证券研究报告 泉峰控股 (2285 HK) 经营韧性凸显，25H1 利润表现靓丽 2025 年 7 月 23 日│中国香港 小家电 港股通 泉峰控股发布 25H1 业绩预告，预告上半年录得纯利 9000 万美元至 1 亿美 元（yoy+46~+62%），若剔除公司处置泉峰汽车股权的非经常性收益，预 告上半年经调整纯利为 7000 至 8000 万美元（yoy+14~+30%）。公司利润 表现靓丽，我们认为主要得益于以 EGO 为代表的自主品牌业务收入规模稳 增、非核心资产剥离以及汇率波动带来的正向贡献等。上半年在外部关税环 境扰动下，公司经营韧性仍突出。展望后续，我们看好锂电 OPE 海外长期 渗透率提升空间，公司品牌及产品生态优势突出，同时加速越南产能布局， 长期成长逻辑顺畅，维持"买入"评级。 主业经营：关税扰动下经营仍具韧性，多元化措施积极应对 市场担忧中美贸易关税影响（24 年北美收入 12.93 亿美元，占比 72.9%）， OPE 产品此前主要适用 7.5%关税，25 年以来由于关税政策变化，目前 OPE 产品新增 20%的芬太尼税率及 10%的对等关税。为应对关税风险，公司通 过提前海外仓备货、 ...

泉峰控股公告，预期截至2025年6月30日止半年度录得纯利介乎约9000万美元至1亿美元之间，而2024年 同期录得纯利约6160万美元，增长约50%。非香港财务报告准则计量的经调整纯利(经剔除与本集团处 置泉峰(中国)投资有限公司("出售事项")的非经常性收益)预计将介乎约7000万美元至8000万美元。于报 告期内纯利之预期正增长主要受收入规模增长、高毛利品牌EGO带来的贡献、汇率等有利因素推动。 ...

近期份额规模变动情况： 日期期间申购（亿份）期间赎回（亿份）期末总份额（亿份）期末净资产（亿元）净资产变动率2025- 06-300.000.010.020.02-24.80%2025-03-310.000.000.020.02-2.54%2024-12-310.000.020.020.02-47.96%2024- 09-300.000.020.040.04-27.77% 数据显示，该基金近3个月收益率21.12%，近一年收益率62.68%，成立以来收益率为55.51%。其股票持 仓前十分别为：申洲国际、巨子生物、泉峰控股、思摩尔国际、中国燃气、名创优品、中国东方教育、 舜宇光学科技、新奥能源、H&H国际控股，前十持仓占比合计87.11%。 截至2025年6月30日，格林基金旗下格林港股通臻选混合C（017001）期末净资产0.07亿元，比上期减少 55.76%，该基金经理为刘赞。 简历显示，刘赞先生:中国国籍,美国纽约州立大学理学硕士,曾获香港证监会颁发的4号牌(就证券提供意 见)、9号牌(提供资产管理)资格。2009年6月至2012年9月,任职于南方基金管理有限公司,担任研究员。 2012年10月到202 ...

