京东方精电(00710) - 2024 - 中期财报

Financial Performance - Revenue for the first half of 2024 reached HKD 6,157 million, an 18% increase compared to HKD 5,210 million in the same period of 2023[12] - EBITDA for the first half of 2024 was HKD 315 million, a 3% decrease compared to HKD 324 million in the same period of 2023[12] - Net profit attributable to shareholders for the first half of 2024 was HKD 172.1 million, a 15% decrease compared to the same period of 2023[12] - Revenue increased by 18% to HKD 6,157,000,000 in the first half of 2024 compared to the same period in 2023, driven by growth in TFT products, touch screen display modules, and automotive system products[41] - Operating profit decreased by 20% to HKD 194,000,000 in the first half of 2024, impacted by price adjustments, inventory costs, and increased operational expenses[41] - Net profit attributable to shareholders for the first half of 2024 was HKD 172,100,000, a decrease from HKD 202,500,000 in the same period in 2023[42] - Revenue for the first half of 2024 increased to HKD 6,157,319 thousand, up 18.2% from HKD 5,210,217 thousand in the same period of 2023[126] - Operating profit for the first half of 2024 decreased to HKD 193,651 thousand, down 19.6% from HKD 240,842 thousand in the same period of 2023[126] - Net profit attributable to shareholders for the first half of 2024 was HKD 172,100 thousand, down 15.0% from HKD 202,512 thousand in the same period of 2023[126] - Basic earnings per share for the first half of 2024 decreased to 21.9 HK cents, down 15.1% from 25.8 HK cents in the same period of 2023[126] - Total comprehensive income for the first half of 2024 was HKD 151,601 thousand, up 10.5% from HKD 137,155 thousand in the same period of 2023[129] - Net profit for the period was HK$172.1 million, contributing to a total comprehensive income of HK$148.324 million[135] - Total equity increased to HK$4,416.822 million as of June 30, 2024, up from HK$4,409.711 million at the beginning of the year[135] - Cash flow from operating activities improved significantly to HK$794.963 million, compared to a negative HK$380.197 million in the same period last year[138] - Net cash used in investing activities increased to HK$1,176.791 million, primarily due to purchases of property, plant, and equipment (HK$436.052 million) and other financial assets (HK$472.154 million)[138] - Cash and cash equivalents decreased by HK$410.638 million, ending at HK$3,074.364 million as of June 30, 2024[138] - Bank loans received amounted to HK$221.64 million, while repayments of bank loans totaled HK$229.708 million[138] - The company paid HK$149.66 million in dividends approved from the previous year[135] - Other comprehensive loss for the period was HK$23.776 million, mainly due to exchange rate fluctuations[135] - The company repurchased shares worth HK$4.731 million under the share incentive plan[135] - Interest received during the period was HK$58.957 million, an increase from HK$46.873 million in the previous year[138] - Total consolidated revenue increased to HKD 6,157.32 million in the first half of 2024, up from HKD 5,210.22 million in the same period of 2023[144] - Government subsidies decreased to HKD 16.328 million in 2024 from HKD 47.783 million in 2023, a significant drop of 65.8%[149] - Interest income from financial assets at amortized cost increased to HKD 58.067 million in 2024 from HKD 48.065 million in 2023, a growth of 20.8%[149] - Net exchange gains decreased to HKD 13.513 million in 2024 from HKD 16.440 million in 2023, a decline of 17.8%[149] - Total other income decreased to HKD 94.770 million in 2024 from HKD 118.568 million in 2023, a reduction of 20.1%[149] - Current tax expense in Hong Kong increased to HKD 15.441 million in 2024 from HKD 6.317 million in 2023, a significant rise of 144.4%[150] - Current tax expense in China increased to HKD 28.103 million in 2024 from HKD 15.730 million in 2023, a growth of 78.6%[150] - Basic earnings per share decreased to HKD 0.219 in 2024 from HKD 0.258 in 2023, a decline of 15.1%[152] - Diluted earnings per share decreased to HKD 0.218 in 2024 from HKD 0.257 in 2023, a decline of 15.2%[153] - Additions to property, plant, and equipment increased to HKD 414.277 million in 2024 from HKD 343.258 million in 2023, a growth of 20.7%[155] - Trade receivables and bills receivable increased to HKD 2.529 billion in 2024 from HKD 2.211 billion in 2023, a growth of 14.4%[157] - Inventory write-down decreased to HK$53.3 million in H1 2024 from HK$92.3 million in H1 2023, with a reversal of HK$12.5 million recognized in profit or loss[159] - Cash