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 | | --- | --- | --- | --- | --- | -- ...

证券时报e公司讯，巨星科技(002444)12月29日发布业绩预告，预计2024年度净利润22.84亿元—25.37亿 元，同比增长35%—50%；基本每股收益预计1.92元—2.13元。 目前公司订单比较充足，公司未来将继续加大全球化产能布局，预计公司在未来一段时间将继续保持合 理的增速。 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of approximately CNY 228.37 million to CNY 253.74 million, representing a year-on-year increase of 35.00% to 50.00%[3] - The net profit after deducting non-recurring gains and losses is projected to be between CNY 229.16 million and CNY 254.62 million, also reflecting a year-on-year growth of 35.00% to 50.00%[3] - Basic earnings per share are estimated to be between CNY 1.92 and CNY 2.13, compared to CNY 1.42 in the same period last year[3] Revenue Growth Drivers - The company anticipates a year-on-year revenue increase exceeding 35% due to the recovery of North American tool consumption and the release of production capacity in Southeast Asia[5] Production Capacity Expansion - The company plans to continue expanding its global production capacity to maintain reasonable growth rates in the future[7] Goodwill Impairment Provisions - The U.S. subsidiaries, Arrow Fastener Co., LLC and Prime-Line Products, LLC, are expected to incur goodwill impairment provisions exceeding CNY 100 million due to rising service and manufacturing costs[7] Audit and Reporting - The performance forecast has not been audited by the accounting firm, and specific financial data will be disclosed in the 2024 annual report[8]

证券代码：002444 证券简称：巨星科技 公告编号：2024-061 杭州巨星科技股份有限公司 关于回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、回购股份方案及实施情况 公司于 2021 年 7 月 5 日召开第五届董事会第十一次会议，审议通过了《关 于回购公司股份方案的议案》，同意使用自有资金不少于（含）人民币 1.8 亿元， 不超过（含）人民币 3.6 亿元通过集中竞价的方式回购部分公司发行的人民币普 通股（A 股），回购股份的 40%用于员工持股计划或股权激励计划的股份来源，回 购股份的 60%用于转换公司发行的可转换为股票的公司债券。回购期限自公司董 事会审议通过回购方案之日起不超过 12 个月。 截至 2022 年 7 月 4 日，公司回购股份实施期限已经届满，回购方案已实施 完毕。公司通过回购股份专用证券账户以集中竞价方式累计回购公司股份 8,023,810 股，最高成交价为 32.70 元/股，最低成交价为 24.77 元/股，共使用 资金总额 236,625,962 元（不含交易费用）。 公司于 202 ...

证券代码：002444 证券简称：巨星科技 公告编号：2024-060 杭州巨星科技股份有限公司 关于注销部分募集资金专户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准杭州巨星科技股份有限公司公开发行 可转换公司债券的批复》（证监许可[2019]2656 号）核准，杭州巨星科技股份有 限公司（以下简称"公司"、"本公司"）公开发行可转换公司债券 9,726,000 张, 每张面值为人民币 100.00 元，按面值发行，发行总额为人民币 972,600,000.00 元，扣除相关发行费用后，实际募集资金净额为人民币 965,121,452.83 元。天 健会计师事务所（特殊普通合伙）已对本次募集资金的实收情况进行验证，并于 2020 年 7 月 2 日出具《验证报告》（天健验[2020]244 号）。 二、募集资金存放与管理情况 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者权 益，本公司按照《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券 交易所股票上市规则（2024 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [7][98]. Core Insights - The company has established a strong position in the global tools market through a dual strategy of acquiring leading international brands and developing its own brands, with its own brand (OBM) revenue share increasing from less than 10% in 2016 to nearly 50% in 2023 [1][21]. - The company benefits from a robust global supply chain and sales channels, with significant revenue derived from the U.S. and European markets, which are expected to see a recovery in demand due to inventory replenishment cycles [3][4][70]. - The company is projected to achieve net profits of 20.8 billion, 24.5 billion, and 27.7 billion yuan for the years 2024 to 2026, with corresponding EPS of 1.73, 2.03, and 2.30 yuan, reflecting a favorable valuation compared to peers [3][93][94]. Summary by Sections 1. Rapid Development of Own Brands and Steady Profitability Improvement - The company focuses on its core tool product business, with OBM revenue showing consistent growth, achieving 38.37 billion, 50.88 billion, and 52.15 billion yuan in the last three years, with year-on-year growth rates of 46.10%, 32.57%, and 2.50% respectively [19][24]. - The company has a concentrated ownership structure, with the largest shareholder holding 38.56% of the shares, ensuring stability and professional management [27]. - The company has effectively controlled operating expenses, leading to steady improvements in profitability [29]. 2. Multi-Billion Dollar Tool Market with Recovering Downstream Demand - The global tools market has shown steady growth, with the market size increasing from 77.8 billion USD in 2017 to 99.8 billion USD in 2021, with a CAGR of 6.4% [42]. - The power tools segment is expected to grow at a higher CAGR of 6.2% from 2022 to 2026, driven by technological advancements and increasing demand in developed markets [43][45]. 3. Emphasis on Innovation and Global Layout to Enhance Competitiveness - The company has established five R&D centers globally, recognized as a national intellectual property demonstration enterprise, enhancing its innovation capabilities [2][74]. - The company has a comprehensive global supply chain and sales channels, with 23 manufacturing bases worldwide, enabling efficient global procurement and distribution [2][79]. 4. Profit Forecast - The company is expected to achieve revenues of 137.68 billion, 165.90 billion, and 189.15 billion yuan from 2024 to 2026, with corresponding net profits of 20.8 billion, 24.5 billion, and 27.7 billion yuan [93][94]. - The company’s gross margin is projected to stabilize around 30% in the coming years, reflecting improved operational efficiency and product mix [88][90]. 5. Valuation Levels and Investment Rating - The company’s current stock price corresponds to a PE ratio of 16, 13, and 12 for the years 2024 to 2026, which is lower than the average PE of comparable companies [94][96]. - The report highlights the company’s strong market position and growth potential, justifying the "Buy" rating [98].

