创科实业：去年业绩符预期，维持“增持”评级，目标价154港元-20260306

Investment Rating - The report maintains an "Overweight" rating for Techtronic Industries (00669) with a target price of HKD 154 [1] Core Insights - Despite conservative short-term revenue guidance from management, Techtronic Industries is well-positioned for the next phase of structural growth [1] - The company has shown results from strategic investments in supply chain flexibility, product innovation, and global diversification after years of industry adjustments and macroeconomic challenges [1] - Last year's gross margin expanded by 91 basis points year-on-year to 41.2%, exceeding the bank's expectation of 40.4%, indicating strong operating cash flow that offsets increased R&D spending [1] - Management's revenue growth guidance for core brands Milwaukee and Ryobi is set at 5% to 9%, reflecting a cautious approach amid macro uncertainties, but they indicated that Milwaukee could maintain double-digit growth if demand persists [1] - The long-term growth outlook for Techtronic Industries remains intact due to expanding potential market size, strong demand in key verticals like data centers, and a clear path for margin improvement [1] - The company's strengthened net cash position, a new USD 500 million share buyback plan, and higher dividends further support a constructive view [1]