FIT HON TENG(06088) - 2024 - 中期财报

Financial Performance - Revenue for the six months ended June 30, 2024, was $2,067 million, an increase of 15.8$1,784 million for the same period in 2023[6]. - Gross profit rose to $421 million, reflecting a 48.8$283 million in the prior year, resulting in a gross margin of 20.4%[6]. - Operating profit surged by 97.5% to $93 million from$47 million year-over-year, with an operating margin of 4.5%[6]. - The company reported a net profit of $33 million for the six months ended June 30, 2024, compared to a net loss of$9 million in the same period last year, achieving a net profit margin of 1.6%[6]. - Revenue for the six months ended June 30, 2024, was $2,066,760 thousand, an increase from$1,784,080 thousand in the same period of 2023, representing a growth of 15.8%[35]. - Gross profit for the six months ended June 30, 2024, was $421,193 thousand, compared to$283,154 thousand in 2023, reflecting a significant increase of 48.9%[35]. - Operating profit increased to $93,175 thousand for the six months ended June 30, 2024, up from$47,170 thousand in 2023, marking a growth of 97.6%[35]. - Net profit for the period was $32,672 thousand, a turnaround from a loss of$8,679 thousand in the same period of 2023[36]. - The company reported a total comprehensive loss of $51,780 thousand for the six months ended June 30, 2024, compared to a loss of$74,630 thousand in 2023[36]. Revenue Breakdown - Revenue from the electric vehicle (EV) end market increased by 217.0% year-over-year, driven by the acquisition of Prettl SWH Group, now FIT Voltaira Group GmbH[9]. - Revenue from the network infrastructure end market grew by 19.2% year-over-year, benefiting from increased demand in the server market due to artificial intelligence[9]. - Revenue from smartphone components decreased by 4.8% year-over-year, indicating a shift in product structure among brand companies[9]. - The company maintained competitiveness in the system end products market, achieving a 14.2% increase in revenue despite a weak overall consumer electronics market[9]. - Revenue from the electric vehicle segment increased by 217.0% to $227 million, primarily due to the acquisition of FIT Voltaira Group GmbH[15]. - Revenue from the network facilities segment rose by 19.2$261 million, driven by a rebound in copper-based component shipments[14]. - The smartphone segment generated revenue of $415 million, a decrease of 4.8$378 million, reflecting a slowdown in market growth[14]. - The system terminal products segment revenue increased by 14.2% to $672 million, supported by new business from high-end wireless Bluetooth headsets[15]. Expenses and Costs - Distribution costs and selling expenses rose by 31.9$62 million, attributed to the integration of FIT Voltaira Group GmbH[16]. - Administrative expenses increased by 66.2% from $71 million for the six months ended June 30, 2023, to$118 million for the same period in 2024, primarily due to the acquisition of FIT Voltaira Group GmbH[17]. - R&D expenses rose by 23.7% from $139 million for the six months ended June 30, 2023, to$172 million for the same period in 2024, driven by increased investment in new product development following the acquisition of FIT Voltaira Group GmbH[18]. - The total cost of sales, distribution costs, selling expenses, administrative expenses, and R&D expenses amounted to $1,997,645 thousand, an increase of 13.7$1,757,560 thousand in the same period of 2023[80]. Cash Flow and Liquidity - Cash and cash equivalents decreased from $1,316 million as of December 31, 2023, to$1,026 million as of June 30, 2024, while total bank borrowings increased from $1,383 million to$1,501 million during the same period[22]. - Cash flow from operating activities showed a net outflow of $41,722 thousand for the six months ended June 30, 2024, a significant decline from a net inflow of$202,743 thousand in the same period of 2023[42]. - The company’s financing activities generated a net cash inflow of $97,653 thousand for the first half of 2024, compared to$351,290 thousand in the same period of 2023[42]. - The company continues to monitor cash flow needs and maintain sufficient unused committed borrowing facilities to meet operational requirements[51]. Inventory and Receivables - Average inventory turnover days improved to 90 days from 105 days year-over-year, indicating better inventory management[7]. - Inventory increased from $802 million as of December 31, 2023, to$814 million as of June 30, 2024, with average inventory turnover days improving from 105 days to 90 days[23]. - Trade receivables remained stable at $807 million as of December 31, 2023, and$814 million as of June 30, 2024, with average trade receivables turnover days increasing from 67 days to 72 days[23]. - As of June 30, 2024, total trade receivables amounted to $818,734,000, a slight increase from$811,717,000 as of December 31, 2023, representing a growth of 2.5%[112]. - The net trade receivables after impairment losses were $814,233,000, compared to$807,282,000 at the end of 2023, indicating a 0.9% increase[112]. Debt and Equity - The debt-to-equity ratio increased from 2.6% as of December 31, 2023, to 13.9% as of June 30, 2024, indicating a significant rise in leverage[25]. - Total liabilities as of June 30, 2024, were $2,577,675 thousand, down from$2,656,358 thousand at the end of 2023[38]. - Total assets as of June 30, 2024, were $4,963,273 thousand, a decrease from$5,093,736 thousand as of December 31, 2023[37]. - Total equity amounted to $2,385,598 thousand as of June 30, 2024, a decrease from$2,437,378 thousand as of January 1, 2024[40]. Strategic Initiatives - The company continues to implement strategies to strengthen its position as a global leader in interconnect solutions and related products[9]. - The company plans to invest further in electric vehicle electronic systems and autonomous driving components[11]. - The company has completed a strategic acquisition valued at $300 million to enhance its product offerings[165]. - Market expansion plans include entering two new countries, which are projected to increase user base by 30$200 million in revenue over the next fiscal year[165].