Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a continuous recovery in terminal demand, particularly focusing on the leading brand of lithium battery lawn mowers [1] - The company has been actively repurchasing shares under its stock incentive plan, demonstrating confidence in its future performance [3] - Strong growth in lawn mower exports from China, with a 67.5% year-on-year increase in July, indicates robust demand in the market [3] - The company is expected to benefit from favorable weather conditions in North America and the end of inventory destocking, leading to a positive outlook for the third quarter [3] - The company plans to expand its production capacity in Vietnam, enhancing its supply chain resilience [4] - Revenue projections for 2024-2026 are estimated at 1.75 billion, and 90 million, 151 million [4] Summary by Sections Basic Data - Closing price as of August 22, 2024, is HKD 17.58 - Circulating share capital is 5.11 billion shares - Net asset per share is USD 2.01 [2] Recent Performance - The company has faced stock price pressure since July, potentially due to tariff concerns, but remains a leading brand in lithium battery lawn mowers [4] - The report anticipates a strong recovery in performance, supported by the ongoing demand for lawn mowers [4] Financial Projections - Expected revenue growth rates are 11.00% for 2024, 14.86% for 2025, and 12.05% for 2026 [5] - Projected net profit growth rates are 343.07% for 2024, 47.09% for 2025, and 13.99% for 2026 [5] - The company is expected to achieve a PE ratio of 12.85 for 2024, 8.73 for 2025, and 7.66 for 2026 [5] Cash Flow and Balance Sheet - The company is projected to have a net cash flow from operating activities of -28 million in 2024, turning positive in subsequent years [7] - Total assets are expected to grow from 2.6 billion by 2026 [6]
泉峰控股：终端需求回暖持续，关注锂电割草机品牌龙头