户外动力设备行业深度报告：产业趋势日趋明朗，出口景气度提升

Investment Rating - The report maintains a "Buy" recommendation for the outdoor power equipment (OPE) industry [6]. Core Insights - The outdoor power equipment market is expected to grow from $25.1 billion in 2020 to $32.4 billion by 2025, with a CAGR of 5.24% [3][15]. - The industry is driven by policy and technological innovations, particularly the shift towards lithium battery-powered equipment and the rise of robotic lawn mowers [4][28]. - Export conditions are improving, with expectations for profit margins to rise due to stable raw material prices and favorable exchange rates [5]. Summary by Sections 1. Industry Overview: A Trillion-Level Market with a Mature Supply Chain - The outdoor power equipment (OPE) market primarily serves lawn, garden, and yard maintenance, with gasoline-powered devices dominating the market [3][15]. - The market size for gasoline, corded, and cordless devices in 2020 was $16.6 billion, $1.1 billion, and $3.6 billion respectively, projected to grow to $21.2 billion, $1.3 billion, and $5.6 billion by 2025 [19][22]. 2. Development Trends: Policy and Technological Innovations Drive Growth - Environmental policies in North America and Europe are pushing the industry towards electric and battery-powered devices, phasing out gasoline-powered equipment [28][29]. - The trend towards lithium battery technology is expected to meet the growing demand for efficient and eco-friendly lawn maintenance solutions [32][34]. 3. Short-Term Catalysts: Improving Export Conditions and Profit Margins - The U.S. real estate market remains resilient, and expectations of interest rate cuts may boost market confidence, leading to a recovery in exports [5]. - In 2024, China's lawn mower exports are anticipated to continue their growth trajectory, supported by recovering overseas demand and inventory replenishment in downstream channels [39][42]. 4. Investment Recommendations - Key companies to watch include: - QuanFeng Holdings: A pioneer in lithium battery OPE with high growth potential [6]. - Techtronic Industries: A leading electric tool manufacturer with strong profitability [6]. - Daye Co., Ltd.: Focused on the OPE industry with emerging brand recognition [6]. - Sumida: Strengthening innovation and brand influence [6]. - Grebo: A leader in garden machinery with a focus on smart development [6].