去年底的话以及4月来的话我们也是在录影过程中一直强调2025年公司修复的一个确定性和产性公司近期披露的一个4月就是改善民间的基因数据也验证了我们前线观点我们认为公司作为一个在北美品牌和渠道都非常强的公司目前是在周期底部反转的一个位置除了一个短期一个单月的一个亮点数据中长期视角的话未来公司的基因趋势也非常值得期待 那接下来要不先请凯恩总更新一下公司的经济经济情况和未来的一个展望 好的没问题谢谢王老师然后谢谢各位投资人的时间和对公司的关注我简单的补一句一下这个公司的情况可能也会包含一部分我们近期在公告里面所提到的内容背后会可能介绍更多的一些关于这个公告背后可能在文字上面在一个短短的公告里面没有充分去表述的这个市场所发生的变化和我们所观察到的一个情况应该这么说 整个去年其实都是在一个去库的背景下的我们相信只要你的中间需求是稳定的你的去库一定是会有一个拐点的到来我们之前的判断是电动工具这个拐点会更早的到来园林工具还需要经过春天的一个有效的消化到今年的一二季度的时候我们看到总体的判断趋势是一致的 包括到三月份以前我们的OPE依然承压的状态销售同比还是下滑的状态也是在我们的预期之内的我们看到的不一样的地方就在于三月份应该 ...

Summary of Conference Call Notes Industry or Company Involved - The discussion revolves around the impact of US-China trade uncertainties on the company's operations and strategy Core Points and Arguments - The management is addressing the risks associated with the current uncertainties in US-China trade relations, indicating that these factors are being closely monitored [1] - There is a strategic goal to increase the share of overseas production capacity to over 30% within the next three years, highlighting a shift in operational focus [1] - Concerns were raised regarding potential tendencies from downstream customers to prioritize supply security, which may influence order placements [1] Other Important but Possibly Overlooked Content - The management's response to the trade uncertainty reflects a proactive approach to risk management and operational adjustments [1]

泉峰控股有限公司 Chervon Holdings Limited (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立的有限公司 ) Stock Code 股份代號 : 2285 2023 Annual Report 年度報告 E GO Top Load Bellier Morn Andress Bettler Moris CONTENTS 目錄 BETTER TOOLS, BETTER WORLD. 造好工具 助世界一臂之力 2 Company Introduction 公司介紹 3 Corporate Information 公司資料 6 Financial Summary 財務概要 7 Chairman's Statement 董事長致辭 10 Management Discussion and Analysis 管理層討論與分析 26 Biographical Details of Directors and Senior Management 董事及高級管理層履歷詳情 37 Directors' Report 董事會報告 71 C ...

[Table_MainInfo] 公司研究/造纸轻工 证券研究报告 泉峰控股（2385）公司年报点评 2024年04月09日 [Table_InvestInfo] 投资评级 优于大市 维持 受去库影响业绩承压，锂电产品持续发力 股票数据 [Table_Summary] 0[4Ta月b0le9_日S收to盘ck价In fo] 20.70港元 投资要点： 52周股价波动 11.76-41.95港元 总股本/流通A股 5.11亿股/5.11亿股 总市值/流通市值（亿港元） 106/106 ⚫ 事件：公司发布年度业绩公告，23年实现营业收入13.7亿美元，同减30.9%。 相关研究 净利润-0.37 亿美元，同减 126.7%。净利率-2.7%，同减 9.7pct。经调整净 [《Ta优b质le_企R业e出po海rtI加nf速o]， 寻求发展新机遇》 利润-0.37亿美元，同减124.3%。 2024.03.24 《后地产时代家具消费属性突出，看好我国家 ⚫ 其中，23H2实现营业收入6.3亿美元，同减36.1%。净利润-0.9亿美元，同 居龙头长期发展空间》2024.03.09 减213.7%。净利率-13.6%，同 ...