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Insights - The mechanical industry is experiencing significant advancements, particularly in humanoid robots and automation technologies, with major companies launching mass production of innovative products [3][4][6] - The humanoid robot sector is expected to see a breakthrough in 2025, with mass production levels reaching thousands of units, which will enhance data collection and training capabilities [6] - The agricultural machinery market is facing challenges, but long-term demand is anticipated to rise due to policy support and export opportunities [9] - The engineering machinery sector is currently under pressure domestically but is witnessing growth in exports, with a positive outlook for infrastructure investments [13] - The low-altitude economy is gaining traction, with government support and increasing applications in tourism and logistics [24] Summary by Relevant Sections Humanoid Robots - On June 30, Junpu Intelligent's subsidiary launched mass production of humanoid robots, marking a significant milestone in the industry [3] - The Sichuan provincial government is promoting the development of humanoid robots and related AI products [3] - The humanoid robot industry is expected to see substantial growth, with a focus on complex functionalities and cost reduction in production [6] Agricultural Machinery - The agricultural machinery market's sentiment index is at 40.9%, indicating a downturn [8] - Despite current challenges, tractor exports have increased by 12.6% in quantity and 31.2% in value from January to May 2025 [9] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, with domestic sales declining by 1.5% but exports increasing by 5.4% [13] - The engineering machinery sector is expected to recover as infrastructure investments rise [13] Low-altitude Economy - The low-altitude economy is being actively developed, with initiatives in low-altitude tourism and support for eVTOL aircraft [24][22] - The government is encouraging the application of low-altitude equipment and services across various sectors [22]

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]

Core Viewpoint - The manufacturing landscape in the U.S. for tools is unlikely to return to previous levels due to high costs and supply chain issues, making it impractical for companies to produce domestically [1][10][11]. Group 1: Company Strategies - QuanFeng Holdings has shifted its production focus to Vietnam due to increased tariffs on Chinese exports to the U.S., with plans to expand its manufacturing capacity there [3][4]. - The company estimates that its sales in 2024 will reach approximately 13 billion RMB, with over 70% coming from the U.S. market [3]. - Giant Star Technology has also established production facilities in Vietnam to mitigate tariff impacts and plans to expand its product range from hand tools to electric tools [4][5]. Group 2: Market Dynamics - The U.S. tool market is the largest globally, with an estimated market size exceeding 170 billion RMB in 2020, and at least half of the tools sold in the U.S. are manufactured in China [1][3]. - The imposition of tariffs has led to a significant increase in costs, with U.S. manufacturers unable to absorb these costs, resulting in a pause in exports from China [3][4][11]. - Major U.S. retailers are seeking solutions to manage tariff costs, indicating a collective concern over the sustainability of high tariffs on consumer goods [6]. Group 3: Competitive Landscape - Companies like QuanFeng Holdings and Giant Star Technology are increasingly competing with established brands such as Stanley Black & Decker, Bosch, and Makita, as they expand their market presence in the U.S. and Europe [13][14]. - The global sales revenue of QuanFeng Holdings is projected to reach 1.77 billion USD in 2024, while Stanley Black & Decker's revenue is expected to be around 15.3 billion USD, highlighting the competitive gap [14]. - The shift in market share from established brands to Chinese companies is evident, with Chinese brands gradually replacing traditional market leaders in various segments [14][15].

