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FIT HON TENG(06088) - 2024 - 年度财报
06088FIT HON TENG(06088)2025-04-30 09:00

Financial Performance - Revenue for the fiscal year ended December 31, 2024, was 4,451,494thousand,representinganincreaseof6.14,451,494 thousand, representing an increase of 6.1% compared to 4,195,550 thousand in 2023[7] - Gross profit increased to 878,646thousand,withagrossmarginof19.7878,646 thousand, with a gross margin of 19.7%, up from 19.2% in the previous year[7] - Operating profit rose to 326,757 thousand, reflecting an operating margin of 7.3%, compared to 6.3% in 2023[7] - Profit attributable to owners of the company was 153,732thousand,withaprofitmarginof3.5153,732 thousand, with a profit margin of 3.5%, up from 3.1% in the prior year[7] - The company's revenue for the fiscal year ending December 31, 2024, was 4.451 billion, representing a 6.1% increase compared to the previous year, while operating profit rose by 19.1% to 154million[19]−Annualprofitroseby19.1154 million[19] - Annual profit rose by 19.1% from 130 million in 2023 to 154millionin2024,withtheprofitmarginincreasingfrom3.1154 million in 2024, with the profit margin increasing from 3.1% to 3.5%[39] Asset and Liability Management - Current assets increased to 3,159,618 thousand, while total assets reached 5,470,183thousand[7]−Totalliabilitiesincreasedto5,470,183 thousand[7] - Total liabilities increased to 2,987,095 thousand, with current liabilities at 2,241,300thousand[7]−Cashandcashequivalentsdecreasedfrom2,241,300 thousand[7] - Cash and cash equivalents decreased from 1,316 million as of December 31, 2023, to 1,113millionasofDecember31,2024[40]−Totalbankborrowingsincreasedfrom1,113 million as of December 31, 2024[40] - Total bank borrowings increased from 1,383 million in 2023 to 1,538millionin2024,withshort−termborrowingsrisingfrom1,538 million in 2024, with short-term borrowings rising from 1,383 million to 904million[41]−AsofDecember31,2024,thecompany′sdebt−to−equityratiowas15.4904 million[41] - As of December 31, 2024, the company's debt-to-equity ratio was 15.4%, a significant increase from 2.6% as of December 31, 2023[53] Market Segments and Growth Strategies - The electric vehicle market revenue increased by 57.6% year-over-year, driven by the acquisition of FIT Voltaira Group GmbH, which will accelerate the development of the company's EV products[21] - The network infrastructure market revenue grew by 39.1% year-over-year, benefiting from increased demand for AI-driven server solutions and new platform rack connectors and cables[20] - The smartphone component revenue decreased by 9.7% year-over-year due to structural changes in high-end smartphone products and increased competition[19] - The company is focusing on AI-driven solutions and has developed high-speed AIoT connector solutions to meet the demands of new data centers[10] - The company is optimizing its product portfolio to align with next-generation platform demands, including new acoustic solutions and EV charging solutions[10] - Future strategies will leverage the 3+3 transformation to capture opportunities in AI infrastructure investment growth, aiming for sustainable growth and substantial returns for shareholders[14] Operational Efficiency - The average inventory turnover days improved to 87 days from 95 days in 2023, indicating better inventory management[7] - Distribution costs and selling expenses increased by 25.6% from 105 million in 2023 to 131millionin2024,primarilyduetotheacquisitionofVoltaira,contributingapproximately131 million in 2024, primarily due to the acquisition of Voltaira, contributing approximately 9 million to the increase[33] - Administrative expenses rose by 26.6% from 191millionin2023to191 million in 2023 to 242 million in 2024, with Voltaira's administrative costs contributing approximately 16milliontothisincrease[35]−Researchanddevelopmentexpensesincreasedby7.316 million to this increase[35] - Research and development expenses increased by 7.3% from 308 million in 2023 to 330millionin2024,withVoltairacontributingapproximately330 million in 2024, with Voltaira contributing approximately 3 million to the increase and a focus on AI and acoustic product development[36] Corporate Governance and Management - The company has appointed new independent non-executive directors to strengthen its governance and oversight capabilities[73] - The management team is committed to strategic decision-making based on financial forecasting and analysis to support growth initiatives[68] - The board emphasizes a strong corporate culture based on core values such as integrity and collaboration, which supports the company's long-term strategic goals[194] - The board has established four committees to oversee specific areas of the company's affairs, including the audit committee and the remuneration committee[195] Strategic Partnerships and Acquisitions - The company completed the acquisition of the German automotive component design and manufacturing company Prettl SWH Group in July 2023, now renamed FIT Voltaira Group GmbH, to enhance its EV strategy[86] - A further acquisition of the German Auto-Kabel Group is planned by the end of 2024 to strengthen capabilities in high-voltage systems and automotive wiring harnesses[86] - The company has established a strategic partnership with PacBridge to identify specific projects for market expansion and risk management[155] Employee and Talent Management - The total employee benefits expenditure for 2024 was 927million,upfrom927 million, up from 783 million in 2023, despite a decrease in the number of employees from 66,148 to 61,720[55] - Employee compensation is determined based on performance, skills, qualifications, and industry standards, with additional benefits including cash bonuses and retirement plans[55] - The company has experienced a decrease in employee count, indicating potential restructuring or efficiency measures[55] Compliance and Risk Management - The company emphasizes compliance with relevant laws and regulations, as well as maintaining relationships with employees, customers, and suppliers[91] - The company has adopted a prudent foreign exchange hedging policy, with a nominal principal amount of 235millioninforwardforeignexchangecontractsasofDecember31,2024[58]−Thecompanyfacessignificantforeignexchangerisksduetooperationsinmultiplecurrencies,includingUSD,EUR,TWD,andRMB,whichcouldimpactoperationalperformance[56]ShareholderandFinancialPolicies−ThecompanydoesnotrecommendafinaldividendforthefiscalyearendingDecember31,2024[89]−ThecompanyhasenteredintoagreementswithPacBridgeCapitalPartners(HK)Limited,agreeingtopayatotalof235 million in forward foreign exchange contracts as of December 31, 2024[58] - The company faces significant foreign exchange risks due to operations in multiple currencies, including USD, EUR, TWD, and RMB, which could impact operational performance[56] Shareholder and Financial Policies - The company does not recommend a final dividend for the fiscal year ending December 31, 2024[89] - The company has entered into agreements with PacBridge Capital Partners (HK) Limited, agreeing to pay a total of 3,000,000 for business consulting services during the reporting period[109] - The beneficial ownership of shares by directors includes 420,651,000 shares (5.77%) held by Lu Songqing, 12,512,000 shares (0.17%) held by Lu Boqing, and 1,790,000 shares (0.02%) held by PIPKIN Chester John[117]