数据来源：中汽协，鑫椤资讯整理 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 2月中国新能源汽车销量达到89.2万辆,主要受到春节假期消费的影响。随着车企推出"保险补贴"、"免息 购车''、"智驾升级"、"兜底保障"等手段，汽车消费市场加快复苏，同时新能源汽车在内卷进一步加剧的 情况销量持续攀升。 新能源汽车|中汽协：2月我国新能源汽车销量89.2万辆 据中国汽车工业协会统计分析，2月，我国新能源汽车产销分别完成88.8万辆和89.2万辆，同比分别增长 91.5%和87.1%。 1-2月份，新能源汽车产销分别完成190.3万辆和183.5万辆，同比均增长52%。 动力电池|2月国内动力电池装车量67.2GWh，同比增长49.7% -广告- 据中国汽车动力电池产业创新联盟显示，2024年12月，我国动力电池装车量75.4GWh，环比增长 12.2%，同比增长57.3%。其中三元电池装车量14.3GWh，占总装车量19.0%，环比增长5.5%，同比下 降13.4%；磷酸铁锂电池装车量61.0GWh，占总装车量80.9%，环比增长14.0%，同比增长95.1%。 1-2 ...

格隆汇新股 江苏苏州冲出一个IPO，聚焦电动工具零部件产品 原创 阅读全文 ...

Financial Data and Key Metrics Changes - Revenue increased by 6.5% to $14.6 billion, with organic growth of 6.5% or 6.8% in local currencies [7][10] - Net profit rose by 14.9% to $1.12 billion, with a net profit margin improvement of 60 basis points to 7.7% [9][10] - Free cash flow reached $1.6 billion, a 23% increase from $1.3 billion in 2023, representing a 142% conversion of net profits [17] - Earnings per share increased by 15.1% to $61.43 [9] Business Line Data and Key Metrics Changes - Power Equipment division, accounting for 94% of total revenue, grew by 7.3% or 7.6% in local currencies to $13.7 billion [10][11] - Milwaukee brand achieved sales growth of 11.6% in local currencies, while Ryobi Power Tools grew by 6.7% [8][10] - Floorcare and Cleaning divisions saw a revenue decline of 4.5% in local currency, but operating profits increased by 4.73% [10][11] Market Data and Key Metrics Changes - North America, contributing 76% of revenue, grew by 5.5% in local currencies [11] - Europe, making up approximately 16% of the business, experienced over 10% growth in local currencies [11] - The rest of the world, led by Australia, delivered impressive local currency growth of 12.5% [11] Company Strategy and Development Direction - The company emphasizes innovation and a strong culture as key drivers of success, aiming to maintain market leadership through continuous investment in R&D [4][12] - Focus on expanding into new markets and user segments, leveraging the strengths of the Milwaukee and Ryobi brands [30][32] - The strategy includes a relentless focus on safety and productivity solutions for core trades, with a unique approach to embedded partnerships [68][69] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue delivering strong financial results, highlighting a culture of innovation and collaboration [19][46] - The company is aware of potential disruptions in the market and is committed to continuous innovation across all business aspects [39][40] - Future growth is expected to be driven by expanding product offerings and enhancing customer engagement [30][32] Other Important Information - The Board recommended a final dividend of HKD 118 per share, a 20.4% increase compared to the previous year [10] - The company aims to achieve a net cash position by 2025, with a focus on reducing high-cost debts [17][18] Q&A Session Summary Question: What are the growth opportunities for Ryobi and Milwaukee? - Ryobi is focusing on expanding its cordless ecosystem, which has seen a 15% compounded annual growth since 2016, and aims to convert users from legacy power sources [49][50] - Milwaukee is committed to enhancing safety and productivity for core trades, with a unique strategy that has resulted in 12% sales growth in 2024 [70][71] Question: How does the company plan to maintain its competitive advantage? - The company emphasizes its culture and people as key competitive advantages, fostering collaboration and innovation across all levels [19][22] - Continuous investment in breakthrough technology and understanding user needs are critical to maintaining market leadership [85][86]

+ 目录 1 公司近年业绩承压，24年显著修复 2 工具电池：重回上行周期，公司量利齐升 2.1 去库完成， 24年国内电动工具、OPE出口高景气 2.2 美国处于降息周期， 工具需求有望持续向上 2.3 公司电池订单修复，实现量利齐升 3 非工具电池： 布局BB U等新场景，有望打造第二增长曲线 3 . 1 BBU电池： AIDC新增BBU备电方案，看好电池端国产替代，公司具备先发优势 3.2 其他电池： 积极拓展拓宽智能出行、低空、机器人等非工具场景 4 金属物流 业绩稳定，LED景气向上 4.1 金属物流业务预计稳健增长 4.2 景气修复， LED业务盈利显著改善 5 风 险提示 摘要 ■ 投资逻辑 投资逻辑： 公司是全球小圆柱电池领先企业，主业工具电池去库结束，重回上行周期，公司实现量利齐升， LED业务景气改善，实现扭亏为盈，新拓展BBU电池，有望实现国产 代，打造第二增长曲线。 工具电池： 重回上行周期，公司量利齐升。 1）去库结束，工具电池需求上行:下游经历两年低迷后，24年工具链重回上行，国内电钻、电动链锯、割草机出口数量同 +32%/+29%/+72%，下游泉峰控股收入同比+25%~30%， ...