版權(quán)說(shuō)明:本文檔由用戶提供并上傳,收益歸屬內(nèi)容提供方,若內(nèi)容存在侵權(quán),請(qǐng)進(jìn)行舉報(bào)或認(rèn)領(lǐng)
文檔簡(jiǎn)介
GLOBALPRIVATEEQUITYREPORT2024
AboutBain&Company’sPrivateEquitybusiness
Bain&Companyistheleadingconsultingpartnertotheprivateequity(PE)industryanditsstakeholders.PEconsultingatBainhasgrowneightfoldoverthepast15yearsandnowrepresentsaboutone-thirdofthefirm’sglobalbusiness.Wemaintainaglobalnetworkofmorethan2,000experiencedprofessionalsservingPEclients.Ourpracticeismorethantriplethesizeofthenext-largestconsultingcompanyservingPEfirms.
Bain’sworkwithPEfirmsspansfundtypes,includingbuyout,infrastructure,realestate,anddebt.Wealsoworkwithhedgefunds,aswellasmanyofthemostprominentinstitutionalinvestors,includingsovereignwealthfunds,pensionfunds,endowments,andfamilyinvestmentoffices.Wesupportourclientsacrossabroadrangeofobjectives:
Dealgeneration.Weworkalongsideinvestorstodeveloptherightinvestmentthesisandenhancedealflowbyprofilingindustries,screeningtargets,anddevisingaplantoapproachtargets.
Duediligence.Wehelpsupportbetterdealdecisionsbyperformingintegratedduediligence,assessingrevenuegrowthandcost-reductionopportunitiestodetermineatarget’sfullpotential,andprovidingapost-acquisitionagenda.
Immediatepost-acquisition.Afteranacquisition,wesupportthepursuitofrapidreturnsbydevelopingstrategicblueprintsforacquiredcompanies,leadingworkshopsthatalignmanagementwithstrategicpriorities,anddirectingfocusedinitiatives.
Ongoingvalueaddition.Duringtheownershipphase,wehelpincreasethevalueofportfoliocompaniesbysupportingrevenueenhancementandcost-reductioninitiativesandrefreshingtheirvalue-creationplans.
Exit.Wehelpensurethatinvestorsmaximizereturnsbypreparingforexit,identifyingtheoptimalexitstrategy,preparingthesellingdocuments,andprequalifyingbuyers.
Firmstrategyandoperations.WehelpPEfirmsdevelopdistinctivewaystoachievecontinuedexcellencebydevisingdifferentiatedstrategies,maximizinginvestmentcapabilities,developingsectorspecializationandintelligence,enhancingfund-raising,improvingorganizationaldesignanddecisionmaking,andenlistingtoptalent.
Institutionalinvestorstrategy.Wehelpinstitutionalinvestorsdevelopbest-in-classinvestmentprogramsacrossassetclasses,includingprivateequity,infrastructure,andrealestate.Topicsweaddresscoverassetclassallocation,portfolioconstructionandmanagerselection,governanceandriskmanagement,andorganizationaldesignanddecisionmaking.Wealsohelpinstitutionalinvestorsexpandtheirparticipationinprivateequity,includingthroughcoinvestmentanddirectinvestingopportunities.
Bain&Company,Inc.
131DartmouthStreet
Boston,Massachusetts02116USA
Tel:+16175722000
NetPromoter?,NPS?,NPSPrism?,andtheNPS-relatedemoticonsareregisteredtrademarksofBain&Company,Inc.,NICESystems,Inc.,andFredReichheld.NetPromoterScoreSMandNetPromoterSystemSMareservicemarksofBain&Company,Inc.,NICESystems,Inc.,andFredReichheld.
Copyright?2024Bain&Company,Inc.Allrightsreserved.
GlobalPrivateEquityReport2024
Contents
TheDarkbeforetheDawn................................................2
PrivateEquityOutlook2024:TheLiquidityImperative..........
.........
....
..3
Investments.............................................
.........
....
..9
Exits......................................................................................................
..................
........
..15
Fund-raising...............................
.......
...
.19.........
Returns.................................
......
...
.24.........
Move-InReady:RenovatingYourGrowthStrategy.............
