Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 35 yuan [1][2]. Core Insights - The company reported a significant revenue increase of 30.3% year-on-year in Q3 2024, reaching 4.38 billion yuan, while the net profit attributable to shareholders was 740 million yuan, up 17.1% year-on-year [1][2]. - The end of inventory destocking in North America has led to a recovery in orders, with Q1 and Q2 revenue growth rates of 29.4% and 26.2%, respectively. The new capacity in Southeast Asia has also contributed to meeting over 90% of downstream order demand [2]. - The gross profit margin in Q3 2024 improved sequentially to 32.9%, despite a slight year-on-year decline of 0.5 percentage points. The increase is attributed to product mix changes and the appreciation of the yuan, which impacted costs [2]. - The company has accelerated its overseas capacity layout, with 65% of its North American revenue coming from overseas production, significantly reducing tariff risks [2]. - The investment suggestion highlights the company's leadership in the global hand tools market, with expectations for a new cycle of growth driven by the recovery in the U.S. real estate market and retail inventory replenishment [2]. Financial Summary - For 2023, the company's main revenue is projected at 10.93 billion yuan, with a year-on-year decline of 13.3%. However, revenue is expected to rebound with growth rates of 27.2%, 24.2%, and 20.8% in 2024, 2025, and 2026, respectively [3]. - The net profit attributable to shareholders is forecasted to grow from 1.69 billion yuan in 2023 to 2.15 billion yuan in 2024, reflecting a growth rate of 27.3% [3]. - The earnings per share (EPS) is expected to increase from 1.41 yuan in 2023 to 1.79 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio of 16 times [3].

Investment Rating - The report assigns a "Buy-A" rating for the company, with a target price of 36.20 CNY, corresponding to a 20x dynamic PE for 2024 [4][5][17]. Core Insights - The company has shown stable revenue growth, achieving 11.084 billion CNY in revenue for the first three quarters of 2024, a year-on-year increase of 28.73%. The net profit attributable to shareholders reached 1.935 billion CNY, also up by 28.50% year-on-year [1][4]. - The electric tool business is progressing well, with significant orders from major clients, indicating a strong market position and potential for future growth [3][4][17]. - The overall demand in the global tool market is recovering, benefiting from the end of inventory destocking by downstream customers, which aligns with the company's strategy to enhance brand loyalty and expand its own brand products [4][17]. Revenue and Profit Forecast - The company is projected to achieve revenues of 137.2 billion CNY, 169.5 billion CNY, and 209.3 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.5%, 23.5%, and 23.5% [4][17]. - Net profits are expected to be 21.73 billion CNY, 26.49 billion CNY, and 32.39 billion CNY for the same years, with growth rates of 28.5%, 21.9%, and 22.3% [4][17]. Margin Analysis - The gross margin for Q3 2024 was reported at 32.91%, an increase from 32.70% in Q2 2024, attributed to the optimization of product structure and cost stabilization [2][13]. - The net profit margin for Q3 2024 was 17.15%, slightly down from 23.53% in Q2 2024, influenced by fluctuations in the RMB/USD exchange rate and changes in investment income [2][13]. Business Segment Performance - The hand tools segment generated 45.46 billion CNY in revenue for H1 2024, a 29.95% increase year-on-year, while the electric tools segment saw a 35.13% increase, reaching 4.75 billion CNY [3][12]. - The industrial tools segment achieved 16.30 billion CNY in revenue, up 19.67% year-on-year, indicating robust performance across all product categories [3][12]. Valuation Analysis - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 15.8, 13.0, and 10.6, respectively, which are lower than the average PE ratios of comparable companies in the industry [15][17]. - The report suggests that the company's valuation is reasonable given its global business layout and competitive advantages in the industry [15][17].