证券研究报告 ＃industryId＃ 消费行业 ＃02285.HK ＃泉dy峰Com控pa股ny＃ 港股通（沪、深） ＃title＃ ＃investSuggestion＃ ＃ 去库周期见底，收入及利润有望获得修复 买入 维持 ( ） ＃createTime1＃ 2024年3月31日 投资要点 ＃ sum行ma业ry＃ 周期和劳氏去库存导致收入承压：2023年公司收入13.7亿美元，同比 ＃市场ma数rk据etData＃ 减少30.9%，其中OPE/电动工具收入分别同比变动-33.7%/-27.3%，主要因 日期 2024.3.28 整体需求环境影响、不利的天气、下游零售商采取保守的库存策略（公司 收盘价(港元) 19.66 2023年来自劳氏的收入占比34.5%，同比减少15.3个百分点）；录得毛利 总股本(亿股) 5.11 率28.1%，同比下降2.3个百分点，主要因为存货减值拨备；销售及分销开 总市值(亿港元) 100 支同比增14.0%，主要用于扩大经销商渠道的投资以及保修拨备等；管理 总资产(亿美元) 17.96 费用同比增加7.8%，主要用于数字化转型投资；研发费用同比增加7.5%， 主要用于商 ...

Investment Rating - The report maintains a "Recommend" rating for Quanfeng Holdings (02285 HK) with a target price of HKD 23 [1] Core Views - Quanfeng Holdings experienced a significant revenue decline in H2 2023, with a 35 6% YoY drop, primarily due to inventory destocking by major clients like Lowes [1] - The company's net profit turned negative in 2023, recording a loss of USD 37 million, with H2 losses reaching USD 86 million [1] - Despite short-term challenges, the report predicts a profit turnaround in 2024, driven by the completion of inventory destocking and demand recovery [1] Business Performance - Total revenue for 2023 was USD 1 381 million, a 30 9% YoY decrease, with H2 revenue at USD 640 million [1] - The OPE segment revenue fell 33 7% YoY to USD 810 million, while the power tools segment declined 27 3% to USD 550 million [1] - EGO, the company's self-owned brand, saw a 27 2% revenue drop to USD 1 010 million, but its retail performance outperformed the industry [1] Financial Analysis - Gross margin in H2 2023 was 23 4%, down 8 4 percentage points YoY, mainly due to lithium battery inventory impairment [1] - Operating expenses ratio increased by 13 2% due to insufficient revenue scale effect, despite continued investment in channel expansion and product R&D [1] - The company's cash position remains stable, with cash and equivalents of USD 296 million at the end of 2023 [6] Strategic Developments - Quanfeng Holdings established a strategic partnership with John Deere, expanding EGO's distribution channels in North America [1] - EGO's online sales in North America achieved double-digit growth in 2023, becoming the highest-rated brand in the lithium OPE category [1] Future Outlook - The report forecasts revenue growth of 15 8% in 2024, reaching USD 1 599 million, with net profit expected to recover to USD 97 million [2] - The company's PE ratio is projected at 13 2x for 2024, decreasing to 10 5x in 2025 and 9 2x in 2026 [2] - Quanfeng Holdings is positioned as a leader in lithium OPE, with strong growth potential in both consumer and commercial markets [1] Industry Context - The lithium OPE market is identified as a major trend, with Quanfeng Holdings maintaining technological and brand advantages [1] - The company's long-term growth prospects are supported by its leadership position and expanding commercial market opportunities [1]

泉峰控股（2285.HK）2023年年报点评 基本面触底，看好 24 年修复弹性 2024年03月30日 ➢ 事件：公司发布2023年年报。公司2023年实现营收13.75亿美元，同比 推荐 维持评级 -30.9%；归母净利润-0.37 亿美元，同比-126.7%；经调整净利-0.37 亿美元， 当前价格： 19.66港元 同比-124.2%。 ➢ 点评： 收入受去库等因素影响下滑较大。公司23年营收同比-30.9%，主要由于： [T able_Author] 1、受北美高通胀经济环境以及春季寒冷天气超出预期的影响，下游消费需求较 为疲软；2、核心渠道商采用更加谨慎的采购及库存管理策略。分业务来看，23 年公司 OPE 收入 8.1 亿美元，同比-33.7%；电动工具收入 5.5 亿美元，同比- 27.3%。分区域来看，23年北美收入9.4亿美元，同比-37.3%；欧洲收入2.8亿 美元，同比-11.0%。核心大客户劳氏收入占比由22年的49.8%降至34.5%。此 分析师 汪海洋 外，公司23年 OBM业务占比进一步提升3.7pct至73.2%。 执业证书： S0100522100003 邮箱： wangh ...