.........
....
.28
HaveSecondariesReachedaTippingPoint?...........
......
...
.35........
BuildingaStrongerBuy-and-Build.......................
........
....
39.....
HarnessingGenerativeAIinPrivateEquity.................................45
TheYearCashBecameKingAgaininPrivateEquity..........................52
1
GlobalPrivateEquityReport2024
TheDarkbeforetheDawn
DearColleague:
Theyear2023wasoneofportent.Dealvaluefellby37%.Exitvalueslidevenmore,by44%.Fund-raisingdroppedacrossprivatecapital,as38%fewerbuyoutfundsclosed.Interestingly,dollarcommitmentsinbuyoutssurgedasanumberofhigh-performingfundscametomarket.Butitwastrulyayearofhavesandhave-nots.Just20fundsaccountedformorethanhalfofallbuyoutcapitalraised.
Thewordforthismarketisstalled.Cuttingthroughallofthemacronoisewasthe525-basis-pointincreaseinUScentralbankratesfromMarch2022toJuly2023.Thespeedandmagnitudeofthisrisecausedgeneralpartnerstohitthepausebutton.
Thegoodnews?Interestratesappeartobestableandhavebeenforafewmonths.Recorddrypowderisstackedandreadyfordeployment.Asizablechunkofthisdrypowderisagingandneedstobeputtowork.Lookingintoportfolios,nearlyhalfofallglobalbuyoutcompanieshavebeenheldforatleastfouryears.
Inshort,theconditionsappeartobeshiftinginfavorofhittingthegobutton.Wewillseewhat2024brings.
Bestwishes,
HughMacArthur
Chairman,GlobalPrivateEquity
2
PrivateEquityOutlook2024:
TheLiquidityImperative
Spikinginterestratesderaileddealmakingin2023andleftthecapitalflywheelsputtering..Gettingunstuckisjoboneintheyearahead..
ByHughMacArthur,RebeccaBurack,GrahamRose,ChristopheDeVusser,KikiYang,andSebastienLamy
AtaGlance
Privateequitycontinuedtoreelin2023asrapidlyrisinginterestratesledtosharpdeclinesindealmaking,exits,andfund-raising..
Theexitconundrumhasemergedasthemostpressingproblem,asLPsstarvedfordistributionspullbacknewallocationsfromallbutthelargest,mostreliablefunds..
Thelong-termoutlookremainssound,butbreakingthelogjamwillrequiremorerobustapproachestovaluecreationandrapidinnovationinliquiditysolutions..
It’ssafetosaytheprivateequityindustryhasneverseenanythingquitelikewhat’shappenedoverthelast24months.
Whilethesharpdrop-offindealactivityinlate2022andinto2023echoestheperiodfollowingthe2008–09globalfinancialcrisis(GFC),thesituationtheindustryfacestodayislargelyunprecedented.
ThenumbersareallveryGFC-like:Dealvalueanddealcounthavefallen60%and35%,respectively,fromtheirpeaksin2021.Exitvalueisdown66%,andthenumberoffundsclosingisoffbynearly55%
3
GlobalPrivateEquityReport2024
(seeFigure1).Yetwhat’sdrivingthesedeclinescouldn’tbemoredissimilartowhatwashappeningin2008–09,andmakingsenseofitrequiresadifferentlensaltogether.
Asdifficultasitwas,theaftermathoftheGFCfollowedapredictablepattern:Tocopewiththecrisis,centralbankersslashedinterestratestospuractivity,theeconomyslowlystabilized,andprivateequitywasabletoclawitswaybackfromwhatmanypredictedwouldbeitsunraveling.Theresultingperiodofgrowthintheyearsthatfollowedcreatedaprivateequityindustrythatisvastlylargerandmorecomplexthananyonein2008couldhavereasonablyexpected.
