable growth over the next three to five years, with strong risk resilience and the potential for above-expectation performance [7][8]. Valuation and Market Position - Giant Technology's current valuation is below 12 times earnings, indicating significant room for expansion. Using a PEG ratio of 1, the company has substantial valuation growth potential [9][10]. - The company has established strong barriers in the tool industry, with robust channel relationships and supply chain management capabilities that are difficult to replicate. Since 2016, Giant Technology has consistently outperformed competitors like Stanley Black & Decker and has shown superior profitability compared to Techtronic Industries [13]. Impact of Tariffs - The impact of tariffs on Giant Technology is considered limited. The company has a high production capacity in Southeast Asia, allowing it to effectively spread risk. The proportion of tariffs borne by the company for exports to the U.S. is significantly lower than expected, demonstrating its resilience [5][8][11]. Industry Demand and Future Outlook - Despite concerns about the U.S. not lowering interest rates, industry demand remains robust, supported by the aging housing stock and maintenance needs. The expected industry demand growth rate is around 5% [12]. - The overall industry is currently in a bottom reversal phase, with potential for growth if interest rate cuts are implemented [16][17]. Future Catalysts - Potential catalysts for the company include exceeding order expectations, significant breakthroughs in new business areas, acquisition announcements, unexpected interest rate cuts, and robust new housing construction plans [14]. Conclusion - Giant Technology is positioned as a multinational leader with unique advantages, including a strong global presence and resilient demand for its products. The current valuation presents a compelling investment opportunity, with expectations of over 50% upside potential based on comparisons with other multinational companies [20]. The recommendation is to use 2026 earnings as a benchmark for valuation due to anticipated tariff impacts in 2025 [21].

证券代码：002444 证券简称：巨星科技 公告编号：2025-002 杭州巨星科技股份有限公司 关于参股公司首次公开发行股票并在主板上市申请 根据上海证券交易所网站公告，杭州巨星科技股份有限公司（以下简称"公 司"）参股公司中策橡胶集团股份有限公司（以下简称"中策橡胶"）首次公开发 行股票事项于 2025 年 2 月 13 日经上海证券交易所上市审核委员会 2025 年第 2 次审议会议审核通过。 中策橡胶成立于 1992 年，主要从事全钢胎、半钢胎、斜交胎和车胎等轮胎 产品的研发、生产和销售，自成立以来致力于为国内外消费者提供高质量、高性 能、绿色节能的多样化轮胎产品，是国内外销售规模最大的轮胎制造企业之一。 截至本公告日，中策橡胶总股本为 78,703.7038 万股，公司间接持有其 11.44% 的股份。 中策橡胶首次公开发行股票并上市尚需履行中国证券监督管理委员会注册 程序，存在不确定性。公司将根据相关事项进展情况，严格按照相关法律法规及 规则要求，及时履行信息披露义务，敬请广大投资者注意投资风险。 获得上海证券交易所上市审核委员会审核通过的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 ...

证券代码：002444 证券简称：巨星科技 公告编号：2025-001 杭州巨星科技股份有限公司 关于完成工商变更登记的公告 类型：股份有限公司（外商投资、上市） 注册资本：壹拾壹亿玖千肆佰肆拾柒万捌仟壹佰捌拾贰人民币元 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 杭州巨星科技股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召开 第六届董事会第十一次会议、于 2024 年 11 月 15 日召开 2024 年第四次临时股东 大会，审议通过了《关于减少注册资本并修订<公司章程>的议案》，具体内容详 见 2024 年 10 月 31 日、2024 年 11 月 16 日披露在《证券时报》、《中国证券报》 和巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 近日，公司已完成相关工商变更登记手续，并取得了换发的《营业执照》， 具体信息如下： | 原条款 | | | | 修订后条款 | | | --- | --- | --- | --- | --- | --- | | 第六条 | | | 公 司 注 册 资 本 为 人 ...

