Financial Performance - The company reported a record revenue of $14,622 million for 2024, representing a 6.5% increase compared to 2023[7] - Net profit attributable to shareholders rose by 14.9% to $1,122 million, reflecting a 31.9% decrease in net interest expenses[24] - Basic earnings per share increased by 15.1% to 61.43 cents[24] - Free cash flow reached $1,591 million, indicating strong performance in net profit and working capital management[26] - The company's operating margin increased by 42 basis points to 8.7%[29] - The group's revenue for the year was $14,600,000,000, an increase of 6.5% compared to $13,700,000,000 in 2023[166] - The profit attributable to shareholders was $1,122,000,000, up 14.9% from $976,000,000 in 2023[166] Sales Growth - The company achieved a 6.8% revenue growth in local currency for its flagship MILWAUKEE brand, while RYOBI brand sales grew by 6.4%[22] - In 2024, the company achieved record sales of $14.6 billion, representing a growth of 6.8% in local currency[29] - The flagship MILWAUKEE business grew by 11.6% in sales in local currency, maintaining market leadership[29] - The RYOBI business also performed well, with a sales growth of 6.4% in local currency[29] - The power tool business achieved sales of $13.7 billion in 2024, reflecting a growth of 7.3% in reported currency and 7.6% in local currency[152] - The flagship MILWAUKEE business grew by 11.6% in local currency and 11.1% in reported sales, with North America growing by 10.9% and Europe by 14.8%[153] Cost Management and Efficiency - Gross margin improved by 85 basis points to 40.3% due to higher sales mix from the MILWAUKEE brand and new product innovations[22] - Total operating expenses for the year were $4,642,000,000, representing 31.7% of revenue, up from 31.3% in 2023, primarily due to strategic investments in new products and technologies[169] - Research and development expenditure was $648,000,000, accounting for 4.4% of revenue, reflecting a focus on innovation and new product development[169] - Inventory days decreased by 7 days to 102 days, reflecting improved supply chain efficiency[26] - Total inventory was $4,076,000,000, with inventory turnover days decreasing from 109 days to 102 days[174] Capital Expenditures and Investments - Capital expenditures for the year were $292 million, down 41.9% from the previous year, focusing on new products and productivity enhancements[26] - Capital expenditures for the year totaled $292,000,000, down from $502,000,000 in 2023, representing 2.0% of revenue[177] Innovation and Product Development - The company is committed to leading the rechargeable product market with innovative technologies and designs[27] - The company emphasizes a user-centric approach to drive innovation and meet customer needs[30] - The company continues to invest in R&D and advanced production technologies to redefine possibilities for users[34] - Milwaukee continues to expand the M12 system with industry-specific tools, including the M12 automotive inspection camera with Wi-Fi file transfer, enhancing efficiency in repair approvals[47] - The M12 REDLITHIUM battery offers longer runtime and superior performance compared to other professional-grade lithium-ion batteries, setting a higher standard in the industry[48] - The M18 system is set to receive significant upgrades, including the new M18 REDLITHIUM FORGE battery, which features advanced lithium-ion technology for improved power and faster charging[53] - Milwaukee's MX FUEL system now includes over 25 solutions, targeting the multi-billion dollar lightweight equipment market, with products like the MX FUEL backpack high-frequency concrete vibrator[62] - The MX FUEL REDLITHIUM FORGE battery doubles operational time and provides the most powerful, fastest charging, and longest-lasting battery to date[63] - Milwaukee's advanced motor technology significantly enhances efficiency, ensuring even lightweight tools achieve top performance and durability[49] - The M18 dual-bay supercharger charges batteries to 80% in six times faster speed, drastically reducing downtime[54] - Milwaukee's commitment to innovation is evident in the introduction of over 150 tools in the M12 system, focusing on portable productivity and performance[47] - The new generation POWERSTATE brushless motors deliver stronger power and superior heat dissipation in a more compact size[53] - The REDLINK intelligence system ensures seamless communication between batteries and tools, enhancing performance, safety, and productivity[64] - The latest M18 FUEL 20-inch chainsaw generates power equivalent to 70cc, enhancing cutting speed and reducing downtime[72] - The M18 FUEL hedge trimmers can cut branches up to 1-1/4 inches in diameter, making them ideal for