创科实业：股票下跌无理据，新任CEO将延续原策略，“收集”

Investment Rating - The report maintains an "Accumulate" rating for Techtronic Industries (00669 HK) and raises the target price to HK$101.40 from HK$89.10 [2]. Core Views - The new CEO will continue the existing strategy, focusing on operational efficiency and inventory reduction [1]. - The company reported a slight revenue increase of 3.6% year-on-year in 2023, with total revenue reaching USD 13.73 billion [5]. - Net profit for 2023 was USD 976 million, a decrease of 9.4% compared to the previous year, but above the forecast of USD 953 million [5]. - The company aims to reduce inventory turnover days in the coming years, having successfully decreased inventory from USD 5.08 billion to USD 4.1 billion [1]. - The Milwaukee brand saw a revenue increase of 12.7% in local currency, benefiting from a shift towards cordless tools and improved gross margins [1]. Financial Summary - Projected shareholder net profits for 2024-2026 are USD 1.085 billion, USD 1.181 billion, and USD 1.260 billion respectively [1]. - Earnings per share (EPS) for the same period are forecasted at USD 0.591, USD 0.643, and USD 0.685 [1]. - The company’s net debt ratio improved from 46.6% to 32.8% due to debt reduction measures [1]. - Capital expenditures in 2023 amounted to USD 502 million, primarily for expanding manufacturing facilities in Vietnam, Mexico, and the U.S. [1]. Comparative Analysis - The company’s market capitalization is approximately HK$169.93 billion, with a current share price of HK$92.95 [2]. - The projected price-to-earnings (P/E) ratios for 2024-2026 are 22.0x, 20.2x, and 19.0x respectively, with a price-to-book (P/B) ratio of 3.8x for 2024 [1][4].