创科实业：行业出口数据回暖，公司新品有望驱动增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from a recovery in industry export data and the launch of new products, with a significant number of new tools and equipment introduced [3][4] - The company has launched 230 new products, including enhancements in battery technology and high-power tools, which are anticipated to drive revenue growth [3] - The company is positioned as an industry leader, with its brand Milwaukee ranking second in global sales of power tools and Ryobi being the leading brand in outdoor power equipment [3] Summary by Relevant Sections Industry Performance - In the first half of 2024, China's power tool exports reached $5.11 billion, a year-on-year increase of 14.3$1.35 billion, up 27.0% [3] - The second quarter of 2024 saw a significant increase in exports, with power tools reaching $2.75 billion (up 17.1$590 million (up 55.0% year-on-year) [3] Financial Projections - The company is projected to achieve revenues of $14.91 billion,$16.47 billion, and $18.36 billion for the years 2024, 2025, and 2026 respectively, with net profits of$1.16 billion, $1.32 billion, and$1.49 billion [4][5] - The expected growth rates for revenue are 8.59%, 10.48%, and 11.46% for the years 2024, 2025, and 2026 respectively [5] Market Position - The company’s Milwaukee brand has a market share of 6% in the professional power tool segment, while Ryobi holds an 8% share in the DIY segment [3] - The company is expected to benefit from the anticipated recovery in consumer demand and channel restocking due to the strengthening of U.S. interest rate cut expectations [4]