quick and extensive trimming tasks[72] Market Strategy and Future Outlook - The company aims for mid to high single-digit sales growth in 2025 while focusing on improving weaker business areas[27] - The company aims to maintain working capital as a percentage of sales between 14% and 16%[26] - The company aims to expand into under-served markets and enhance its product offerings as part of its long-term strategy[183] Shareholder Returns - The proposed final dividend for the year ending December 31, 2024, is HKD 1.18 per share (approximately USD 0.1519), totaling around USD 278,265,000, compared to HKD 0.98 per share (approximately USD 0.1261) in 2023[187] - The total dividend for the year 2024 is expected to be HKD 2.26 per share (approximately USD 0.2909), an increase from HKD 1.93 per share (approximately USD 0.2484) in 2023[187] - The company repurchased a total of 3,000,000 ordinary shares at a price range of HKD 86.00 to HKD 116.20, costing approximately USD 37,521,000[185] Leadership and Governance - Peter David Sullivan appointed as independent non-executive director since February 1, 2008[200] - Sullivan previously served as CEO and executive director of Standard Chartered Bank (Hong Kong) Limited[200] - He managed Standard Chartered's franchise operations in Japan, Australia, and the Philippines[200] - Sullivan held the position of vice chairman at Tianjin Bohai Bank, where Standard Chartered holds a minority stake[200] - He has held significant public roles, including chairman of the Hong Kong Association of Banks and the British Chamber of Commerce in Hong Kong[200] - Sullivan will retire as chairman of Circle BMI Health, the largest private hospital group in the UK, effective December 31, 2024[200] - He was a member of the audit committee and chairman of the remuneration committee at Circle BMI Health[200] - Sullivan stepped down from various non-executive director roles at AXA Asia and its subsidiaries in May 2021[200] - He was also a member of the audit committee at AXA Asia[200]

Group 1 - The core point of the article is that 创科实业 has been actively repurchasing its shares, indicating a potential strategy to support its stock price amidst recent declines [1] - On March 10, the company repurchased 250,000 shares at a price range of HKD 101.000 to HKD 102.000, totaling HKD 25.3815 million [1] - The stock closed at HKD 101.400 on the same day, reflecting a decrease of 1.65%, with a total trading volume of HKD 941 million [1] Group 2 - Since March 6, the company has conducted share buybacks for three consecutive days, accumulating a total of 750,000 shares repurchased and a total expenditure of HKD 77.5958 million [1] - During this period, the stock has experienced a cumulative decline of 6.02% [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][6] Core Insights - The company is expected to benefit from the release of pent-up demand in the U.S. real estate market and the completion of overseas production capacity, which will enhance earnings certainty [4][6] - The net profit forecasts for 2025 and 2026 have been slightly adjusted down to $1.345 billion and $1.632 billion, respectively, with a new forecast for 2027 at $1.940 billion, reflecting year-on-year growth rates of 19.9%, 21.3%, and 18.9% [4][7] - The current valuation reflects significant market concerns regarding tariffs and potential U.S. economic recession, but the company's strong Milwaukee brand and ongoing improvements in weaker areas are expected to drive revenue growth [4][6] Financial Summary and Valuation Metrics - Revenue for 2024 is projected at $14.622 billion, with a year-on-year growth of 6.5%, and is expected to reach $16.045 billion in 2025, representing a 9.7% increase [7] - Net profit for 2024 is estimated at $1.122 billion, with a year-on-year increase of 14.9%, and is expected to grow to $1.345 billion in 2025, reflecting a 19.9% increase [7] - The gross margin is expected to improve from 39.5% in 2023 to 40.5% in 2025, while the net margin is projected to rise from 7.1% to 8.4% during the same period [7] - The diluted EPS is forecasted to increase from $0.5 in 2023 to $0.7 in 2025, with a corresponding P/E ratio decreasing from 27.6 to 20.0 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company is expected to benefit from the release of demand in the U.S. real estate market and the completion of overseas production capacity, which will enhance earnings certainty [4] - The net profit forecasts for 2025 and 2026 have been slightly adjusted down to $1.345 billion and $1.632 billion, respectively, with a new forecast for 2027 at $1.940 billion, reflecting year-on-year growth rates of 19.9%, 21.3%, and 18.9% [4] - The current valuation reflects significant market concerns regarding tariffs and