Financial Performance - Revenue for the year 2024 was reported at $1,773,773 thousand, showing a 29% increase from $1,374,714 thousand in 2023[20] - Profit before taxation for 2024 was $132,763 thousand, recovering from a loss of $48,856 thousand in 2023[20] - Profit for the year attributable to equity shareholders was $112,474 thousand in 2024, compared to a loss of $37,137 thousand in 2023[20] - Earnings per share for 2024 were reported at 22 cents, a recovery from a loss of 7 cents in 2023[20] - Net profit for 2024 was approximately US$112.7 million, representing a 403.4% growth compared to a net loss of US$37.2 million in 2023[42] - The Group recorded a profit before taxation of US$132.8 million in 2024, a significant recovery from a loss of US$48.9 million in 2023[85] - The company recorded a profit for the year of US$112.7 million in 2024, compared to a loss of US$37.2 million in 2023, resulting in a net profit margin of 6.4%[87] - The effective tax rate for 2024 was 15.1%, with an income tax expense of US$20.1 million, compared to a tax income of US$11.7 million in 2023[89] Revenue Growth - Revenue increased by 29.0% to reach US$1,773.8 million in 2024, driven by strong points-of-sale performance and a rebound in customer orders[26] - Revenue growth was observed across all regions: North America (+37.5%), Europe (+11.2%), China (+9.8%), and the rest of the world (+8.9%)[38] - Revenue from OPE products rose by 24.2% from US$811.4 million in 2023 to US$1,007.5 million in 2024, while revenue from power tools increased by 36.3% from US$548.5 million to US$747.6 million[64] - Revenue from North America surged by 37.5% from US$940.2 million in 2023 to US$1,293.1 million in 2024, with Europe and China also showing increases of 11.2% and 9.8% respectively[65] Product Development and Innovation - The company has a diversified product portfolio with five well-recognized brands: EGO, FLEX, SKIL, DEVON, and X-TRON, targeting various market segments[4] - Approximately 200 new products were launched in 2024, with lithium-ion battery-powered products making up about 90% of these launches[29] - FLEX achieved a growth rate exceeding 50% in 2024, launching over 50 new products, including nine new nailers and staplers[52][55] - FLEX's flagship product, the polisher, won the 2024 Plus X Award, highlighting its innovation[52][55] - DEVON's new 12V product line on the lithium battery platform was exceptionally successful during the reporting period[54][57] - The focus on lithium-ion battery technology has driven significant growth and innovation within the company[5] - The company is committed to becoming a global leader in power tools and outdoor power equipment through continuous innovation[7] Strategic Initiatives - The company aims to expand its market share through user-centric innovation and a robust multi-channel sales network[5] - The strategic acquisition of FLEX Scandinavia AB expanded FLEX's presence in the Swedish and Scandinavian markets[29] - The company is relocating production capacity from Nanjing to Vietnam and closing its facility in Germany to enhance supply chain flexibility[30] - Looking ahead to 2025, the company plans to mitigate external trade frictions through capacity relocation and adaptive pricing strategies[31] - The company aims to divest non-core assets to improve resource allocation to high-potential core businesses[31] Financial Position and Management - Cash and cash equivalents increased to US$328.8 million as of December 31, 2024, up from US$296.3 million in 2023[96] - The company's bank loans decreased to US$295.6 million as of December 31, 2024, from US$323.6 million in 2023, with a gearing ratio of 0.3[100][101] - Inventories rose to US$608.3 million as of December 31, 2024, compared to US$531.0 million in 2023, while inventory turnover days improved to 180 days[102] - Trade and bills receivables turnover days increased to 87 days in 2024, up from 77 days in 2023, reflecting strong sales performance in Q4 2024[103] - Trade and bills payables turnover days decreased to 86 days in 2024, compared to 96 days in 2023, aligning with supplier credit terms[104] - The company maintains a strong financial position and regularly reviews funding requirements to support current operations and future expansion plans[99] Employee and Management Overview - The number of employees increased to 6,481 as of December 31, 2024, from 6,173 in 2023, with total staff costs rising to $240.2 million from $208.9 million[132] - The Group's largest customer accounted for approximately 39.1% of total revenue in 2024, up from 34.5% in 2023, while the top five customers accounted for 63.3% of total revenue, up from 59.3%[130] - The Group is committed to providing equal employment opportunities and aims to achieve a relative balance between male and female employees in the future[137] - The Group's strategic focus includes hiring, retaining, and enhancing top talent globally, supported by competitive compensation and specialized training programs[137] - The management team comprises experienced professionals with backgrounds in various industries, contributing to the Group's growth and innovation[189][196]