Yettodaythatsizeandcomplexitymagnifythechallengestheindustryfaces.Businessconditionsaremoreperplexingthanpredictable.Interestrateshaverisenfasterthanatanytimesincethe1980s,anditremainsunclearwhentheUSFederalReservewillreversecourseorwhererateswilleventuallysettle(seeFigure2).Concernsaboutwhatwedubbedlastyear“themostanticipatedrecessioninhistorythathasn’thappenedyet”continuetolinger.Yettothesurpriseofmostanalysts,theeconomyischuggingalongnicely.Record-lowunemployment,reasonablegrowth,andsurgingpublicmarketsintheUSsuggestthepossibilitythatwemightjustescapethesemonthsofturmoilwithnothingworsethanasoftlanding.
Thesecrossedsignalshaveleftprivateequityhamstrung.Thesheervelocityoftheinterestrateshockwassomethingfewintheindustryhadeverexperienced,andtheimpactonvaluehasdrivenawedgebetweenbuyersandsellers.
Figure1a:Investments,exits,andthenumberofbuyoutfundsclosedallcontinuedtoslidein2023astheindustryreeledfromrisinginterestrates
Investments
Exits
Fund-raising
Globalbuyoutdealvalue
Globalbuyout-backedexitvalue
Globalbuyoutcapitalraised
Dealcount
Exitcount
Countoffundsclosed
$1,250B
(–60%)
4,000
$1,250B
(–66%)
3,000
$600B
(–1%)
1,000
1,000
3,000
1,000
2,000
400
800
750
750
600
2,000
500
500
1,000
200
400
1,000
250
250
0
0
0
0
0
0
2013
2018
2023
2013
2018
2023
2013
2018
2023
Notes:Investments—excludesadd-ons;excludesloan-to-owntransactionsandacquisitionsofbankruptassets;basedonannouncementdate;includes
announceddealsthatarecompletedorpending,withdatasubjecttochange;Exits—includesfullandpartialexits;bankruptciesexcluded;IPOvalue
representso?eramountandnotmarketvalueofcompany;Fund-raising—datagroupedbytheyearinwhichfundsheldtheir-inalclose;countisofall
funds,includingthoseforwhich-inalclosedataisunavailable;buyoutcategoryincludesbuyout,balanced,coinvestment,andcoinvestment
multimanagerfunds;excludesSoftBankVisionFund
Sources:Dealogic;Preqin
4
GlobalPrivateEquityReport2024
Figure1b:Activityduringthesecondhalfoftheyearwasanimprovementonthefirst,butnotbymuch
Investments
Exits
Fund-raising
Globalbuyoutdealvalue,quarterly
Globalbuyout-backedexitvalue,
Globalbuyoutcapitalraised,
quarterly
quarterly
Dealcount
Exitcount
Countoffundsclosed
$350B
1,000
$350B
600
$200B
400
300
800
300
150
300
250
250
400
600
200
200
100
200
150
400
150
200
100
200
100
50
100
50
50
0
0
0
0
0
0
2020
2021
2022
2023
2020
2021
2022
2023
2020
2021
2022
2023
Notes:Investments—excludesadd-ons;excludesloan-to-owntransactionsandacquisitionsofbankruptassets;basedonannouncementdate;includes
announceddealsthatarecompletedorpending,withdatasubjecttochange;Exits—includesfullandpartialexits;bankruptciesexcluded;IPOvalue
representso?eramountandnotmarketvalueofcompany;Fund-raising—datagroupedbytheyearinwhichfundsheldtheir-inalclose;countisofall
funds,includingthoseforwhich-inalclosedataisunavailable;buyoutcategoryincludesbuyout,balanced,coinvestment,andcoinvestment
multimanagerfunds;excludesSoftBankVisionFund
Sources:Dealogic;Preqin
Figure2:The525-basis-pointriseininterestratesfromMarch2022toJuly2023wasthesharpestmonetarytighteningindecades
Centralbankinterestratesbyregion(monthlyaverage)
+113basis+289bps+98bps+25bps
6%
points
inUS
4
2
0
Jan
Jul
Jan
Jul
Jan
Jul
Jan
Jul
2020
2020
2021
2021
2022
2022
2023
2023
US
UK
Europe
Notes:USshowsfederalfundsrate;Europeshowseuroshort-termreporate;UKshowsclearingbanksbaserate(middlerate);basispointchangesover
asix-monthperiodaredisplayedfortheUSonlyandcalculatedbasedontheincreaseinaverageinterestratesbetweentheendofJuneandDecember
ofeachyear
Source:LSEG
5
GlobalPrivateEquityReport2024
Pricemultiples,whichtendtomoveinverselytointerestrates,havetippeddownwardoverthelastyear,butonlyslightlysofar.That’sbecausesellersarebringingtomarketonlythehighest-qualityassets,thosetheyareconfidentwillmoveatareasonablereturn.Otherwise,theexitchannelshavelargelydriedup,leavinggeneralpartners(GPs)withatowering$3.2trillioninunsoldassetsandstanchingtheflowofcapitalbacktolimitedpartners(LPs).