potential U.S. economic recession, but the company's strong Milwaukee brand and ongoing improvements in weaker areas are expected to drive revenue growth [4] Financial Summary and Valuation Metrics - Revenue for 2024H2 was $7.31 billion, a year-on-year increase of 6.7%, driven by the Milwaukee brand, which saw an estimated growth of 11.4% [5] - The company expects revenue growth in 2025 to be in the mid to high single digits, with Milwaukee maintaining double-digit growth and RYOBI achieving single-digit growth [6] - Financial metrics for 2023A to 2027E include: - Revenue (million USD): 13,731 (2023A), 14,622 (2024A), 16,045 (2025E), 17,483 (2026E), 19,065 (2027E) - Net Profit (million USD): 976 (2023A), 1,122 (2024A), 1,345 (2025E), 1,632 (2026E), 1,940 (2027E) - EPS (diluted, USD): 0.5 (2023A), 0.6 (2024A), 0.7 (2025E), 0.9 (2026E), 1.1 (2027E) [7]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [11]. Core Insights - The company achieved a revenue of $14.622 billion in 2024, representing a year-on-year growth of 6.5%, and a net profit of $1.122 billion, which is a 14.9% increase compared to the previous year [1]. - The demand for professional-grade tools remains strong, with the Milwaukee brand showing a revenue increase of 11.6% year-on-year, while the Ryobi brand grew by 6.4% [2]. - The company expects revenue growth in 2025 to be in the mid to high single digits, focusing on improving performance in weaker regions [2]. - The overall gross margin for 2024 was 40.3%, an increase of 0.85 percentage points, driven by higher sales of Milwaukee and aftermarket battery products [3]. - Free cash flow generated during the year was $1.591 billion, an increase of $310 million from the previous year [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are $15.915 billion, $17.719 billion, and $19.755 billion, respectively, with year-on-year growth rates of 8.8%, 11.3%, and 11.5% [3][6]. - Net profit forecasts for the same years are $1.328 billion, $1.582 billion, and $1.869 billion, reflecting growth rates of 18.3%, 19.1%, and 18.2% [3][6]. - The company is expected to maintain a competitive edge in the electric tool industry, with anticipated improvements in market share and profitability [3].

Financial Performance - The company reported a record sales revenue of $14,622 million for the fiscal year ending December 31, 2024, representing a 6.5% increase compared to $13,731 million in 2023[3]. - Net profit attributable to shareholders rose by 14.9% to $1,122 million, aided by a 31.9% reduction in net interest expenses[5]. - Profit attributable to shareholders was $1.122 billion, up 14.9% from $976 million in 2023[23]. - The company achieved a net profit attributable to shareholders of $1,121,680 thousand for 2024, compared to $976,340 thousand in 2023, reflecting a year-over-year increase of about 14.8%[56]. - The operating profit before tax for the year ended December 31, 2024, was $1,216,394 thousand, an increase of 15.2% compared to $1,055,616 thousand in 2023[60]. Margins and Profitability - Gross margin improved by 85 basis points to 40.3%, driven by higher sales from the MILWAUKEE brand and innovative product launches[4]. - Gross margin increased to 40.3%, up from 39.5% in the previous year, driven by a higher growth mix in the MILWAUKEE business and effective cost control[25]. - Operating profit before interest and tax increased by 11.9% to $1,270 million, with an operating margin of 8.7%, up 42 basis points[5]. Cash Flow and Capital Management - Free cash flow reached a record $1,591 million, reflecting improvements in net profit and working capital management[6]. - The company generated free cash flow of $1.591 billion, compared to $1.281 billion in the previous year[29]. - The net cash generated from operating activities for 2024 was $2,267,646 thousand, up from $2,103,875 thousand in 2023, reflecting a growth of 7.8%[61]. - The company reported cash and cash equivalents of $1,232,347 thousand at the end of 2024, an increase from $953,240 thousand in 2023[57]. Capital Expenditures and Investments - Capital expenditures for the year were $292 million, a decrease of 41.9% from the previous year, focusing on new products and productivity enhancements[5]. - The company acquired property, plant, and equipment for approximately $292,000,000 in 2024, a decrease from $502,000,000 in 2023[94]. - The total capital commitments for property, plant, and equipment as of December 31, 2024, were $167,000,000, down from $178,000,000 in 2023[36]. Inventory and Receivables Management - Inventory days improved by 7 days to 102 days, reflecting effective inventory management and supply chain efficiency[5]. - Total inventory amounted to $4,098,000,000 in 2023, with inventory turnover days decreasing