资源描述
1|2024 02 24 SAC S1110523080002 SAC S1110522080001+2 2022 1030 OPE OPE 1 2 3+1 SKU 21 2 3 OBM WUEVyRmRsRmNoQsRmRrOrQ9P9R6MtRrRoMmQkPmMmOiNtRoQ8OqQyQxNtQrMvPsPxP1.2022 1030341.1.1 2022 1030 OPE 2022 66%17%17%2018 2022 820 1030 CAGR=5.9%fmi 159 464 293 347 2023 44%22%10%7%17%Pro Construction DIY Construction IndustrialPro Outdoor DIY Outdoor 2022 5 2021 1.1.2 13%7%6%9%26%22%17%23.30%19.70%10%8.10%6.30%2.60%32.50%2020 29%25.8%38.6%2021 23.30%19.70%10%10%2.6%28 28%26%22%61.1.3 OPE 2025 386 164 56.16%2016-2025 2016-2025 22.824.926.527.629.130.932.734.736.638.68.18.89.39.710.110.611.211.712.212.60102030405060 7.288.9 9.410.311.312.513.71516.49.810.51111.311.611.912.212.512.712.85.86.36.66.97.27.688.58.99.3010203040&71.1.3 OPE OPE OPE 2023 5%2021 12 9 2024 OPE 2020 9 2035 100%10 1 2024 2028 2 3 81.1.3 OPE Home Depot Walmart Target Amazon Home Depot 23Q3 5%2023H1 Amazon 25.0%yipit DATA AMZ123 2023H1 2019-2023Q2%Rank Retailer Retailer Type 23H1 Market Share 1 Home Depot Home Improvement 27.6%2 Amazon Generalist 25.0%3 Lowes Home Improvement 18.4%4 Walmart Generalist 8.8%5 Menardo Home Improvement 4.5%6 Costco Generalist 3.3%7 Sherwin Williams Home Improvement 2.9%8 Target Generalist 2.9%9 Sams Club Generalist 1.6%10 Harbor Freight Home Improvement 1.4%11 Floor&Decor Home Improvement 1.0%12 Ace Hardware Home Improvement 1.0%13 Tractor Supply Home Improvement 0.8%14 B Home Improvement 0.4%15 True Value Home Improvement 0.3%0%20%40%60%80%100%19Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q2 91.2.1 fmi 2023 159 2033 279 35%2021 CR3=32.3%fmi 2023%2021%20.60%6.90%4.20%0.40%67.90%19.40%6.70%6.20%67.70%Apex 101.2.2 2016-2025 227 386 CAGR=6.1%75%2022 46.41%CR5=70.02%EV Tank 2016-2025 2022%1.3 1.7 1.5 1.7 1.8 1.9 2.0 2.1 2.2 2.3 3.9 4.2 4.5 4.7 5.0 5.4 5.7 6.1 6.5 6.9 9.2 9.7 10.1 10.3 10.5 10.9 11.3 11.7 12.0 12.4 8.3 9.3 10.4 10.8 11.7 12.7 13.7 14.8 15.9 17.1 0510152025303540452016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 22.70%23.71%9.57%7.24%6.81%6.14%4.20%2.70%2.69%2.07%12.17%SB&D TTI BOSCH MakitaSTIHL Snap-On Chervon MetabaoDongcheng HitachiKoki Others111.2.3 2016-2025 201 325 CAGR=5.5%85%Deere TORO STIHL OPE 2020 OPE CR5=62.7%2020 OPE%2016-2025 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 2.0 2.2 2.3 2.4 2.5 2.6 2.8 2.9 3.1 3.3 6.5 6.9 7.2 7.6 7.9 8.3 8.6 9.0 9.4 9.8 10.8 11.5 12.2 13.0 13.8 14.7 15.5 16.5 17.4 18.4 0.05.010.015.020.025.030.035.0 20.40%11.40%10.40%10.40%10.10%7.90%6.80%4.20%3.40%3.30%12%MTD Toro 2.+12132.1.1 1 2002-2023 2008-2010 2010-2019 2020-2022 2023 2023 2008 2023 300 7%20 90%5%40 iFind 2002-2023 020040060080010001200140016002002-012002-062002-112003-042003-092004-022004-072004-122005-052005-102006-032006-082007-012007-062007-112008-042008-092009-022009-072009-122010-052010-102011-032011-082012-012012-062012-112013-042013-092014-022014-072014-122015-052015-102016-032016-082017-012017-062017-112018-042018-092019-022019-072019-122020-052020-102021-032021-082022-012022-062022-112023-042023-09:142.1.1 