证 券 研 究 报 告 信邦控股（1571.HK） 2024-10-31 星期四 | --- | --- | --- | |------------|-------------|-------| | | | | | 目标价： | 4.5 港元 | | | 现价： | 3.65 港元 | | | 预计升幅 : | 22.6% | | | --- | --- | |--------------------------------|---------------| | | | | 重要数据 | | | 日期 | 2024-10-30 | | 收盘价（港元） | 3.65 | | 总股本（亿股） | 10.03 | | 总市值（亿港元） | 36 | | 净资产（亿港元） | 38.6 | | 总资产（亿港元） | 51.8 | | 52 周高低（港元） | 3.96/2.2 | | 每股净资产（港元） | 3.87 | | 数据来源： Wind 、国元证券经纪 | ( 香港 ) 整理 | 主要股东 Green Pinnacle Holdings Limited（73.4%） Greater Talent Inves ...

D F 中 相比 報 告 Xin Point Holdings Limited 信 邦 控 股 有 限 公 司 (於開曼群島註冊成立的有限公司) 股份代號：1571 目 錄 2 公司資料 3 財務摘要 4 管理層討論及分析 14 中期簡明綜合損益及其他全面收益表 15 17 中期簡明綜合權益變動表 19 中期簡明綜合現金流量表 20 中期簡明綜合財務資料附註 中期簡明綜合財務狀況表 其他資料 32 公司資料 | --- | |------------| | | | 執行董事 | | 馬曉明先生 | | 孟軍先生 | | 張玉敏先生 | | 劉軍先生 | | 何曉律先生 | | 蔣巍先生 | 獨立非執行董事 鄧智偉先生 甘為民先生 曹立新教授 公司秘書 區偉強先生，資深會計師 核數師 安永會計師事務所 執業會計師 註冊公眾利益實體核數師 香港鰂魚涌 英皇道979號 太古坊一座27樓 法律顧問 趙不渝馬國強律師事務所 香港中環 康樂廣場1號 怡和大廈40樓 股份過戶登記總處 Conyers Trust Company (Cayman) Limited Cricket Square, Hutchins Drive ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 Xin Point Holdings Limited 信邦控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1571） 截 至 2024 年 6 月 30 日止六個月 中期業績公告 | --- | --- | --- | |----------------------|-----------------------|------------------------| | | | | | | | | | | 截至 | 6 月 30 日止六個月 | | | 2024 年 | 2023 年 | | | 人民幣千元 | 人民幣千元 | | | （未經審核） | （未經審核） | | 收入 | 1,646,365 | 1,515,355 | | 母公司擁有人應佔溢利 | 322,155 | 263,674 | | 基本及攤薄盈利 | 每股人民幣 32.1 分 | 每股人民幣 26.3 分 | | 中期股 ...

目 錄 2 公司資料 3 財務概要 4 主席報告 9 董事及高級管理人員履歷 15 管理層討論及分析 25 企業管治報告 39 董事會報告 51 獨立核數師報告 55 綜合損益及其他全面收入表 56 綜合財務狀況表 58 綜合權益變動表 59 綜合現金流量表 61 財務報表附註 公司資料 董事會 香港主要營業地點 香港 執行董事 九龍 馬曉明先生（主席） 新蒲崗大有街1號 孟軍先生 勤達中心 張玉敏先生 15樓1503室 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 Xin Point Holdings Limited 信邦控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1571） 截 至 2023 年 12 月 31 日止年度 全年業績公告 | --- | --- | |-------|--------------------------------------------------------------------------| | | | | | 財務摘要 | | ‧ | 收入增加約 7.6% 至約人民幣 3,102.9 百 萬 元（ 2022 年財政年度：約人民幣 | | | 2,882.9 百萬元）。 | | ‧ | 毛利增加約 25.0% 至約人民幣 1,103.0 百萬元（ 2022 年財政年度：約人民幣 | | | 882.1 百萬元）。 | | ‧ | 本公司擁有人應佔溢利增加約 40.8% 至約人民幣 607.4 百萬元（ 202 ...