from 109 days to 102 days[32]. - Accounts receivable at the end of 2024 totaled $1,884,131,000, up from $1,699,479,000 in 2023, with the aging analysis showing an increase in amounts due within 60 days[95]. Shareholder Returns and Equity - The company plans to distribute a final dividend of 118.00 HKD cents per share, totaling approximately $278.265 million, an increase from 98.00 HKD cents per share in 2023[20]. - The total amount of shareholder equity increased to $6.4 billion from $5.7 billion in 2023, with net asset value per share rising by 10.9% to $3.47[28]. - The total number of issued and fully paid ordinary shares decreased to 1,832,304,941 in 2024 from 1,834,317,941 in 2023 due to share buybacks[97]. Research and Development - Research and development expenses were $648 million, accounting for 4.4% of revenue, reflecting a focus on innovation and new product development[26]. - Research and development expenses increased to $648,103 thousand in 2024 from $548,338 thousand in 2023, highlighting the company's commitment to innovation[56]. Market and Sales Growth - The company's flagship brand, MILWAUKEE, saw sales growth of 11.6% in local currency, while RYOBI grew by 6.4%[4]. - The electric tools segment generated $13,722,888,000 in sales, up from $12,794,548,000 in the previous year, indicating a growth of about 7.3%[81]. - North America accounted for $11,078,856,000 of total sales, an increase from $10,513,310,000 in 2023, marking a growth of about 5.4%[82]. Financial Stability - The net debt-to-equity ratio was 0.7%, significantly down from 17.1% in 2023, indicating improved financial stability[29]. - The company maintains a strong financial position with a debt-to-equity ratio of 0.7% as of the end of 2024[56]. Future Outlook - The company expects overall sales growth in the mid to high single digits for 2025, while focusing on improving weaker business areas[56]. - The company plans to continue leading the rechargeable product market with innovative technologies and designs in 2025[56].

Investment Rating - The report initiates coverage on Techtronic Industries (669 HK) with a "Buy" rating and a target price of HKD 132.59, based on a 24x PE for 2025 [1][7]. Core Views - Techtronic Industries is a global leader in the power tools and outdoor power equipment (OPE) sectors, with strong brand and technological advantages. The company is expected to benefit from overseas channel replenishment, interest rate cuts, and product replacement cycles, leading to steady operational growth by 2025 [1][2][20]. - The long-term trend towards lithium battery electrification in power tools and OPE is seen as a significant opportunity for the company, which is well-positioned to capitalize on this shift [2][21]. Summary by Sections Company Overview - Techtronic Industries has been deeply involved in the power tools industry for nearly 40 years, transitioning from an OEM role to owning 13 global brands, including Milwaukee and RYOBI. The company holds the largest market share in both the global power tools and OPE markets, with respective shares of 16.6% and 20.4% [20][26]. Industry Analysis - The industry is experiencing a demand recovery supported by U.S. interest rate cuts and product replacement cycles. The current demand environment remains strong, with expectations for significant product update demand in 2025 [21][22]. - The long-term outlook for lithium battery electrification is positive, with Techtronic Industries positioned to benefit as a leading player in this transition [2][21]. Competitive Advantages - The company boasts a robust brand portfolio, technological leadership, and a global production network. It has established strong relationships with major retailers, enhancing its sales capabilities [3][22]. - Techtronic's technological edge is exemplified by its early investment in lithium battery technology, which has allowed it to lead in product innovation and maintain competitive barriers [22][24]. Financial Projections - Revenue is projected to grow from USD 13.73 billion in 2023 to USD 17.44 billion by 2026, with a compound annual growth rate (CAGR) of 8.63%. Net profit is expected to increase from USD 976.34 million in 2023 to USD 1.47 billion by 2026 [6][13]. - The earnings per share (EPS) is forecasted to rise from USD 0.53 in 2023 to USD 0.80 in 2026, reflecting the company's strong growth trajectory [6][13]. Market Positioning - The company has a diversified production base across Asia, Europe, and the Americas, which reduces its exposure to trade risks and enhances its operational flexibility [3][23]. - Despite concerns about potential trade tensions, Techtronic's global production strategy and established market presence provide a buffer against such risks [4][23].

