创科实业：增长稳健，盈利能力持续提升-20250306

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [11]. Core Insights - The company achieved a revenue of $14.622 billion in 2024, representing a year-on-year growth of 6.5$1.122 billion, which is a 14.9% increase compared to the previous year [1]. - The demand for professional-grade tools remains strong, with the Milwaukee brand showing a revenue increase of 11.6% year-on-year, while the Ryobi brand grew by 6.4% [2]. - The company expects revenue growth in 2025 to be in the mid to high single digits, focusing on improving performance in weaker regions [2]. - The overall gross margin for 2024 was 40.3%, an increase of 0.85 percentage points, driven by higher sales of Milwaukee and aftermarket battery products [3]. - Free cash flow generated during the year was $1.591 billion, an increase of$310 million from the previous year [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are $15.915 billion,$17.719 billion, and $19.755 billion, respectively, with year-on-year growth rates of 8.8$1.328 billion, $1.582 billion, and$1.869 billion, reflecting growth rates of 18.3%, 19.1%, and 18.2% [3][6]. - The company is expected to maintain a competitive edge in the electric tool industry, with anticipated improvements in market share and profitability [3].