创科实业：核心品牌拓展持续，驱动盈利能力提升

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$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]