证券代码：002444 证券简称：巨星科技 公告编号：2024-052 杭州巨星科技股份有限公司 关于变更回购股份用途并注销的公告 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。 三、本次变更股份回购用途并注销后的公司总股本变动情况 本次拟将已回购股份 8,023,810 股注销，注销完成后，公司总股本将由 1,202,501,992 股变更为 1,194,478,182 股。具体变动情况如下： | 股份性质 | 回购股份注销前 | | 拟注销数量 | 回购股份注销后 | | | --- | --- | --- | --- | --- | --- | | | 股份数量 | 比例 | （股） | 股份数量 | 比例 | | | （股） | | | （股） | | | 一、有限售 条件股份 | 51,502,660 | 4.28% | 0 | 51,502,660 | 4.31% | | 二、无限售 | 1,150,999,332 | 95.72% | 8,023,810 | 1,142,975,522 | 95.69% | | 条件股份 | | | | | | ...

杭州巨星科技股份有限公司 章程修订对照表 （2024 年 11 月） 公司拟将2021年7月5日第五届董事会第十一次会议审议通过的《关于回购 公司股份方案的议案》的回购股份用途，由"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"变更为"用于注销并减少公司注册资本"。注销完成后，公司总股 本将由1,202,501,992股变更为1,194,478,182股。公司注册资本将由 1,202,501,992元变更为1,194,478,182元，并据此修订《公司章程》。具体内容 如下： 除上述修订条款外，《公司章程》其他条款保持不变。 本次《公司章程》修改尚需提交股东大会审议。 特此公告。 杭州巨星科技股份有限公司董事会 二○二四年十月三十一日 | 原条款 | | | 修订后条款 | | --- | --- | --- | --- | | 第六条 | 公 司 注 册 资 本 为 人 民 币 | | 第六条 公 司 注 册 资 本 为 人 民 币 | | 1,202,501,992 元。 | | | 1,194,478,182 元。 | | 第二十 ...

证券代码：002444 证券简称：巨星科技 公告编号：2024-053 杭州巨星科技股份有限公司 关于召开公司 2024 年第四次临时股东大会的通知公告 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"）第六届董事会第十一次会议决 定于2024年11月15日（星期五）召开公司2024年第四次临时股东大会。现将本次会 议的有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次:杭州巨星科技股份有限公司2024年第四次临时股东大会（以 下简称"会议"） 2、股东大会的召集人：会议由公司董事会召集，公司第六届董事会第十一次会 议审议通过了《关于召开公司2024年第四次临时股东大会的议案》。 3、会议召开的合法、合规性：公司2024年第四次临时股东大会会议的召集、召 开符合有关法律、行政法规、部门规章、规范性文件和公司章程的有关规定。 4、会议召开的日期、时间： 现场会议召开时间：2024年11月15日（星期五）下午14：30 网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年11月15日 9 ...

