TECHTRONIC IND-创科实业：港股公司信息更新报告：美国地产刚需有望释放，海外产能落成或提升确定性-20250306

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company is expected to benefit from the release of demand in the U.S. real estate market and the completion of overseas production capacity, which will enhance earnings certainty [4] - The net profit forecasts for 2025 and 2026 have been slightly adjusted down to $1.345 billion and$ 1.632 billion, respectively, with a new forecast for 2027 at $1.940 billion, reflecting year-on-year growth rates of 19.9%, 21.3%, and 18.9% [4] - The current valuation reflects significant market concerns regarding tariffs and potential U.S. economic recession, but the company's strong Milwaukee brand and ongoing improvements in weaker areas are expected to drive revenue growth [4] Financial Summary and Valuation Metrics - Revenue for 2024H2 was$ 7.31 billion, a year-on-year increase of 6.7%, driven by the Milwaukee brand, which saw an estimated growth of 11.4% [5] - The company expects revenue growth in 2025 to be in the mid to high single digits, with Milwaukee maintaining double-digit growth and RYOBI achieving single-digit growth [6] - Financial metrics for 2023A to 2027E include: - Revenue (million USD): 13,731 (2023A), 14,622 (2024A), 16,045 (2025E), 17,483 (2026E), 19,065 (2027E) - Net Profit (million USD): 976 (2023A), 1,122 (2024A), 1,345 (2025E), 1,632 (2026E), 1,940 (2027E) - EPS (diluted, USD): 0.5 (2023A), 0.6 (2024A), 0.7 (2025E), 0.9 (2026E), 1.1 (2027E) [7]