WUS(SZ:002463)2024-03-25 16:00Financial Performance - The company's operating revenue for 2023 was ¥8,938,309,250, representing a 7.23% increase from ¥8,336,030,158 in 2022 [14]. - Net profit attributable to shareholders for 2023 was ¥1,512,538,227, an increase of 11.09% compared to ¥1,361,574,992 in 2022 [14]. - The net profit after deducting non-recurring gains and losses was ¥1,408,380,964, up 11.36% from ¥1,264,664,764 in the previous year [14]. - The net cash flow from operating activities reached ¥2,243,311,100, a significant increase of 43.27% from the previous year's figure [14]. - The total assets at the end of 2023 were ¥16,035,480,626, marking a 28.27% increase from ¥12,501,322,508 at the end of 2022 [14]. - The net assets attributable to shareholders increased by 18.36% to ¥9,784,707,633 from ¥8,266,898,543 in 2022 [14]. - The company reported a basic earnings per share of ¥0.7944, which is a 10.66% increase from ¥0.7179 in 2022 [14]. - The company achieved a total revenue of approximately 8.938 billion RMB in 2023, representing a year-on-year growth of about 7.23% [33]. - PCB revenue accounted for 95.90% of total revenue, amounting to ¥8,571,873,507, with an 8.09% increase compared to 2022 [45]. - The automotive PCB segment generated revenue of ¥2,158,009,048, reflecting a 13.74% increase from the previous year [46]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 5 RMB per 10 shares, totaling 955,999,635 RMB, based on a total share capital of 1,911,999,270 shares [4]. - The proposed cash dividend is 5 CNY per 10 shares, totaling 955,999,635 CNY, which represents 100% of the distributable profit [147]. - The cash dividend policy complies with the company's articles of association and has been approved by the 2023 annual general meeting [147]. - The company plans to maintain a minimum cash dividend ratio of 20% during profit distribution [147]. - The company significantly increased cash dividends in 2023 to enhance shareholder returns, aligning with the "Quality Return Dual Improvement" initiative [99]. Market Position and Industry Outlook - The global PCB market value in 2023 is estimated at approximately $69.5 billion, reflecting a year-on-year decline of about 14.96% [18]. - The compound annual growth rate (CAGR) for the global PCB market from 2023 to 2028 is projected to be around 5.4% [18]. - The company is positioned in the PCB manufacturing industry, which is expected to see growth driven by demand for high-end applications such as AI and automotive systems [17]. - The global PCB market is projected to grow at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2027, with specific segments such as HDI boards expected to grow at 6.2% [21]. - The automotive sector is anticipated to see a CAGR of 4.8% from 2022 to 2027, indicating a stable demand for PCBs in this application area [22]. Risk Management - The board emphasizes the importance of recognizing potential risks including industry competition, exchange rate fluctuations, and raw material supply issues [5]. - The company’s future plans are subject to market conditions and carry significant uncertainty [4]. - The PCB industry faces challenges such as demand weakness and price competition, with the company actively responding through innovation and product upgrades [31]. - The company is actively managing foreign exchange risks by balancing its currency structure and engaging in foreign exchange derivatives to mitigate potential losses from currency fluctuations [88][89]. Research and Development - The company's R&D investment for 2023 was approximately ¥538.94 million, reflecting a year-on-year growth of 15.04% [58]. - The overall yield rate for 2023 was 92.88%, slightly up from 92.74% in 2022, indicating stable product quality [57]. - The company has developed four invention patents and 21 utility model patents during the reporting period, enhancing its innovation capabilities [58]. - Key R&D projects include the development of high-speed low-loss materials and semiconductor chip testing PCBs, aimed at improving market competitiveness and technology capabilities [58]. - The company is collaborating with leading international automotive parts manufacturers and domestic new energy vehicle companies to develop higher-function automotive electronic components [61]. Environmental and Sustainability Initiatives - The company has implemented a sustainable business model, focusing on environmental protection and energy conservation, with all production bases recognized as "green factories" [24]. - The company is committed to strict compliance with environmental regulations, including the Environmental Impact Assessment Law and Pollution Discharge Permit Management Measures [178]. - The company has received multiple environmental awards, including the "Outstanding Performance Award for Climate Change Action" from CDP in 2021 and recognition as a "Green Factory" by Jiangsu Province [185]. - The company has implemented advanced wastewater treatment technologies, achieving ultra-low emissions for COD, ammonia nitrogen, and total phosphorus, meeting Class IV surface water standards [187]. - The company has a water reuse rate of 70.2% and maintains a wastewater emergency storage capacity of over 3 days [187]. Governance and Management - The company has established a governance structure that complies with relevant laws and regulations, enhancing its internal control systems and investor relations management [102]. - The board of directors consists of 9 members, including 3 independent directors, and held 11 meetings during the reporting period to discuss various topics including regular reports and stock options [105]. - The company has actively improved its governance level by enhancing information disclosure practices [102]. - The company has maintained independence in its operations, ensuring that major decisions are made by the shareholders' meeting [104]. - The company is committed to ensuring the protection of the legal rights of all shareholders through effective governance practices [138]. Strategic Initiatives - The company plans to invest approximately 510 million RMB in early 2024 for a technology upgrade project aimed at high-density, high-speed interconnect PCBs [37]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market reach, with a budget of 500 million yuan allocated for this purpose [97]. - The company is focused on expanding its market presence and enhancing its product offerings through new technology development and strategic partnerships [126]. - The company is considering strategic acquisitions to bolster its supply chain, with a budget of 100 million allocated for potential deals [130]. Employee and Management Changes - The total number of employees at the end of the reporting period was 8,431, with 6,070 in production, 1,787 in technology, and 94 in sales [141]. - The company experienced a change in board members, with independent director Li Shusong leaving after six years of service and new appointments including Lu Zongyuan and Wang Yongcui [117]. - The current management team includes experienced professionals with backgrounds in electronics and management, such as Wu Ligan, the founder and chairman, and Wu Chuanlin, the procurement director [118][120].