1 iFind 2002-2023 01002003004005006007008002002-012002-072003-012003-072004-012004-072005-012005-072006-012006-072007-012007-072008-012008-072009-012009-072010-012010-072011-012011-072012-012012-072013-012013-072014-012014-072015-012015-072016-012016-072017-012017-072018-012018-072019-012019-072020-012020-072021-012021-072022-012022-072023-012023-07:2002-2023%2.03.04.05.06.07.08.09.02002-01-042002-06-072002-11-082003-04-112003-09-122004-02-132004-07-162004-12-172005-05-202005-10-212006-03-242006-08-252007-01-262007-06-292007-11-302008-05-022008-10-032009-03-062009-08-072010-01-082010-06-112010-11-122011-04-152011-09-162012-02-172012-07-202012-12-212013-05-242013-10-252014-03-282014-08-292015-01-302015-07-032015-12-042016-05-062016-10-072017-03-102017-08-112018-01-122018-06-152018-11-162019-04-192019-09-202020-02-282020-07-312021-01-012021-06-042021-11-052022-04-082022-09-092023-02-102023-07-14152.1.2 2 2010-2023 1 2010-2019 2 2020 3 2020 2021 4 2022 23Q3 228 29 11%4.3 22 iFind 2019-2023-10%-5%0%5%10%15%20%25%30%35%2008Q12008Q32009Q12009Q32010Q12010Q32011Q12011Q32012Q12012Q32013Q12013Q32014Q12014Q32015Q12015Q32016Q12016Q32017Q12017Q32018Q12018Q32019Q12019Q32020Q12020Q32021Q12021Q32022Q12022Q32023Q1-10%-5%0%5%10%15%20%25%30%35%162.1.2 2 iFind 2020-2023Q3-10%0%10%20%30%40%YoY YoY 2020-2023Q3 2020-2023Q3 2020-2023Q3-10%0%10%20%30%40%50%60%70%YoY YoY-20%-10%0%10%20%30%40%50%2020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q3 YoY YoY-20%-10%0%10%20%30%40%YoY YoY172.2 2002-2023 GDP GDP 2022 11.7%30 2013-2023 2022 4 20 24 iFind 2013-2023%-10010203040Jan-13Apr-13Jul-13Oct-13Jan-14Apr-14Jul-14Oct-14Jan-15Apr-15Jul-15Oct-15Jan-16Apr-16Jul-16Oct-16Jan-17Apr-17Jul-17Oct-17Jan-18Apr-18Jul-18Oct-18Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23182.2 iFind 2013-2023%2013-2023%01234562013/12013/52013/92014/12014/52014/92015/12015/52015/92016/12016/52016/92017/12017/52017/92018/12018/52018/92019/12019/52019/92020/12020/52020/92021/12021/52021/92022/12022/52022/92023/12023/52023/9 10 30 01234562013/1 2014/1 2015/1 2016/1 2017/1 2018/1 2019/1 2020/1 2021/1 2022/1 2023/1:(EFFR)():3.+SK U+=19203.1.1&80%SWK Presentation 2016-2023 2016 52%2023 63%&/2023Q3 71%/57%2016 23%/16%2023 16%/12%2023 5%/2%/2%&80%&2023 Q1-Q3&/102.12/18.32 52%54%55%59%61%60%64%63%23%22%22%20%19%17%15%16%16%14%14%13%11%13%12%12%4%5%4%4%5%5%5%5%3%3%3%3%2%3%2%2%2%2%2%1%2%2%2%2%0%10%20%30%40%50%60%70%2016 2017 2018 2019 2020 2021 2022 2023EUS Europe Emg Mkt Canada Japan Australia21 SWK Presentation&0500100015002000250030003500400019Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3N.America Europe Emerging Market Other 010020030040050060070019Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3N.America Europe Emerging Market Other3.1.1&80%22 SWK Presentation 2022Q3-2023Q3%2023Q3 3.1.2 2022Q3 2023 9 2022Q4 20%2023Q3 28%SKU 2023H1 70000 SKU 20000 SKU 30050020037530025%20%23%24%28%0%5%10%15%20%25%30%010020030040050060022Q3 