Xin Point Holdings Limited 信 邦 控 股 有 限 公 司 (於開曼群島註冊成立的有限公司) 股份代號：1571 7 02 中期報 l CAP MENN (O ( NUTO 公司資料 財務摘要 管理層討論及分析 目 錄 2 3 4 中期簡明綜合損益及其他全面收益表 14 中期簡明綜合財務狀況表 15 中期簡明綜合權益變動表 17 中期簡明綜合現金流量表 19 中期簡明綜合財務資料附註 其他資料 20 32 MENIU NUTO 康樂廣場1號 怡和大廈40樓 公司資料 | --- | --- | |-------------------------|------------------------------| | | | | 董事會 | 香港證券登記處 | | 執行董事 | 香港中央證券登記有限公司 | | | 香港 | | 馬曉明先生 | 灣仔 | | 孟軍先生 | 皇后大道東 183 號 | | 張玉敏先生 | 合和中心 | | 劉軍先生 | 17 樓 1712-1716 室 | | 何曉律先生 蔣巍先生 | 香港主要營業地點 | | | 香港 | | 獨立非執行董事 | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 Xin Point Holdings Limited 信邦控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1571） 截 至 2023 年 6 月 30 日止六個月 中期業績公告 | --- | --- | --- | |--------------------------------|-----------------------|------------------------| | | | | | | | | | 財務摘要 | 截至 6 月 30 | 日止六個月 | | | 2023 年 | 2022 年 | | | 人民幣千元 | 人民幣千元 | | | （未經審核） | （未經審核） | | 收入 | 1,515,355 | 1,309,075 | | 母公司擁有人應佔溢利 | 263,674 | 172,215 | | 基本及攤薄盈利 | 每股人民幣 26.3 分 | 每股人民幣 ...

Financial Performance - Total revenue for 2022 reached RMB 2,882.9 million, a 24.7% increase compared to RMB 2,312.5 million in 2021[7] - Gross profit for 2022 was RMB 882.1 million with a gross margin of 30.6%, up from 27.6% in 2021[4] - Net profit attributable to owners of the company surged by 100.4% to RMB 431.3 million in 2022, compared to RMB 215.2 million in 2021[9] - Operating cash inflow in 2022 increased significantly to RMB 449 million, a 3.3x growth compared to the previous year[11] - Revenue increased by RMB 570.4 million or 24.7% from RMB 2,312.5 million in FY2021 to RMB 2,882.9 million in FY2022[41] - Gross profit increased by RMB 244.7 million or 38.4% to RMB 882.1 million in FY2022, with gross margin rising from 27.6% to 30.6%[46] - Net profit attributable to owners surged by 100.4% to RMB 431.3 million in FY2022, driven by record-high revenue growth of 24.7% and improved gross profit[51][52] - Total comprehensive income reached RMB 507.1 million in FY2022, including a profit of RMB 428.5 million and other comprehensive income of RMB 78.6 million[53] - Net cash inflow from operating activities significantly improved to RMB 449.3 million in FY2022, compared to RMB 135.3 million in FY2021[54] - Revenue for 2022 increased to RMB 2,882,866 thousand, up 24.7% from RMB 2,312,468 thousand in 2021[159] - Gross profit for 2022 rose to RMB 882,113 thousand, a 38.4% increase from RMB 637,362 thousand in 2021[159] - Net profit attributable to owners of the parent company for 2022 was RMB 431,296 thousand, up 100.4% from RMB 215,240 thousand in 2021[159] - Total comprehensive income for 2022 was RMB 507,059 thousand, a 186.2% increase from RMB 177,179 thousand in 2021[159] - Profit before tax for 2022 was RMB 514,582 thousand, nearly double the RMB 256,743 thousand reported in 2021[164] - Operating cash flow generated in 2022 was RMB 522,636 thousand, a substantial increase from RMB 214,354 thousand in 2021[164] - Net cash flow from operating activities reached RMB 449,321 thousand in 2022, up from RMB 135,274 thousand in 2021[164] Dividend and Shareholder Returns - The company proposed a final dividend of HKD 0.14 per share, bringing the total dividend for 2022 to HKD 0.1989 per share, representing 40.7% of the post-tax profit[13] - The company reported a net profit of RMB 428.5 million for the fiscal year 2022, with a dividend payout ratio of 40.7%, including a final dividend of HKD 0.14 per share[61] - The company proposed a final dividend of HKD 0.14 per share for the 2022 fiscal year, subject to approval at the 2023 Annual General Meeting, with payment expected around July 10, 2023[105] - The company's distributable reserves as of December 31, 2022, were approximately RMB 655.9 million, with RMB 123.2 million proposed as the final dividend for the 2022 fiscal year[112] Asset and Liability Management - Total assets grew to RMB 3,964.1 million in 2022, up from RMB 3,399.4 million in 2021[5] - Cash and cash equivalents as of December 31, 2022, increased to RMB 341,535 thousand, up 129.7% from RMB 148,660 thousand in 2021[160] - Trade receivables and bills receivable grew to RMB 793,662 thousand in 2022, a 29.6% increase from RMB 612,466 thousand in 2021[160] - Total non-current assets increased to RMB 1,985,155 thousand in 2022, up 6.5% from RMB 1,863,970 thousand in 2021[160] - Total current assets rose to RMB 1,978,975 thousand in 2022, a 28.9% increase from RMB 1,535,450 thousand in 2021[160] - Total current liabilities increased to RMB 876,618 thousand in 2022, up 8.0% from RMB 811,615 thousand in 2021[160] - Net current assets grew to RMB 1,102,357 thousand in 2022, a 52.3% increase from RMB 723,835 thousand in 