泉峰控股(02285) - 2024 - 年度业绩

Financial Performance - Revenue increased by 29.0% to $1,773.8 million compared to$1,374.7 million in 2023[5] - Net profit for 2024 was $112.7 million, a significant recovery from a net loss of$37.2 million in 2023[6] - Adjusted net profit for 2024 reached $135.7 million, compared to a loss of$36.7 million in the previous year[5] - Operating cash flow improved from an outflow of $173.7 million in 2023 to an inflow of$167.7 million in 2024[5] - Gross profit increased by 59.2% from $386.8 million in 2023 to$615.7 million in 2024, with overall gross margin rising from 28.1% to 34.7%[20] - The company recorded a net profit of $112.7 million in 2024, compared to a net loss of$37.2 million in 2023, resulting in a net profit margin of 6.4%[30] - Operating profit turned positive at $155,357,000 compared to an operating loss of$27,225,000 in the previous year[62] - The company reported a basic earnings per share of $0.22, recovering from a loss of$0.07 per share in the previous year[62] Revenue Growth - The company's revenue increased by 29.0% from $1,374.7 million in 2023 to$1,773.8 million in 2024, driven by strong end-user sales and higher customer order volumes post-inventory destocking[17] - Sales revenue for OPE products rose by 24.2% from $811.4 million in 2023 to$1,007.5 million in 2024, primarily due to accelerated inventory destocking and increased customer orders, especially for the EGO brand[18] - Revenue from North America grew by 37.5% from $940.2 million in 2023 to$1,293.1 million in 2024, while revenue from Europe increased by 11.2% to $314.1 million[19] - Revenue from the electric tools segment increased to$747.638 million in 2024, up 36.3% from $548.544 million in 2023[72] Product Development and Innovation - Approximately 200 new products were launched in 2024, with 90$70.7 million in 2023 to $83.4 million in 2024, reflecting continued investment in research and product development, particularly in commercial and robotic technologies[25] - Research and development expenses increased to$83,410,000 from $70,673,000, reflecting ongoing investment in innovation[62] Financial Position and Cash Flow - As of December 31, 2024, the company had cash and cash equivalents of$328.8 million, an increase from $296.3 million in 2023[33] - The company's bank loans decreased to$295.6 million in 2024 from $323.6 million in 2023, with a capital debt ratio of 0.3, unchanged from the previous year[35] - Inventory increased to$608.3 million in 2024 from $531.0 million in 2023, with inventory turnover days improving to 180 days from 209 days[36] - Total assets as of December 31, 2024, were$1,513,530,000, an increase from $1,315,211,000 in 2023[64] - Current assets net value improved to$730,562,000 from $651,786,000 year-over-year[65] - Net cash used in investing activities was$70.415 million in 2024, compared to $57.960 million in 2023, indicating increased investment efforts[66] Corporate Governance and Strategy - The company plans to enhance global manufacturing capacity, including expanding the capacity of its Vietnam factory and relocating production from Germany to China to optimize its global production layout[14] - The company aims to optimize its strategic focus by divesting non-core and non-operational assets to allocate resources more effectively to high-potential core businesses[15] - The company expects to mitigate risks associated with macroeconomic fluctuations and U.S.-China tariff policies through strategic capacity diversification and adaptive pricing strategies[15] - The company has adopted the 2024 Share Plan to align the interests of shareholders, the company, and employees, aiming to enhance long-term incentives and attract top talent[56] - The company remains committed to maintaining high standards of corporate governance, adhering to the applicable code provisions[53] - The company plans to continue evaluating the separation of the roles of Chairman and CEO to ensure effective decision-making and governance[53] Employee and Compensation - As of December 31, 2024, the total number of employees in the group was 6,481, an increase from 6,173 as of December 31, 2023, with total employee costs amounting to$240.2 million compared to $208.9 million in 2023[47] - The gender ratio of employees as of December 31, 2024, was approximately 1.55:1, slightly down from 1.56:1 in 2023, reflecting the nature of the business which employs a higher proportion of male engineers and frontline workers[47] - The company has provided competitive compensation packages to retain top talent, including salaries, bonuses, and long-term incentive plans[47] Dividends and Shareholder Returns - The board has proposed a final dividend of$0.0802 per share for the year ending December 31, 2024, compared to zero in 2023, pending shareholder approval at the annual general meeting on May 22, 2025[50] - The company plans to distribute a special dividend of HKD 1.1905 per share, contingent upon the completion of a share transfer agreement[57] - The company paid dividends of $18.091 million in 2024, down from$36.691 million in 2023, suggesting a shift in capital allocation strategy[66] Other Financial Metrics - Other losses increased to $14.8 million in 2024 from$8.3 million in 2023, primarily due to realized and unrealized gains and losses from derivative financial instruments[22] - Foreign exchange gains for 2024 were $2.1 million, down from$4.9 million in 2023, with net gains from derivative financial instruments at $4.1 million compared to a loss of$12.2 million in 2023[44] - The company recorded a net loss from foreign exchange of $4.040 million in 2024, compared to a gain of$183 thousand in 2023[66] - Total income tax expense for the year ended December 31, 2024, is $20,055,000, compared to an expense of$(11,706,000) for 2023[79]