Sihui Fuji Electronics Technology (300852)2024-03-29 16:00Financial Performance - The company's operating revenue for 2023 was ¥1,314,691,441.77, representing a 7.85% increase compared to ¥1,218,954,130.54 in 2022[25]. - The net profit attributable to shareholders for 2023 was ¥204,400,910.45, a decrease of 9.39% from ¥225,593,229.32 in 2022[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥190,484,939.54, down 12.32% from ¥217,245,875.35 in 2022[25]. - The cash flow from operating activities for 2023 was ¥235,876,462.36, a decline of 25.75% compared to ¥317,699,325.74 in 2022[25]. - The total assets at the end of 2023 were ¥2,386,894,799.56, an increase of 42.95% from ¥1,669,730,639.81 at the end of 2022[25]. - The net assets attributable to shareholders at the end of 2023 were ¥1,516,552,071.62, up 23.12% from ¥1,231,794,327.31 at the end of 2022[25]. - The basic earnings per share for 2023 were ¥2.01, a decrease of 9.05% from ¥2.21 in 2022[25]. - The diluted earnings per share for 2023 were ¥1.99, down 9.95% from ¥2.21 in 2022[25]. - The weighted average return on equity for 2023 was 15.16%, a decrease of 4.80% from 19.96% in 2022[25]. Dividend and Profit Distribution - The company reported a profit distribution plan, proposing a cash dividend of 3.00 CNY per 10 shares (including tax) based on a total of 101,930,760 shares[5]. - The cash dividend accounted for 100% of the total profit distribution for the year[171]. - The company plans to distribute a cash dividend of CNY 3.00 per 10 shares for the fiscal year 2023, totaling CNY 30,579,228.00[173]. - A cash dividend of CNY 3.30 per 10 shares was distributed, totaling CNY 33,637,150.80, which was completed on May 5, 2023[170]. - The total undistributed profits at the end of 2023 amounted to CNY 701,661,698.50, with a capital reserve balance of CNY 548,000,248.46[173]. Market and Industry Trends - The global electronic industry is projected to grow from 2,573 billion in 2024, with a growth rate of approximately 6.0%[38]. - In 2023, the global PCB industry value is approximately 37.8 billion, with a significant impact from automotive electronics, which is growing against the overall market decline[41]. - The global PCB market is projected to have a compound annual growth rate (CAGR) of 5.4% from 2023 to 2028, reaching approximately $90.4 billion by 2028[44]. - The automotive sector is expected to see PCB product growth at a CAGR of 5.07% over the next five years, driven by advancements in autonomous driving and electric vehicles[43]. - The demand for high-end PCB products is increasing, particularly in emerging markets such as ADAS, wearable devices, and AI applications[43]. Company Strategy and Operations - The company operates under a management model inspired by the "Amoeba" management philosophy, promoting independent operational units[18]. - The company is focused on expanding its market presence and enhancing its product offerings in the PCB industry[18]. - The company has established a strong commitment to environmental and social responsibility as part of its corporate governance[5]. - The company focuses on high-quality PCB manufacturing for various applications, including industrial control, automotive electronics, and communication devices[50]. - The company achieved operating revenue of 1,314.69 million yuan, a year-on-year increase of 7.85%, driven by rapid growth in the automotive electronics and new energy sectors[56]. - The company has developed 80-layer IC test boards, positioning itself for rapid growth in the IC testing sector as domestic wafer and packaging capacity continues to expand[53]. - The company has established a global layout with production bases in Thailand, enhancing its ability to meet diverse customer procurement needs[55]. - The company emphasizes high-quality products and has built a stable supply system through long-term experience and strict quality control measures[58]. Research and Development - The company holds 13 existing invention patents and has obtained 7 new patents during the reporting period, focusing on high-density, high-current, and high-heat dissipation products[57]. - The company is in the small batch stage for several new technology projects, including high-density ceramic substrates and ultra-thin dielectric layer manufacturing[82]. - R&D investment amounted to ¥53,099,398.26 in 2023, representing 4.04% of total revenue, a decrease from 4.47% in 2022[84]. - The number of R&D personnel decreased by 0.56% to 178 in 2023, with a notable increase in personnel aged 40 and above by 38.89%[84]. Risk Management - The company emphasized the importance of risk awareness regarding future plans and performance forecasts, highlighting potential risks in its future operations[5]. - The company aims to enhance its ability to respond to foreign exchange fluctuations through foreign exchange derivative transactions[101]. - The company has established risk control measures for foreign exchange derivative transactions, including strict adherence to management systems and regular audits[102]. - The company is exposed to raw material price volatility, with significant costs tied to materials like copper and gold, which could impact production stability and profitability if prices rise sharply[128]. - To mitigate raw material price risks, the company is optimizing supply chain management and exploring solar energy projects to reduce electricity costs[128]. Corporate Governance - The company maintains independent operations in assets, personnel, finance, and business, with no interference from controlling shareholders[138]. - The company has established a performance evaluation and incentive mechanism linking employee compensation to company performance[135]. - The company operates an independent financial accounting department and has established a complete financial management system[139]. - The company has a dedicated investor relations management system, enhancing communication and transparency with stakeholders[136]. - The company has established a governance structure that does not involve any differential voting rights arrangements[143]. Employee Relations - The total number of employees at the end of the reporting period is 1,763, with 1,270 in production, 76 in sales, 326 in technology, 12 in finance, and 79 in administration[165]. - The company emphasizes talent development through internal and external training to enhance employee capabilities and support future expansion[168]. - The employee stock ownership plan includes 526 employees holding a total of 343,800 shares, representing 0.34% of the company's total equity[176]. - The company has implemented a second employee stock ownership plan, with discussions held on June 15, 2023, regarding its management measures[161]. Environmental Responsibility - The company has implemented various environmental protection laws and standards, ensuring compliance with regulations[192]. - The company is committed to adhering to stricter pollution discharge standards as part of its operational activities[198]. - The company’s wastewater treatment meets the discharge standards, with a total nickel concentration of 0.03 g/L, which is within the permissible limits[198]. - The company has successfully passed environmental assessments for multiple projects, ensuring compliance with local environmental regulations[196].