2021[160] - Total non-current liabilities increased to RMB 168,711 thousand in 2022 from RMB 112,474 thousand in 2021, primarily due to new interest-bearing bank loans of RMB 70,245 thousand[161] - Net assets grew to RMB 2,918,801 thousand in 2022, up from RMB 2,475,331 thousand in 2021, reflecting a significant increase in reserves to RMB 2,833,137 thousand[161] - Comprehensive reserves rose to RMB 2,833,137 thousand in 2022 compared to RMB 2,390,691 thousand in 2021, indicating strong financial performance[162] Global Market and Sales Performance - The company's export business reached its highest level since its IPO in 2017, with significant growth in new energy and OEM direct sales[15] - The product mix shifted notably, with molds accounting for 53.5% of sales in 2022, up from 18.9% in 2017[17] - The company's Mexico factory contributed significantly to the rapid growth of orders in the North American region, with a notable increase in sales contribution from 2021 to 2022 fiscal years[18] - The global electric vehicle market saw a 68% growth in 2022, reaching 7.8 million units, far exceeding expert predictions, and is a key growth area for the company[19] - Global car sales in 2022 remained flat at 66.9 million units, similar to 2021, with regional variations due to economic recovery speeds and recession depths[35] - Asia-Pacific car sales grew by 8.6% year-on-year in 2022, while North America saw the largest decline at -7.1%[35] - China accounted for 30% of global car sales in 2022, down from 33% in 2020, while the US accounted for 19%[35] - Global electric vehicle sales surged to 7.8 million units in 2022, a 68% increase from 2021[35] - The company's total sales volume increased by 3.3% from 395.4 million units in 2021 to 408.3 million units in 2022[36] - North America surpassed China in revenue contribution for the first time in 2022, with a 40% increase in average selling price in the region[42] - Revenue from China decreased to 37.3% of total revenue in FY2022, down 5.5 percentage points from 42.8% in FY2021[42] - Global electric vehicle sales reached 7.8 million units in 2022, a 68% increase from 2021, capturing approximately 10% of the global automotive market share[39] - China's electric vehicle sales surged to 6.9 million units in 2022, a 93.4% year-on-year increase, maintaining its position as the world's largest market for eight consecutive years[40] Production and Capacity - The company plans to invest approximately RMB 300 million in a new Malaysia factory, expected to start operations by the end of 2025, with capabilities in injection molding, electroplating, painting, and assembly[20] - The company's Jiujiang factory in China is installing production equipment for large-sized products, with production lines expected to be operational by June 2023, and a new hexavalent chromium-free electroplating line planned for October 2023[20] - The company is strategically expanding its global production layout, with the Mexico factory serving as a foothold in the North American market and the upcoming Malaysia factory enhancing competitiveness[19] - The company's electroplating annual capacity decreased to 3.50 million square meters in 2022, down from 3.80 million square meters in 2021, due to the closure of the Wuxi production base[38] - The company's capacity utilization rate for electroplating rose to 86.8% in 2022, compared to 62.9% in 2021, following the closure of the Wuxi production base[38] - Overall yield rate slightly decreased from 89.0% in FY2021 to 88.5% in FY2022, a drop of 0.5 percentage points[39] - The company's capital expenditure for the fiscal year 2022 was approximately RMB 167.2 million, a significant decrease from RMB 423.7 million in 2021, primarily invested in new production facilities in China and Mexico to expand capacity[58] - The company utilized the entire net proceeds of RMB 741.5 million from its initial public offering, with 52.5% allocated to building new production bases and investing in production facilities and equipment in Mexico[60] - The company allocated 20.9% of its IPO proceeds (RMB 155.0 million) to establishing a new production base in Huizhou, China[60] - The company invested RMB 42.3 million (5.7% of IPO proceeds) in enhancing product quality, safety, and R&D capabilities[60] Cost and Expense Management - Direct material costs increased to 33.5% of total sales cost in FY2022, up from 29.2% in FY2021[44] - Employee costs and daily expenses accounted for 25.8% and 40.7% of total sales cost in FY2022, respectively[44] - Sales cost increased by approximately RMB 325.7 million or 19.4% to RMB 2,000.8 million in FY2022, driven by a 37.4% year-on-year increase