Summary of Conference Call Company or Industry Involved - The conference call pertains to Xingye Securities, focusing on its client meeting audio and text records [1] Core Points and Arguments - The content of the conference call is copyrighted by Xingye Securities, and any retention or distribution requires prior approval from the company [1] Other Important but Possibly Overlooked Content - Unauthorized reproduction or forwarding of the meeting content is considered an infringement [1]

Summary of Conference Call Company or Industry Involved - The conference call pertains to Xin Ye Securities, focusing on its client meeting audio and text records [1] Core Points and Arguments - The content of the conference call is strictly owned by Xin Ye Securities, and any retention or distribution requires prior approval [1] Other Important but Possibly Overlooked Content - Unauthorized reproduction or forwarding of the meeting content is considered an infringement [1]

证券研究报告 | 2024年07月19日 泉峰控股(02285.HK) 优于大市 正面盈利预告点评:经营迎拐点,上半年利润增长超 20% 预计 2024H1 利润增长超 20%。泉峰控股发布正面盈利预告,预期 2024H1 实 现纯利约 0.60-0.65 亿美元,同比增长 22%-33%。利润增长主要来自于:1) 终端销售及客户订单增长,收入有所增加;2)生产规模扩大并提高生产效 率;3)均衡高效的优化开支;4)汇率、原材料成本等积极的外部因素。 收入止跌回升,有望迎加速回暖。公司 2023 年受下游客户去库存影响,收 入表现有所承压。今年以来,随着有利的天气状况及公司的促销活动,公司 旗舰品牌 EGO 等销售表现强劲,加速了下游客户的库存去化,公司的出货和 订单逐步恢复。根据公告,公司 2024 年前 4 月销售额呈现出积极加速趋势, 同比实现正增长,其中 4 月实现高双位数增长,展现出明显的拐点信号。分 业务看,公司的 OPE 和电动工具业务均呈现出复苏态势,OPE 业务客户订单 逐月增加,前 4 月电动工具业务实现同比正增长,DIY 品牌表现较好。展望 下半年,随着渠道库存的见底及降息的临近,预计下半 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has released a positive profit forecast, expecting a net profit of $60-65 million for the first half of 2024, representing a year-on-year growth of 22-33% compared to $49 million in the same period of 2023 [2] - Strong demand for lawn mowers has been observed, with significant growth in shipments from channel companies. The revenue growth in the first half of the year is attributed to favorable spring weather, increased brand influence of the EGO lithium battery lawn mower, and accelerated inventory replenishment by channels [2] - The company's profitability is expected to improve due to increased order volumes leading to higher capacity utilization, optimized operating expenses, and favorable external factors such as improved currency exchange rates and lower raw material costs [2] - The company is confident in achieving its annual sales growth target of 15-20%, supported by positive trends in profit, cash flow, and financial conditions in the first half of 2024 [2] - As a leading brand in lithium battery lawn mowers, the company is expected to benefit from inventory replenishment and potential interest rate cuts, leading to sustained performance recovery [2] Financial Projections - The company is projected to achieve revenues of $1.526 billion, $1.753 billion, and $1.964 billion for the years 2024, 2025, and 2026 respectively, with net profits of $90 million, $133 million, and $151 million for the same years [2][4] - The expected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 13, 9, and 8 times respectively [2] - The company's revenue growth rate is forecasted to be 11% in 2024, 14.86% in 2025, and 12.05% in 2026 [4][5] - The return on equity (ROE) is expected to improve from -3.87% in 2023 to 8.19% in 2024, and further to 10.13% in 2025 [5]

好 跟我一起主持这次会的还有我的同事刘思齐 周远峰和倪正阳大家也都知道 全峰是全球非常领先的电动工具及OPE的品牌商公司的话 我们也看到了前期公司4月份刚发布了公司的经营的一个数据我们看到了公司的经营是在稳步复苏的这样一个态势而且基本面也呈现了非常明显的这样一个拐点向上 那我们也是看好公司的这样一个受益于离电产品渗透率持续提升的这样一个大的这个趋势以及公司自身的基本面拐点向上的这样一个逻辑那今天的话呢我们是非常荣幸的再次邀请到了我们的老朋友公司的这个IRB的Karen陈总来给大家进行这次的交流和分享 那我们的电话会大概会分为两个环节首先由公司的这个Karen总给大家更新一下咱们这个全峰近期的一个经营情况那后续的话我们会进入到这个投资者互动提问的环节也欢迎投资者届时的踊跃提问那下面的话我就把时间先交给这个Karen总有请Karen总 谢谢板总然后谢谢各位投资人的时间感谢对公司的关注也很高兴有这样的一个机会跟大家交流我首先呢就公司的近期的经营情况给大家做一个briefing然后我们再来进入这个问答的环节那今年呢我们从几个角度来看公司的运营情况首先是从大家可能最关心的我们的这个销售出货的角度 应该说我们之前也说我们 ...