Thesedeclinesinactivityhavehadachillingeffectonfund-raising.SlowerdistributionshaveleftLPscashflownegative,crimpingtheirabilitytoplowmorecapitalbackintoprivateequity.Theindustrystillraisedanimpressive$1.2trillioninfreshcapitalin2023,andthebuyoutcategoryattracted$448billion.ButLPswerehighlyselective.Whilecapitalflowedtothelargest“reliablehand”buyoutfunds,fund-raisingformostwasashardasit’severbeen.
SlowerdistributionshaveleftLPscashflownegative,crimpingtheirabilitytoplowmorecapitalbackintoprivateequity.
UntilGPscanbeginmovingassetsoutoftheirportfoliosinatimelyfashion,raisingthenextfundwon’tgetanyeasier.Andthethreattoreturnsisreal.Buyoutstypicallyinvolvetermloansthatexpireinfivetosevenyears.Already,interestcoverageratiosamongbuyout-backedportfoliocompaniesintheUShavedroppedto2.4timesearningsbeforeinterest,taxes,depreciation,andamortization(EBITDA),thelowestlevelsince2007.ThatispressuringGPstobothfindliquiditysolutionsanddevisenewwaystogenerateprofitsthroughoperatingleverage—notjustthemultipleexpansionandrevenuegrowththeindustryhasleanedonforyears.
Earlysignsofaturnaround?Themostdifficultaspectofthisgridlock,ofcourse,ispredictingwhatwillhappennext.Butinourview,thegreenshootsofarecoveryarestartingtopokethrough.Perhapsthemostimportantisthat,barringanynewmacroshocksorgeopoliticalcrises,ratesaremorelikelythannottomoderateinthecomingyear.
Evenslightcutsarelikelytospurondealmakingaslongasthemacrooutlookremainsrelativelystable.Buyoutfundsalonearesittingonarecord$1.2trillionindrypowder,and26%ofthatisfouryearsoldorolder,upfrom22%in2022(seeFigure3).ThatcreatesaheavierincentivethannormalforGPstogetoffthesidelinesandstartbuying,evenifconditionsaren’tideal.Activityisalreadytickingupward,andwithhelpfromtheFedandtheEuropeanCentralBank,thebiasin2024islikelytotheupsidewhenitcomestodealcountandvalue.
Exitsareanothermatter.Barringasharper-than-anticipateddropinrates,sellerswillcontinuetofacehighhurdlestounloadingcompaniestostrategicbuyers,othersponsors,orthepublicmarkets.
6
GlobalPrivateEquityReport2024
Figure3:Witharecord26%ofglobalbuyoutdrypowdernowfouryearsoldorolder,generalpartnersareundergrowingpressuretododeals
Globalbuyoutdrypowder,byyearssincecapitalraised($T)
$0.7T
0.7
1.0 0.9
0.8
1.2
1.0
3yearsorless
4–5years
Morethan5years
2017
18
19
20
21
22
23
Shareofcapital
19
19
18
19
23
22
26
thatisatleast
4yearsold(%)
Notes:Buyoutcategoryincludesbuyout,balanced,coinvestment,andcoinvestmentmultimanagerfunds;assumesaverageinvestmentperiodofiveyears;percentagesplitofcapitalraisedin2023isasofQ2;discrepanciesinbarheightsdisplayingthesamevalueareduetoroundingdi?erencesSources:Preqin;Bainanalysis
WithsponsorsstrugglingtosendcashbacktotheirLPs,2024willlikelybedefinedbyhowcreativetheindustrycanbeinfindingwaystogenerateliquidity.
