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中金:维持创科实业(00669)跑赢行业评级 目标价115.49港元
智通财经网· 2025-08-12 01:59
Core Viewpoint - CICC maintains its EPS forecast for Techtronic Industries (00669) at $0.70/$0.80 for 2025/2026, with a target price of HKD 115.49, indicating a 22.6% upside potential and a rating of outperforming the industry [1] Financial Performance - In 1H25, the company reported revenue of $7.833 billion, a year-on-year increase of 7.1%, and a net profit of $628 million, up 14.2%, aligning with CICC's expectations [1] - The overall gross margin for 1H25 was 40.3%, an increase of 0.3 percentage points year-on-year, driven by growth in high-value products like Milwaukee [3] - The net profit margin for 1H25 was 8.0%, up 0.5 percentage points year-on-year [3] Product and Regional Performance - In 1H25, the electric tools segment generated $7.425 billion in revenue, a 7.9% year-on-year growth, with Milwaukee growing by 11.9% and Ryobi by 8.7% [2] - The floor care business saw a revenue decline of 4.6% to $408 million, primarily due to decreased demand for the VAX brand in the UK and Australia [2] - North America contributed $5.872 billion in revenue, a 7.5% increase year-on-year, while Europe saw an 11.9% growth to $1.401 billion; other regions experienced a 6.5% decline to $560 million [2] Inventory and Cost Management - The company increased its inventory by 6.61% to prepare for potential tariff changes in the second half of 2025 [3] - R&D expenses as a percentage of revenue rose by 0.5 percentage points to 4.6%, while sales expenses increased by 0.2 percentage points to 17.2% [3] Market Trends - Since 2025, U.S. home sales have been declining, with new home sales down 6.6% year-on-year in June 2025 [4] - The actual annualized consumption of tools and hardware in the U.S. was $41.94 billion in March 2025, reflecting a 3.8% year-on-year growth, but dropped to $39.95 billion in June, a 3.4% decline [4] - The company suggests monitoring improvements in end-user demand following interest rate cuts [4]