大叶股份：行业东风已至，油动OPE龙头启航

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [23]. Core Viewpoints - The company is a leading player in the domestic lawn mower export market, focusing on outdoor power equipment (OPE) and has a promising future with its own brand development [39][68]. - The company has established a strategic partnership with Home Depot, which is expected to drive significant revenue growth [25][26]. - The global OPE market is projected to reach $32.4 billion by 2025, with lawn mowers being a core category, indicating substantial growth opportunities [4][54]. Summary by Sections Company Overview - The company has been focused on OPE since its establishment in 2006, with a significant emphasis on lawn mowers, which account for 86.8$9.3 billion in 2020 to $11.99 billion by 2025, with a CAGR of 5.2$1.74 billion, $2.56 billion, and$3.37 billion for 2024, 2025, and 2026, respectively, with corresponding growth rates of 86.9%, 47.4%, and 31.7% [26]. - The net profit is expected to reach $90 million,$158 million, and $248 million for the same years, reflecting significant growth potential [26]. Strategic Partnerships - The exclusive supply agreement with Home Depot positions the company's Murray brand favorably in the market, enhancing its competitive edge [25][63]. - The partnership is expected to provide the company with better channel support and increased visibility in retail [64]. Product Development - The company is actively investing in R&D, with a focus on expanding its product line to include lithium battery-powered equipment, which is gaining traction in the market [5][68]. - The company has a robust pipeline of new products, including riding mowers and battery-powered devices, which are anticipated to contribute to future revenue growth [5][71].