in raw material costs to RMB 671.0 million[45] - Selling and distribution expenses increased by RMB 14.7 million or 23.5% to RMB 77.3 million in FY2022, in line with revenue growth[48] - Administrative expenses rose by RMB 19.5 million or 5.8% to RMB 353.1 million in FY2022, mainly due to increased employee costs and R&D expenses[49][50] - Contributions to retirement benefit plans for the 2022 fiscal year amounted to RMB 111.7 million, a significant increase from RMB 42.7 million in 2021[136] Corporate Governance and Board Activities - Mr. Deng Zhiwei, aged 49, was appointed as an Independent Non-Executive Director on June 5, 2017, and has over 20 years of experience in audit, accounting, and finance[26] - Mr. Deng Zhiwei holds multiple professional qualifications, including being a Fellow of the Hong Kong Institute of Certified Public Accountants and a Chartered Tax Advisor from the Hong Kong Institute of Taxation[27] - Professor Cao Lixin, aged 57, was appointed as an Independent Non-Executive Director on June 5, 2017, and holds a Ph.D. in Chemical Engineering and Technology from Harbin Institute of Technology[28] - Mr. Gan Weimin, aged 57, was appointed as an Independent Non-Executive Director on June 5, 2017, and holds a Bachelor's degree in Optical Instrument Engineering and a Master's degree in Law from Zhejiang University[29] - Mr. Gan Weimin has served as an independent director for multiple listed companies, including Zhejiang Huamei Holding Co., Ltd. and Hangzhou Juwei Technology Co., Ltd.[30] - Mr. Gan Weimin currently serves as an Independent Non-Executive Director for Li Tian Pictures Holdings Limited and Zhejiang Crystal-Optech Co., Ltd.[30] - The Board of Directors is responsible for the overall management of the company, including strategy development, business planning, financial goals, and capital investment recommendations[71] - The Board has delegated certain powers to senior management for daily operations and management, with regular reviews of these delegations[73] - The company has complied with the requirement that at least one-third of the Board members are independent non-executive directors, with at least three independent non-executive directors and one with appropriate professional qualifications or accounting/financial management expertise[76] - Independent non-executive directors provide independent judgment and advice on strategy, performance, conflicts of interest, and management procedures, ensuring the interests of all shareholders are considered[76] - The Board has established mechanisms to ensure independent opinions and inputs, including annual assessments of the independence of independent non-executive directors[76] - The current term of independent non-executive directors is three years, starting from June 6, 2020[76] - Directors are required to retire by rotation at least once every three years, with the next rotation scheduled for the 2023 Annual General Meeting[78] - The company encourages and supports continuous professional development for all directors to ensure they contribute effectively to the Board with updated knowledge and skills[79] - The board of directors held a total of 4 meetings, 1 remuneration committee meeting, 1 nomination committee meeting, and 2 audit committee meetings during the 2022 fiscal year[80] - The board plans to hold at least 4 meetings annually in the future, with the chairman intending to meet with independent non-executive directors at least once a year without other directors present[80] - All directors attended all 4 board meetings, with independent non-executive directors also attending all relevant committee meetings[82] - The audit committee, chaired by Mr. Deng Zhiwei, is responsible for reviewing and monitoring the company's financial reporting procedures, internal controls, and risk management systems[86] - The board chairman ensures that directors receive accurate, clear, and complete information and maintains good corporate governance practices[84] - The company has established a shareholder communication policy and regularly reviews its effectiveness[83] - The board chairman promotes an open culture and constructive relationships among directors to ensure effective contributions from independent non-executive directors[84] - The company provides sufficient resources to board committees, which can seek independent professional advice at the company's expense when necessary[85] - The audit committee held two meetings in the fiscal year 2022 to review and discuss the audited annual results for the year ended December 31, 2021, and the unaudited interim results for the six months ended June 30, 2022[87] - The audit committee