TECHTRONIC IND(00669) 开源证券·2024-08-07 23:31Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The recovery of the US real estate market is expected to drive revenue acceleration, while structural optimization and efficiency improvements will enhance profit release [2] - The company maintains net profit forecasts for 2024-2026 at 1.369 billion, and 7.132 billion, a year-on-year increase of 6.3%, driven primarily by strong performance from core brands Milwaukee (up 11.2%) and RYOBI (mid-single-digit growth) [2] - H1 2024 net profit reached $550 million, reflecting a year-on-year growth of 15.7%, outpacing revenue growth due to improved gross margins and reduced interest expenses [2] - The gross margin for H1 2024 improved to 39.94%, benefiting from a higher proportion of high-margin new products and ongoing production efficiency enhancements [2] Future Outlook - The company is entering an upcycle in the electric tools industry, with brand premium and market share expected to remain stable [2] - Anticipated interest rate cuts by the Federal Reserve in September 2024 may stimulate housing sales and renovation demand, further supporting revenue growth for Milwaukee and RYOBI in 2025-2026 [2] - The expansion of high-margin Milwaukee products and after-sales battery business is expected to drive overall gross margin improvement and accelerate net profit release [2]