Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][8]. Core Views - The company reported a double-digit growth in H1 2024, driven primarily by the MILWAUKEE brand, with a revenue of $7.312 billion, reflecting a 6.29% increase year-on-year, and a net profit of $550 million, up 15.68% [3][5]. - The electric tools segment saw a revenue of $6.9 billion, growing by 7.1%, with MILWAUKEE achieving a double-digit growth of 11.2% due to new product launches and market expansion [3][5]. - The company is expected to benefit from a recovering industry, with forecasts indicating a CAGR of 4.82% for the North American construction market from 2024 to 2029, and 4.5% for the European residential real estate market [3][5]. Summary by Sections Financial Performance - H1 2024 revenue was $7.312 billion, up 6.29%, with a net profit of $550 million, reflecting a 15.68% increase [3][5]. - The gross margin improved to 39.94%, an increase of 0.67 percentage points, while the net margin rose to 7.53%, up 0.61 percentage points [3][5]. - The company expects net profits of $1.122 billion, $1.280 billion, and $1.419 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of $0.61, $0.70, and $0.77 [4][5]. Market Outlook - The report highlights a positive outlook for the electric tools and cleaning appliances industry, driven by the anticipated growth in the construction and real estate sectors [3][5]. - The company is positioned as a leader in the electric tools market and is expected to enhance its market share through new product launches and improved operational efficiency [3][5].

太平洋证券股份有限公司证券研究报告 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|------------------------------|--------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | CPI | | | | | 环比由降转涨，但上涨动能偏弱 | | | | | | | | | | | | | | | | —— 7 | 月通胀数据点评 | | | | | | | | | | | | | | | 报告日期： 2 0 2 4年8月9日 | | | | | | | | | | | | | | | | 证券分析师：徐超 | 研究助理：万琦 | | | | | | | 电话： 18311057693 | 电话： 18702133638 | | | | | | | E-MALL ： xuchao@tpyzq.com | E-MALL ： wanq@tpyzq.com | | | | | ...