LCI Industries 2024年度报告

TABLE OF CONTENTS 4-5TO OUR SHAREHOLDERS6-7FINANCIAL DATA8-9CORPORATE INFORMATION1-782024 FORM 10-K To Our Shareholders Jason D. Lippert˃˥˘˦˜˗˘ˡ˧˔ˡ˗ʶ˛˜˘˙ʸ˫˘˖˨˧˜˩˘˂˙Ѓ˖˘˥ CONSISTENT EXECUTION, OPERATIONAL DISCIPLINE, ANDDIVERSIFIED GROWTH DROVE STRONG CASH GENERATION The market never stands still, and 2024 broughtits share of surprises—but Lippert tackledthem with agility and efficiency, enablingus to enter 2025 even stronger. Our RV andmarine businesses showed resilience, andwe continued to leverage our strengths inbuilding products, international markets, andthe aftermarket to sustain revenues near prior-year levels despite a challenging environment,while effectively expanding margins. Ourprofitability improvement was bolstered by ourincreased focus on operational efficiency, whichwe believe has further positioned us to bothorganically reach our $5 billion revenue targetin 2027 and reclaim double-digit margins. We also expanded our RV content offerings withpremium 4K Windows and glass patio systemsthat certain OEMs, including Brinkley RV, havealready integrated into high-end models. Marine volumes remained subdued as dealersworked through elevated inventory levels, andwe felt that on the production side. Dealers,however, are increasingly optimistic that retailsales will rebound in the second half of 2025 asconsumer confidence improves and inventorynormalizes. With inventory levels more balancedand demand expected to rebound—historically aswift recovery—we believe we are well-positionedwith the right products and a proven track recordto capitalize on the recovery when it occurs. RV shipments remained below historical levelsand consumers continued to favor smallersingle axle trailers due, in part, to temporarymacroeconomic conditions, including interestrate sensitivity and affordability trends. Despitethis, Lippert increased market share andorganic content across our top five RV OEMproduct categories — appliances, awnings,chassis, furniture, and windows — throughour continued focus on innovation. Fromnext-generation suspension systems to top-tier window innovations, we are redefiningwhat it means to be an industry leader. Beyond RV and Marine, innovations drovemeaningful growth across our diverse endmarkets. In the automotive aftermarket, ourCURT brand, acquired in 2019, delivered 7%organic growth during the year, highlightingour ability to execute meaningful acquisitionsthat ultimately contribute to long-term success.Building products also fueled stability duringthe year, supported by notable tractionin residential windows that contributed$20 million in growth, as more residentialdistributors and builders recognize the valueof our entry-level vinyl window products. Our CURT Touring Coil Suspension (TCS)is rapidly securing OEM adoption with thosecustomers raving about its superior ridequality; our Lippert Anti-Lock Brake System(ABS) is helping to redefine safety standardsin towables; and our Furrion Chill Cube, one ofthe quietest and most powerful air conditionersin its class, is attracting strong interest fromOEMs and consumers. Our transportation and utility trailer businessalso gained momentum, with industry leaderslike PJ Trailers and Big Tex adopting our ABSand TCS systems. Additionally, we continue tocapture new opportunities in the on-highway andoff-highway transportation markets by providingglass and window solutions for school buses,transit, and off-road vehicles. In 2024, we published our third year of Scope1 and Scope 2 emissions data, expandedresource and waste monitoring, and invested inenergy-efficient manufacturing. This focus ontransparency and sustainable growth earnedus a spot on Newsweek’s 2025 list of America’sMost Responsible Companies. We also continuedto foster a purpose-driven culture that empowersteam members and supports communities, aswe surpassed our 100,000-hour volunteer goaland contributed to numerous local causes. Collectively, these markets represent significantaddressable opportunities and we areapplying our proven OEM playbook to helpdrive growth in these high-potential areas. We have seen that our strength across adjacentmarkets boosts margins and provides counter-cyclical benefits that balance profitability acrosseconomic cycles. This augments the decisiveactions we took in 2024 to improve our coststructure and drive efficiency. We increasedour EBITDA margin by 250 basis points, aswe delivered $28 million in non-material costsavings, with even more reductions planned for2025. Factory consolidations, strategic sourcinginitiatives, and investments in automation havealso lowered fixed costs and strengthened ourability to scale efficiently as demand rebounds.At the same time, lower steel prices helpedgross margins, and we expect further pricinglevers to help us partially offset potentialtariff headwinds in 2025. We believe theseinitiatives, combined with disciplined costcontrol, should drive 25% incremental marginon new revenue in 2025, accelerating ourpath b