COWELL-高伟电子(01415) - 2023 - 年度财报

Financial Performance - The company's revenue for the fiscal year ending December 31, 2023, was $923.8 million, reflecting a negative growth compared to the previous year[10]. - Net profit for 2023 decreased by 44.7% to$ 46.4 million, impacted by macroeconomic downturns, although performance was better than industry peers[10]. - In 2023, the company's revenue decreased to $923.8 million from$ 1,116.2 million in 2022, representing a decline of approximately 17.3%[23]. - The company's profit also fell from $83.8 million in 2022 to$ 46.4 million in 2023, a decrease of about 44.7%[23]. - Gross profit for the year was $127.8 million, down 26.7% from$ 174.4 million in 2022, resulting in a gross margin of 13.8% compared to 15.6% in the previous year[34]. - Net profit decreased by 44.6% to $46.4 million, with net profit margin dropping to 5.0% from 7.5% in 2022[34]. - Total revenue for the fiscal year ended December 31, 2023, decreased by 17.2% to$ 923.8 million, down from $1,116.2 million in 2022[195]. - Profit for the year decreased by approximately 44.6% to about$ 46.4 million, compared to $83.8 million in 2022[195]. - Earnings per share for the fiscal year was$ 0.06, compared to $0.10 in 2022[195]. Research and Development - Research and development expenses increased by 11% compared to 2022, with R&D expenses as a percentage of revenue rising from 4.7% in 2022 to 5.9% in 2023[11]. - The company plans to expand R&D investment and high-end talent reserves, with new products expected to be mass-produced in 2024[22]. - The company plans to continue investing in R&D and expanding its customer base to create maximum value for shareholders[29]. Market Outlook - The company is optimistic about growth in the precision optics industry, particularly in augmented reality (AR), virtual reality (VR), mixed reality (MR), smart driving, micro-displays, and medical applications[11]. - The global AR/VR market is projected to grow from$ 13.8 billion in 2023 to $50.9 billion by 2026, with a CAGR of 32.3%[19]. - The automotive LiDAR market is expected to grow from$ 333 million in 2022 to $4.65 billion by 2028, with a CAGR of 69% for passenger cars[20]. - The company remains optimistic about future growth despite macroeconomic challenges, focusing on innovation in optical technology and emerging applications[21]. Economic Environment - The global economic outlook for 2023 was revised by the IMF to a growth rate of 3.1%, down from 3.5% in the previous year, indicating ongoing economic uncertainty[17]. - The company acknowledges the support of its employees, shareholders, and partners in achieving its current results and aims to continue collaborative efforts for future success[14]. - The management remains focused on steady growth and maximizing shareholder value despite external challenges[14]. Sustainability Initiatives - The company is committed to sustainability initiatives, including the introduction of green energy and storage solutions, aiming for carbon neutrality and reduced plastic usage[12]. - The company is committed to environmental sustainability, focusing on reducing its environmental impact through energy conservation and recycling[192]. Shareholder and Management Information - The company will not declare dividends for the fiscal year ending December 31, 2023, to ensure continued leadership in the optical field[23]. - The company has implemented a new share award plan, with a limit of 10% of the total issued shares as of the adoption date, which was 853,124,800 shares[84]. - The company has adopted a new share option plan to provide greater flexibility in granting options to eligible participants, aiming to reward contributions to the group[116]. - The company has established a long-term incentive plan for employee compensation, which is based on performance and market statistics[82]. - The company’s management team consists of seven directors, including two executive directors and three independent non-executive directors[88]. Financial Position - Total assets increased from$ 631.2 million in 2022 to $943.3 million in 2023, showing a growth of approximately 49.3%[23]. - The company's total assets increased by 49.5% to$ 943.3 million, while total liabilities rose by 95.2% to $528.1 million[32]. - The company's return on equity decreased from 23.2% in 2022 to 11.2% in 2023 due to a decline in net profit[38]. - Current ratio declined from 1.90 in 2022 to 1.45 in 2023, reflecting increased short-term bank loans[39]. - The company generated positive operating cash flow of$ 113.4 million for the year ended December 31, 2023, compared to $97.1 million in 2022[196]. Inventory and Receivables Management - The group's inventory balance decreased by approximately 3.2% or about$ 4.4 million from approximately $138.3 million on December 31, 2022, to approximately$ 133.9 million on December 31, 2023, primarily due to an increase in raw material inventory offset by a corresponding decrease in finished goods inventory[53]. - Trade and other receivables decreased by approximately 10.6% or about $20.8 million from approximately$ 195.8 million on December 31, 2022, to approximately $175.1 million on December 31, 2023[57]. - The average trade receivables turnover days improved from 66.1 days in 2022 to 47.5 days in 2023[58]. - The average inventory turnover days increased to 62.4 days in 2023 from 53.7 days in 2022[196]. Procurement and Supplier Relationships - The largest customer accounted for approximately 93.5% of the group's revenue, while the top five customers together represented about 99.8% for the fiscal year ending December 31, 2023[149]. - The largest supplier contributed approximately 46.7% of the group's procurement, with the top five suppliers accounting for about 63.2% for the same fiscal year[149]. - The company has established a new procurement framework agreement with Guangzhou Lijing to supply materials related to production, including circuit board assemblies[169]. Audit and Compliance - The audit committee reviewed the accounting standards and policies adopted by the group for the fiscal year ended December 31, 2023[189]. - The company plans to retain KPMG as its auditor, with no objections from the audit committee regarding the reappointment[190]. - The independent non-executive directors have reviewed the ongoing connected transactions and confirmed their compliance with the relevant regulations[175].