资源描述
|2023 08 07/OPE 200+400+300+70%DIY/2020 47%OPE 17%1 2 2020 OPE 20%/11%/10%OPE OPE 2020 15&OPE%84 1.7 1700.1 2.0 1574.5 2.2%1m 6m 12m-2.3-3.3-3.6-5.4-0.4-1.6 1 23W30 2023-07-31 2 23W29 2023-07-24 3 23W28 6 2023-07-17 S1090522010003 S1090523070002 S1090522120001 S1090523070001-25-20-15-10-505Aug/22 Nov/22 Mar/23 Jul/23(%)家电 沪深300+2.6 1 300.6 2 OPE 300.8 3.10 1 2023Q3.10 2 DIY&.12 4.13 1 70%.14 2+.16 3.18+.19 1.19 1.20 2+.22 3.25 2 OPE.27 1.27 2.29&OPE.31 1.31 2 EGO.32 3 OPE.34 4.36 5.37 6 GOAT G1.38 7 Segway.39.41 1.41 2.41 YWFUvMsPsRmNsMsRmRpQmN8OdN6MsQqQmOmPkPmMwOlOoOsN9PoPmRMYnPrNwMoNrN 3 1 400.7 2 OPE.9 3 2020 OPE 300.9 4 2023&.11 5 2023&.11 6 2023.11 7 2023.11 8&.12 9&.12 10&.13 11 OPE.13 12 2016-2019 70%.14 13.14 14 OPE.16 15 OPE.16 16 2019Q4.16 17 OPE.17 18 50%.17 19 40%.17 20.18 21 OPE.18 22.19 23 OPE.19 24.21 25.21 26 OPE.22 27 OPE.22 28 2.3 0.53.22 29 OPE.23 30 2013.24 4 31 OPE 20-30%.24 32.28 33.29 34.29 35.29 36.31 37.31 38.31 39 13.32 40 2022 48%.32 41.33 42.33 43.33 44 John Deere.34 45.34 46.34 47.35 48.35 49 Greenworks Commercial.35 50.36 51 2022.36 52.36 53 2022.36 54 2022.37 55 2019.37 56 2021 9%.37 57.38 58 GOAT G1.39 59 Segway Navimow.40 1.6 2.7 5 3 OPE.8 4 OPE.9 5 OPE 2018.10 6 2019.15 7&OPE.15 8&.20 9.21 10 OPE.23 11 OPE.24 12.25 13.26 14.26 15.27 16.29 17.30 18.38 19.39 6 200+400+OPE 300+DIY/OPE 1 300 1/7 7 2020 392 2016-2020 CAGR=6.1%2020 291 74%2025 386 1 400 7+2020 202 69%31%2 Milwaukee Metabo Hilti DeWALT Black&Decker Hitachi BOSCH DIY RYOBI Stanley 2282492652762913093273473663868188939710110611211712212601002003004005006002016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 8 2 OPE 300 OPE OPE 3 OPE&OPE&1 2 OPE 9 3 OPE 4 OPE OPE 2 OPE 4 OPE&OPE 300 2016-2020 OPE 201 250 4 CAGR=5.6%2025 324 5 CAGR=5.3%3 2020 OPE 300 2012132262382502642792933083240%2%4%6%8%01002003004002016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E YoY 10 OPE 2018 OPE 53.5%46.5%5 OPE 2018 124.2 53.5%107.8 46.5%3 1 DIY 2 DIY 1 2023Q3 2023 Q3 2020 2020 2019 2020 2022Q3 2023Q3 11 4 2023&5 2023&6 2023 7 2023-30%-20%-10%0%10%20%30%40%2002202402602803003203403603804002016/012016/042016/072016/102017/012017/042017/072017/102018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/04:YoY-10%-5%0%5%10%15%20%25%30%4004505005506006507007508008509002016/012016/042016/072016/102017/012017/042017/072017/102018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/04:YoY 1.01.21.41.61.82.02021/012021/032021/052021/072021/092021/112022/012022/032022/052022/072022/092022/112023/012023/032023/05:1.01.21.41.61.82.02.22.42.62021/012021/032021/052021/072021/092021/112022/012022/032022/052022/072022/092022/112023/012023/032023/05:12 