Actionrequired.What’sclearisthatpassivelywaitingforconditionstorecoverisnotaviablestrategy.Muchofthisreportisdevotedtoexploringhowthesedynamicsareplayingoutandwhatthemostforward-thinkingGPsareworkingon.Gettingunstuckwilldemandactioninseveraldirectionsatonce:
Doublingdownonvaluecreation.Theexitsituationisshiningabrightlightonhowcriticalitistogenerateoperatingleverageinamarketwheretailwindsfrommultipleexpansionhaveturnedintoheadwinds.Youcan’tcontrolthedirectionofrates.Butyoucangetbetteratunderwritingvalueandcapturingitthroughcrispexecution.We’vetalkedaboutitforyears:Theindustryhasrelieddisproportionatelyonrisingmultiplesandrevenuegainstogeneratereturnswhilemarginimprovementhascontributedpracticallynothing.Thatnolongerworkswhenrisingratesserveasballastforassetmultiples.
TheportfoliocompaniesthatwillstandoutinthisdifficultmarketarethosethathaveusedeverymeanspossibletoboostEBITDAefficientlyandcandemonstratetothenextownerthatthere’smoneyleftonthetable.Thatmeansfundshavetogetsharperatfindingandpullingthevalue-creation“l(fā)evers”thatgenerateorganicgrowth—pricing,salesforceeffectiveness,and
7
GlobalPrivateEquityReport2024
productinnovation,tonameafew.Iftheseinsightsweren’tpartoftheoriginalvalue-creationplan,nowisthetimetofocusonthem.Themarkethasbeenabundantlyclearonthis.Thecompaniesthataresellingarenotthosethathavemerelygottenbiggerand/orleaner.Thepremiumisongeneratingstrong,profitable,organicgrowth.
Managingacrosstheportfolio.WhilestrategiesfocusedonEBITDAgrowthtaketime,aballooningexitbacklogalsopresentsmoreimmediateconcerns.Fundsneedtodevelopaclear-eyed,pragmaticappraisalofwhereeachportfoliocompanysitsintermsofitsreturnprofile,itscapitalstructure,anditsfutureprospects.Aslongasratesstayelevated,GPshavechoicestomake:Whichcompanieswillreapanacceptablereturnifwesellnow?WhichshouldwesellanywaysowecanreturncashtoLPs?Whichcompaniesfaceloanexpirations,andwherecanweeffectively“amendandextend”toreshapeabalancesheetwithouttoomuchpain?Whatareouroptionsforgeneratingliquiditythroughtheburgeoningsecondarymarket?
Iftheindustry’sgrowinginventoryofunsoldassetsisn’tgoingtobeaproblem,thereareafewthingsyouhavetobelieve.First,withalargevolumeofportfoliocompaniesfacingrefinancinghurdles,itwillbecriticalthatdebtholderstakethestancetheydidin2008–09.Lendersclearlydidn’twantthekeystoabunchoftroubledportfoliocompaniesthenandprobablydon’twantthemnow.Thatleavesopentheopportunitytopayapenalty,addsomeequity,andarriveataworkablecapitalstructure.
Thesecondthingyouneedtobelieveisthatthereareenoughinnovativesolutionslikecontinuationfunds,securitizations,andNAVfinancingtohelpGPsrecapprizedassetsandwaitforreturnstoripenwhilekeepingeconomicinterestalignedbetweenGPsandLPs.Thesecondariesspaceisstillsmallandsomewhatcontroversial.Butitisgrowingrapidlyandrepresentsthekindoffinancialinnovationthatisprivateequity’sspecialty.
Professionalizingfund-raising.Aneffectiveportfolioscanshouldleadtoaclear,practicalroadmapforsteeringthefundthroughanimmenselydifficultperiod.ThenextstepiscommunicatingtoLPshowportfoliomanagersareusingallthetoolsattheirdisposaltoactasatrustedstewardofinvestorcapital.GPsaren’tparticularlyadeptatthiskindofcommunicationbecausetheyhaven’thadtobeinthepast.Adhoc,anecdotalconversationsaboutasingleportfoliocompanyweresufficientwhenperformanceoverallwasn’treallyinquestion.