Financial Performance - Revenue for the third quarter reached RMB 4.38 billion, a year-over-year increase of 30.25%[3] - Net profit attributable to shareholders was RMB 741.7 million, up 17.05% compared to the same period last year[3] - Operating revenue reached 11,083,737,039.19 yuan, a significant increase from 8,610,217,402.80 yuan in the same period last year[15] - Net profit attributable to the parent company's owners was 10,379,200,690.69 yuan, compared to 8,861,804,110.41 yuan in the prior period[14] - Net profit attributable to parent company shareholders reached 1,935,463,943.98 yuan, an increase from 1,506,185,101.35 yuan in the previous period[16] - Total comprehensive income amounted to 2,116,700,904.44 yuan, compared to 1,501,654,154.12 yuan in the prior period[16] - Basic earnings per share stood at 1.62 yuan, up from 1.26 yuan in the previous period[17] Cash Flow and Liquidity - Operating cash flow for the first nine months of the year was RMB 839.72 million, a decrease of 39.46% year-over-year[3] - Cash flow from operating activities was 839,724,875.65 yuan, a decrease from 1,387,067,596.64 yuan in the prior period[18] - Cash inflows from operating activities were 10,561,788,183.53 yuan, compared to 8,885,652,076.06 yuan in the prior period[18] - Cash outflows for purchasing goods and services were 6,762,146,930.72 yuan, an increase from 4,773,513,794.42 yuan in the previous period[18] - Cash inflows from investment activities totaled 1,780,135,617.16 yuan, up from 176,650,511.48 yuan in the prior period[18] - Cash outflows for the construction of fixed assets, intangible assets, and other long-term assets were 353,025,741.13 yuan, slightly down from 361,261,830.58 yuan in the previous period[18] - Net cash flow from financing activities increased to 766,647,352.79 RMB, driven by a rise in borrowings to 4,207,173,160.00 RMB[19] - The company's cash and cash equivalents at the end of the period stood at 6,107,844,412.98 RMB, reflecting a net increase of 1,123,864,663.38 RMB[19] - Debt repayment amounted to 2,881,361,221.92 RMB, while dividends and interest payments totaled 501,087,216.24 RMB[19] - The impact of exchange rate changes on cash and cash equivalents was negative, amounting to -35,822,946.24 RMB[19] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 23.04 billion, an increase of 17.05% from the end of the previous year[3] - Total assets increased to 23,039,778,260.95 yuan, up from 19,683,797,271.17 yuan in the previous period[13] - Total liabilities rose to 6,300,253,360.33 yuan, compared to 4,671,225,774.95 yuan in the prior period[13] - Total equity attributable to the parent company's owners grew to 16,539,242,153.69 yuan, up from 14,847,980,075.62 yuan in the previous period[14] - The company's monetary funds increased to RMB 6.24 billion at the end of the reporting period, up from RMB 5.18 billion at the beginning of the period[12] - Accounts receivable rose significantly to RMB 3.60 billion from RMB 2.10 billion at the beginning of the period[12] - Inventory increased to RMB 2.76 billion from RMB 2.57 billion at the beginning of the period[12] - Total current assets grew to RMB 13.14 billion from RMB 10.56 billion at the beginning of the period[12] - Long-term equity investments increased to RMB 3.46 billion from RMB 2.95 billion at the beginning of the period[12] - Fixed assets slightly increased to RMB 1.74 billion from RMB 1.73 billion at the beginning of the period[12] - Construction in progress rose to RMB 307.10 million from RMB 270.20 million at the beginning of the period[12] Revenue and Costs - Sales revenue from goods and services reached 9,863,507,405.99 yuan, up from 8,277,806,507.40 yuan in the previous period[18] - Operating costs amounted to 9,194,921,249.66 yuan, up from 7,156,450,251.78 yuan in the previous year[15] - Cash paid for goods and services increased by 41.66% to RMB 676.21 million, reflecting higher procurement activities[6] Investments and Financing - Investment income increased by 61.93% to RMB 46.32 million, primarily due to higher earnings from affiliated companies[6] - Investment income rose to 463,164,215.08 yuan, up from 286,026,397.39 yuan in the previous year[15] - Short-term borrowings surged by 199.91% to RMB 330.87 million, driven by increased bill discount financing by subsidiaries[6] - Short-term borrowings surged to 3,308,696,514.10 yuan, a significant rise from 1,103,247,899.65 yuan in the prior period[13] - Investment cash outflow totaled 2,226,820,235.98 RMB, with a significant portion allocated to acquiring subsidiaries and other business units at 234,112,899.69 RMB[19] R&D and Other Expenses - R&D expenses increased to 248,270,380.69 yuan, up from 223,305,989.83 yuan in the previous year[15] - Financial expenses rose by 119.88% to RMB 3.39 million due to increased foreign exchange losses[6] - Interest income increased to 127,130,998.06 yuan, compared to 105,356,416.01 yuan in the prior year[15] Shareholder Information - The company's largest shareholder, Giant Star Holding Group Co., Ltd., holds 38.56% of the shares, totaling 463.74 million shares[9] Comprehensive Income - Other comprehensive income after tax attributable to parent company shareholders was 138,632,933.38 yuan, compared to -10,718,847.66 yuan in the prior period[16] Capital Allocation - The company plans to increase capital by RMB 333.55 million to its subsidiary, Changzhou Huada Kejie Optoelectronic Instrument Co., Ltd., to optimize the management structure of its laser division and focus on developing laser measurement business[11]

