泉峰控股：2024H1业绩点评：受益下游补库，盈利能力显著提升

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][4]. Core Insights - The company has shown significant performance improvement, with a 2024H1 revenue increase of 11% year-on-year to $820 million and a net profit increase of 25.6$62 million [2]. - The gross margin improved by 0.8 percentage points to 32.9%, while the net profit margin increased by 1 percentage point to 7.6% [2]. - The company is expanding its product portfolio and diversifying its offerings, particularly in the lithium battery-powered outdoor power equipment (OPE) sector [2]. Summary by Sections Financial Performance - In 2024H1, revenue from the OPE segment increased by 10.2% to $490 million, driven by accelerated inventory destocking and increased customer orders [2]. - Revenue from the electric tools segment rose by 9.5$314 million, attributed to the recovery of the company's ODM business [2]. - The company reported a strong sales performance across regions, with North America seeing a 13.8% revenue increase to $552 million, while Europe experienced a slight decline of 1.5$172 million [2]. Profitability Metrics - The company’s gross margin improved due to enhanced operational efficiency and favorable raw material costs [2]. - The selling, general, and administrative expenses as a percentage of revenue were 13.1%, 5.2%, and 4.6% respectively, with a slight increase in sales expenses due to marketing and channel expansion investments [2]. Future Projections - The company is projected to achieve revenues of $1.66 billion,$1.95 billion, and $2.25 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of$117 million, $156 million, and$183 million [4][5]. - The report anticipates a significant recovery in profitability, with a projected return on equity (ROE) of 10.7% in 2024, increasing to 12.5% by 2026 [6].