22Q4 23Q1 23Q2 23Q3Decrease in Inventory Adjusted Gross Margin233.1.3 SWK Presentation DIY DIY/%0%50%100%Industrial Tools&Outdoor SWKOther Outdoor Consumer/DIYOutdoor Professional AerospaceInfrastructure Automotive OEMIndustrial&Automotive Repair Non-Resi./Commercial ConstructionNew Residential Construction Existing Residential/Repair/DIY24 3.1.3 Product Category Featured ProductIllustrationHand ToolsChisels,Punches&Files,Clamps&Vises,Drywall Tools,Hammers,Hand Saws,Knives&Blades,Lasers&Instruments,Layout Tools,Manual Fastening Tools,Mixed Tool Sets,Pliers&Snips,Ratchets&Sockets,Screwdrivers&Hex Keys,WrenchesPower ToolsAutomotive Tools,Cable Cutting&Crimping,Compressors,Drills,Dust Management,Grinders&Polishers,Impact Drivers&Wrenches,Multi-Function Tools,Nailers&Staplers,Pipe&Tubing Tools,Pneumatic Tools,Power Tools Combo Kits,Ratchets,Rivet Tools,Rotary&Demolition Hammers,Routers,Planers&Joiners,Sanders,Saws,Screwdrivers,ScrewgunsOutdoorChainsaws,Pole&Pruning Saws,Blowers&Vacuums,Carts,Lawn Edgers,Lawn Mowers,String Trimmers,Snow Removal,Washers,Pumps&Hoses,Leaf blowers,Log SplittersOther ProductsBatteries,Chargers,Inventory Management,Anchors,Fasteners,Fittings,Cocktail Makers,Storage Cabinet,Work Station,Industrial hardware,Software Solutions253.1.4 SWK Presentation 2005 Year Company(Tools&Outdoor)Purchase Price($M)2005 National 1702006 Facom 4802011/2012 CribMaster/Lista N.A.1202012 Powers 2202012/2013 Tong Lung,Bajaj,GQ,Emiran(GEM)1002017 Craftsman Brand 9352017 Newell Tools 18602019MTD Products(20%Equity Investment)2352021 MTD Products(Remain 80%Option)15002021 Excel 375Year Company(Industrial)Purchase Price($M)2010 CRC-Evans(Infrastructure)4452013 Infastech(SEF)8502018 Nelson Fastener Systems(SEF)4252019 IES Attachments(Infrastructure)6552020Consolidated Aerospace Manufacturing(SEF)1400Year Company(Divestitures)Purchase Price($M)2012 HHI(Security)14002017Mechanical Security Businesses(Security)7252022Commercial Electronic Security&Healthcare32002022 Stanley Acess Technologies 900 2005 FACOM CRAFTSMAN 91.15 2012-2022 62.25 12 9 5 26 DEWALT BLACK+DECKER CRAFTSMAN STANLEY Category Brand Featured CategoriesTools BrandsDEWALT Power Tools,Batteries and Charges,Accessories,Hand Tools,Outdoor,Anchors&FastenersBLACK+DECKER Cocktail Maker,Vacuum,Power Tools,Leaf Blower,String TrimmerCRAFTSMAN Snow Blowers,Outdoor Combo Kits,Drills and Impacts,Mechanics Tool SetsSTANLEY Tape Measures,Utility Knives,Hammers,Hand SawsLENOX Reciprocating Saw Blades,Armor,Hole Saws,Jigsaw Blades,Versa Pro,Pipe Cutters,Tri-TechIRWIN Tape Measures,Pliers,Spring/Hand Clamps,Chalk Reels&Chalk,Drilling AccessoriesBOSTITCH Construction Tools,Hand Tools,Fasteners,Air CompressorsFACOM Ratchets&Sockets,Wrenches,Screwdrivers,Pliers,Torque Control,Roller CabinetsMAC TOOLS Diagnostics,Power Tools,Illumination,Tool Storage,Shop EquipmentPORTER-CABLE Power Tools,AccessoriesPROTOAutomotive Tools,Compressors,Drills,Grinders&Polishers,Impact