Core Viewpoint - Morgan Stanley's research report indicates that despite tariff and macroeconomic uncertainties, Techtronic Industries (创科实业) demonstrates growth resilience through vertical application expansion, channel collaboration enhancement, and capacity diversification, thus maintaining an "Overweight" rating [1] Group 1: Financial Forecasts - Due to changes in tariff policies leading to supply chain restructuring, revenue growth is expected to slow in the second half of the year [1] - Morgan Stanley has revised its sales forecasts for Techtronic for 2025, 2026, and 2027 down by 2%, 3%, and 4% respectively [1] - Earnings forecasts have been adjusted down by 6%, 8%, and 9% for the same periods to reflect the uncertain outlook [1] Group 2: Target Price Adjustment - The target price for Techtronic has been reduced from HKD 124 to HKD 115 [1]

Core Viewpoint - Morgan Stanley's report indicates that despite tariff and macroeconomic uncertainties, Techtronic Industries (00669) demonstrates growth resilience through vertical application expansion, channel cooperation enhancement, and capacity diversification, thus maintaining an "overweight" rating [1] Group 1: Financial Forecasts - Due to changes in tariff policies leading to supply chain restructuring, revenue growth is expected to slow in the second half of the year [1] - Morgan Stanley has revised Techtronic's sales forecasts for 2025, 2026, and 2027 down by 2%, 3%, and 4% respectively [1] - The annual profit forecast has been adjusted down by 6%, 8%, and 9% to reflect the uncertain outlook [1] Group 2: Target Price Adjustment - The target price for Techtronic has been reduced from HKD 124 to HKD 115 [1]

Core Viewpoint - Morgan Stanley maintains an "overweight" rating for Techtronic Industries (00669), highlighting its resilience in growth despite tariff and macroeconomic uncertainties through vertical application expansion, channel cooperation enhancement, and capacity diversification [1] Group 1: Financial Forecasts - Morgan Stanley has adjusted its sales forecasts for Techtronic for 2025, 2026, and 2027 down by 2%, 3%, and 4% respectively, reflecting uncertainties in the outlook [1] - The annual profit forecast has been revised down by 6%, 8%, and 9% for the same periods, indicating a cautious approach due to potential impacts from changing tariff policies and a high-interest environment [1] Group 2: Target Price Adjustment - The target price for Techtronic has been reduced from HKD 124 to HKD 115, aligning with the revised forecasts and the anticipated slowdown in revenue growth in the second half of the year [1]