and cash equivalents decreased to HK$3.07 billion as of June 30, 2024, compared to HK$3.50 billion as of December 31, 2023[160] - Trade payables and other payables increased to HK$4.24 billion as of June 30, 2024, from HK$3.81 billion as of December 31, 2023[162] - No interim dividend was declared for H1 2024, compared to HK$0 in H1 2023[165] - Final dividend for the previous fiscal year was HK$149.7 million, down from HK$181.0 million in H1 2023[166] - Fair value of financial assets measured at Level 2 was HK$405.8 million, while Level 3 assets were valued at HK$41.9 million as of June 30, 2024[168] - The company repurchased 1,000,000 shares for the share award plan at a total cost of HK$4.7 million in H1 2024[164] - Restricted bank deposits decreased to HK$41.6 million as of June 30, 2024, from HK$55.9 million as of December 31, 2023[160] - No share option plan was active during H1 2024, following the expiration of the previous plan in June 2023[163] - Trade receivables and notes are generally due within 60 to 90 days from the invoice date[158] Cash and Liquidity - Cash resources as of June 30, 2024, totaled HKD 3,944 million, an increase from HKD 3,572 million at the end of 2023[12] - Bank loans as of June 30, 2024, amounted to HKD 607 million, a 2$4,416.822 million as of June 30, 2024, up from HK$4,409.711 million at the beginning of the year[135] - Cash flow from operating activities improved significantly to HK$794.963 million, compared to a negative HK$380.197 million in the same period last year[138] - Net cash used in investing activities increased to HK$1,176.791 million, primarily due to purchases of property, plant, and equipment (HK$436.052 million) and other financial assets (HK$472.154 million)[138] - Cash and cash equivalents decreased by HK$410.638 million, ending at HK$3,074.364 million as of June 30, 2024[138] - Bank loans received amounted to HK$221.64 million, while repayments of bank loans totaled HK$229.708 million[138] - The company paid HK$149.66 million in dividends approved from the previous year[135] - Other comprehensive loss for the period was HK$23.776 million, mainly due to exchange rate fluctuations[135] - The company repurchased shares worth HK$4.731 million under the share incentive plan[135] - Interest received during the period was HK$58.957 million, an increase from HK$46.873 million in the previous year[138] - Cash and cash equivalents decreased to HK$3.07 billion as of June 30, 2024, compared to HK$3.50 billion as of December 31, 2023[160] - Restricted bank deposits decreased to HK$41.6 million as of June 30, 2024, from HK$55.9 million as of December 31, 2023[160] - No share option plan was active during H1 2024, following the expiration of the previous plan in June 2023[163] - Trade receivables and notes are generally due within 60 to 90 days from the invoice date[158] Business Strategy and Market Position - The company is a global leader in automotive TFT display products and medium-to-large display module markets[4] - The company aims to become a leading provider of automotive smart cockpit display assembly solutions[4] - The company's revenue growth was primarily driven by the sales increase in TFT modules, touch screen display modules, and automotive system products, benefiting from the significant growth in new energy vehicles and new production capacity[13] - TFT modules and touch screen display modules accounted for approximately 93% of the company's revenue, while monochrome display revenue decreased during the period[13] - The automotive display business generated revenue of 5,752,000,000 HKD, a 24% increase compared to 4,646,000,000 HKD in the same period last year, accounting for 93% of the company's total revenue[15] - The industrial display business recorded revenue of 406,000,000 HKD, a 28% decrease compared to 564,000,000 HKD in the same period last year, accounting for 7% of the company's total revenue[17] - The company's overseas revenue remained stable, with positive growth in the US due to strategic investments in R&D and enhanced customer service capabilities[16] - The company established a new office in Nagoya, Japan, which contributed to significant revenue growth in the region[16] - The company implemented comprehensive quality control measures, including the establishment of a Quality Management Committee (QCC) in 2024, to enhance quality management and win more customer trust[16] - The Chengdu facility, established at the end of 2022, is leveraging advanced production equipment to meet market demand and improve operational efficiency for the automotive display