机械设备/通用设备 公 司 研 泉峰控股（02285.HK） 基本面底部确认，渠道补库及地产复苏有望驱动成长 究 2024年03月28日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 李祎晗（联系人） wuliuyan@kysec.cn liyihan@kysec.cn 证 书编号：S0790521110001 证书编号：S0790123080037 日期 2024/3/28  PB估值仍处低位，基本面底部位置确认，2025年有望重回快速增长 港 当前股价(港元) 19.660 考虑到 2023 年收入低于我们此前预测、公司研发及销售费用投入，我们下调公 股 一年最高最低(港元) 41.950/11.760 司2024-2025年收入预测至14.4/16.6亿美元（前值19.5/22.7亿美元），新增2026 公 司 总市值(亿港元) 100.47 年预测 19.5亿美元，同比增速 5%/15.1%/17.4%；下调 2024-2025 年净利润预测 信 流通市值(亿港元) 100.47 至-0.17/0.501亿美元（前值 1.42/1.77亿美元），新增 2026年净利润预测1.1 ...

Revenue and Profit Performance - Revenue for 2023 decreased by 30.9% to $1,374.7 million compared to $1,989.3 million in 2022[2] - Net loss for 2023 was $37.2 million, compared to a net profit of $139.3 million in 2022[3] - Adjusted net loss for 2023 was $36.7 million, compared to an adjusted net profit of $151.3 million in 2022[3] - Revenue decreased by 30.9% from $1,989.3 million in 2022 to $1,374.7 million in 2023, primarily due to macroeconomic uncertainty and adverse weather conditions in key regions[13] - The company recorded a net loss of $37.2 million in 2023, compared to a net profit of $139.3 million in 2022, with a net loss margin of 2.7%[22] - Net loss for the year ended December 31, 2023, was $37.15 million, compared to a net profit of $139.28 million in 2022[23] - Adjusted net loss for 2023 was $36.65 million, compared to an adjusted net profit of $151.31 million in 2022[23] - Revenue decreased to $1,374,714K in 2023 from $1,989,280K in 2022, a decline of 30.9%[57] - Gross profit dropped to $386,833K in 2023 from $603,873K in 2022, a decrease of 35.9%[57] - Operating loss of $27,225K in 2023 compared to an operating profit of $189,145K in 2022[57] - Net loss for the year was $37,150K in 2023, down from a net profit of $139,278K in 2022[57] - Total comprehensive loss for the year was $47,990K in 2023, compared to a comprehensive income of $126,106K in 2022[58] - The company reported a net loss attributable to equity shareholders of USD 37.15 million for the year ended December 31, 2023, compared to a profit of USD 139.28 million in the previous year[56] Segment Performance - Outdoor Power Equipment (OPE) segment revenue decreased by 33.7% to $811.4 million in 2023 from $1,223.5 million in 2022[4] - Power Tools segment revenue decreased by 27.3% to $548.5 million in 2023 from $754.9 million in 2022[4] - OPE product sales revenue decreased by 33.7% from $1,223.5 million in 2022 to $811.4 million in 2023, driven by industry destocking cycles and adverse weather in North America[13] - Electric tool sales revenue decreased by 27.3% from $754.9 million in 2022 to $548.5 million in 2023, due to macroeconomic factors and housing demand slowdown[13] - Electric Tools segment revenue decreased to $548.544 million in 2023 from $754.924 million in 2022, a decline of 27.3%[69] - Outdoor Power Equipment segment revenue dropped to $811.408 million in 2023 from $1.223 billion in 2022, a decrease of 33.7%[69] Regional Performance - North America revenue decreased by 37.3% from $1,499.9 million in 2022 to $940.2 million in 2023, while China revenue increased by 1.1% from $99.5 million to $100.6 million[14] - North America revenue fell to $940.197 million in 2023 from $1.499 billion in 2022, a 37.3% decline[70] - Europe revenue decreased to $282.359 million in 2023 from $317.247 million in 2022, an 11% drop[70] Financial Metrics and Ratios - Gross profit decreased by 35.9% from $603.9 million in 2022 to $386.8 million in 2023, with gross margin declining from 30.4% to 28.1% due to inventory impairment provisions[15] - Cash and cash equivalents decreased to $296.3 million as of December 31, 2023, from $466.7 million in 2022[25] - Inventory turnover days increased to 209 days in 2023 from 157 days in 2022, primarily due to reduced customer