Financial Data and Key Metrics Changes - Total sales amounted to $3.87 billion, a year-over-year decline of 2%, aligning with Bloomberg consensus expectations of $3.83 billion [1] - Gross margin recorded at 28.6%, an increase of 740 basis points year-over-year, benefiting from reduced inventory costs, supply chain transformation efficiencies, and lower transportation costs [12] - Net profit was $0.02 billion, falling short of market expectations of $0.06 billion [12] Business Line Data and Key Metrics Changes - Tools & Outdoor segment generated $3.285 billion, a year-over-year decline of 1% [10] - Industrial segment reported $0.585 billion, a year-over-year decline of 5% [10] - Organic revenue growth in the engineering fasteners business was 5%, partially offset by weakness in the industrial market [2] Market Data and Key Metrics Changes - North America experienced a 2% decline, Europe saw a 3% decline, while other regions grew by 7% [11] - Retail point sales in the U.S. showed slight demand decline, with moderate growth in outdoor products [11] Company Strategy and Development Direction - The company is focusing on long-term sustainable growth by reallocating investments towards professional user-oriented products and services, particularly in the DEWALT brand [4] - A global cost reduction plan is on track, aiming for $1.5 billion in pre-tax savings by the end of 2024 and $2 billion by the end of 2025 [13] - The company is prioritizing innovation funding in categories with the greatest market share growth opportunities, especially in the outdoor handheld electric market [17] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding U.S. retail sales data, indicating an earlier start to the season compared to the previous year [23] - The company anticipates organic revenue to remain flat or slightly decline for the full year, with operating profit margin expected around 9% [15] - The company plans to achieve price-cost neutrality in a mildly inflationary environment through price increases and product innovation [25] Other Important Information - The company completed the divestiture of STANLEY Infrastructure, with net proceeds used to reduce short-term debt [26] - The company declared a dividend of $0.81 per share, with a GAAP EPS of $0.13, resulting in a payout ratio of 623% [8] Q&A Session Summary Question: What is the outlook for the DEWALT brand's growth sustainability? - Management indicated that while DEWALT brand sales growth is being offset by weak market demand, they are optimistic about the brand's long-term growth potential [14] Question: How is the company addressing tariff impacts? - The company has reduced tariff impacts through production shifts and is prepared to adjust supply chains and pricing strategies if tariff policies change [17] Question: What are the expectations for the second quarter's revenue and operating profit margin? - The company expects revenue and operating profit margin to align with previous forecasts, with the infrastructure business divestiture being anticipated [24]

| --- | --- | --- | --- | |--------------|-------|--------|-----------------------------------| | | | | | | 研究所： | | | | | 证券分析师： | | 李永磊 | S0350521080004 | | | | | liyl03@ghzq.com.cn | | 证券分析师： | | 董伯骏 | S0350521080009 dongbj@ghzq.com.cn | | 联系人 | ： | 李娟廷 | S0350122090037 lijt03@ghzq.com.cn | | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|------------|-------|----------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of Rmb8.45, based on a FY24E PER of 12.43x [4][8][10]. Core Insights - The company's recurring net profit increased by 55.82% year-on-year in 2023, with total operating revenue reaching Rmb9.991 billion, a 10.54% increase from the previous year. The net profit attributable to the parent company was Rmb701 million, up 58.94% year-on-year [1][14]. - The growth in operating income was primarily driven by increased sales volume of fertilizer products, supported by effective raw material procurement and inventory management strategies [1][14]. - The company plans to distribute cash dividends totaling approximately Rmb150 million, with a dividend of Rmb1.30 per 10 shares [1][14]. Financial Performance Summary - In 2023, the company produced 3.391 million tonnes of phosphate compound fertilizer, a 24.32% increase year-on-year, with sales of 3.131 million tonnes, up 16.93% year-on-year. The increase in sales was attributed to rising grain prices and stable downstream demand [2][15]. - The operating revenue from sulfur-based compound fertilizers was Rmb2.041 billion, a 34.07% increase year-on-year, while the gross profit margin improved to 17.39%. Chlorine-based compound fertilizers generated Rmb5.875 billion in revenue, up 6.95% year-on-year, with a gross margin of 17.28% [2][15]. - The company has ongoing construction projects that are expected to enhance its production capacity, including a new 400,000 tonnes/year sulfur-based compound fertilizer unit and several monoammonium phosphate plants [3][16]. Earnings Forecast - The earnings forecast for the company has been raised due to increased sales volume, with expected EPS for 2024-2026 at Rmb0.68 (+4.62%), Rmb0.77 (+2.67%), and Rmb0.90 (new) [4][8][12]. - The projected operating revenue for 2024 is Rmb11.488 billion, reflecting a 15% growth from 2023 [12]. ESG and Governance - The company adheres to national environmental laws and regulations, enhancing its pollution control measures and energy-saving initiatives [5][19]. - It has established a robust governance structure, including clear roles and responsibilities for its shareholders, board of directors, and management [19].

