Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company's brand and product competitiveness remain strong, and accelerated capacity migration may alleviate concerns [2][3] - The company has significantly improved its profit forecast for 2024-2026, with net profit estimates raised from -0.17/0.50/1.18 million USD to 1.05/1.30/1.64 million USD, representing year-on-year growth of 24%/26% for 2025 and 2026 [3] - The company is expected to benefit from a recovery in the U.S. real estate market and related OPE demand due to the initiation of a rate-cutting cycle by the Federal Reserve [3] Financial Summary - For H1 2024, the company reported revenue of 816 million USD, a year-on-year increase of 10.45%, with electric tools and OPE revenues growing by 9.5% and 10.2% respectively [3] - The net profit for H1 2024 was 62 million USD, up 25% year-on-year, benefiting from a gross margin increase of approximately 0.8 percentage points to 32.9% [3] - The company has raised its full-year revenue growth guidance for 2024 to over 20%, anticipating strong terminal demand and continued channel replenishment [3] Valuation Metrics - The current stock price is 18.90 HKD, with a market capitalization of 9.659 billion HKD [2] - The projected P/E ratios for 2024-2026 are 11.8, 9.5, and 7.6 respectively, while the P/B ratios are 1.1, 1.0, and 0.9 [4]
泉峰控股：港股公司信息更新报告：品牌及产品竞争力稳固，加速产能迁移或能缓解担忧