Financial Performance - The total revenue for the first half of 2024 reached RMB 2,835.0 million, representing an 8% year-on-year increase from RMB 2,626.2 million[1]. - Net profit for the period was RMB 95.1 million, a decline of 37% compared to RMB 152.1 million in the same period last year[1]. - Gross profit decreased by 16% to RMB 451.9 million, with a gross margin of 15.9%, down 4.7 percentage points from the previous year[1][5]. - The net profit margin for the first half of 2024 was 3.4%, down from the previous year[5]. - Basic earnings per share for the period was RMB 8.98, down from RMB 14.21 in the previous year, reflecting a decline of 36.67%[36]. - Profit for the period decreased by 37% to RMB 95.1 million, down from RMB 152.1 million in the same period last year[23]. - Other income and gains fell by 19% to RMB 12.3 million, primarily due to a reduction in government subsidies compared to the previous year[17]. - Selling and distribution expenses were RMB 48.0 million, a 10% decrease year-on-year, attributed to cost control measures[18]. - Administrative expenses totaled RMB 248.8 million, down 9% from the previous year, with R&D expenses of RMB 215.0 million accounting for 7.6% of revenue[19]. - The total tax expense for the six months ended June 30, 2024, was RMB 27,134,000, compared to RMB 16,182,000 for the same period in 2023, indicating an increase of approximately 67.8%[52]. Revenue Segmentation - The revenue from the new energy vehicle segment increased by 15.9%, accounting for 51.2% of the total revenue[5]. - The revenue from the new energy vehicle solutions increased by 15.9% year-on-year to RMB 1,452.6 million for the six months ended June 30, 2024[6]. - The body system business recorded a 1.4% growth to RMB 422.7 million, accounting for 14.9% of total revenue, while the power system and safety system solutions saw declines of 26.3% and 8.9% respectively[7]. - The intelligent driving and networking solutions generated revenue of RMB 229.9 million, a 13% increase, representing 8.1% of total revenue[8]. - Revenue from cloud server-related electronic solutions surged by 24.9% to RMB 108.8 million, driven by the rapid development of artificial intelligence technology[9]. - Revenue from mainland China was RMB 2,698,257 thousand, up from RMB 2,613,056 thousand, indicating a growth of about 3.3% year-over-year[46]. Market Trends - The automotive market in China saw a total sales volume of 14.047 million vehicles in the first half of 2024, a year-on-year increase of 6.1%[2]. - The export volume of new energy vehicles reached 605,000 units, reflecting a year-on-year growth of 13.2%[2]. - The global sales of new energy vehicles are projected to reach 17 million units in 2024, indicating stable growth in demand over the next decade[13]. Research and Development - The company maintained R&D expenses at 7.6% of total revenue, amounting to RMB 215.0 million, to support long-term growth opportunities[5]. - Research and development expenses amounted to RMB 215.0 million, a decrease of 7.5%, representing approximately 7.6% of total revenue[10]. - The group established a research and development center in Hong Kong in 2023, focusing on intelligent driving software and advanced power semiconductor applications[12]. - The group optimized the MCU 4th generation software platform architecture, accelerating software integration speed by solidifying more standard modules[11]. - The group completed the development of a vehicle-grade wireless Bluetooth smart sensor solution, addressing interference issues in complex electrical environments[11]. Financial Health - As of June 30, 2024, the company maintained a strong liquidity position with cash and cash equivalents of RMB 732.5 million, up from RMB 517.0 million at the end of 2023[24]. - The company did not declare any interim dividends for the review period, consistent with the previous year[26]. - The group expects to fully utilize the remaining unutilized net proceeds by the end of 2025 due to economic uncertainties[29]. - The company reported a decrease in trade receivables to RMB 1,647,149 thousand from RMB 1,848,235 thousand, a decline of 10.89%[38]. - The company’s equity attributable to owners of the parent was RMB 2,361,658 thousand as of June 30, 2024, compared to RMB 2,352,790 thousand as of December 31, 2023, reflecting a growth of about 0.4%[40]. Employee and Governance - As of June 30, 2024, the group employed 1,373 employees, a decrease from 1,517 employees as of June 30, 2023[27]. - Employee costs totaled RMB 199.3 million, representing 7.0% of the group's revenue during the period[27]. - The company has adopted the corporate governance code as per the listing rules and believes that its governance structure is appropriate despite deviations from certain provisions[32]. Strategic Initiatives - The company established a comprehensive testing and verification base in Nantong, Jiangsu Province, which began operations in 2023, enhancing its capabilities in power module packaging and assembly[10]. - The company is set to begin mass delivery of its new "motor controller power brick" solution by the end of this year, which is expected to enhance vehicle performance and reduce system costs[6]. - The group plans to enhance its market share and performance by developing innovative new energy solutions, including power bricks[13]. - The group aims to strengthen product localization and international market expansion to sustain long-term growth[14]. - The group emphasizes collaboration with leading chip suppliers to enhance product quality and industrial effectiveness[14].
英恒科技(01760) - 2024 - 中期业绩