Drivers&Wrenches,Screwdrivers&Screwguns3.1.4 27 DEWALT CUB CADET HUSTLER ROVER Category Brand Featured CategoriesOutdoor BrandsDEWALTPower Tools,Batteries and Charges,Accessories,Hand Tools,Outdoor,Anchors&FastenersCUB CADETLawn Mowers,Snow Blowers,UTVs,Electric Mowers&Tools,Commercial Equipment,AccessoriesHUSTLERZero-Turn Mowers,Power Equipment,AccessoriesBLACK+DECKERCocktail Maker,Vacuum,Power Tools,Leaf Blower,String TrimmerCRAFTSMANSnow Blowers,Outdoor Combo Kits,Drills and Impacts,Mechanics Tool SetsTROY-BILTLawn Mowers,Gardening,Yard Tools,Snow BlowersROVERLawn Mowers,Ride On Mowers,Zero Turn Mowers,Handheld Equipment,Clean Up Equipment,Parts&AccessoriesBIGDOG MOWERZero Turn Mowers,AccessoriesMTDSnow Blowers,Riding Mowers,Lawn Mowers,Log Splitters,Chipper Shredders,Tillers,String Trimmers,Leaf BlowersIndustrialSolutionsSTANLEY Engineered FasteningFasteners,Total Systems,ToolsCAM Fittings,Engineered Products,FastenersCRIBMASTERIndustrial Hardware,Software SolutionsSTANLEY InfrastructureTools in Demolition,Search&Rescue,Municipal Water,Underwater,Railroad Maintenance of Way,Rail Signal,Communications&Catenary,Recycling,Light Construction,Electric UtilityVIDMARIndustrial Cabinets&Storage,NC Tool Storage,Industrial Workstation&Workbenches,STAK/Adjustable Racking,Vertical Storage Solutions,Toolboxes3.1.4 283.2.1 2013-2023H1 2013-2023H1 2013-2022 43.00 132.54 CAGR=13.32%2023H1 91.86%2022 2013 2022 31.44 123.29 CAGR=16.40%73.12%2022 93.02%2020 23.71%31.44 35.53 39.72 44.71 51.38 60.09 67.92 87.30 119.61 123.29 64.50 11.56 12.00 10.66 10.10 9.26 10.12 8.75 10.82 12.42 9.25 4.29 020406080100120140 31.20 33.93 37.72 41.61 46.25 53.72 59.10 76.50 102.25 102.32 51.67 8.70 9.69 8.61 8.90 9.19 10.71 11.61 13.83 19.51 19.28 11.52 3.09 3.91 4.05 4.30 5.19 5.78 5.96 7.79 10.27 10.94 5.60 020406080100120140 293.2.2 13 MILWAUKEE 20%RYOBI DIY 1999 VAX 2000-2004 RYOBI 2002 HOMELITE 2003 ROYAL DIRTDEVIL 2005MILWAUKEE DREBO AEG 2007HOOVE STILETTO 2013 ORECK 2014 EMPIRE 2018 Imperial Blades MILWAUKEE RYOBI AEG EMPIRE IMPERIAL BLADES STILETTD KANGO HART MILWAUKEE RYOBI AEG HOMELITE HOOVE ORECK VAX DIRT DEVIL303.2.3 MILWAUKEE RYOBI 2020-2022 MILWAUKEE BOLT 21 RYOBI 18V ONE+305 1988 2008 2019 8 15 6 MILWAUKEE 2023Q2 2022 6 MILWAUKEE 2022 MILWAUKEEM18 272 2023H1 M12 153 2023H1 MX FUEL 20 2023 RYOBI18V ONE+DIY 305 2023H1 40V 88 2023H1 80V/USB LITHIUM 22 2023313.3.1 2018-2023H1 21.42 26.30 29.44 34.26 39.22 18.85 6.97 8.04 10.68 11.49 8.28 4.27 2.73 2.91 2.79 4.29 4.62 2.16 01020304050602018 2019 2020 2021 2022 2023H1 2018-2023H1 2018-2022 31.12 52.11 CAGR=13.76%2018-2022 CAGR=13.82%2018-2022 98%2021 79.33%2023H1 73.04%2019 7 2020 6 17.5%10.6%9.8%6.7%13.4%51.4024.970.32 0.54 0.40 0.690.420.3122.8728.7235.4439.690.330.440.631.607.557.516.167.8001020304050602018 2019 2020 2021 2022 2023H1 323.3.2 wind Greenworks 48V 60V 82V DIY 80%90%1 2 333.3.3 ODM 2019-2022+1 Greenworks Powerworks Cramer 2 Amazon Bestbuy 3 Handy KJT