证券代码：002588 证券简称：史丹利 公告编号：2024-027 史丹利农业集团股份有限公司 关于控股股东部分股份质押延期购回的公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 史丹利农业集团股份有限公司（以下简称"公司"）于 2024 年 4 月 19 日收 到公司控股股东高文班先生、高文安先生、高文靠先生关于部分股份质押延期购 回事宜的告知函，具体如下： 一、股东股份质押的基本情况 | 股东 | 是否为控 股股东或 | 本次质押 数量 | 占其所 | 占公 司总 | 是否 | 是否 为补 | | 质押起 | 质押到 | 延期后 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 第一大股 | （股） | 持股份 | 股本 | 为限 | 充质 | | 始日 | 期日 | 质押到 | 质权人 | 用途 | | | 东及其一 | | 比例 | 比例 | 售股 | 押 | | | | 期日 | | | | | 致行动人 | ...

史丹利 23 年报以及 24 年一季报业绩解读 240419 申 万_原文 2024 年 04 月 19 日 10:57 发言人1 00:02 相信现金流的这个下降的情况，主要是我们一个是公司内部的一个员工，应该是一个员工薪酬 或者是员工福利的一个原因。还有一个就是原材料采购的一个原因，采购的节奏这会提前或滞 后导致的一个原因，就是这样的一个简单的情况，主持人。马老师。 发言人200:35 好的，谢谢陈总。对，然后我也稍微问两个关键的问题，就是投资者也是问的比较多的。我先 问两个，第一个就是我们可以看到过去的一年，我们整个的复合肥的销量是出现了一个比较大 的增长。我看整个去年的话，合肥是 297 万，对，同比是增长了 18.26%。 发言人2 01:07 期，这个是如何的。对我就先问一下这个关于销量。 发言人102:00 的一个问题好，妈妈说我来回答一下。应该说我们的增长应该是说是从 19 年相对于说他产业比 较低谷的时候开始。就是从 20 年、21 年、22 年、二三年，其实这几年一直在一个稳定增长， 有多有少。我觉得核心的原因还是疫情以后，这个两大最大的前提应该是粮食价格的回升，对 我们整个下游的这个需求 ...

史丹利农业集团股份有限公司 二〇二三年度 审计报告 致同会计师事务所（特殊普通合伙） 目 录 | 审计报告 | 1-5 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-92 | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同审字（2024）第 371A012537 号 史丹利农业集团股份有限公司全体股东： 一、审计意见 我们审计了史丹利农业集团股份有限公司（以下简称"史丹利公司"） 财务报表，包括 2023年 12 月 31 日的合并及公司资产负债表，2023年度的合并 及公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相 关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了史丹利公司 20 ...

证券代码：002588 证券简称：史丹利 公告编号：2024-017 史丹利农业集团股份有限公司 关于 2023 年度利润分配预案的公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 史丹利农业集团股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日召开 的第六届董事会第十次会议和第六届监事会第七次会议审议通过了《2023 年度 利润分配预案》，该预案尚需提交公司 2023 年度股东大会审议，现将相关事宜公 告如下： 一、2023 年度财务概况 经致同会计师事务所（特殊普通合伙）审计，2023 年度合并报表中实现归属 于母公司股东的净利润为 700,741,951.93 元，母公司报表中实现的净利润为 614,457,401.32 元，按母公司实现净利润 10%提取法定盈余公积 61,445,740.13 元， 加年初未分配利润 2,198,662,476.65 元，扣除上年度利润分配 57,844,200.00 元， 截至 2023 年 12 月 31 日，母公司报表未分配利润为 2,693,829,937.84 元，资本公 积余额为 288,6 ...