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]

Innovation and Product Development - Chervon Holdings Limited focuses on innovation in lithium-ion battery system technology, contributing to significant scale and rapid growth in the power tools and outdoor power equipment market[5]. - Chervon has a user-centric innovation approach supported by integrated research and development, manufacturing, and sales capabilities, enabling continuous introduction of new products[6]. - The company aims to become a global leader in power tools and outdoor power equipment through continuous innovation in the lithium-ion, intelligent, and digital era[7]. - The company introduced nearly 200 new products in 2023, with lithium-ion battery-powered products accounting for approximately 82% of these new offerings[25]. - Approximately 82% of the nearly 200 new products introduced in 2023 were lithium-ion battery powered, reflecting a focus on innovation[36]. Market Performance and Financials - In 2023, the company's revenue decreased by 30.9% to $1,374,714 thousand, resulting in a loss for the year of $37,150 thousand[21]. - Revenue decreased by 30.9% from US$1,989.3 million in 2022 to US$1,374.7 million in 2023 due to conservative inventory policies and macroeconomic uncertainties[32]. - Revenue from the outdoor power equipment (OPE) segment decreased by 33.7% from US$1,223.5 million in 2022 to US$811.4 million in 2023[33]. - The overall gross profit margin decreased from 30.4% in 2022 to 28.1% in 2023, with a net loss of approximately US$37.2 million in 2023 compared to a net profit of US$139.3 million in 2022[35]. - The anticipated reversal of the destocking cycle and expected rebound in customer demand is expected to lead to recovery and growth in financial performance in 2024[22]. Operational Strategy and Expansion - Chervon has expanded its market share by leveraging global operations and local market knowledge to meet end-user needs[6]. - The company is expanding its global manufacturing capabilities, including increasing production capacity at its Vietnam plant to enhance supply chain resilience[27]. - Looking ahead to 2024, the company plans to invest in product portfolio, sales and distribution network, and production capacity to navigate macroeconomic uncertainties[30]. - The company has commenced operations at its CHERVON Green Power Industrial Park Phase II, enhancing production capacity with advanced automation technologies[51]. Environmental, Social, and Governance (ESG) - The company has made significant progress in fulfilling its environmental, social, and governance (ESG) responsibilities and will continue to innovate in green products and reduce carbon emissions[30]. - The Group has complied with the "comply or explain" provisions in the Environmental, Social and Governance Reporting Guide during the Reporting Period[190]. - There were no material fines or penalties due to non-compliance with environmental protection laws that adversely impacted operations during the Reporting Period[188]. Management and Governance - The Group's management team includes individuals with extensive backgrounds in both corporate management and industry-specific expertise, ensuring strategic oversight and operational efficiency[140]. - The diverse experience of the board members contributes to the Group's strategic planning and market expansion efforts[140]. - The company has a commitment to corporate governance, with joint company secretaries ensuring compliance and professional corporate services[165]. Challenges and Risks - Key risks include unfavorable economic conditions, active competition, and rapid changes in customer preferences that may adversely affect sales[179]. - The company faces challenges in maintaining relationships with large customers and penetrating new distribution channels, which could impact business performance[179]. - The company relies on third-party suppliers for high-quality production and timely delivery of raw materials, which poses operational risks[182]. Employee and Workforce Management - The total staff costs for the reporting period amounted to US$209.0 million, a decrease from US$214.4 million in 2022, with the number of employees reduced to 6,173 from 6,990[122]. - The male-to-female employee ratio was approximately 1.56 to 1, reflecting the nature of the business with a higher proportion of male engineers and front-line workers[123]. - The company emphasizes equal employment opportunities based on merit for all qualified candidates, aiming for a relative balance between male and female employees in the future[125].

[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 ...