Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company is expected to achieve accelerated performance growth in 2026 due to the completion of overseas capacity relocation by the end of 2025, which will fully cover shipments to the U.S. market [5][7] - The company has adjusted its net profit forecasts for 2025-2027 from $1.35 billion, $1.63 billion, and $1.94 billion to $1.29 billion, $1.56 billion, and $1.84 billion, reflecting year-on-year growth rates of 14.7%, 21.4%, and 17.9% respectively [5][6] - The company's core brands, Milwaukee and RYOBI, continue to show strong growth, with Milwaukee achieving a year-on-year increase of 11.9% and RYOBI 8.7% in the first half of 2025 [6][7] Financial Summary and Valuation Metrics - Revenue for 2025 is projected at $15.52 billion, with a year-on-year growth of 6.1% [8] - Net profit for 2025 is estimated at $1.29 billion, reflecting a year-on-year increase of 14.7% [8] - The gross margin is expected to improve to 40.6% in 2025, while the net margin is projected at 8.3% [8] - The diluted EPS is forecasted to be $0.7 for 2025, with a P/E ratio of 17.3 times [8]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3][16] Core Viewpoints - The company has received a development notice from a leading international automotive manufacturer, becoming the exclusive supplier of in-vehicle optical components for their smart cockpit products, which are configured in a global series of models. This recognition highlights the company's supply chain capabilities and product quality meeting international standards, facilitating future business expansion [4][5][6] - The company has secured a total of 13 in-vehicle display contracts with leading domestic and international automotive manufacturers, indicating strong market demand for its products. As these contracts enter mass production, the in-vehicle business is expected to drive significant revenue growth [5][8] - The cinema market is currently thriving, and the company's cinema business is anticipated to achieve good growth. The company has also made positive adjustments in its consumer-facing (C-end) business, leading to initial improvements in its fundamentals [5][12] - The company is a global leader in laser display technology, with its smart cockpit business gaining continuous recognition from top automotive manufacturers. The in-vehicle business is expected to create a second growth curve for the company [5][16] Summary by Sections Business Development - The company has been recognized by a major international automotive manufacturer for its smart cockpit products, which is expected to accelerate its global expansion in the automotive sector [6] - The first model equipped with the company's smart cockpit display products, the Wanjie M9, is set to begin deliveries in March 2024, with expected total deliveries exceeding 150,000 units for the year [8] Financial Forecast - The company has adjusted its profit forecast due to investment losses from its subsidiaries and strategic adjustments in its C-end business. The projected net profits for 2024-2026 are 30 million, 200 million, and 260 million respectively, with corresponding P/E ratios of 299, 43, and 34 [5][16][26] - The company expects its in-vehicle business revenue to exceed 600 million in 2024, with significant growth anticipated in subsequent years as production capacity increases [20][21] Market Position - The company has established a strong market presence with its in-vehicle display, laser headlights, and AR-HUD technologies, positioning itself favorably against competitors [5][16] - The cinema business is expected to benefit from a booming market, with the company’s laser projection solutions installed in over 31,000 cinemas nationwide [12][18]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][6] Core Insights - The company is expected to benefit from the release of pent-up demand in the U.S. real estate market and the completion of overseas production capacity, which will enhance earnings certainty [4][6] - 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][7] - 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][6] Financial Summary and Valuation Metrics - Revenue for 2024 is projected at $14.622 billion, with a year-on-year growth of 6.5%, and is expected to reach $16.045 billion in 2025, representing a 9.7% increase [7] - Net profit for 2024 is estimated at $1.122 billion, with a year-on-year increase of 14.9%, and is expected to grow to $1.345 billion in 2025, reflecting a 19.9% increase [7] - The gross margin is expected to improve from 39.5% in 2023 to 40.5% in 2025, while the net margin is projected to rise from 7.1% to 8.4% during the same period [7] - The diluted EPS is forecasted to increase from $0.5 in 2023 to $0.7 in 2025, with a corresponding P/E ratio decreasing from 27.6 to 20.0 [7]

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]