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]

摩根士丹利发布研报称，面对关税与宏观经济不确定性，创科实业(00669)仍能透过垂直应用扩张、渠 道合作强化及产能多元化，向投资者展示出跑赢同业的增长韧性，因此维持"增持"评级。但考虑到关税 政策变化导致供应链重组，或导致下半年收入增长放缓，加上高息环境持续，大摩将创科2025至2027年 销售预测下调2%、3%及4%，并将全年盈利预测下调6%、8%及9%，以反映前景不确定性，目标价从 124港元下调至115港元。 ...

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]