business[16] - The company is focusing on improving production, R&D, and customer service capabilities to support rapid business growth[22] - LCD remains the primary solution due to its cost competitiveness compared to OLED, with advanced technologies expected to be applied in the future[23] - The company plans to leverage its major shareholder's new 8.6-generation OLED production line in Chengdu to enhance competitiveness[23] - The automotive market is rapidly consolidating around top new energy vehicle manufacturers, expected to create additional revenue and profit opportunities[23] - The company is exploring the establishment of overseas production facilities to meet diverse customer needs, with capital expenditures to be gradually invested based on order volumes[23] - The company is focusing on expanding its automotive display business and maintaining its leading position, with a clear short-term and long-term strategy, including the "Three-Step Development Strategy" to consolidate its automotive display equipment business and explore opportunities in smart cockpit solutions[26] - The company has successfully developed and mass-produced a 14.6-inch QHD Oxide display product, and showcased a 45-inch 9K ultra-large Oxide cockpit screen at SID 2024, with several other Oxide display products under development[32] - The company's "HERO" plan, targeting smart automotive applications, includes health, entertainment, relaxation, and office scenarios, aiming to integrate more innovative products and solutions into vehicle designs[28] - The company has made significant progress in enhancing internal competitiveness and ensuring sufficient cash and resource reserves to support rapid expansion, while maintaining a light-asset model by leveraging existing production capacities of BOE Technology Group[26] - The company is committed to sustainability, with goals to reduce carbon emissions, energy and water consumption, and waste by 2025, and aims to achieve carbon neutrality by 2050[26] - The company's ADS-Pro technology, which combines Mini LED, BD Cell, high refresh rate, high resolution, and high color gamut, has gained recognition from major automotive manufacturers[33] - The company has developed f-OLED technology, with several automotive f-OLED displays already in mass production, and is working on Tandem OLED technology for higher efficiency and longer lifespan[34] - The company has overcome challenges in curved display solutions, with a dual 12.3-inch curved (R3000) cockpit display module already in mass production[35] - The company has developed a ~5K ultra-high-definition display with naked-eye 3D capabilities, integrated into driver monitoring systems for immersive 3D display interfaces[35] - The company is collaborating with global partners to create more smart cockpit experiences, leveraging its deep technical expertise and innovation in the automotive industry[28] - The company completed the development of a CMS system, becoming the first in China to pass the GB15084 national standard test for Class III indirect vision devices[40] - The company is developing a switchable 2D&3D technology for automotive displays, expected to be evaluated and promoted in Q4 2024[38] - The company has developed a new AR-HUD system using a 3.6-inch LCD PGU and LCoS technology, with 34 patents applied[38] - The company is advancing directional sound technology, integrating it with displays for applications in automotive, business, and entertainment scenarios[39] - The company has developed a BVP (BOE Vision Plus) image enhancement technology, improving image clarity and detail using a dedicated image processing chip[40] - The company is preparing for mass production of a rotating structure assembly for rear ceiling and seatback screen projects[40] - The company has established a dividend policy with a payout ratio of no less than 30%, subject to profitability and financial conditions[41] - R&D expenses for the period were HKD 138,000,000, accounting for 2% of the company's revenue, maintaining a stable ratio[42] - Total equity as of June 30, 2024, was HKD 4,417,000,000, with a current ratio of 1.49, down from 1.61 at the end of 2023[42] - The company's liquidity investment portfolio increased to HKD 3,944,000,000, with cash and term deposits totaling HKD 3,496,000,000[43] - Inventory turnover ratio improved to 6 times, up from 5 times at the end of 2023, reflecting better inventory management[43] - Cash flow from operating activities was HKD 795,000,000, compared to a cash outflow of HKD 380,000,000 in 2023[46] - Net cash used in investing activities was HKD