海 ＃title＃ 外 证券研究报告 ＃industryId＃ 消费行业 ＃investSuggestion＃ 买入 ( ＃ 维持） 2024 年 1-9 月净利润同比增速超 300%，全年收入有望超预期 ＃ 02285.HK ＃泉dy峰Com控pa股ny＃ 港股通（沪、深） 公 司 跟踪 报 告 | --- | --- | |------------------------------|------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024.10.17 | | 收盘价(港元) | 21.3 | | 总股本(亿股) | 5.11 | | 总市值(亿港元) | 109 | | 总资产(亿美元) | 19.4 | | 归母净资产(亿美元） | 9.82 | | 每股净资产(美元） | 1.9 | | 数据来源： Wind | | chenyawen@xyzq.com.cn ＃createTime1＃ 2024 年 10 月 18 日 投资要点 ＃summary＃ 盈喜公告：2024 年 1-9 月公司录得净利润 1 亿美元，同比增长超 335%，主 ...

投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-17 | | 收盘价 ( 港元 ) | 21.30 | | 流通股本 ( 亿股 ) | 5.11 | | 每股净资产 ( 美元 ) | 1.92 | | 总股本 ( 亿股 ) | 5.11 | | 最近 12 月市场表现 | | -43% -29% -14% 1% 15% 30% 泉峰控股 恒生指数 分析师 于健 SAC 证书编号：S0160522060001 yujian@ctsec.com 联系人 谷亦清 guyq01@ctsec.com 事件：公司发布正面盈利预告，预计 1-9 月份实现净利润约 1 亿美元，同 比涨幅超 300%；1H2024 公司净利润 0.62 亿美元，则预计单 Q3 实现盈利约 0.38 亿美元。 旗舰品牌 EGO 表现强劲，带动 Q3 收入增长加速。公司全年目标超过 20%的收入增长，对全年目标实现具有信心，根据全年目标我们预计公司 H2 收入增速有望达 30%。公司收入加速预计主要系旗舰品牌 EGO 终 ...

[Table_Date] 2024 年 10 月 16 日 证券研究报告|港股公司点评研究报告 [Table_Title] Q3 表现亮眼，全年收入增长或超目标上限 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

港股通 证券研究报告 泉峰控股 (2285 HK) Q3 利润表现靓丽，上调盈利预测 华泰研究 公告点评 2024 年 10 月 16 日│中国香港 可选消费 投资评级(维持): 目标价(港币): 前三季度净利润同增约 335%，经营表现向好，上调盈利预测与目标价 公司发布正面盈利预告，公司预计 24Q1-3 录得净利润约 1 亿美元，而去年 同期约 0.23 亿美元，据此计算 24Q1-3 净利润同比大幅增长约 335%；其中 Q3 单季度净利润同增约 247%至 0.38 亿美元。2024 年以来，公司作为锂 电 OPE 龙头，经营势能持续向好，考虑到海外降息催化&需求景气共振， 我 们 上 调 公 司 收 入 预 测 ， 预 计 2024-2026 年 归 母 净 利 润 分 别 为 1.31/1.66/1.98 亿美元（前值 1.10/1.41/1.75 亿美元），对应 EPS 为 0.26/0.32/0.39 美元，参考可比公司 Wind 一致预期 2025 年 16 倍 PE 均值， 考虑到公司海外产能有待持续建设，给予公司 2025 年 13 倍目标 PE，给予 目标价 32.30 港币（前值 ...

