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创科实业(00669) - 2024 - 年度业绩
00669TECHTRONIC IND(00669)2025-03-04 11:10

Financial Performance - The company reported a record sales revenue of 14,622millionforthefiscalyearendingDecember31,2024,representinga6.514,622 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 1,122million,aidedbya31.91,122 million, aided by a 31.9% reduction in net interest expenses[5]. - Profit attributable to shareholders was 1.122 billion, up 14.9% from 976millionin2023[23].−Thecompanyachievedanetprofitattributabletoshareholdersof976 million in 2023[23]. - The company achieved a net profit attributable to shareholders of 1,121,680 thousand for 2024, compared to 976,340thousandin2023,reflectingayear−over−yearincreaseofabout14.8976,340 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 1,055,616thousandin2023[60].MarginsandProfitability−Grossmarginimprovedby85basispointsto40.31,055,616 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 1,591million,reflectingimprovementsinnetprofitandworkingcapitalmanagement[6].−Thecompanygeneratedfreecashflowof1,591 million, reflecting improvements in net profit and working capital management[6]. - The company generated free cash flow of 1.591 billion, compared to 1.281billioninthepreviousyear[29].−Thenetcashgeneratedfromoperatingactivitiesfor2024was1.281 billion in the previous year[29]. - The net cash generated from operating activities for 2024 was 2,267,646 thousand, up from 2,103,875thousandin2023,reflectingagrowthof7.82,103,875 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 953,240thousandin2023[57].CapitalExpendituresandInvestments−Capitalexpendituresfortheyearwere953,240 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 292,000,000in2024,adecreasefrom292,000,000 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,downfrom167,000,000, 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 4,098,000,000in2023,withinventoryturnoverdaysdecreasingfrom109daysto102days[32].−Accountsreceivableattheendof2024totaled4,098,000,000 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 1,699,479,000in2023,withtheaginganalysisshowinganincreaseinamountsduewithin60days[95].ShareholderReturnsandEquity−Thecompanyplanstodistributeafinaldividendof118.00HKDcentspershare,totalingapproximately1,699,479,000 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 6.4billionfrom6.4 billion from 5.7 billion in 2023, with net asset value per share rising by 10.9% to 3.47[28].−Thetotalnumberofissuedandfullypaidordinarysharesdecreasedto1,832,304,941in2024from1,834,317,941in2023duetosharebuybacks[97].ResearchandDevelopment−Researchanddevelopmentexpenseswere3.47[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 648,103thousandin2024from648,103 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 13,722,888,000insales,upfrom13,722,888,000 in sales, up from 12,794,548,000 in the previous year, indicating a growth of about 7.3%[81]. - North America accounted for 11,078,856,000oftotalsales,anincreasefrom11,078,856,000 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].