我们2024年度的业绩线上发布会衷心的感谢大家长期以来对公司的关心和支持那么今天和我一起在线上的呢还有公司的董事长和CEO张龙泉先生大家晚上好谢谢以及公司的CFO胡宇安先生大家晚安好 我们首先将邀请公司的管理层就2024年度我们的财务和业绩表现进行一个介绍那么并且会分享一下公司对于未来的战略展望之后呢我们就投资者所关心的一些话题来进行这个问答的环节那首先我们先邀请胡总来给我们回顾一下今年的这个财务表现好的那个各位投资的朋友晚上好我首先代表公司的管理层向大家汇报一下全峰公股2024年代主要的财务数据2024年 公司实现销售收入17.74亿美元于去年相上一年同期相比增长了29%第二项更重要的更亮眼的应该是我们的Gross margin的这个表现Gross margin绝对额达到了6.16亿美元同期增长了59%Gross margin ratio也达到了34.7% 这个良好的表现最后主要的原因是因为公司的销售规模的增长带来的规模效应以及公司在博士多年智能制造方向投入带来的生产运营阶段的效率的提升同时2024年供给侧的主要成本要素包括达成材料点心价格还有人民币汇率对我们都相对比较有利所以这些因素综合影响给我们2024 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown a significant recovery in operations and profitability, with a revenue of $1.77 billion in 2024, representing a year-on-year growth of 29.0%. The second half of the year saw a revenue of $950 million, up 49.5% year-on-year. The net profit attributable to shareholders reached $112 million, marking a turnaround from losses [1][2]. - All business lines have experienced strong growth, particularly in North America, where revenue rebounded significantly post-inventory destocking [1]. - The company plans to sell its entire stake in a subsidiary, which will allow it to focus on its core business and enhance shareholder value. A special dividend of HKD 1.1905 per share is proposed, totaling approximately HKD 608 million [3]. Summary by Sections Financial Performance - In 2024, the gross margin improved by 6.6 percentage points to 34.7%, driven by scale recovery and operational efficiency. The net profit margin increased by 9.0 percentage points to 6.3% [2]. - The company reported a significant reduction in expense ratios across sales, management, and R&D, contributing to improved profitability [2]. Revenue Breakdown - The Outdoor Power Equipment (OPE) segment generated $1.01 billion, a 24.2% increase, while the electric tools segment saw revenue of $750 million, up 36.3% [1]. - Revenue by region for 2024 was $1.29 billion in North America (+37.5%), $310 million in Europe (+11.2%), $110 million in China (+9.8%), and $56 million in other regions (+8.9%) [1]. Future Projections - The company expects net profits of $121 million, $143 million, and $168 million for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 7%, 19%, and 17% [4][5]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are $0.24, $0.28, and $0.33, respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 7 [4][5].

Financial Performance - Revenue increased by 29.0% to $1,773.8 million compared to $1,374.7 million in 2023[5] - Net profit for 2024 was $112.7 million, a significant recovery from a net loss of $37.2 million in 2023[6] - Adjusted net profit for 2024 reached $135.7 million, compared to a loss of $36.7 million in the previous year[5] - Operating cash flow improved from an outflow of $173.7 million in 2023 to an inflow of $167.7 million in 2024[5] - Gross profit increased by 59.2% from $386.8 million in 2023 to $615.7 million in 2024, with overall gross margin rising from 28.1% to 34.7%[20] - The company recorded a net profit of $112.7 million in 2024, compared to a net loss of $37.2 million in 2023, resulting in a net profit margin of 6.4%[30] - Operating profit turned positive at $155,357,000 compared to an operating loss of $27,225,000 in the previous year[62] - The company reported a basic earnings per share of $0.22, recovering from a loss of $0.07 per share in the previous year[62] Revenue Growth - The company's revenue increased by 29.0% from $1,374.7 million in 2023 to $1,773.8 million in 2024, driven by strong end-user sales and higher customer order volumes post-inventory destocking[17] - Sales revenue for OPE products rose by 24.2% from $811.4 million in 2023 to $1,007.5 million in 2024, primarily due to accelerated inventory destocking and increased customer orders, especially for the EGO brand[18] - Revenue from North America grew by 37.5% from $940.2 million in 2023 to $1,293.1 million in 2024, while revenue from Europe increased by 11.2% to $314.1 million[19] - Revenue from the electric tools segment increased to $747.638 million in 2024, up 36.3% from $548.544 million in 2023[72] Product Development and Innovation - Approximately 200 new products were launched in 2024, with 90% being lithium battery products[7] - EGO