Financial Performance - Total sales for the first half of 2024 reached $7.312 billion, representing a 6.3% increase compared to $6.879 billion in the same period of 2023[5]. - Net profit attributable to shareholders increased by 15.7% to $550 million, compared to $476 million in the first half of 2023[5]. - Earnings per share rose by 15.8% to 30.12 cents, up from 26.00 cents in the same period last year[5]. - The company's total revenue for the reporting period was $7.312 billion, representing a 6.3% increase compared to the same period last year[17]. - Shareholders' profit increased by 15.7% to $550 million, with basic earnings per share rising to $0.3012, up 15.8%[17]. - The total comprehensive income for the period was $515,282,000, compared to $457,158,000 in the previous year, reflecting an increase of approximately 12.7%[32]. - The company reported a profit of $500,561 thousand for the six months ended June 30, 2024, compared to $475,779 thousand for the same period in 2023, representing an increase of approximately 5.2%[35]. - The company's profit for the six months ended June 30, 2024, was $550,365,000, compared to $475,779,000 for the same period in 2023, representing an increase of approximately 15.7%[54]. Profitability and Margins - Gross profit margin improved by 67 basis points to 39.9% in the first half of 2024, up from 39.3% in the previous year[7]. - Milwaukee's gross margin increased to 39.9%, up from 39.3% in the previous year, attributed to high-margin aftermarket battery business and effective cost control[18]. - Gross profit for the period was $2,920,717,000, up from $2,701,664,000 in the previous year, indicating a growth of about 8.1%[32]. - Total operating expenses were $2.302 billion, accounting for 31.5% of revenue, reflecting strategic investments in new product commercialization and market expansion[19]. Cash Flow and Investments - Free cash flow reached a record $508 million, an increase of $207 million compared to the first half of 2023[6]. - The company generated free cash flow of $508 million, compared to $301 million in the same period last year[21]. - Operating cash flow as a percentage of sales was 18.7%, down from 22.7% in the same period last year[24]. - The company incurred a loss of $99,885 thousand from the purchase of property, plant, and equipment, compared to $209,579 thousand in the previous year[37]. - The company reported a net cash increase of $293,480 thousand for the six months ended June 30, 2024, compared to $82,900 thousand in the same period last year[37]. Capital Expenditures and Debt - Capital expenditures for the first half of 2024 were $100 million, a decrease of 52.3% compared to the same period last year[9]. - The company achieved a debt ratio improvement to 9.2%[9]. - The company’s net debt ratio decreased to 9.2%, down from 25.7% in the previous year, indicating improved financial stability[21]. - The company reported a decrease in financial costs to $65,182 thousand from $78,519 thousand year-over-year[36]. Employee and Shareholder Engagement - The company employed 49,778 staff globally, an increase from 44,288 employees as of June 30, 2023, reflecting a growth of approximately 12.1%[26]. - The company declared an interim dividend of HKD 0.108 per share (approximately USD 0.0139), compared to HKD 0.095 per share (approximately USD 0.01223) in 2023, marking an increase of about 13.7%[27]. - The company repurchased shares totaling $30,960 thousand in the current period[35]. - The company has a total of 19,001,000 unexercised options at the end of the reporting period, down from 19,751,000 at the beginning, reflecting a decrease of approximately 3.8%[82]. Market Performance and Product Development - Milwaukee brand sales grew by 11.2% in local currency, reinforcing its position as the leading professional power tool brand globally[8]. - Milwaukee business achieved a revenue growth of 11.2% in the first half of the year, driven by investments in new product development and market expansion[11]. - Milwaukee recently launched the M18 FUEL cordless circular saw, which is noted as the most powerful and fastest cutting cordless saw in the industry[11]. Inventory and Asset Management - Inventory turnover days decreased from 128 days to 104 days, indicating improved inventory management[23]. - Current assets increased significantly to $7,930,699 thousand, up from $7,122,714 thousand, marking an increase of about 11.34%[33]. - The company's total assets less current liabilities reached $7,978,045 thousand, an increase from $7,618,514 thousand, representing a growth of approximately 4.73%[34]. - The total accounts payable as of June 30, 2024, was $1,999,013,000, up from $1,655,367,000 at