丨证券研究报告丨 行业研究丨专题报告丨机械 [Table_Title] 从海外龙头财报看美国关税影响 报告要点 [Table_Summary] 整体来看，面对全球对等关税，海外龙头主要通过前期备货、供应链调整、价格转嫁、内部降 本控费等多种方式，来尽量降低影响。价格方面，虽然目前不同公司有所分化，如史丹利百得 已进行价格上涨并且预计 Q3 继续上涨，而亚马逊、高机龙头、Rational 等目前虽尚未涨价， 但后续预计仍需要在一定程度上向美国终端消费者涨价以减缓成本上升的压力。库存方面，各 家基本都已在关税生效前进行了库存储备，以应对关税上涨带来的成本压力。 分析师及联系人 [Table_Author] 赵智勇 曹小敏 SAC：S0490517110001 SAC：S0490521050001 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 机械 cjzqdt11111 [Table_Title2] 从海外龙头财报看美国关税影响 [Table_Summary2] 引言：从海外龙头财报看美国关税影响 面对美国对等关税，海外公司也受到不同程度的成 ...

2025.05. 10 本文字数：3457，阅读时长大约6分钟 作者 | 第一财经 彭海斌 "我们也做了很多测算，在美国制造的话，成本至少增加50%。美国市场没办法消化，没有人买单的。"泉峰控 股（02285.HK）董事长兼CEO潘龙泉近日对第一财经表示。 泉峰控股是一家生产电动工具和户外动力设备的公司，比如电钻、角磨机以及割草机。工具类产品包罗万象， 中国是最大制造基地，美国是最大消费市场。根据沙利文数据，美国电动工具和户外动力设备市场规模在2020 年就超过1700亿人民币。美国加征关税前后，中国企业与其美国经销商联合，一方面积极备货，一方面扩充越 南工厂产能。尽管美国关税政策的一个目标是实现制造业回流，但在工具类生产制造，这几乎是不可能的任 务。 实际上，美国最大工具制造商史丹利百得（SWK.NYSE）在特朗普第一任任期内新建的美国工厂，也已经在 2023年关闭了。泉峰控股几年前就在内部讨论过美国生产的可行性，但潘龙泉经营德国工厂十余年得到的宝贵 经验是："在高成本的地区去搞制造，我们会非常地谨慎小心。" 泉峰控股与美国合作伙伴对关税的警惕，开始于特朗普参选的时候。2024年第四季度，客户和泉峰控股就启 ...

Core Viewpoint - The high manufacturing costs in the United States hinder the return of manufacturing industries, while demand for Chinese-made tool products, especially power tools, remains strong in the U.S. market [1] Group 1: Manufacturing and Supply Chain - U.S. manufacturing costs are significantly higher, making it difficult for manufacturing to return [1] - Many Chinese companies have shifted part of their production capacity to Vietnam in response to high tariffs imposed by the U.S. [1] - Companies like QuanFeng Holdings and JuXing Technology are adjusting their supply chains and increasing production in Vietnam to expand their market share in the U.S. [1] Group 2: Market Expansion and Competitiveness - Despite challenges to globalization, Chinese companies are actively exploring international markets [1] - Companies are enhancing their competitiveness through acquisitions and building their own brands [1]

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].

证券代码：300488 证券简称：恒锋工具 债券代码：123239 债券简称：锋工转债 2025 年 5 月 9 日投资者关系活动记录表 编号：2025-008 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 √业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 线上参与公司 2024 年度网上业绩说明会的投资者 | | 人员姓名 | | | 时间 | 2025 年 5 月 9 日（星期五）下午 15:00-17:00 | | 地点 | "约调研"微信小程序 | | 上市公司接待人 | 董事长：陈尔容先生 董事、副总经理、董事会秘书：陈子怡先生 | | | 财务总监：郑继良先生 | | 员姓名 | 独立董事：黄少明先生 | | | 保荐代表人：王元龙先生 | | | 1、问：公司未来是否会调整业务侧重点，加大对增长 | | | 较快的精密高效刀具业务的投入？ | | | 答：精密复杂刃量具、精密高效刀具两大类产品均是公 | | | 司重点发展产品。在 ...

锐奇控股股份有限公司投资者关系活动记录表 | 投资者关系活动类 | 分析师会议 □特定对象调研 □ | | --- | --- | | 别 | □ 媒体采访 √ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | □ 其他 （请文字说明其他活动内容） | | 参与单位名称及人 | 投资者网上提问 | | 员姓名 | | | 时间 | 年 月 日 (周五) 下午 2025 5 9 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网 | | | 络远程的方式召开业绩说明会 | | 上市公司接待人员 | 1、董事长、总经理吴明厅 | | 姓名 | 2、董秘徐秀兰 | | | 3、独立董事徐德红 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、你好，请问公司机器人项目进展如何？ | | | 您好，珞奇机器人科技（上海）有限公司已完成设立，详情敬请查阅 | | | 公司于 2025 年 1 月 24 日披露的进展公告，后续如有应披露事 ...

