创科实业(00669) - 2024 - 年度财报

Financial Performance - The company reported a record revenue of $14,622 million for 2024, representing a 6.5$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$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$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$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$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$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]