reviewed the company's financial controls, internal controls, and risk management systems, as well as the effectiveness of the internal audit function[87] - The remuneration committee held one meeting in the fiscal year 2022 to review the existing remuneration packages for all directors and senior management and provide recommendations to the board[89] - The nomination committee held one meeting in the fiscal year 2022 to review the diversity, structure, size, and composition of the board, as well as the independence of independent non-executive directors[90] - The total fees paid or payable to the external auditor, Ernst & Young, for the fiscal year 2022 were RMB 2,243 thousand, including RMB 1,915 thousand for audit services and RMB 328 thousand for non-audit services[91] - The board confirmed that there are no significant uncertainties that could cast substantial doubt on the company's ability to continue as a going concern[92] - The company has established a risk management and internal control system with clear responsibilities, procedures, and high transparency, and regularly reviews its effectiveness[93] - The company plans to distribute at least 30% of its distributable profits for each fiscal year[96] - The board consists of 9 directors, with 3 being independent non-executive directors, and a gender ratio of 8 male to 1 female[97] - The company's workforce has a gender ratio of 51.7% male and 48.3% female[97] - The company has not established an internal audit function and relies on external independent professionals for internal audit services[95] - The board has reviewed and found no significant deficiencies in the company's risk management and internal control systems[94] - The company has adopted a board diversity policy, focusing on professional skills, gender, age, and cultural diversity[97] - The company's dividend policy allows for cash or other forms of distribution, subject to board recommendation and shareholder approval[96] - The company's risk management and internal control systems are designed to manage, not eliminate, risks of not achieving business objectives[94] - The board has set measurable goals for diversity, including professional skills, gender, age, and cultural diversity, which will be reviewed periodically[97] - The company's nomination committee evaluates potential board members based on factors such as integrity, industry experience, and diversity[98] Shareholder and Investor Relations - The company's subsidiaries are primarily engaged in the manufacturing and sales of automotive and electronic components[104] - The company will suspend share transfer registration from May 29, 2023, to June 1, 2023, for the 2023 Annual General Meeting[108] - The company has established multiple communication channels with shareholders, including annual reports, interim reports, and circulars available on the HKEX and company websites[103] - The company emphasizes transparency and timely disclosure of information to ensure shareholders and investors can make informed decisions[102] - The company has a shareholder communication policy aimed at providing equal and timely access to unbiased and understandable information[102] - Shareholders holding at least one-tenth of the company's paid-up capital can request a special general meeting, which must be held within two months of the request[100] - The company's 2022 annual report and audited financial statements are presented on pages 60 to 132 of the report[105] - The company's future business development is discussed in the "Chairman's Report" and "Management Discussion and Analysis" sections of the annual report[107] - The proposed final dividend is subject to approval by shareholders at the 2023 Annual General Meeting, with the share transfer book closing from June 12 to June 15, 2023[109] Environmental and Regulatory Compliance - The company complied with all relevant environmental laws and regulations in 2022 and had no significant environmental claims, litigation, or penalties[107] - The company is preparing for compliance with EU environmental regulations by developing a hexavalent chromium-free electroplating line[20] Subsidiaries and Investments

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 Xin Point Holdings Limited 信邦控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1571） 截 至 2022 年 12 月 31 日止年度 全年業績公告 | --- | --- | |-------|----------------------------------------------------------------------------| | | | | | 財務摘要 | | ‧ | 收入增加約 24.7% 至約人民幣 2,882.9 百萬元（ 2021 年財政年度：約人民幣 | | | 2,312.5 百萬元）。 | | ‧ | 毛利增加約 38.4% 至約人民幣 882.1 百萬元（ 2021 年財政年度：約人民幣 637.4 | | | 百萬元）。 | | ‧ | 本公司擁有人應佔溢利增加約 100.4% 至約人民幣 431.3 百萬元（ 202 ...