杭州巨星科技股份有限公司 章 程 二○二四年十一月 | . | . | A | | --- | --- | --- | | œ | | | | 第一章 总 则 2 | | | | | --- | --- | --- | --- | | 第二章 经营宗旨和范围 3 | | | | | 第三章 股 份 4 | | | | | 第一节 股份发行 | | | 4 | | 第二节 股份增减和回购 | | | 5 | | 第三节 股份转让 | | | 7 | | 第四节 购回公司股份的财务资助 | | | 8 | | 第五节 股票和股东名册 | | | 9 | | 第四章 股东和股东大会 11 | | | | | 第一节 股 东 | | | 11 | | 第二节 股东大会的一般规定 | | | 14 | | 第三节 股东大会的召集 | | | 17 | | 第四节 股东大会的提案与通知 | | | 18 | | 第五节 股东大会的召开 | | | 20 | | 第六节 股东大会的表决和决议 | | | 24 | | 第五章 董事会 29 | | | | | 第一节 事 | 董 | | 29 | | 第二节 董事会 | | ...

杭州巨星科技股份有限公司 第六届监事会第七次会议决议公告 本公司及监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"）第六届监事会第七次会议 通知于2024年10月18日以传真、电子邮件等方式发出，且全体监事均已书面确认 收到全部会议材料。会议于2024年10月30日在杭州市上城区九环路35号公司九楼 会议室以现场会议的方式召开。本次会议应出席监事3名，实际出席监事3名，本 次会议的召集、召开程序符合《中华人民共和国公司法》、《杭州巨星科技股份有 限公司章程》、《杭州巨星科技股份有限公司监事会议事规则》的有关规定。 证券代码：002444 证券简称：巨星科技 公告编号：2024-050 表决结果：赞成票为3票，反对票为0票，弃权票为0票。 具体内容详见同日披露在巨潮资讯网（http://www.cninfo.com.cn）的相关 报告。 二、审议通过《关于公司 2024 年前三季度利润分配预案的议案》 根据公司 2024 年前三季度财务报表，公司合并报表归属于母公司股东的净 利润为 1,935,463,943.98 元，母公司实 ...

证券代码：002444 证券简称：巨星科技 公告编号：2024-051 杭州巨星科技股份有限公司 关于 2024 年前三季度利润分配预案的公告 根据《公司章程》等有关规定，公司拟定 2024 年前三季度利润分配预案为： 以 2024 年 9 月 30 日公司总股本 1,202,501,992 股扣除公司回购专用证券账户 持有的公司股份 8,023,810 股后的股本，即 1,194,478,182 股为基数，向全体股 东每 10 股派发现金红利 2.5 元（含税），预计现金分红总额为 298,619,545.50 元，本次不送红股，也不以资本公积金转增股本。 公司在本次利润分配预案实施前，若总股本由于股份回购等原因发生变化的， 公司将采用现金分红总额不变的原则相应调整。 二、利润分配预案的合法合规性 1、《公司章程》第二百〇六条规定：在符合现金分红的条件下，公司应当优 先采取现金分红的方式进行利润分配，以现金方式分配的利润不少于当年实现的 可分配利润的 10%；公司在实施上述现金分配股利的同时，可以派发股票股利。 2、《未来三年股东回报规划（2024-2026 年）》规定：在公司当年经审计净利 润为正数且符合 ...

证券代码：002444 证券简称：巨星科技 公告编号：2024-049 杭州巨星科技股份有限公司 第六届董事会第十一次会议决议公告 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"）第六届董事会第十一次会 议通知于2024年10月18日以传真、电子邮件等方式发出，且全体董事均已书面 确认收到全部会议材料。会议于2024年10月30日在杭州市上城区九环路35号公 司九楼会议室以现场会议的方式召开。本次会议应出席董事9名，实际出席董事 9名，公司全体监事和高级管理人员列席了会议，本次会议的召集、召开程序符 合《中华人民共和国公司法》、《杭州巨星科技股份有限公司章程》、《杭州巨星 科技股份有限公司董事会议事规则》的有关规定。 本次会议由公司董事长仇建平先生主持，经全体与会董事认真审议，以书 面投票表决方式表决通过了以下决议： 一、审议通过《2024 年第三季度报告》 经审议，同意公司董事会编制的《2024 年第三季度报告》。 表决结果：赞成票为 9 票，反对票为 0 票，弃权票为 0 票。 具体内容详见同日公司披露在巨潮资讯 ...