Company Rating - The report maintains a "Buy" rating for the company [5][3]. Core Insights - The company is a leading player in the hand tools industry, with a strong channel advantage and a significant presence in the global market, particularly in North America and Europe [1][3]. - The company has been focusing on building its own brands, with the OBM (Own Brand Manufacturing) ratio increasing from 19.39% in 2018 to 48% in 2023, indicating a shift towards direct consumer engagement [59][3]. - The company is expected to see substantial profit growth, with projected net profits of 2.41 billion, 2.95 billion, and 3.51 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 42.57%, 22.43%, and 18.88% [3][4]. Company Overview - The company was established in 1993 and went public in 2010, experiencing consistent revenue growth since its inception, except for 2009 and 2023 [1][3]. - The company has diversified its product offerings, with a notable increase in the share of power tools and laser measuring instruments, which accounted for 25.6% of total revenue in 2023 [21][3]. - The company has a global manufacturing base with 23 production facilities, allowing it to mitigate tariff impacts and ensure a steady supply chain [73][3]. Industry Insights - The industrial tools industry has shown stable growth, with global tool product sales exceeding $50 billion since 2019, and electric products making up the largest share at 37.9% in 2023 [2][33]. - The North American and European markets dominate the tool industry, accounting for 77.6% of total demand in 2023, driven by a strong DIY culture and high labor costs in these regions [2][37]. - The report indicates that the tool industry is entering a new growth cycle as inventory levels improve and interest rates decline, which is expected to boost consumer demand [49][53].

Key Points **Industry and Company Involved**: - **Industry**: Hand tools and power tools market, particularly focused on the North American market. - **Company**:巨星科技 (Jushi Technology) **Core Points and Arguments**: 1. **Outperformance vs. Industry and Competitors**: Jushi Technology has significantly outperformed the industry and competitors like Stanley Black & Decker. This outperformance is attributed to its strong growth in both hand tools and new growth areas like power tools. - **Source**: <doc id='1'>, <doc id='12> 2. **Channel Strength and Supply Chain Stability**: Jushi Technology's ability to maintain long-term partnerships with channels in North America is a key strength. This is due to its focus on supply chain stability and reliability. - **Source**: <doc id='2> 3. **Market Potential**: The hand tool market is valued at $30 billion, while the power tool market is even larger, at $400-500 billion. Jushi Technology is well-positioned to capture a significant share of these markets. - **Source**: <doc id='3> 4. **Export Chain Industry**: Jushi Technology is a leading player in the export chain industry, benefiting from its strong overseas production capacity and market share growth. - **Source**: <doc id='4>, <doc id='5>, <doc id='6>, <doc id='7> 5. **Overseas Production Capacity**: Jushi Technology has significantly increased its overseas production capacity, particularly in South Asia and Europe. This has led to a 12 percentage point increase in overseas production capacity, from 55% to 67%. - **Source**: <doc id='8>, <doc id='9> 6. **Market Demand**: The demand for tools in the US market is strong, with expectations of continued growth. This is supported by the increasing orders and positive outlook from channel partners. - **Source**: <doc id='8>, <doc id='10> 7. **Growth Potential**: Jushi Technology has significant growth potential in both hand tools and power tools markets. The company's strong channel relationships and supply chain capabilities position it well for future growth. - **Source**: <doc id='11>, <doc id='13>, <doc id='14>, <doc id='15>, <doc id='16>, <doc id='17>, <doc id='18>, <doc id='19>, <doc id='20>, <doc id='21>, <doc id='22>, <doc id='23>, <doc id='24>, <doc id='25>, <doc id='26>, <doc id='27>, <doc id='28>, <doc id='29>, <doc id='30>, <doc id='31>, <doc id='32> **Other Important Points**: - **Tariff Concerns**: While there are concerns about tariffs, the company's strong overseas production capacity and market share growth position it well to mitigate the impact of tariffs. - **Source**: <doc id='4>, <doc id='5>, <doc id='6>, <doc id='7>, <doc id='8>, <doc id='9>, <doc id='10>, <doc id='11>, <doc id='12>, <doc id='13>, <doc id='14>, <doc id='15>, <doc id='16>, <doc id='17>, <doc id='18>, <doc id='19>, <doc id='20>, <doc id='21>, <doc id='22>, <doc id='23>, <doc id='24>, <doc id='25>, <doc id='26>, <doc id='27>, <doc id='28>, <doc id='29>, <doc id='30>, <doc id='31>, <doc id='32> - **Investment Value**: Jushi Technology is considered a strong investment opportunity with significant growth potential and a relatively low valuation. - **Source**: <doc id='4>, <doc id='5>, <doc id='6>, <doc id='7>, <doc id='8>, <doc id='9>, <doc id='10>, <doc id='11>, <doc id='12>, <doc id='13>, <doc id='14>, <doc id='15>, <doc id='16>, <doc id='17>, <doc id='18>, <doc id='19>, <doc id='20>, <doc id='21>, <doc id='22>, <doc id='23>, <doc id='24>, <doc id='25>, <doc id='26>, <doc id='27>, <doc id='28>, <doc id='29>, <doc id='30>, <doc id='31>, <doc id='32>