证券代码：301125 证券简称：腾亚精工 南京腾亚精工科技股份有限公司 投资者关系活动记录表 编号：2025-001 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称及 人员姓名 线上参与公司 2024 年度业绩说明会的投资者 时间 2025 年 5 月 8 日（星期四）15:00-17:00 地点 同花顺路演平台（https://board.10jqka.com.cn/ir） 上市公司接待人 员姓名 总经理：徐家林 董事、副总经理、董事会秘书、财务总监：高隘 独立董事：冯维波 保荐代表人：卞睿 投资者关系活动 主要内容介绍 公司于 2025 年 5 月 8 日（星期四）15:00-17:00，在同花 顺路演平台（https://board.10jqka.com.cn/ir）举办 2024 年度业 绩说明会，并就投资者在本次说明会中提出的相关问题进行 了回复，主要内容如下： 问题 1：你好，问一下公司有没想过往人工智能，机器人 的方向发展，毕竟现在是科技时代，或是有没有收购这类公 司的打算 回复： ...

Group 1 - The core viewpoint is that while export orders to the US are under short-term pressure, companies are focusing on diversifying markets and enhancing product competitiveness to navigate challenges [1][2] - Companies like Jiangmen Haiji Technology Co., Ltd. are experiencing instability in orders due to US tariff policies but are actively expanding into European and South American markets while developing domestic markets [1] - The textile industry is accelerating its transformation towards high value-added, green, and intelligent production, with companies planning to open nearly 200 large stores in emerging markets over the next five years [1] Group 2 - The machinery and electrical products sector is a key category for China's exports to the US, with companies adjusting their order models from "inventory-based purchasing" to "emergency purchasing" due to tariffs [2] - Companies are increasing their domestic market share, with one company raising its domestic sales proportion from 40% to over 65% by localizing products for domestic needs [2] - The implementation of national policies to stabilize foreign trade is allowing companies to convert some tariff costs into domestic market promotion funds, highlighting the importance of "hard technology" and "quick response" as core competitive advantages [2]

证券代码：002903 证券简称：宇环数控 宇环数控机床股份有限公司 投资者关系活动记录表 股权激励计划的稳步实施不仅提升了管理人员及关键岗位员工 的积极性和团队凝聚力，更增强了企业在行业内的人才吸引力，充分 彰显了公司中长期人才激励机制的效果。公司将综合考虑企业经营发 展的实际情况，充分利用资本市场优势，努力实现激励措施的常态化。 4、公司的拉床产品及其下游应用方向有哪些？ 公司拉床产品主要为高速数控硬拉床、数控螺旋拉床、端面齿拉 床等各种系列立式拉床和卧式拉床。可加工材料包括金属材料零件， 如齿轮、叶片、涡轮盘榫槽等关键零部件，还可加工非金属材料零件， 如尼龙涂覆件、石墨件等。拉床产品的下游主要应用于汽车、航空航 天、风电、工程机械、机器人、无人机、船舶、农机等行业领域。 5、公司 2025 年业绩预测及未来业务增长方向？ 根据公司 2025 年财务预算报告，公司基于 2024 年财务决算情况 以及目前行业和市场实际情况与谨慎性原则，预计 2025 年公司的营 编号：2025-006 投资者关系活 动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他（电话会议） 参 ...

Group 1 - Bosch Group announced a sales target of €90.3 billion for the fiscal year 2024, with an EBIT of €3.1 billion and an EBIT margin of 3.5% [1] - In the Chinese market, Bosch's sales reached ¥142.7 billion in 2024, representing a year-on-year growth of 2.7% [1] - The company aims for an annual sales growth of 6% to 8% by 2030 and plans to achieve a target profit margin of 7% by 2026 [1][2] Group 2 - Bosch's CFO Markus Forschner emphasized the need to maintain cost advantages and pursue growth through investment, innovation, and acquisitions [2] - The company expects electric mobility, hydrogen, and software-defined vehicles to drive significant business growth in the smart mobility sector [2] - Bosch plans to launch approximately 90 new cordless power tool products this year, focusing on expanding its product range in the consumer goods sector [2] Group 3 - Bosch announced plans to acquire Johnson Controls' global residential and light commercial HVAC business for $8 billion, marking its largest acquisition to date [3] - The acquisition is expected to contribute an additional 1% to 2% sales growth if completed by mid-year [3] - Bosch's R&D investment in China reached ¥11.9 billion in 2024, highlighting the country's role as an innovation hub for the company [3]