Revenue Growth - Revenue increased by 10.5% to $815.745 million in the first half of 2024 compared to $738.545 million in the same period of 2023[12] - Revenue increased by 10.5% from US$738.5 million to US$815.7 million during the Reporting Period[14] - The company's revenue increased by 10.5% from $738.5 million in H1 2023 to $815.7 million in H1 2024, driven by strong point-of-sales performance and higher customer orders[35] - Revenue from OPE products grew by 10.2% from $445.2 million in H1 2023 to $490.4 million in H1 2024, supported by accelerated destocking and increased customer orders[36] - Revenue from power tools increased by 9.5% from $286.3 million in H1 2023 to $313.5 million in H1 2024, driven by the recovery and growth of the ODM business[36] - Revenue from power tools sales increased to $313.5 million in H1 2024, up from $286.3 million in H1 2023[177] - Revenue from outdoor power equipment sales rose to $490.4 million in H1 2024, compared to $445.2 million in H1 2023[177] - Total revenue from contracts with customers reached $815.7 million in H1 2024, up from $738.5 million in H1 2023[177] - Power tools segment revenue for the six months ended June 30, 2024, was $313.5 million, compared to $286.3 million in the same period in 2023[190][192] - Outdoor power equipment segment revenue for the six months ended June 30, 2024, was $490.4 million, up from $445.2 million in the same period in 2023[190][192] - Total revenue from external customers for the six months ended June 30, 2024, was $815.7 million, compared to $738.5 million in the same period in 2023[190][192] Profitability - Gross profit rose by 13.2% to $268.676 million in H1 2024 from $237.296 million in H1 2023[12] - Profit before taxation grew by 24.1% to $71.814 million in H1 2024 compared to $57.851 million in H1 2023[12] - Net profit increased by 25.6% to $61.619 million in H1 2024 from $49.051 million in H1 2023[12] - Adjusted net profit rose by 24.4% to $61.619 million in H1 2024 compared to $49.547 million in H1 2023[12] - Basic earnings per share increased by 20.0% to $0.12 in H1 2024 from $0.10 in H1 2023[12] - Diluted earnings per share grew by 20.0% to $0.12 in H1 2024 compared to $0.10 in H1 2023[12] - Net profit grew by 25.6% compared to the same period in 2023, reaching US$61.6 million[14] - Gross profit margin improved from 32.1% to 32.9%[15] - Gross profit increased by 13.2% from $237.3 million in H1 2023 to $268.7 million in H1 2024, with gross profit margin rising from 32.1% to 32.9% due to operational efficiency and favorable raw material costs[41] - The company achieved a net gain of $2.3 million in H1 2024, compared to a net loss of $4.7 million in H1 2023, primarily due to gains on financial assets and derivative instruments[44] - Profit before taxation grew by 24.1% from $57.9 million to $71.8 million[55][57] - Income tax expense increased from $8.8 million to $10.2 million, with the effective tax rate decreasing from 15.2% to 14.2% due to tax benefits for R&D activities[56][57] - Profit for the period increased from $49.1 million to $61.6 million, with the net profit margin improving from 6.6% to 7.6%[58][59] - Adjusted net profit for the period was $61.6 million, compared to $49.5 million in the prior year[62] - Total comprehensive income for the period reached $40.795 million, significantly higher than $20.744 million in H1 2023[154] - Gross profit from external customers and reportable segment profit for the six months ended June 30, 2024, was $268.7 million, up from $237.3 million in the same period in 2023[190][192] Cash Flow and Financial Position - Net cash generated from operating activities was $119.138 million in H1 2024, a significant improvement from a net cash used of $86.581 million in H1 2023[12] - Total assets increased by 8.0% from US$1,796.385 million at December 31, 2023 to US$1,939.523 million at June 30, 2024[13] - Cash and cash equivalents stood at $387.1 million as of June 30, 2024, with 34.1% in RMB, 58.5% in USD, 3.5% in Euro, and 3.9% in other currencies[64] - The company maintained a strong financial position with cash and cash equivalents of $387.1 million as of June 30, 2024, up from $296.3 million as of December 31, 2023[66] - Cash and cash equivalents were denominated in RMB (34.1%), USD (58.5%), EUR (3.5%), and other currencies (3.9%) as of June 30, 2024[66] - The company's bank loans totaled $329.0 million as of June 30, 2024, primarily denominated in RMB, with fixed-rate and floating-rate loans accounting for 60.3% and 39.7% respectively[68] - Inventory turnover days improved to 178 days for the six months ended June 30, 2024, compared to 209 days for the same period in 2023, reflecting improved operational efficiency[68] - Trade and bills receivables turnover days increased to 89 days for the six months ended June 30, 2024, from 63 days in 2023, driven by strong sales performance in Q2 2024[68] - Capital expenditures for the six months ended June 30, 2024, amounted to $22.1 million, primarily for upgrading smart manufacturing systems and advancing digital