Nowperformanceiseverything,andthecompetitionforalimitedpoolofcapitalhasneverbeenmorefierce.Thisisspurringthemostproactivefundstoconsidermakingastepchangeinhowtheyapproachinvestorsbyprofessionalizingprocessesandhoningtheirgo-to-marketcapabilities.Thefirmsout-raisingothersarestrategicallymappingoutwhotheirLPsshouldbeanddevelopingthecapabilitiesandtoolsnecessarytounderstandwhatittakestowinwiththemandexpandshareofwallet.TheyarebuildingthekindofcommercialorganizationsthebestB2Bsellersrelyondaily.
8
GlobalPrivateEquityReport2024
Noneofthisiseasy,ofcourse,butnoneofitisinsurmountable.PrivateequitysurvivedtheoverexuberanceoftheRJRNabiscoyears.Itlivedthrough9/11andthesubsequentrecession.Ittooktheworstblowsoftheglobalfinancialcrisisandcameoutevenstronger.Theindustry,inotherwords,hasconsistentlydemonstrateditsresilience.Thisisoneofthosemoments.Timetogettowork.
Here’samoredetailedlookatwhathappenedin2023.
Investments
Privateequitydealmakerstendtomakethemostofthecardsthey’redealt.Aslongastheyhavereasonableconfidenceinwhat’scoming,they’llfindawaytomakeagooddealwork.ButconfidencewasthefirstcasualtywhentheFedjackedratesatthefastestpacesincethe1980s,leavingtheindustrygaspingforair.Thefalloffthatstartedinthesecondhalfof2022bledoverinto2023.
Excludingadd-ons,buyoutinvestmentvaluedroppedto$438billion,a37%decreasefrom2022andtheworsttotalsince2016(seeFigure4).Overalldealcountdropped20%toaround2,500transactions.Thesteepslopeofthedeclinewassomethingtheindustryhadn’texperiencedsincetheglobalfinancialcrisis.Themalaiseinfectedregionsacrosstheworld,withEuropeandAsia-Pacificbothexperiencingsignificantdeclines(seeFigure5).
Figure4:Thetwo-yearfalloffinglobalbuyoutdealvaluemarksthesteepestdeclinesincetheglobalfinancialcrisis
Globalbuyoutdealvalue,byregion
$1,200B
1,086
Dealcount
Changeindealvalue
4,000
2023vs.
2023vs.
1,000
726
3,000
Restof
2022
5-yr.avg.
800
–22%
–47%
694
699
world
600
332
463
532
499
519
2,000
Asia-
–8%
–32%
400
240
397
369
438
Pacific
200
295
195
222
231
305
1,000
Europe
–46%
–38%
94
North
–38%
–31%
0
0
America
Total
–37%
–34%
20050607080910
1112
1314
1516
1718
19
2021
22
23
Avg.
256
476
118
260
304
349
521
542
1,029
788
deal
494
165
229
206
278
380
604
700
801
size($M)
Notes:Excludesadd-ons;excludesloan-to-owntransactionsandacquisitionsofbankruptassets;basedonannouncementdate;includesannounced
dealsthatarecompletedorpending,withdatasubjecttochange;geographybasedontarget’slocation;averagedealsizecalculatedusingdealswith
disclosedvalueonly
Source:Dealogic
9
GlobalPrivateEquityReport2024
Figure5:Dealvalueandactivitydeclinedglobally
NorthAmerica
Europe
Asia-Paciic
Buyoutdealvalue
Buyoutdealvalue
Buyoutandgrowthdealvalue
$600B
Buyoutcount
Buyoutcount
Buyoutandgrowthcount
2,000
$600B
2,000
$600B
6,000
1,500
1,500
400
400
400
4,000
1,000
1,000
200
500
200
500
200
2,000
0
0
0
0
0
0
2012
2023
2012
2023
2012
2023
Notes:NorthAmericaandEurope—excludesadd-ons;excludesloan-to-owntransactionsandacquisitionsofbankruptassets;basedonannouncementdate;includesannounceddealsthatarecompletedorpending,withdatasubjecttochange;geographybasedontarget’slocation;Asia-Paciic—includesbuyout,growth,early-stage,privateinvestmentinpublicequity,andturnarounddeals;excludesadd-ons;excludesrealestate;dealvalueexcludesdealswithannouncedvaluelessthan$10million;includesinvestmentsthathaveclosedandthoseatagreement-in-principleordeinitiveagreementstageSources:Dealogic;AVCJ;Bainanalysis
Dealsofallkindsfelttheimpact,butthosethatdependedonbankfinancingsufferedthemost.Asyieldsonlargesyndicatedloansapproached11%intheUSand9%inEurope(both10-yearhighs),banksretreatedandissuanceofnewloansplunged(seeFigure6).
