DRIVEN BY POSSIBILITY MARCH 2025 LEGAL DISCLAIMERS 2 The information in this presentation is as of March 21, 2025, unless otherwise noted. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expe ...

纪要涉及的公司 Gates Industrial (GTES)，Gates Corporation [1] 核心观点和论据 1. **Q1业绩情况**：Q1有机增长约1.5%，好于预期 [1][2]。汽车替换业务表现良好，主要受北美新大客户的推动；移动业务强劲，实现两位数增长；中国和亚洲整体有正的核心增长，工业在复苏，汽车替换业务也不错；EMEA仅下降1% [2][3]。农业和建筑业务虽仍在去库存，但情况较过去有所改善，下降幅度为中个位数 [4]。 2. **Q2及全年趋势**：Q2业务进展符合预期，全年指导相对温和，预计汽车替换和移动业务将是业务的优势所在，对工业复苏持谨慎预期，同时关注关税和全球贸易的影响 [4][5][6]。 3. **各地区和业务板块趋势** - **北美**：汽车替换业务因新客户在未来三个季度有同比增长的顺风因素，工业业务面临挑战 [8][11]。 - **欧洲**：移动业务有顺风因素，将带来帮助 [11]。 - **亚洲**：东亚、印度和中国此前几个季度增长不佳，但近期有正的核心增长，工业开始出现好转迹象 [12]。 - **中国**：汽车替换业务从较小规模发展成为重要业务板块，即使汽车OEM业务下滑，仍能通过该业务实现增长；工业方面的OEM业务也有所增强，公司对中国市场有信心 [14][15][16]。 4. **全年有机增长阶段分析**：全年指导有机增长约1.5个百分点，上半年增长不到1%，下半年加速。原因包括2023年下半年工业业务触底，比较基数较低；移动业务将继续保持强劲；下半年因关税增加了约4000万美元的价格，但相应减少了同等金额的销量预期 [17][18][19]。 5. **库存水平情况**：去库存尚未结束，但大部分已完成。移动业务除个别细分领域外，去库存基本完成；农业和建筑业务去库存接近完成；分销业务的库存水平总体令人满意 [22][23]。 6. **价格弹性和定价策略**：公司三分之二的业务通过分销渠道进行，过去在2022 - 2023年因通胀进行了大量定价调整，有能力快速推动价格上涨以应对成本增加。公司正转向基于价值的战略定价模式，对长尾产品和高流速产品进行更合理的定价 [25][27][28]。 7. **关税影响及应对**：公司等待全球贸易政策和关税影响的最终结果后推出价格上涨措施，并与客户沟通。虽有部分报复性关税回退，但公司将与分销伙伴保持沟通，采取务实态度，确保实现美元中性目标。长期来看，公司可通过优化区域制造和供应链来抵消关税带来的利润稀释，仍致力于2026年底实现24%以上的EBITDAR目标 [30][32][33][34][35]。 8. **运营举措与展望**：2025年的1000万美元运营举措更多是为了抵消关税和全球贸易政策带来的逆风因素，具有增量性质 [36]。 9. **EBITDA指导及各业务板块情况**：全年EBITDA指导为同比增长40 - 50个基点，不同业务板块有不同的逆风因素和顺风因素。中国的动力传输业务面临关税相关挑战；移动业务和北美AR业务的动力传输部分带来上行空间；数据中心业务今年规模较小，但未来有望增长，且流体动力业务受关税影响较小 [37][38][39]。 10. **数据中心业务机会**：目前处于数据中心建设后期，公司已开展相关销售，与多方合作。今年数据中心业务收入占比低，但预计到2027年可实现1 - 2亿美元的额外增量收入，且公司对实现该目标更有信心。公司有能力通过有机方式实现增长，若有合适的并购机会也会考虑 [40][41][42][43][44]。 11. **资产负债表和资本分配**：目前债务杠杆略高于2倍，目标是降至1 - 2倍。公司去年对债务进行了再融资，无重大到期债务至2029年。未来几个季度将偿还部分债务，同时会在股票回购和债务偿还之间进行平衡，过去三年半的资本分配比例约为55%股票回购和45%债务偿还 [45][46][48]。 12. **并购情况**：公司目前资产负债表状况允许进行并购，但需考虑倍数和协同效应。公司认为自身股票仍被低估，因此会优先关注内部增长机会。不过，公司有不错的并购机会管道，若有合适机会且能在倍数和协同效应方面达成一致，会考虑进行并购。并购目标应具有战略意义，能得到投资者认可，且能提升公司规模和吸引力 [49][50][51][52][54][55]。 其他重要但可能被忽略的内容 公司在选择并购目标时，希望产品具有对功能至关重要、非 discretionary 性质且单位销售价值不高的特点，以确保有持续的收入流且客户购买时不会犹豫 [61][62][63]。