transformation[69][71] - Capital commitments for plant construction and machinery acquisition totaled $87.8 million as of June 30, 2024, mainly for expanding production capacity in Vietnam[70][72] - The company pledged assets worth $87.3 million as of June 30, 2024, including plant and buildings ($31.1 million), leasehold land ($21.4 million), and inventories ($16.2 million)[74] - The company issued guarantees of $9.2 million as of June 30, 2024, to financial institutions in China for indebtedness of independent third-party customers[76][77] - The company plans to continue investing in expanding its manufacturing plant in Vietnam, including building production facilities on a land lot exceeding 130,000 square meters[80][82] - Net foreign exchange loss for the six months ended June 30, 2024 amounted to US$0.7 million, compared to a net gain of US$7.2 million in the same period in 2023[84][86] - Net realized and unrealized gain on derivative financial instruments for the six months ended June 30, 2024 was US$0.8 million, compared to a loss of US$12.3 million in the same period in 2023[84][86] - Cash and cash equivalents stood at $387.090 million as of June 30, 2024, up from $296.337 million at the end of 2023[155] - Inventories increased to $550.121 million, compared to $530.951 million at the end of 2023[155] - Trade and bills receivables grew to $453.993 million, up from $359.011 million at the end of 2023[155] - Current liabilities increased to USD 819,416 thousand as of June 30, 2024, compared to USD 663,425 thousand at the end of 2023, driven by higher bank loans and trade payables[157] - Bank loans under current liabilities rose to USD 240,009 thousand in June 2024, up from USD 198,185 thousand in December 2023, reflecting a 21.1% increase[157] - Trade and bills payables surged to USD 296,547 thousand in June 2024, a 31.8% increase from USD 224,954 thousand in December 2023[157] - Net current assets decreased slightly to USD 644,408 thousand in June 2024 from USD 651,786 thousand in December 2023[157] - Total assets less current liabilities stood at USD 1,120,107 thousand in June 2024, down from USD 1,132,960 thousand in December 2023[157] - Non-current liabilities decreased to USD 138,556 thousand in June 2024 from USD 172,339 thousand in December 2023, primarily due to a reduction in bank loans[157] - Net assets increased to USD 981,551 thousand in June 2024, up from USD 960,621 thousand in December 2023[157] - Total equity attributable to equity shareholders rose to USD 981,561 thousand in June 2024, compared to USD 960,725 thousand in December 2023[158] - Retained profits grew to USD 365,477 thousand in June 2024, reflecting a 3.4% increase from the previous period[160] - Share capital remained stable at USD 601,859 thousand in June 2024, unchanged from December 2023[158] - Total equity for the six months ended June 30, 2024, was USD 960,621 thousand, with a net change of (68,734) thousand compared to the previous period[161] - Non-controlling interests amounted to USD 55 thousand, showing no significant change from the previous period[161] - Retained profits stood at USD 287,416 thousand, with a decrease of (86,256) thousand compared to the previous period[161] - Fair value reserve (non-recycling) increased by USD 241 thousand, reaching a total of USD 241 thousand[161] - Exchange reserve showed a significant increase of USD 17,226 thousand, totaling USD 17,226 thousand[161] - Cash generated from operations for the six months ended June 30, 2024, was USD 125,280 thousand, a significant improvement from the previous year's (77,261) thousand[165] - Net cash generated from operating activities was USD 119,138 thousand, compared to (86,581) thousand in the previous year[165] - Net cash used in investing activities was USD (22,309) thousand, primarily due to payments for property, plant, and equipment[165] - Net cash used in financing activities was USD (4,439) thousand, mainly due to payments for share award schemes[165] - Cash and cash equivalents at the end of the period increased to USD 387,090 thousand, up from USD 296,337 thousand at the beginning of the period[165] Regional Performance - North America revenue grew by 13.8% from $485.3 million in H1 2023 to $552.4 million in H1 2024, while China revenue increased by 18.2% from $54.2 million to $64.1 million[37] - North America accounted for $552.4 million of revenue in the six months ended June 30, 2024, compared to $485.3 million in the same period in 2023[199] - Europe accounted for $172.3 million of revenue in the six months ended June 30, 2024, compared to $174.9 million in the same period in 2023[199] - China accounted for $64.1 million of revenue in the six months ended June 30, 2024, compared to $54.2 million in the same period in 2023[199] - North America revenue decreased to $14.483 million from $16.091 million, a decline of approximately 10%[200] - Europe revenue decreased to $31.000 million from $34.133 million, a decline of approximately 9.2%[200] - China revenue increased to $290.787 million from $285.195 million, a growth of