orders[28] - Trade receivables and notes turnover days increased to 77 days in 2023 from 47 days in 2022, mainly due to reduced supply chain financing[28] - The company's capital gearing ratio decreased to 0.3 as of December 31, 2023, from 0.4 in 2022[27] - Current assets decreased to $1,315,211K in 2023 from $1,433,989K in 2022[59] - Non-current assets increased to $481,174K in 2023 from $428,515K in 2022[59] - Total equity increased slightly to $960,621K in 2023 from $946,099K in 2022[63] - Other losses net amounted to $8.333 million in 2023, compared to $52.254 million in 2022, a significant improvement[71] - Net finance costs were $3.290 million in 2023, down from $22.265 million in 2022[72] - Total income tax expense was $11.706 million in 2023, compared to $22.112 million in 2022[74] - Trade payables and notes payable decreased to $224.954 million in 2023 from $294.452 million in 2022, with $156.043 million due within 3 months in 2023 compared to $220.610 million in 2022[82] - Other payables and accrued expenses decreased to $142.507 million in 2023 from $177.166 million in 2022, with salaries, wages, bonuses, and benefits decreasing to $13.988 million from $25.355 million[83] Investments and Capital Expenditures - The company invested in management transformation, adopting advanced management tools and top-tier consulting services to enhance strategic planning and execution capabilities[10] - Capital expenditures for 2023 were $77.1 million, primarily used for investments in factories, production equipment, and IT systems[29] - Capital commitments for factory and building construction and machinery and equipment purchases were $67.5 million as of December 31, 2023, down from $428.2 million in 2022[30] - The fair value of the company's investment in Quanfeng Automotive Precision Technology was $131.6 million, representing 7.3% of total assets as of December 31, 2023[33] - The company sold its interest in Quanfeng Automotive Precision Technology's convertible bonds, receiving $19.3 million in proceeds and recording an unrealized loss of $0.6 million in 2023[34] - Property, plant, and equipment additions amounted to $77.1 million in 2023, down from $81.2 million in 2022[77] - Capital commitments for construction of plants and buildings decreased significantly to $66.435 million in 2023 from $426.965 million in 2022[86] Research and Development - R&D costs increased by 7.5% from $65.7 million in 2022 to $70.7 million in 2023, driven by investments in product development and increased R&D personnel[18] - R&D expenses increased to $70.673 million in 2023 from $65.733 million in 2022, reflecting a 7.5% growth[73] Sales and Distribution - Sales and distribution expenses increased by 14.0% from $214.0 million in 2022 to $244.1 million in 2023, due to higher marketing expenses and warranty provisions[17] - Inventory write-down provisions surged to $47.058 million in 2023 from $12.248 million in 2022[73] Brand and Product Performance - EGO brand lithium battery platform global sales reached approximately 14 million units by the end of 2023[5] - EGO achieved double-digit revenue growth in Europe and expanded its sales and distribution network[6] - FLEX launched over 40 new products globally, including the STACK PACK and expanded its 24V platform[7] - DEVON achieved high double-digit growth in 2023, with 20V battery pack sales exceeding 4 million units in the Chinese market[9] Future Outlook - The company expects financial performance to recover and grow in 2024 and beyond, supported by increased lithium product market penetration and improved customer demand[12] - The company is expanding its global manufacturing capabilities, including the Vietnam factory, and has launched the second phase of its new energy industrial park[11] Corporate Governance and Shareholder