| 序号 | 项目 | 年 2023 | 年 2022 | 较同期增减额 | 较同期增减% | | --- | --- | --- | --- | --- | --- | | 1 | 营业收入 | 999,134.95 | 903,834.93 | 95,300.02 | 10.54% | | 2 | 营业成本 | 824,530.19 | 775,220.69 | 49,309.50 | 6.36% | | 3 | 毛利额 | 174,604.76 | 128,614.24 | 45,990.52 | 35.76% | | 4 | 销售费用 | 40,556.97 | 33,704.92 | 6,852.05 | 20.33% | | 5 | 管理费用 | 36,474.30 | 29,451.02 | 7,023.28 | 23.85% | | 6 | 研发费用 | 34,944.63 | 31,821.12 | 3,123.51 | 9.82% | | 7 | 财务费用 | -9,798.35 | -6,811.83 | -2,986.52 | -43.84% | | 8 | 投资收益 | 8,722. ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥2,628,527,213.63, a decrease of 13.86% compared to ¥3,051,379,055.39 in the same period last year[4]. - Net profit attributable to shareholders increased by 11.27% to ¥238,491,511.67 from ¥214,341,836.19 year-on-year[4]. - Basic and diluted earnings per share rose by 10.53% to ¥0.21 from ¥0.19 in the same period last year[4]. - Net profit for Q1 2024 was CNY 222,245,429.03, slightly up from CNY 218,261,797.33 in Q1 2023, representing a growth of 1.8%[17]. - Earnings per share for Q1 2024 increased to CNY 0.21, compared to CNY 0.19 in the previous year[18]. Cash Flow - The net cash flow from operating activities was negative at -¥10,592,095.89, a decline of 129.08% compared to ¥36,427,588.73 in the previous year[8]. - Operating cash flow for the current period was -10,592,095.89 CNY, a decrease from 36,427,588.73 CNY in the previous period[19]. - Total cash outflow from operating activities was 2,471,034,437.27 CNY, compared to 2,399,143,938.35 CNY in the previous period[19]. - Cash inflow from sales of goods and services was 2,384,618,088.82 CNY, slightly up from 2,374,407,586.73 CNY[19]. - Cash paid to employees increased to 185,767,359.47 CNY from 142,248,716.64 CNY year-over-year[19]. - Cash received from other operating activities was 75,824,252.56 CNY, up from 56,707,877.12 CNY in the previous period[19]. Assets and Liabilities - Total assets decreased by 3.77% to ¥12,300,946,160.69 from ¥12,782,482,045.55 at the end of the previous year[4]. - The total current assets as of March 31, 2024, amounted to ¥5,127,192,831.61, a decrease from ¥6,304,956,434.44 at the beginning of the period, reflecting a decline of approximately 18.7%[13]. - Total liabilities decreased to CNY 4,969,320,308.83 from CNY 5,669,829,056.91, reflecting a reduction of 12.3%[15]. - Non-current liabilities increased to CNY 857,086,954.44, up from CNY 537,123,374.46, indicating a rise of 59.6%[15]. - The total amount of other current assets decreased from ¥1,269,350,391.88 to ¥634,724,266.17, a decline of approximately 50%[13]. Investments - Investment income increased by 80.83% to ¥51,438,605.84, attributed to higher returns from joint ventures[8]. - The company reported investment income from joint ventures of CNY 51,050,660.85, compared to CNY 29,271,306.69 in the previous year, marking a growth of 74.5%[17]. - The company's long-term equity investments rose to ¥1,073,958,920.19 from ¥1,022,908,259.34, indicating an increase of about 5%[13]. Shareholder Information - The company had a total of 43,142 common shareholders at the end of the reporting period[10]. - The top shareholder, Gao Wenban, holds 23.12% of the shares, with 118,830,000 shares pledged[10]. Other Financial Metrics - The company reported a significant increase in other income, which rose by 328.08% to ¥33,308,672.49, primarily due to increased government subsidies[8]. - Total operating costs decreased to CNY 2,462,115,911.48, down 13.3% from CNY 2,840,970,861.20 year-over-year[16]. - Research and development expenses were CNY 91,298,250.55, down from CNY 104,740,801.94, a decrease of 12.9%[16]. Strategic Insights - The company has not disclosed any new product developments or market expansion strategies in the current report[12]. - There were no mentions of mergers or acquisitions in the latest earnings call, suggesting a focus on internal growth strategies[12].

史丹利农业集团股份有限公司董事会 史丹利农业集团股份有限公司 关于申请郑州商品交易所尿素指定交割厂库的公告 尿素为公司重要原材料，公司申请尿素交割厂库并运用交割厂库特性，可以 优化原材料采购模式，提升公司抗风险能力。 本次申请尿素指定交割厂库事宜尚存在不确定性，最终以郑商所审核通过为 准，公司将持续关注进展情况并及时履行信息披露义务。 证券代码：002588 证券简称：史丹利 公告编号：2024-026 特此公告。 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 史丹利农业集团股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日召开 了第六届董事会第十次会议，审议通过了《关于公司申请郑州商品交易所尿素指 定交割厂库的议案》，具体情况如下： 为满足公司经营发展需要，公司董事会同意公司向郑州商品交易所（以下简 称"郑商所"）申请尿素指定交割厂库的资质，公司将按照郑商所相关要求提交 申请材料，同时董事会授权公司供应中心负责办理本次申请工作具体事宜。 二〇二四年四月十九日 ...