approximately 2%[200] - Total revenue across all regions slightly increased to $336.270 million from $335.419 million, a growth of approximately 0.25%[200] Expenses and Costs - Selling and distribution expenses increased by 13.5% from $94.0 million in H1 2023 to $106.7 million in H1 2024, driven by higher marketing expenses and investments in expanding dealer channels[46] - Administrative and other operating expenses increased by 4.8% from $40.3 million to $42.3 million, primarily due to higher employee remuneration[48][49] - Research and development costs rose by 11.8% from $33.5 million to $37.4 million, driven by continued investment in product development, especially for commercial applications[50][52] - Net finance costs increased from $1.5 million to $2.0 million[51][53] - Share of loss from an associate (Nanjing Chervon Auto Precision Technology) increased from $8.2 million to $13.6 million, reflecting a 24.74% equity interest[53][54] - Research and development costs for the six months ended June 30, 2024, were $37.4 million, up from $33.5 million in the same period in 2023[195] - Selling and distribution expenses for the six months ended June 30, 2024, were $106.7 million, compared to $94.0 million in the same period in 2023[195] - Administrative and other operating expenses for the six months ended June 30, 2024, were $42.3 million, compared to $40.3 million in the same period in 2023[195] Product Development and Innovation - Over 100 new products were introduced during the Reporting Period, with lithium-ion battery powered products accounting for over 90%[16] - EGO launched two lithium-ion battery tractor products in Europe and North America, expanding its product range for riding lawn mowers[18] - FLEX launched or planned more than 60 new products, including the cordless benchtop range and nailer range, and acquired FLEX Scandinavia AB on May 31, 2024[22] E-commerce and Distribution Channels - SKIL revenue growth on Amazon.com was close to 20% during the Reporting Period[23] - DEVON's e-commerce revenue grew by over 20% compared to the same period in 2023[24] - SKIL's revenue growth on Amazon increased by nearly 20%, demonstrating its ability to penetrate new distribution channels[26] - DEVON's e-commerce revenue grew by over 20% year-over-year during the reporting period, driven by the successful launch of its new 12V product line on the lithium platform[27] Corporate Governance and Shareholding - Mr. Pan Longquan holds a 50.92% shareholding interest in the Company through a controlled corporation as of June 30, 2024[96] - Ms. Zhang Tong holds a 19.18% shareholding interest in the Company through a controlled corporation as of June 30, 2024[96] - Mr. Ke Zuqian holds a 5.31% shareholding interest in the Company through a controlled corporation as of June 30, 2024[96] - Total number of issued shares as of June 30, 2024, is 511,053,811[97] - Mr. Pan holds a 66.72% interest in Chervon Global Holdings Limited[99] - Ms. Zhang holds a 24.66% interest in Chervon Global Holdings Limited[100] - Mr. Ke holds a 6.85% interest in Chervon Global Holdings Limited[101] - Chervon Auto Precision Technology has a 52.29% interest, with 27.55% held indirectly by Mr. Pan, Ms. Zhang, and Mr. Ke, and 24.74% held through the company[102][103] - Chervon Assets Management Holdings Limited is 85.00% owned by Mr. Pan, Ms. Zhang, and Mr. Ke[99][100][101] - Chervon Investment Limited is 100.00% owned by Mr. Pan, Ms. Zhang, and Mr. Ke[99][100][101] - Chervon Precision Technology Holdings Company Limited is 100.00% owned by Mr. Pan, Ms. Zhang, and Mr. Ke[99][100][101] - Chervon Auto Precision Technology (Europe) Limited Liability Company is 100.00% owned by Mr. Pan, Ms. Zhang, and Mr. Ke[99][100][101] - Chervon (China) Investment Co., Ltd is 100.00% owned by Mr. Pan, Ms. Zhang, and Mr. Ke[99][100][101] - Panmercy holds 260,226,344 shares, representing 50.92% of the total issued shares[106] - Green Hope holds 97,637,750 shares, representing 19.11% of the total issued shares[106] - Klamm holds 27,118,822 shares, representing 5.31% of the total issued shares[106] - FMR LLC holds 49,198,208 shares, representing 9.63% of the total issued shares[106] - The total number of issued shares as of June 30, 2024, is 511,053,811[107] - The company received net proceeds of approximately HK$3,470.1 million from its global offering in December 2021[110] - As of June 30, 2023, the balance of 2021 net proceeds was approximately HK$1,930.5 million, with 66.5% initially planned for expanding and upgrading production facilities

| --- | --- | --- | |-----------------------|------------------------------------------|-------| | | | | | 研究所： 证券分析师： | 马川琪 S0350523050001 macq@ghzq.com.cn | | | 证券分析师： | 廖小慧 S0350524080002 liaoxh@ghzq.com.cn | | 2024 年 09 月 01 日 公司研究 评级：买入(首次覆盖) [Table_Title] 受益下游补库，盈利能力显著提升 ——泉峰控股（02285）2024H1 业绩点评 最近一年走势 相对恒生指数表现 2024/08/30 表现 1M 3M 12M 泉峰控股 15.7% -14.1% -22.9% 恒生指数 4.6% -2.4% -3.8% 市场数据 2024/08/30 当前价格（港元） 19.30 52 周价格区间（港元） 11.76-30.00 总市值（百万港元） 9,863.34 流通市值（百万港元） 9,863.34 总股本（万股） 51,105.38 流通股本（万股） ...