Gates Industrial (GTES) reported $847.6 million in revenue for the quarter ended March 2025, representing a year-over-year decline of 1.7%. EPS of $0.36 for the same period compares to $0.31 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $826.29 million, representing a surprise of +2.58%. The company delivered an EPS surprise of +9.09%, with the consensus EPS estimate being $0.33.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wal ...

Gates Industrial (GTES) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Company Participants Rich Kwas - VP of Investor RelationsIvo Jurek - CEOBrooks Mallard - Executive Vice President & Chief Financial OfficerMichael Halloran - Associate Director of ResearchJeffrey Hammond - Managing DirectorDeane Dray - Managing DirectorChristopher Snyder - Executive Director Conference Call Participants Julian Mitchell - AnalystNigel Coe - AnalystNone - Analyst Operator Thank you for standing by. My name is Greg, and I ...

Gates Industrial (GTES) came out with quarterly earnings of $0.36 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 9.09%. A quarter ago, it was expected that this manufacturer of power transmission and fluid power systems would post earnings of $0.34 per share when it actually produced earnings of $0.36, delivering a surprise ...

Gates Industrial (GTES) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Speaker0 Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Gates Industrial Corporation Q1 twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. I would now like to turn the call over to Rich Kwas, Vice Presi ...

Gates Industrial (GTES) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Company Participants Rich Kwas - VP of Investor RelationsIvo Jurek - CEOBrooks Mallard - Executive Vice President & Chief Financial OfficerMichael Halloran - Associate Director of ResearchJeffrey Hammond - Managing DirectorDeane Dray - Managing DirectorChristopher Snyder - Executive Director Conference Call Participants Julian Mitchell - AnalystNigel Coe - AnalystNone - Analyst Operator Thank you for standing by. My name is Greg, and I ...

Q1 2025 EARNINGS PRESENTATION APRIL 30, 2025 1 LEGAL DISCLAIMERS 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This presentation contains, and management may make on our call today, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continue ...

Ivo Jurek, Gates Industrial's Chief Executive Officer, commented, "In the first quarter, we grew our volume company-wide supported by strong growth in our Auto Replacement and Personal Mobility end markets. Also, our gross margin increased nicely year-over-year." Jurek continued, "We are reiterating our full year guidance. While the business environment has become more uncertain since the start of the year, I am confident in our competitive position. Our manufacturing footprint is largely 'in-region, for-re ...

公司信息 - 盖茨工业公司是一家全球制造商，提供创新、高度工程化的动力传输和流体动力解决方案 [2] - 公司为不同的替换渠道客户和原始设备制造商提供广泛的产品组合，参与工业和消费市场多个领域 [2] - 产品在从恶劣危险行业到日常消费应用等各种终端市场的不同应用中发挥重要作用，包括几乎所有形式的交通运输 [2] - 产品在四个商业区域的130多个国家销售，包括美洲、欧洲、中东和非洲、大中华区以及东亚和印度 [2] 会议安排 - 公司将2025年第一季度网络直播和电话会议时间从东部时间上午10点改为4月30日上午9点 [1] - 电话会议音频回放将于4月30日东部时间下午1点左右开始，至5月7日东部时间晚上11点59分结束，可通过拨打(800) 770 - 2030（国内）或 +1 (647) 362 - 9199（国际）并提供密码5772067，或访问公司网站investors.gates.com获取 [1] - 可通过拨打(888) 414 - 4601（国内）或 +1 (646) 960 - 0313（国际），并要求参加盖茨工业公司2025年第一季度收益电话会议或提供会议ID 5772067参与会议 [3] - 可通过公司网站investors.gates.com进行直播网络访问 [3]