创科实业：2024年中报业绩点评：上半年业绩稳健，看好降息后受益

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of $7.31 billion in the first half of 2024, representing a year-on-year increase of 6.3$550 million, up 15.7% year-on-year [4][5] - The Milwaukee brand showed strong performance with a sales increase of 11.2% (in local currency), while Ryobi also experienced mid-single-digit growth [2][4] - The company is expected to benefit from a potential interest rate cut and a recovery in the U.S. real estate market, leading to strong order certainty in the second half of the year [2][4] Financial Performance Summary - Revenue for the first half of 2024: $7.31 billion, up 6.3$550 million, up 15.7% year-on-year - Gross margin: 39.9%, an increase of 0.67 percentage points year-on-year - Net profit margin: 7.5%, an increase of 0.6 percentage points year-on-year [2][4] Business Segment Performance - By business segment: - Power tools: +6.73% - Milwaukee sales: +11.2% - Ryobi sales: mid-single-digit growth - Floor care and cleaning: -0.4% [2][4] - By region: - North America: +5.69% - Europe: +8.64% - Other regions: +6.95% [2][4] Future Earnings Forecast - Revenue projections for 2024-2026 are $14.62 billion,$16.07 billion, and $17.67 billion, with year-on-year growth rates of 6.5$1.14 billion, $1.33 billion, and$1.53 billion, with growth rates of 16.7%, 16.9%, and 14.6% respectively [6][7] Valuation Metrics - As of August 7, 2024, the price-to-earnings (P/E) ratios are projected to be 20, 17, and 15 for 2024, 2025, and 2026 respectively [6][7]