Guangdong Faith Long Crystal Technology (300460)2025-04-28 18:00Financial Performance - The company's operating revenue for 2024 is reported at ¥551,165,871.14, representing a 38.33% increase compared to ¥398,433,193.73 in 2023[20]. - The net profit attributable to shareholders for 2024 is ¥188,977,452.44, showing a decrease of 12.22% from ¥168,400,731.40 in 2023[20]. - The net profit after deducting non-recurring gains and losses for 2024 is ¥202,940,869.41, down 7.35% from ¥189,051,015.53 in 2023[20]. - The net cash flow from operating activities for 2024 is ¥5,302,692.45, an increase of 111.33% compared to ¥19,910,653.00 in 2023[20]. - The total assets at the end of 2024 amount to ¥1,669,919,988.28, reflecting a decrease of 3.02% from ¥1,721,906,206.72 at the end of 2023[20]. - The net assets attributable to shareholders at the end of 2024 are ¥635,411,570.60, a decline of 22.92% from ¥824,389,023.04 at the end of 2023[20]. - The basic earnings per share for 2024 is reported at -0.68, a decrease of 13.33% from -0.60 in 2023[20]. - The company has experienced a correction in accounting errors, necessitating adjustments to previously reported financial data[20]. Governance and Compliance - The board of directors has confirmed the accuracy and completeness of the annual report, with no false records or significant omissions[4]. - The audit report issued by the accounting firm includes an emphasis paragraph but is an unqualified opinion[4]. - The report outlines the company's governance structure and compliance with regulations[9]. - The company has no significant discrepancies in governance compared to regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange[130]. - The board of directors consists of 7 members, including 4 independent directors, complying with legal and regulatory requirements[127]. - The supervisory board consists of three members, including one employee representative, fulfilling their duties in accordance with relevant regulations[128]. - The company has implemented a management system for information disclosure to ensure timely and accurate communication with investors[129]. - The internal control audit report was issued with an unqualified opinion, emphasizing the importance of compliance with regulations[197]. Market and Industry Outlook - The company operates in the quartz crystal component industry, which is part of the electronic components sector, focusing on high-precision frequency components[31]. - The global quartz crystal component market size was 7.326 billion by 2030, with a CAGR of approximately 10.26% from 2024 to 2028[37]. - The smartphone market in mainland China is projected to see a shipment volume of 285 million units in 2024, reflecting a moderate growth of 4% year-on-year[61]. - The company is affected by the cyclical nature of the electronic components industry, which is closely tied to the macroeconomic environment[34]. - The government has initiated policies to promote equipment upgrades and consumer product replacements, which may benefit the company's market[34]. Research and Development - The company has established a strong management and R&D team, enhancing its product innovation capabilities in the quartz crystal industry[64]. - Research and development expenses rose by 15.12% year-over-year, amounting to ¥33.90 million, primarily due to increased investment in R&D projects[83]. - The company is investing 100 million yuan in R&D for new technologies aimed at enhancing product efficiency[154]. - The company has developed key technologies for high-frequency and miniaturized products, including semiconductor-based photolithography processes, which have been validated through various projects and certifications[47]. - The company has completed the development of the 1612 52MHz temperature-compensated crystal, which is expected to improve market share in navigation technology[85]. Strategic Initiatives - The company plans to enhance its R&D investment, focusing on core technologies and products, including automotive TCXO and AI server oscillators, while establishing industry standards and applying for patents[111]. - The company aims to improve operational efficiency by implementing a production data visualization system and optimizing inventory strategies to ensure supply security and enhance customer delivery experience[112]. - The company is committed to expanding its market presence through digital marketing on e-commerce platforms and strengthening partnerships with key clients and small distributors[109]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and diversify its portfolio[136]. - The company plans to launch new products in the next quarter, aiming to capture a larger market share[136]. Risk Management - The company anticipates risks from global economic uncertainties that could impact consumer purchasing power and demand for electronic products, potentially affecting overall performance[114]. - The company is addressing the risk of intensified market competition by analyzing product performance and strengthening collaboration with key customers to seize market opportunities[116]. - The company is focused on mitigating risks related to product price fluctuations by enhancing market research and maintaining core product competitiveness[117]. - The company is monitoring accounts receivable closely to improve cash flow and operational efficiency, addressing potential liquidity risks[120]. - The company is actively managing inventory turnover risks by improving communication with customers and ensuring strict adherence to delivery schedules[121]. Employee and Management Changes - The total number of employees at the end of the reporting period is 1,050, with 545 in the parent company and 505 in major subsidiaries[167]. - The company has established a compensation management system applicable to all formal employees, ensuring that the basic salary for all employees is not lower than the local minimum wage standard[170]. - The company completed the election of the fourth board of directors and the fourth supervisory board on July 15, 2024, resulting in changes to several directors, supervisors, and senior executives[138]. - Zhao Jiqing resigned as General Manager on December 9, 2024, but continues to serve as Chairman[138]. - The company appointed new executives, including Pan Yihua and Deng Youqiang as Deputy General Managers on July 15, 2024[138]. Social Responsibility - There is a section dedicated to the company's social responsibility and environmental issues[9]. - The company actively engages with stakeholders to balance interests and promote sustainable development[130].