证券研究报 告 泉峰控股（02285.HK）2024 年中报点评 推荐（维持） 24H1 规模盈利稳健修复 目标价：23 港元 当前价：19.3 港元 事项： 公司发布 2024 年中期业绩公告，实现收入 8.2 亿美元，同比+10.6%；实现净 利润 0.62 亿美元，同比+25.3%。 评论： 24H1 下游订单补库驱动营收规模稳健修复。24H1 公司收入同比增长 10.6%，主要系下游客户订单补库需求释放，驱动营收规模稳健增长。拆分 OPE 及电动工具分部来看，24H1 分别实现收入 4.9、3.1 亿美元，同比分别增 长 10.2%、9.5%；报告期内公司锂电 OPE 产品采取促销活动有效刺激终端需 求释放，加快下游客户库存去化周期。公司自主品牌 EGO 在报告期内推新两 款锂电割草车产品，稳固全球割草机市场份额，同时进一步拓展北美分销渠 道。SKIL 品牌在亚马逊渠道表现亮眼，同比增速接近 20%。展望后续，公司 下游渠道库存去化进入尾声，预计 24H2 仍将延续亮眼增长表现。 毛利率同比提升，净利润增速表现优于收入。24H1 公司净利润 0.62 亿美 元，同比+25.3%，主要系规模增长及毛利率 ...

隐证券 机械设备/通用设备 公 司 研 究 泉峰控股（02285.HK） 2024 年 08 月 29 日 品牌及产品竞争力稳固，加速产能迁移或能缓解担忧 ——港股公司信息更新报告 投资评级：买入（维持） 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 | --- | --- | |-------------------------|---------------| | 日期 | 2024/8/29 | | 当前股价 ( 港元 ) | 18.900 | | 一年最高最低 ( 港元 ) | 30.000/11.760 | | 总市值 ( 亿港元 ) | 96.59 | | 流通市值 ( 亿港元 ) | 96.59 | | 总股本 ( 亿股 ) | 5.11 | | 流通港股 ( 亿股 ) | 5.11 | | 近 3 个月换手率 (%) | 11.86 | 股价走势图 -64% -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 2024-08 泉峰控股 恒生指数 数据来源：聚源 相关研究报告 《基本面底部确认，渠道补库及地产 复苏有望驱动成长—港股公司信息 ...

[Table_Title] 去库接近尾声，终端销售积极，毛利率新高 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|------------------------------------------------------------|---------------| | [Table_Title2] 泉峰控股(2285.HK) | 评级及分析师信息 | | | | | | | [Table_Summary] 事件： | [Table_Rank] 评级： 买入 | | | | 上次评级： 买入 | | | 根据业绩公告： | 目标价格(港元)： | | | 24H1： 收入 8.2 亿美元（YOY+11%），净利 润 0.62 亿美元（YOY+25%），经调整净利润 0.6 亿美元（YOY+24%）。 | 最新收盘价(港元)： | 18.94 | | | [Table_Basedata] 股票代码： 22 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 • 收入增加10.5%至815.7百萬美元。 • 毛利率由32.1%增長至32.9%。 • 淨利率從6.6%增長至7.6%。 • 經調整純利增加24.4%至61.6百萬美元。 • 經營活動現金流出86.6百萬美元，改善至經營活動現金流入119.1百萬美元。 Chervon Holdings Limited 泉峰控股有限公司 （於香港註冊成立之有限公司） （股份代號：2285） 截至2024年6月30日止六個月的中期業績公告 | --- | --- | --- | --- | |-------------------------------|--------------|------------|------------| | | | | | | 財務摘要 | | | | | | 截至 6 月 30 | 日止六個月 | 變動 | | | 2024 年 | 2023 年 | | | | 千美元 | 千美元 ...