该行预计，2024-2026年公司归母净利润分别为11.22/12.80/14.19亿美元，对应EPS分别为0.61/0.70/0.77美元，当前股价对应PE分别为19.85/17.41/15.70倍。首次覆盖，给予“买入”评级。Pacific Securities released a research report stating that Techtronic Industries (00669) recently announced its performance. In H1 2024, revenue was recorded at 7.312 billion USD (+6.29% YoY); net income attributable to shareholders was recorded at 0.55 billion, USD (+15.68% YoY).
The report pointed out that, by business segment, (in local currency) the company's revenue in the electric tools business in H1 2024 was 6.9 billion USD (+7.1%), among which MILWAUKEE showed double-digit growth (+11.2%) driven by new products, regional expansion, commercialization, and penetration in vertical areas; RYOBI outperformed the market and achieved unit growth. (In terms of accounting standards), revenue from the floor care and cleaning business was 0.428 billion USD (-0.40%), with stable performance. By region, (in local currency) the company's revenue in North America/Europe/Australia and Asia in H1 2024 increased by +5.6/+7.9/+13.0% YoY, and the Australian and Asian markets showed good growth.
The report also noted that according to Mordor Intelligence's prediction, the CAGR of the North American construction market is expected to reach 4.82% from 2024 to 2029, and the European residential real estate market is expected to reach 4.5%, which may drive the growth of the electric tool and cleaning appliance industry. As a global leader in electric tools, the company is expected to benefit from the recovery of the industry. MILWAUKEE + RYOBI's new product launches should improve product structure optimization and market share, and internal efficiency improvements are expected to drive profit improvement, bullish on the company's long-term development.
The report predicts that the net income attributable to shareholders of the company will be 1.122/1.28/1.419 billion USD and the corresponding EPS will be 0.61/0.70/0.77 USD from 2024 to 2026, and the current share price corresponds to a PE of 19.85/17.41/15.70 times. This is the first coverage, and the company is given a "buy" rating.