2 DIY&DIY&2016-2020 3090 3841 CAGR=5.6%2016-2020 56.1 82.2 CAGR=10.0%83 117 CAGR=9.0%8&9&-20%-15%-10%-5%0%5%10%15%20%25%30%200120022003200420052006200720082009201020112012201320142015201620172018201920202021:-40%-30%-20%-10%0%10%20%30%200120022003200420052006200720082009201020112012201320142015201620172018201920202021:13 10&4 OPE OPE OPE OPE Toro OPE Costco ebay 11 OPE-20%-15%-10%-5%0%5%10%15%20%25%30%200120022003200420052006200720082009201020112012201320142015201620172018201920202021:14 1 70%70%2016-2019 70%30%ODM 12 2016-2019 70%70%75%13*=35%+15%+12.7%+10.6%+1.7%+17.6%+7.4%3.53.73.64.12.62.7 2.72.864%66%68%70%72%74%76%0123452016 2017 2018 2019 15 6 2019 100 10 25 135 95 15 0 120 135 35 10 180 187 5 0 192*100 OPE 7&OPE TTI 1985 MILWAUKEE AEG RYOBI StanleyBlack&Decker 1843 DeWALT CRAFTSMAN BLACK+DECKER+Chervon 1999 DEVON X-TRON FLEX SKIL Bosch 1886 Bosch+Makita 1915 Makita Hilti 1941 Hilti Great Master 2002 Greenworks+DAYE 2006 DYM 16 OPE 2020 CR5 63%CR10 88%50%20%2018 2020 14 OPE 2+DIY OPE OPE 90%Placer.ai 2019Q4 34.3%24.8%Honda John Deere DeWalt 15 OPE 16 2019Q4 Placer.ai OPE OPE 2021 OPE 103 90 20%11%10%10%10%8%7%23%93%93%92%92%90%7%7%8%8%10%0%20%40%60%80%100%2016 2017 2018 2019 2020 34.3%24.8%8.7%7.1%6.4%5.0%The Home DepotLowes HomeHomeGoodsMenardsBed Bath&BeyondTractor Supply Co.Ace HardwareHarbor Freight ToolsIKEACost Plus World MarketOthers 17 6.8%9.4%OPE OPE OPE Toro Echo Yard Machines Ryobi Makita 10 Kobalt EGO 17 OPE*OPE outdoor garden OPE lawn&garden OPE 2000 Ryobi 2021 63 48%2020 2020 7 2021 41%18 50%19 40%70 73 76 96 103 59 61 65 89 90 0204060801001202017 2018 2019 2020 2021 40%42%44%46%48%50%0204060802016 2017 2018 2019 2020 2021 0%10%20%30%40%50%02468102018 2019 2020 2021 18 3 2020 117 105 40%36%2020 50 17%+20 OPE OPE 2020 OPE 138 79 55%32%OPE 25 OPE 10%OPE 21 OPE 8393104 1081171271371481591719297101103105109113117120124394245475054576165690501001502002503003504004502016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 108 115 122 130 138 147 155 165 174 184 65 69 72 76 79 83 86 90 94 98 20 22 23 24 25 26 28 29 31 33 0501001502002503003502016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 19+1 50%2016-2020 72 103 4 CAGR 9.4%47%98 116 4 CAGR 4.3%22 OPE 2020 OPE 36 17%OPE 78%50%OPE 23 OPE 98 105 110 113 116 119 122 125 127 128 72 80 89 94 103 113 125 137 150 164 58 63 66 69 72 76 80 85 89 93 0501001502002503003504004502016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E&1341421501581661751841932032129991011111212131326283033364044485256333436373838394042430501001502002503003502016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 