Otis Worldwide Corp 2024年度报告

Dear Shareholders, 2024 marked a year of steady and important progress at Otis. Amid a dynamic global macroenvironment, we again demonstrated the strength of our Service-driven business, the resilience of ourlong-term strategy, and our focus on operational excellence to deliver value for our stakeholders. It is an honor to lead this iconic company. I thank our72,000 Otis colleagues around the world who haveremained steadfast in meeting our commitments toour customers. They enable us to move 2.4 billionpeople globally every day, and they do so while livingthe Otis Absolutes of Safety, Ethics and Quality. EXECUTING ON OUR SERVICE COMMITMENTSVIA PORTFOLIO GROWTH The Service segment remained on a steady growthtrajectory as the global installed base2ofapproximately 22.5 million units grew at a mid-single-digit pace, with Asia increasing mid-singledigits and low-single-digit growth in both theAmericas and EMEA. DELIVERING SOLID FINANCIALPERFORMANCE Otis delivered 4.2% portfolio growth in 2024,marking three consecutive years of greater than4% growth and sustaining our industry-leadingmaintenance portfolio, which grew to approximately2.4 million units. Service now representsapproximately 60% of sales and greater than 90% ofoperating profit. The Service segment continues toperform well, with maintenance and repair organicsales1growth of 5.7%, modernization organic sales1growth of 11.7%, and 60 basis points of segmentoperating profit margin expansion for the year. Our 2024 financial results reflect our industry-leadingposition. Net sales of $14.3 billion were driven byour reliable Service segment, which deliveredorganic sales1growth of 6.8%, leading to an increasein overall organic sales1of 1.4%. Adjusted operatingprofit1of $2.4 billion increased approximately4%, and adjusted operating profit margins1expanded 50 basis points to 16.5%. Operationalperformance, combined with tax rate improvementand a lower share count, resulted in adjustedearnings per share1growth of 8.2% to $3.83. Our modernization business is strong, asdemonstrated by our growth in orders of 12.1% andbacklog1of 13% at constant currency in 2024. Forthe year, modernization margins surpassed NewEquipment margins, putting us firmly on the path to10% margins over the medium term. We enter 2025with confidence in our modernization strategy andoffering, and we look to deliver sustained growth ofon- and off-portfolio modernizations. This isexpected to drive both customer retention andrecaptures. We also remain focused on thesignificant opportunities in this area as the number ofunits ready for modernization is projected to increasefrom 8 million to more than 10 million by2030 globally. With adjusted free cash flow1of $1.6 billion, weremained disciplined in our shareholder friendlycapital allocation strategy. In April, the Board ofDirectors raised our dividend by 14.7% to a quarterlyrate of $0.39 per share. For the year, Otis paid outmore than $600 million in dividends and completed$1.0 billion in share repurchases. Since becoming anindependent company in 2020, we have returnedover $5.6 billion to our shareholders. Acquisitions are important to the continued growthof our Service portfolio. We deployed $87 millionfor approximately 30 targeted bolt-on acquisitions.This was toward the high end of our typical yearlyexpectation of $50 million to $100 million and wasdriven by available accretive opportunities. One suchacquisition was of Jardine Schindler Lifts Limitedin Taiwan. ADAPTING TO NEW EQUIPMENT MARKETCONDITIONS CHAMPIONING CHANGE We recognize that sustaining our position as theindustry leader requires embracing change. Both ourUpLift and China transformation programs enable usto operate more efficiently and deliver exceptionalexperiences for our customers and colleagues. Theyalso support reinvestment and shape our long-termgrowth and success. We have made steady progressin enhancing our global operating model andoptimizing indirect spend, delivering $120 million inrun-rate savings so far. We are on track to achieve$230 million in run-rate savings by the end of 2025. Global units in the New Equipment market droppedto approximately 770,0002, marking the thirdconsecutive year of a roughly 10% decline2. Whileunits in China declined approximately 15%, units inthe rest of the world combined were about flatversus the prior year as low-single-digit growth inAsia Pacific and mid-single-digit growth in theAmericas were offset by a low-single-digitdecline in EMEA2. Despite the macro environment, we maintained ourglobal New Equipment share of approximately 20%2.Over the medium term, we anticipate stabilization ofNew Equipment organic sales as we will balanceprice and volume. We will leverage our digital toolsto drive productivity and lower cost whereverpossible to keep pace with the changingenvironment and meet our customers’ needs. LOOKING AHEAD 2025 holds great promise and opportunity. We willcontinue to execute our strategy with excellence andgrow wi