证券代码：002444 证券简称：巨星科技 公告编号：2024-064 杭州巨星科技股份有限公司 关于实际控制人及其一致行动人持股比例变动超过 1%的公告 公司实际控制人仇建平先生及其一致行动人王玲玲女士、巨星控股集团有 限公司保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 2022年11月8日，巨星控股参与转融通出借业务，将持有的公司11,434,000 股无限售条件流通股出借给中国证券金融股份有限公司；2023年5月9日，中国 证券金融股份有限公司将巨星控股集团有限公司（以下简称"巨星控股"）出借 的11,434,000股无限售条件流通股归还给巨星控股，巨星控股在中国证券登记 结算有限公司登记的持股比例上升了0.95%。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 2023年3月20日至3月21日，基于对杭州巨星科技股份有限公司（以下简称 "公司"、"本公司"）未来发展前景的信心和对公司股票长期投资价值的认可， 公司董事长、实际控制人仇建平先生通过深圳证券交易所交易系统以集中竞价 交易方式累计增持2,318,800股，占公司总股本的0.19%。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [22][33]. Core Insights - The company has maintained a high level of profitability, with a stable expense ratio. In 2023, the sales gross margin reached 32.91%, and the net profit margin was 17.15%. The company has effectively controlled costs, with a stable expense ratio over the years [10][32]. - The company has significantly increased its self-owned brand revenue, which rose from below 10% in 2016 to nearly 50% in 2023. The OBM business revenue CAGR from 2018 to 2023 was 35.4% [22][23]. - The company is expanding its electric tool segment, with a focus on cordless electric tools, which accounted for 25.61% of revenue in 2023, growing by 27.11% year-on-year [23][31]. Company Overview - The company has undergone three development phases since its establishment in 1993, transitioning from ODM to OBM and expanding through acquisitions of high-end overseas brands [22][31]. - The company has a global presence with 23 production bases, including 11 in China, 3 in Southeast Asia, and 6 in Europe, allowing it to respond quickly to market demands [31][34]. - The company’s revenue is primarily derived from exports to Europe and North America, with overseas revenue consistently accounting for over 90% [4][70]. Market Dynamics - The global hardware tools industry is highly concentrated, with the top five companies holding approximately 67% market share. The company has significant room for market share growth [14][70]. - The demand for hardware tools is expected to benefit from a recovery in the real estate market as interest rates decline, which will enhance the overall market environment for the tools industry [33][46]. - The electric tools market is projected to grow significantly, driven by technological advancements and changing consumer preferences, with a notable shift towards cordless tools [23][40]. Financial Projections - The company is expected to achieve net profits of 22.8 billion to 25.4 billion yuan in 2024, representing a year-on-year growth of 35% to 50% [17][33]. - Revenue is projected to grow significantly, with total revenue expected to exceed 35% year-on-year in 2024, driven by new product launches and increased market demand [17][33].

证券代码：002444 证券简称：巨星科技 公告编号：2024-063 杭州巨星科技股份有限公司 关于公司实际控制人减持股份计划实施完成的公告 仇建平先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 杭州巨星科技股份有限公司（以下简称"本公司"、"公司"）于2024年11月 13日在《证券时报》、《中国证券报》及巨潮资讯网披露了《关于公司实际控制人 减持股份的预披露公告》（公告编号：2024-054），公司实际控制人、董事长仇建 平先生计划在预披露公告披露之日起15个交易日后的3个月内以集中竞价方式减 持本公司股份不超过5,200,000股（占本公司总股本比例为0.44%）。 公司于今日收到仇建平先生的《关于减持股份计划实施完毕的告知函》，告 知我司本次减持股份计划已实施完毕，现将本次减持计划实施情况披露如下： 一、股东减持情况 1、股东减持股份情况 | 股东名称 | 减持方式 | 减持期间 | 减持均价 | 减持股数 | 减持比例 | | --- | --- | --- | --- | --- | -- ...