20 OPE OPE OPE 1 OPE 43%87%40%60%49%DIY 8&4 90 30 1000 10000 6 50 20 30 200 21 24 Statista OPE CARB 1 300 1 1100 OPE OPE 2021 2025 OPE 25 CARB 9 2018 2021 2021 4 2021 8 2022 5 2021 10 2024 2035 3000 12.7 12.9 13.2 13.7 14.3 14.9 15.6 16.3 16.9 051015202013 2014 2015 2016 2017 2018 2019 2020 2021 22 OPE OPE OPE OPE 26 OPE The Farnsworth Group 2+OPE+OPE OPE The Farnsworth Group 2022 73%OPE OPE 69%House Method 2.3 0.53 0.5 27 OPE 28 2.3 0.53 The Farnsworth Group House Method 23 10 OPE Ryobi RY401140 Green Machine GMPM6200 Makita XML10CM1 Toro 21466 Milwaukee 2823-22HD DEWALT DCMWSP244U2W181$599$329$449$649$1099$699 40V 6.0AH 62V 4.0AH 18V 4.0AH 60V 6.0AH M18 12.0AH 20V 10.0AH 3/4 1/4-1/2 1/2-1 1/4-1/2 1/2-1 1/4-1/2-45min 24min 2.5h 2h 8h 70min 45min 40min 40min 60min 60min 1.5-4 1.25-3.75 1.25-4 1-4 1-4 1.5-4.5 74 72 54 95 80.6 80 OPE The Farnsworth Group OPE OPE OPE 20-30%BloombergNEF 2013 500/kWh 100/kWh 20%OPE 29 OPE The Farnsworth Group 24 30 2013 31 OPE 20-30%BloombergNEF OPE EGO 56V Arc-Lithium POWER CORE 40V FLEX 24V EGO 56V Arc-Lithium 56V OPE EGO 20V-40V-60V-80V-82V 18V-36V-62V Milwaukee M12 M18 Ryobi 3 10-30%11 OPE EGO 56V Arc-Lithium Arc-Lithium EGO POWER CORE 40V PWRAssist USB SKIL 40V OPE FLEX 24V BMS THERMATECH 5 20V-40V-60V-80V-82V 82V 80V 60V 40V 24V 3 18V-36V-62V Milwaukee 2 M12 148+M18 262+Ryobi 3 18V one+280 40V 85 80V 502441282236170143120112 10812001002003004005006002013 2014 2015 2016 2017 2018 2019 2020 2021 2022/kWh 24%19%19%30%0%10%20%30%40%50%2019 2020 2021 2022H1 25 12 GreenWorks 40V 1102 1449 Worx WG163 GT3.0 20V PowerShare 12 692 746 Makita DFR551Z 18V LXT 1832 2012 Bosch GEX18V-5N 18V 5 943 1130 Black&Decker 20V MAX 1022 1355 3 26 13 TTI SDI LG TOP5 TTI TTI BDK 14 SDI TTI Murata TTI TTI TTI TTI LIDL BDK 27 2 OPE 1 OPE 1995 15 1995 Solar/Turtle Mower 1998 1st Generation Automower 2003 2nd Generation Automower 2008 Solar Hybrid+2200m 2009 260 ACX 2011 305 600 m 2013 320 and 330X 330X GPS 2016 430X and 450X 5000 m 45 GPS LED 28 2018 X-Line and 315X X LED 315X 300 1600m 2019 435X AWD 3500 m 70 2019 HI-CUT 2020 305 600 m Mordor Intelligence 2021 15 OPE 6%2027 39 6 CAGR 17%32 Mordor Intelligence 2021 45%-60%5%Mordor Intelligence 1539010203040502021 2027E CAGR=17.3%29 33 34 35 Mordor Intelligence 2+RTK 16+RTK RTK 30 MTD gardena 3 2022 1 90%WORX OBI 17 1689 1 2 3 GPS 4 1994 1 AIA 2 3 4 2006 ODM 1 MCU 2 3 4 2012 EFLS 1998 1 TrueMapping UWB GPS 2 APP 31&OPE 1 TTI 1985 Horst Julius Pudwill OEM-ODM-OBM 2000 2007-2009 2022 2000-2022 CAGR 15%2000-2022 CAGR 18%36 37 iFinD iFinD 13 2022 93%7%9 4 Milwaukee Ryobi AEG Homelite Emprire Hoover Royal Dirt Devil 38 