Thelackofaffordableleveragecutthenumberofmegadeals—thoseover$5billion—byalmosthalf,andtheaveragedealsizedroppedto$788million,downfromthepeakof$1billionin2021.Buyoutsbroadlysawdoub
溫馨提示
- 1. 本站所有資源如無(wú)特殊說(shuō)明,都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請(qǐng)下載最新的WinRAR軟件解壓。
- 2. 本站的文檔不包含任何第三方提供的附件圖紙等,如果需要附件,請(qǐng)聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
- 3. 本站RAR壓縮包中若帶圖紙,網(wǎng)頁(yè)內(nèi)容里面會(huì)有圖紙預(yù)覽,若沒(méi)有圖紙預(yù)覽就沒(méi)有圖紙。
- 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
- 5. 人人文庫(kù)網(wǎng)僅提供信息存儲(chǔ)空間,僅對(duì)用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理,對(duì)用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯,并不能對(duì)任何下載內(nèi)容負(fù)責(zé)。
- 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容,請(qǐng)與我們聯(lián)系,我們立即糾正。
- 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時(shí)也不承擔(dān)用戶因使用這些下載資源對(duì)自己和他人造成任何形式的傷害或損失。
最新文檔
- 2025交通事故致人死亡賠償協(xié)議書(shū)14篇
- 借款借貸合同協(xié)議書(shū)七篇
- 補(bǔ)水美容病因介紹
- 內(nèi)蒙古通遼市(2024年-2025年小學(xué)六年級(jí)語(yǔ)文)統(tǒng)編版能力評(píng)測(cè)(下學(xué)期)試卷及答案
- 全國(guó)賽課一等獎(jiǎng)初中統(tǒng)編版七年級(jí)道德與法治上冊(cè)單元思考與行動(dòng)《追求美好人生》精美課件
- (2024年)藝術(shù)學(xué)校建設(shè)項(xiàng)目可行性研究報(bào)告
- 【中職專用】中職對(duì)口高考-機(jī)電與機(jī)制類專業(yè)-核心課-模擬試卷1(河南適用)(答案版)
- 2023年天津市和平區(qū)高考語(yǔ)文三模試卷
- 2023年復(fù)合管道項(xiàng)目融資計(jì)劃書(shū)
- 蔬菜園藝工中級(jí)考試題
- vivo2023可持續(xù)發(fā)展報(bào)告-企業(yè)行動(dòng)ESG
- 安全設(shè)施設(shè)備管理制度(3篇)
- 第三單元試題-2024-2025學(xué)年統(tǒng)編版語(yǔ)文四年級(jí)上冊(cè)
- 關(guān)于銷售的課件
- 2024-2030年中國(guó)竹業(yè)行業(yè)市場(chǎng)深度調(diào)研及發(fā)展趨勢(shì)與投資前景研究報(bào)告
- 西南名校聯(lián)盟2025屆生物高三第一學(xué)期期末學(xué)業(yè)質(zhì)量監(jiān)測(cè)試題含解析
- 分布式光伏合同小E施工版(個(gè)人學(xué)習(xí)參考模版)
- 關(guān)于心理健康的課件
- 廣東省惠州市2024年中考英語(yǔ)模擬試卷(含答案)
- 廣東省廣州市2023-2024學(xué)年七年級(jí)上學(xué)期語(yǔ)文期中試卷(含答案)
- 2024至2030年中國(guó)芯片原子鐘行業(yè)調(diào)查及市場(chǎng)前景咨詢報(bào)告
評(píng)論
0/150
提交評(píng)論