Shenwan Hongyuan: Chervon Holdings (02285.HK) to see triple resonance in 2026 from channel restocking, replacement cycle, and lithium battery penetration; maintain "Buy" rating

According to Zhitong Finance APP, Shenwan Hongyuan issued a research report stating that Chervon Holdings (02285.HK), as a global leader in outdoor power equipment, has built a brand moat with EGO and is deeply bound to Lowe's channels. It is now ushering in a performance inflection point driven by the resonance of channel restocking and replacement cycles, as well as the accelerated penetration of lithium battery technology, and is in a stage of bottoming out of profitability and value revaluation. The company's profit forecasts for FY2026-2028 are maintained at USD 160 million/150 million/170 million, representing year-on-year changes of +66%/-7%/+13%, corresponding to PE of 10/11/10X, with the "Buy" rating maintained.