iFinD-20%0%20%40%60%80%020406080100120140200020022004200620082010201220142016201820202022 YoY-150%-100%-50%0%50%100%150%200%024681012200020022004200620082010201220142016201820202022 YoY 86%89%89%91%93%14%11%11%9%7%0%20%40%60%80%100%2018 2019 2020 2021 2022 32 39 13 2000 Ryobi Ryobi Milwaukee Ryobi 2022 48%40 2022 48%2022 77%15%8%2022 0.1%1.2%+6.5%Milwaukee MX Fuel+2 EGO+OEM/ODM 1994 2007 2010 2013 FLEX 2014 EGO 2016 SKIL 2022 OBM 70%47%49%48%48%53%51%53%52%0%20%40%60%80%100%2019 2020 2021 2022 33 41 2020 OPE 2013 EGO 56V OPE 40V EGO 2014 2018 23%2020H2 ODM 2020 42 43 John Deere John Deere 2023 Q3 EGO John Deere John Deere John Deere 2020 500 319 2026 4.8 5.5 6.6 8.9 7.6 2.0 2.9 5.3 8.7 12.2 0%10%20%30%40%50%60%05101520252018 2019 2020 2021 2022 YoY-0.1 0.3 0.4 1.5 1.4-100%0%100%200%300%400%-0.50.00.51.01.52.02018 2019 2020 2021 2022 YoY 34 20 John Deere John Deere 0 OPE B 44 John Deere 3 OPE 2007 OPE 70%20V-40V-60V-80V-82V 2020 2021 43%2020 51%2021 25%Costco OPE 2020 45 46 21.4 26.3 29.4 34.3 39.2 7.0 8.0 10.7 11.5 8.3 0%5%10%15%20%25%01020304050602018 2019 2020 2021 2022 YoY-1.41.55.72.82.7-100%0%100%200%300%-2024682018 2019 2020 2021 2022 YoY 35 Greenworks 2019-2022 53%67%2019 57%2022 50%47 48 OPE 0 30%1 OPE 2 OPE 2022 10 OptimusZ BrightView OptimusZ 60 65HP 38HP 16 MPH 24kWh 21 8 26999.99 Toro Z Master Revolution 13000 49 Greenworks Commercial Greenworks Commercial 53%54%57%67%47%46%43%33%0%20%40%60%80%100%2019 2020 2021 2022+ODM57%51%25%15%0%20%40%60%80%100%2019 2020 2021 2022 36 4 1993 ODM 2010 Goldblatt OBM 2018-2022 59 126 CAGR 20%2022 58%11%21%8%50 51 2022 ARROW Shop-Vac BeA WORKPRO EverBrite OLEI ODM 2022 40%2023 50%52 53 2022 59.366.385.4109.2126.10%10%20%30%40%50%0204060801001201402018 2019 2020 2021 2022 YoY 58%21%11%8%1%19%35%31%35%40%80%64%69%64%59%0%20%40%60%80%100%2018 2019 2020 2021 2022 OBM ODM 37 2019 2022 90%77%2023-2025 100%5 ODM 2006/OPE ODM 80%2019 80%18V-36V-62V OPE 54 2022 55 2019 2020 EGO EGO EGO 56 2021 9%4.2 6.2 6.1 7.8 8.1 12.8 12.5-20%0%20%40%60%80%051015202016 2017 2018 2019 2020 2021 2022/YoY 80%14%6%22%19%11%9%9%30%0%20%40%60%80%100%1 2 3 5 38 2020-2022 91%95%96%4.76 6 22 57 18 6 24545.50 22534.62 22 13964.22 10868.50 14200.00 14200.00 52709.72 47603.12 6 GOAT G1 2017 2020 GOAT G1 2022 10 GOAT G1 2023 4 1599 GOAT G1 TureMapping 0%20%40%60%80%100%03060901201501802020 2021 2022 39 58 GOAT G1 19 2016.6.8 2016.6.8 2022.2.8 7 Segway Segway 10+2021 9 SegwayNavimow 1199 Navimow EFLS Navimow APP 24 IPX6 2023 2 Vision Navimow 4 500-3000 2022 10 300 Segway Segway 40 59 Segway Navimow 41 1 OPE 2 1 2 3 42 6-12 A 300 500 20%5-20%5%5%
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