BOMIN ELECTRONICS(603936)2024-04-26 10:58Financial Performance - In 2023, the company reported a net profit attributable to shareholders of -565.75 million RMB, indicating a loss for the year[4]. - The company's operating revenue for 2023 was approximately ¥2.91 billion, a slight increase of 0.52% compared to ¥2.90 billion in 2022[20]. - The net profit attributable to shareholders for 2023 was a loss of approximately ¥565.75 million, a decrease of 798.99% compared to a profit of ¥80.94 million in 2022[20]. - The basic earnings per share for 2023 was -¥0.95, reflecting a decline of 693.75% from ¥0.16 in 2022[20]. - The net cash flow from operating activities for 2023 was approximately ¥31.51 million, a decrease of 84.51% compared to ¥203.46 million in 2022[20]. - The total assets at the end of 2023 were approximately ¥7.97 billion, an increase of 15.03% from ¥6.93 billion at the end of 2022[20]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥4.56 billion, an increase of 23.67% from ¥3.69 billion at the end of 2022[20]. - The gross margin decreased by 8.03 percentage points to 6.41% from the previous year[89]. - The total revenue for the company was CNY 2,783,603,542.34, representing a decrease of 0.54% compared to the previous year[88]. - The company reported a total non-operating income of -1,259,420.89 yuan, with significant impacts from tax and minority interests adjustments[27]. Shareholder Returns - The company implemented a share buyback amounting to 23.92 million RMB during the year, as it did not meet the conditions for cash dividends[4]. - The company plans to submit the profit distribution proposal to the 2023 annual general meeting for approval[4]. - The company has not disclosed any cash dividends, bonus shares, or capital reserve transfers for the year[4]. - The company plans to distribute cash dividends of no less than 10% of the distributable profits for the year, provided it meets certain conditions[176]. - The company approved a cash dividend of 0.2 yuan per 10 shares, totaling 12,607,960.08 yuan, representing 16.04% of the net profit attributable to shareholders for 2022[178]. - The company plans not to distribute cash dividends for 2023 due to a negative net profit, aligning with its profit distribution policy[180]. Operational Efficiency - The company has implemented cost-reduction and lean production initiatives to enhance operational efficiency amid economic downturns and weak downstream demand[59]. - The company has established a procurement management system to optimize supplier management and reduce costs through various procurement strategies[55]. - The company is focusing on optimizing its product structure and integrating factory resources to address price competition and evolving product demands[64]. - The company has implemented a salary reform project for the marketing department, focusing on team collaboration and long-term goals[172]. - The company has conducted a salary reform pilot for new product lines, using a combination of salary and performance-based pay[173]. Market Trends and Projections - The global PCB market is expected to decline by 15.0% in 2023, reaching a value of 37.794 billion, but is expected to grow at a CAGR of 4.1% from 2023 to 2028[35]. - The demand for multilayer boards, packaging substrates, and HDI is anticipated to grow significantly, with respective CAGRs of 8.8%, 7.8%, and 6.2% from 2023 to 2028[37]. - The automotive electronics sector is projected to grow at a CAGR of 4.8% from 2022 to 2027, driven by the increasing electronic content in vehicles[39]. - The global IC substrate market value in 2023 was $12.498 billion, reflecting a year-on-year decline of 28.2%[68]. Research and Development - R&D expenses amounted to CNY 132.91 million, accounting for 4.56% of total revenue, with a focus on 5G communication, new energy, servers, ceramic substrates, and IC substrates[79]. - The company has applied for 32 patents, with 287 patents authorized, ranking among the industry leaders in patent authorization[79]. - The company has established six provincial-level R&D platforms and is recognized as a national high-tech enterprise, enhancing its capability to undertake national-level projects[76]. - The company has developed a series of proprietary technologies, including embedded capacitors in printed circuit boards, which improve electrical performance and reliability[78]. - The company is focusing on enhancing its technological capabilities through research and development efforts[151]. Environmental Responsibility - The company invested 6,771.76 million yuan in environmental protection during the reporting period[187]. - Shenzhen Bomin has achieved compliance with national emission standards for wastewater and air emissions, with no instances of exceeding discharge limits reported[191][194]. - The company has implemented a new organic waste gas treatment system, enhancing its VOCs management capabilities[196]. - Shenzhen Bomin conducts quarterly inspections of its environmental protection facilities to ensure stable operation and compliance with discharge standards[196]. - The company holds valid pollution discharge permits from relevant environmental authorities, ensuring adherence to environmental regulations[197]. Governance and Compliance - The company held 4 shareholder meetings during the reporting period, ensuring compliance with relevant laws and regulations, and maintained a 100% response rate on the "E Interaction" platform[140][144]. - The board of directors convened 10 meetings, with all members actively participating and providing professional insights to ensure efficient decision-making[142]. - The company has maintained strict separation from its controlling shareholder in terms of business, assets, personnel, and finances, ensuring independent operations[144]. - The company emphasizes transparency and compliance in information disclosure, ensuring timely and accurate communication with the market[144]. - The company has revised its governance documents, including the Articles of Association and various committee rules, to enhance its governance framework[143].