Information - The company maintains high corporate governance standards, with the Chairman and CEO roles held by Mr. Pan Longquan, who is also the founder, ensuring consistent leadership and efficient decision-making[48][49] - The company adopted the 2024 Share Scheme on January 29, 2024, as per the Listing Rules Chapter 17[51] - The Audit Committee, composed of three independent non-executive directors, reviewed the accounting principles and audited consolidated financial statements for the year ended December 31, 2023[52] - The company's registered office is located at 22/F, West Tower, 7 Cheung Shun Street, Lai Chi Kok, Kowloon, Hong Kong[65] - The company proposed a special dividend of USD 0.0354 per share (equivalent to HKD 0.2764 per share) for the year ended December 31, 2023, with no final dividend recommended for the same period[46] - The company will suspend share transfer registration from May 30, 2024, to June 4, 2024, to determine shareholders eligible to attend the Annual General Meeting (AGM) and from June 11, 2024, to June 13, 2024, for the special dividend record date[47] Employee and Workforce Information - The company had 6,173 employees as of December 31, 2023, down from 6,990 in 2022, with total employee costs of $209.0 million compared to $214.4 million in 2022[39] - The company's male to female employee ratio was approximately 1.56:1 as of December 31, 2023[39] Proceeds and Capital Allocation - The company's net proceeds from the global offering in 2021 were approximately HK$3,470.1 million, with HK$1,930.5 million remaining as of June 30, 2023[41] - The company reallocated HK$430.5 million (22.3%) of the remaining 2021 net proceeds to expand and upgrade production facilities, with HK$192.8 million still unused as of December 31, 2023[42] - The company allocated HK$469.1 million (24.3%) of the remaining 2021 net proceeds to product research and development, with HK$146.9 million still unused as of December 31, 2023[42] - The company fully utilized the HK$773 million net proceeds from the 2023 placement and top-up subscription by December 31, 2023[44] - Net proceeds of HKD 773.0 million were fully utilized, with 40.0% (HKD 309.2 million) allocated to enhancing sales and distribution channels, 30.0% (HKD 231.9 million) to product development, 10.0% (HKD 77.3 million) to upgrading production facilities, and 20.0% (HKD 154.6 million) to general working capital purposes[45] - The company issued 20,835,000 shares in 2023, raising net proceeds of $99.205 million after deducting issuance costs[84][85] Foreign Exchange and Derivatives - The company's net exchange gain in 2023 was $4.9 million, compared to a net foreign exchange loss of $15.5 million in 2022[36] - The net realized and unrealized loss on derivative financial instruments (mainly foreign exchange forward contracts) in 2023 was $12.2 million, down from $23.3 million in 2022[36] Customer and Supplier Concentration - The largest customer accounted for 34.5% of total revenue in 2023, down from 49.8% in 2022, while the top five customers accounted for 59.3% of total revenue, down from 70.5% in 2022[38] - The largest supplier accounted for 21.7% of total procurement in 2023, up from 10.8% in 2022, while the top five suppliers accounted for 33.8% of total procurement, up from 27.9% in 2022[38]

CHERVON 泉峰* (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立的有限公司 ) Stock Code 股份代號 : 2285 Better 1 Better W 造好工具, 助世界 苦之 ２０２３ Interim Report 2023 中期報告 泉峰控股有限公司 Chervon Holdings Limited BETTER TOOLS, BETTER WORLD. 造好工具 助世界一臂之力 CONTENTS 目錄 BETTER TOOLS, BETTER WORLD. 造好工具 助世界一臂之力 | --- | --- | |-------|--------------------------------------------------------------------------| | | Company Introduction \n公司介紹 | | | Corporate Information 公司資料 | | 5 | Financial Summary 財務概要 | | 6 | Management Discus ...