Mountfield Carswell 4 Walmart ODM 1 2018 Cramer Greenworks Greenworks Commercial 82V 2 ODM Stihl,Toro,B&S,Stiga 2019-2022 19.8 34.8 CAGR=15.14%53.1%66.8%Greenworks Powerworks Cramer Amazon Bestbuy Walmart Handy KJT Mountfield Carswell Walmart The Home Depot Harbor Freight,Menards,Bauhaus TSC Stihl,Toro,B&S,Stiga 19.8 23.0 28.4 34.8 12.4 14.5 10.2 5.1 5.1 11.2 17.3 16.2%23.5%22.5%0%5%10%15%20%25%01020304050602019 2020 2021 2022 ODM YoY343.4.1+OPE 2018-2023H1 2018-2023H1 2018-2022 6.91 19.89 CAGR=30.27%2022 15.0 65.71%2023+OPE/OPE 2022 12.24 41.50%7.55 14.69%3.845.077.9911.8715.004.852.332.582.974.043.171.750.570.620.691.060.990.540.170.170.350.610.730.24051015202018 2019 2020 2021 2022 2023H1 4.835.506.618.857.552.862.012.885.348.6512.244.450.060.060.060.080.110.07051015202018 2019 2020 2021 2022 2023H1 353.4.2 1 2 ULCTDP 3 2006 2015 2023H1 2023H1 90 90%363.4.3 ODM OBM ODM ODM 2023H1 21.90%OBM EGO FLEX SKIL DEVON X-TRON DIY 2018-2022 4.34 13.82 2023H1 78.1%1 2023H1 2 2023H1 John Deere John Deere EGO FLEX1922 2013 24V 200%300%100%SKIL 2017 DIY DEVON 2007 X-TRON EGO2014 ARC 2019-2023H1 OBM/ODM OBM%4.37384.1 2016-2023H1 2016-2022 36.01 125.45 CAGR=23.13%2023 2022 89.19%2021 6.2%34.9441.1656.7062.14 60.8875.2278.9230.8915.9823.9932.9714.443.735.106.353.001.071.572.443.794.444.197.223.790204060801001201402016 2017 2018 2019 2020 2021 2022 2023H1 68.4789.12100.0540.369.659.3923.7132.8437.3552.7451.0659.0765.4125.4111.7710.215.225.138.8903060901201501802102016 2017 2018 2019 2020 2021 2022 2023H1 2016-2023H1 394.1 404.1 21 5 BeA BeA LISTA LISTA LISTA 3 Arrow Prime-Line Shop-Vac 3 10 414.2+2018 L.G.Suourcing,the Home Depot,Wal-Mart,Sears Roebuck,Stanleyworks;2019 the Home Depot,Wal-Mart,L.G Sourcing,Stanleyworks,Kingfisher Stanleyworks 2019 1 Home Depot Walmart Kingfisher CTC 2023 Home Depot 2 3 EBAY 4 2018 19.32%2023H1 48.93%2018-2023H1 11.07%13.17%16.73%21.27%24.24%8.21%10.25%12.32%10.93%12.52%7.95%8.97%11.13%9.85%6.84%5.71%3.10%2.93%2.26%2.75%3.75%3.08%2.08%2.20%1.68%0%10%20%30%40%50%2018 2019 2020 2021 20221 2 3 4 5 2018-2022%11.47 23.34 26.27 38.37 50.88 25.66 47.68 42.59 58.75 70.13 74.57 26.46 103.49%12.55%46.06%32.60%0%20%40%60%80%100%120%0204060802018 2019 2020 2021 2022 2023H1OBM ODM OBM YoY424.3+1 OEM ODM BeA,Shop-Vac OBM 2 Arrow,Lista 15/2015()()2015 2015/8/17 0.63 0.062016 2016/12/16 0.14 0.032017 Arrow 2017/7/1 2.64 0.482018 Lista 2018/7/1 4.34 0.472019Prime Line 2019/2/28 4.60-0.01Swiss+Tech 2020Shop-Vac 2021/3/5Geelong 2021/7/2 6.31 0.012021SK 2021/5/25BeA 2021/6/1 11.24-0.022023 TESA 2023/12/18 43 WORKPRO/2009 4000 DIY Sheffield/2010 4000 VDE DuraTech/ARROW*/1929 U 60%38%SK*/1914 3000 Goldblatt*/1885 100 DIY 4.3+*44 PRIME-LINE*/1978 Pony Jorgensen*/1903 EverBrite/2011 DIY 300 SWISS+TECH*/1994 BeA*/1910 40 PREXISO*/,1D 2D 3D OLEI/1D 2D 3D LISTA*1945 Shop-Vac*1953 500 4.3+*45 5.1 2 3 25%4 46 6 300 6 300 20%10%-20%-10%-10%-10%5%-5%-5%-5%/THANKS47
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