brand achieved significant market share expansion and maintained a strong brand presence through innovative product strategies[8] - FLEX brand experienced over 50% growth in 2024, launching over 50 new products, including nine new nailers[11] - SKIL brand continued to grow despite industry challenges, enhancing its social media influence[12] - DEVON brand successfully launched a new 12V product line and built a strong digital marketing presence on social media platforms[13] - R&D expenses grew by 18.0% from $70.7 million in 2023 to $83.4 million in 2024, reflecting continued investment in research and product development, particularly in commercial and robotic technologies[25] - Research and development expenses increased to $83,410,000 from $70,673,000, reflecting ongoing investment in innovation[62] Financial Position and Cash Flow - As of December 31, 2024, the company had cash and cash equivalents of $328.8 million, an increase from $296.3 million in 2023[33] - The company's bank loans decreased to $295.6 million in 2024 from $323.6 million in 2023, with a capital debt ratio of 0.3, unchanged from the previous year[35] - Inventory increased to $608.3 million in 2024 from $531.0 million in 2023, with inventory turnover days improving to 180 days from 209 days[36] - Total assets as of December 31, 2024, were $1,513,530,000, an increase from $1,315,211,000 in 2023[64] - Current assets net value improved to $730,562,000 from $651,786,000 year-over-year[65] - Net cash used in investing activities was $70.415 million in 2024, compared to $57.960 million in 2023, indicating increased investment efforts[66] Corporate Governance and Strategy - The company plans to enhance global manufacturing capacity, including expanding the capacity of its Vietnam factory and relocating production from Germany to China to optimize its global production layout[14] - The company aims to optimize its strategic focus by divesting non-core and non-operational assets to allocate resources more effectively to high-potential core businesses[15] - The company expects to mitigate risks associated with macroeconomic fluctuations and U.S.-China tariff policies through strategic capacity diversification and adaptive pricing strategies[15] - The company has adopted the 2024 Share Plan to align the interests of shareholders, the company, and employees, aiming to enhance long-term incentives and attract top talent[56] - The company remains committed to maintaining high standards of corporate governance, adhering to the applicable code provisions[53] - The company plans to continue evaluating the separation of the roles of Chairman and CEO to ensure effective decision-making and governance[53] Employee and Compensation - As of December 31, 2024, the total number of employees in the group was 6,481, an increase from 6,173 as of December 31, 2023, with total employee costs amounting to $240.2 million compared to $208.9 million in 2023[47] - The gender ratio of employees as of December 31, 2024, was approximately 1.55:1, slightly down from 1.56:1 in 2023, reflecting the nature of the business which employs a higher proportion of male engineers and frontline workers[47] - The company has provided competitive compensation packages to retain top talent, including salaries, bonuses, and long-term incentive plans[47] Dividends and Shareholder Returns - The board has proposed a final dividend of $0.0802 per share for the year ending December 31, 2024, compared to zero in 2023, pending shareholder approval at the annual general meeting on May 22, 2025[50] - The company plans to distribute a special dividend of HKD 1.1905 per share, contingent upon the completion of a share transfer agreement[57] - The company paid dividends of $18.091 million in 2024, down from $36.691 million in 2023, suggesting a shift in capital allocation strategy[66] Other Financial Metrics - Other losses increased to $14.8 million in 2024 from $8.3 million in 2023, primarily due to realized and unrealized gains and losses from derivative financial instruments[22] - Foreign exchange gains for 2024 were $2.1 million, down from $4.9 million in 2023, with net gains from derivative financial instruments at $4.1 million compared to a loss of $12.2 million in 2023[44] - The company recorded a net loss from foreign exchange of $4.040 million in 2024, compared to a gain of $183 thousand in 2023[66] - Total income tax expense for the year ended December 31, 2024, is $20,055,000, compared to an expense of $(11,706,000) for 2023[79]