the end of 2023, reflecting an increase of about 20.8%[61]. Governance and Compliance - The board confirmed compliance with all provisions of the Corporate Governance Code during the six-month period ending June 30, 2024[108]. - The company has adopted a code of conduct for securities trading applicable to all employees who may possess unpublished sensitive information[109]. - The financial information disclosed in the report complies with the requirements of the Listing Rules Appendix D2[111]. Future Outlook - The report contains forward-looking statements based on current expectations and estimates, which may be subject to market risks and uncertainties[119]. - The company plans to distribute the interim dividend for the year 2024 on September 19, 2024[115].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 122.76 per share for 2024, based on a PE ratio of 25x [2]. Core Insights - The company is a leading global player in the electric tools market, with a market share of 16.6% and a revenue of USD 13.731 billion in 2023, reflecting a CAGR of 14.4% from 2018 to 2023 [1][7]. - The electric tools industry is expected to grow at a CAGR of 5.9% from 2020 to 2025, reaching USD 38.6 billion by 2025, with a notable increase in the penetration of cordless products [1][15]. - The company has established a strong competitive advantage through brand leadership, product innovation, and deep channel partnerships, particularly with Home Depot, which contributed 44% of its revenue in 2023 [1][28]. Summary by Sections 1. Company Overview - The company transitioned from an OEM model to an OBM model through acquisitions, becoming a global leader in electric tools with a diverse product range including electric tools, hand tools, outdoor gardening tools, and floor care products [1][7]. - The company has a robust brand portfolio, including Milwaukee, Ryobi, AEG, Hoover, and Vax, which enhances its market presence [1][8]. 2. Financial Performance - The company reported a revenue of USD 13.731 billion in 2023, with a net profit of USD 976 million, and a continuous improvement in gross margin from 30.8% in 2008 to 39.5% in 2023 [1][10]. - The forecast for revenue in 2024, 2025, and 2026 is USD 14.679 billion, USD 16.110 billion, and USD 17.807 billion, respectively, with corresponding net profits of USD 1.154 billion, USD 1.330 billion, and USD 1.539 billion [2][3]. 3. Market Dynamics - The electric tools market is characterized by high concentration, with the top three companies holding a combined market share of 47.5%, indicating a strong competitive landscape [1][15]. - The penetration of cordless electric tools is expected to rise from 47% in 2020 to 56% by 2025, driven by consumer preference for convenience and efficiency [1][15]. 4. Competitive Advantages - The company has two leading brands, Milwaukee and Ryobi, which are recognized for their innovation and strong user loyalty [1][20]. - The company has developed a robust battery platform that enhances user engagement and product compatibility, significantly contributing to its competitive edge [1][23]. 5. Strategic Partnerships - The company has a deep-rooted partnership with Home Depot, which has been a significant contributor to its revenue, and it is actively expanding its online sales channels [1][28].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of $7.31 billion for H1 2024, representing a year-on-year growth of 6.3%, and a net profit of $550 million, which is a 15.7% increase year-on-year [3] - The professional-grade brand Milwaukee achieved a year-on-year growth of 11.2% in H1 2024, aligning with the company's expectations for double-digit growth [3] - The company is expanding its product categories and regions, particularly in the EMEA region, where it aims to grow from a $10 billion traditional power tools market to over $50 billion [3] - The company expects to achieve revenues of $14.91 billion, $16.47 billion, and $18.36 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of $1.16 billion, $1.32 billion, and $1.49 billion [3] Financial Performance - The company's net profit margin for H1 2024 was 7.5%, an increase of 0.6 percentage points year-on-year, with a gross margin of 39.9% [3] - The company’s inventory turnover days decreased by 24 days to 104 days, with finished goods inventory down by 20 days to 81 days [3] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are $0.63, $0.72, and $0.81 respectively [5] Market Performance - The company's North American revenue grew by 5.6% year-on-year, while European revenue increased by 7.9%, and revenue from Australia and Asia saw a growth of 13% [3] - The company is focusing on enhancing its sales team to drive regional expansion [3]