证券代码：002444 证券简称：巨星科技 公告编号：2024-059 杭州巨星科技股份有限公司 2024 年前三季度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 本次权益分派实施后，按杭州巨星科技股份有限公司（以下简称"本公司"、 "公司"）总股本折算每股现金分红比例及除权除息参考价如下： 考虑到公司回购专用证券账户上的股份不参与2024年前三季度权益分派， 公司本次实际现金分红的总金额=实际参与分配的总股本×分配比例，即 298,619,545.50元=1,194,478,182股×0.25元/股；按公司总股本折算的每10股 现金分红金额=现金分红总额÷总股本（包含已回购股份）*10，即2.483318元 =298,619,545.50元÷1,202,501,992股*10（结果取小数点后六位，最后一位直 接截取，不四舍五入）。据此计算2024年前三季度权益分派实施后的除权除息参 考价格=股权登记日收盘价-0.2483318元/股。 公司2024年前三季度权益分派方案已获2024年11月15日召开的2024年第四 次临时股东 ...

证券代码：002444 证券简称：巨星科技 公告编号：2024-058 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 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 11 日召开 第六届董事会第十次会议、于 2024 年 10 月 28 日召开 2024 年第三次临时股东大 会，审议通过了《关于修订<公司章程>的议案》，具体内容详见 2024 年 10 月 12 日、2024 年 10 月 29 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 | | --- | --- | | 第四条 公司注册名称： | 第四条 公司注册名称： | | 中文名称：杭州巨星科技股份有限公 | 中文名称：杭州巨星科技股份有限公 | | 司 | 司 | | 英 文 名 称 ： HANGZHOU GREAT STAR | 英 文 ...

Summary of the Conference Call for 巨星科技 Company Overview - **Company**: 巨星科技 - **Date**: November 18, 2024 Key Points Industry and Company Recognition - 巨星科技 received the highest honor award from 露丝 as the annual supplier and the annual partner award from the Canadian Red Wood Import Department, highlighting its strategic position and product competitiveness in the global supply chain, solidifying its role as a major supplier in the carrier program [2][3] Capital Operations and Dividend Plans - The company has canceled 80.0023 million shares of repurchased stock, reducing its registered capital, and plans to continue repurchases and cancellations based on market conditions to enhance long-term returns [2][4] - A cash dividend of 2.5 yuan per 10 shares has been distributed, with a total dividend payout of 719 million yuan completed for the year [2][5] Financial Performance Expectations - Revenue for Q4 2024 is expected to maintain high growth, with annual revenue projected to reach a historical high, significantly exceeding 12.6 billion yuan from 2022 [2][6] - Operating net profit is anticipated to grow compared to 2023, but fluctuations in the RMB exchange rate may impact financial expenses and investment income [2][6] External Environment and Industry Impact - Following the US interest rate cuts, mortgage rates have rebounded, leading to low housing turnover; however, end-user demand has been rising since late 2024, with industry-wide terminal sales expected to reach 42.9 billion yuan, a 7.7% year-on-year increase [2][7] - Policy changes under Trump's administration, including immigration policy, tax cuts, and deregulation, may benefit the company, while increased tariffs on Chinese imports pose challenges, necessitating optimization of production capacity [2][7] 2025 Industry Outlook - The industry growth rate is expected to stabilize between 4%-5%, with the company's growth forecast between 500 million to 1 billion yuan, while inflationary pressures and tariff adjustments present uncertainties [2][8] Global Supply Chain Restructuring - The company has increased production capacity outside of China, aiming to raise its proprietary brand ratio to over 50% and expand direct-to-consumer services through acquisitions to address opportunities and challenges from global supply chain restructuring [2][13][14] Inflation and Demand Dynamics - Inflation may trigger a buying spree, with sales remaining stable despite price increases; however, actual sales volume has declined when considering price hikes [9][10] - The company anticipates that inflation and potential tariff increases could lead to a buying rush in the next 4 to 6 quarters, similar to past trends [11] Strategic Positioning and Future Plans - The company is focusing on enhancing its production capacity in Southeast Asia to adapt to potential market share increases due to tariff differentials [14] - Plans to maintain a median growth of 150 million USD annually in the electric tools sector over the next three years, equating to an increase of approximately 1 billion yuan each year [22] Supply Chain Challenges and Opportunities - The restructuring of the supply chain, particularly overseas, presents both challenges and opportunities, with successful overseas layout being crucial for market opportunities [23] Conclusion - 巨星科技 is positioned to leverage its strategic advantages in the global supply chain while navigating external challenges such as tariffs and inflation, with a focus on growth and operational efficiency in the coming years [25]