SACO(002025)2025-03-31 13:35Financial Performance - The company's operating revenue for 2024 was ¥5,024,880,889.72, a decrease of 19.08% compared to ¥6,209,820,336.41 in 2023[16]. - The net profit attributable to shareholders for 2024 was ¥347,092,604.61, down 53.75% from ¥750,480,376.13 in 2023[16]. - The cash flow from operating activities showed a net outflow of ¥258,727,889.40 in 2024, a decline of 115.76% compared to a net inflow of ¥1,642,083,395.27 in 2023[16]. - Basic earnings per share decreased to ¥0.76 in 2024, down 53.94% from ¥1.65 in 2023[16]. - Total assets at the end of 2024 were ¥11,945,827,218.84, an increase of 7.16% from ¥11,147,663,498.68 at the end of 2023[16]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which was ¥311,278,487.55 in 2024, down 55.02% from ¥692,081,643.88 in 2023[16]. - The company received government subsidies amounting to ¥44,592,713.38 in 2024, compared to ¥83,115,482.33 in 2023[21]. - In 2024, the company achieved total revenue of ¥5,024,880,889.72, a decrease of 19.08% compared to the previous year, primarily due to a slowdown in defense industry demand[43]. - The net profit attributable to shareholders was ¥347,092,604.61, down 53.75% year-on-year[43]. Business Operations and Strategy - The company has undergone significant business scope changes, including the addition of electronic components manufacturing and industrial automation systems[14]. - The company has expanded its business to include software development and intelligent control system integration, indicating a focus on technological advancement[14]. - The company is transitioning from a single component focus to integrated interconnection and control solutions, enhancing its market competitiveness[38]. - The company is actively developing new products and technologies, with significant growth in orders from emerging fields and international markets despite challenges in the defense sector[49]. - The company is focusing on several R&D projects, including ultra-lens technology and wireless communication technology, aiming for industry-leading applications in various fields[66]. - The company is focusing on market development and new product development, increasing investment in technological innovation and industry development[169]. - The company is actively expanding into emerging industries and international markets despite a slowdown in traditional market demand[89]. - The company plans to develop underwater connectors and cable assemblies as a key new product for 2025[98]. Risk Management - The company emphasizes the importance of risk factors and countermeasures in its future development outlook, as detailed in the management discussion and analysis section[4]. - The company has a comprehensive risk management strategy outlined in its annual report, highlighting its commitment to safeguarding shareholder interests[4]. - The company faces challenges in product development and market competition, with a need for consolidation in the industry due to the prevalence of small manufacturers and price wars[29]. - The company recognizes the challenges in the defense sector due to demand fluctuations and aims to maintain business growth by focusing on strategic emerging industries[97]. Research and Development - The company has obtained a total of 2,521 patent authorizations, including 17 international invention patents, and published 4 IEC international standards by the end of 2024[42]. - The company completed 30 key research projects and 40 major industrialization projects in 2024, focusing on high-power interconnects and components, chip testing components, and microwave components[44]. - The company's R&D expenses increased by 7.50% year-on-year, totaling ¥751,189,340.43, which represents 14.95% of the operating revenue[68]. - The number of R&D personnel increased by 10.28% to 2,243, with the proportion of R&D personnel in the total workforce rising to 35.89%[67]. Market Trends - The global electronic components market is expected to grow, driven by demand in new energy, consumer electronics, and artificial intelligence, with projected sales reaching ¥24,628 billion by 2025[30]. - The connector market is experiencing a clear upward trend in demand, with automotive, telecommunications, and aerospace sectors accounting for over 50% of the total market share[31]. - The demand for micro motors is closely tied to economic cycles, with a strong correlation to the performance of various manufacturing sectors, including home appliances and automotive[32]. - The optical module market is poised for rapid growth, driven by advancements in AI applications and the increasing demand for high-performance computing infrastructure[36]. Corporate Governance - The company has established a governance structure with a balanced board of directors, ensuring compliance and orderly management[119]. - The company has a clear asset ownership structure with the controlling shareholder, ensuring independent operations[119]. - The company operates independently from its controlling shareholder, with a complete supply chain, R&D, production, and marketing system[119]. - The company has established an independent financial accounting department and maintains a separate accounting system, ensuring no funds are occupied by the controlling shareholder[120]. Environmental Responsibility - The company holds valid pollution discharge and radiation safety permits, with the discharge permit effective until July 12, 2027[182]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[181]. - The company has implemented energy management systems and replaced energy-saving lighting to reduce energy consumption and carbon emissions[187]. - The company has maintained and upgraded pollution control facilities, including wastewater treatment systems, to improve treatment efficiency[187]. Shareholder Engagement - The company plans to distribute a cash dividend of 2.30 yuan per 10 shares to all shareholders, based on a total of 456,803,310 shares[4]. - The total distributable profit for the period is 3,205,248,173.62 CNY, with cash dividends accounting for 100% of the profit distribution[163]. - The participation rate of investors in the first extraordinary general meeting of 2024 was 47.20%[121]. - The participation rate of investors in the annual general meeting for 2023 was 45.55%[122]. Financial Management - The company has implemented a cost reduction plan for 2024, aiming to enhance efficiency and control costs[50]. - The company’s cash flow management efforts were impacted by changes in customer payment terms and an increase in inventory for diverse orders[51]. - The company has approved the use of up to 235 million CNY of temporarily idle raised funds for cash management, with a maximum term of 12 months[81]. - The company has committed to using the remaining raised funds according to the investment plan for project construction[81].