Financial Performance - For the fiscal year ending March 31, 2024, total revenue from external customers was approximately HKD 2,915,981,000, a decrease from HKD 3,081,697,000 in the previous year, representing a decline of about 5.4%[1][3][6]. - The group reported a pre-tax profit of HKD 186,999,000 for the fiscal year 2024, slightly down from HKD 191,791,000 in 2023[5]. - The profit attributable to equity holders was HKD 169,659,000, down about 7% from HKD 182,318,000 in the prior year[36]. - Annual profit for the same period was HKD 169,659 thousand, down 7% from HKD 182,318 thousand in the prior year[75]. - The gross profit for the year was HKD 370,139 thousand, compared to HKD 337,165 thousand in the previous year[88]. - Total comprehensive income for the year is HKD 116,886,000, down from HKD 300,015,000, indicating a decrease of about 61.0%[94]. Revenue Breakdown - The segment profit for the hardware and plastic division was HKD 238,807,000, while the electronics contract manufacturing segment reported a profit of HKD 24,528,000, leading to a total segment profit of HKD 228,372,000 for the group[1][5]. - The group’s revenue from the hardware and plastic business and electronics contract manufacturing was approximately HKD 2,630,416,000 in 2024, compared to HKD 2,684,206,000 in 2023, showing a decline of about 2%[6]. - Hardware and plastic business revenue decreased to 1,725,255 thousand HKD in 2024 from 1,918,749 thousand HKD in 2023, representing a decline of 10.1%[17]. - The electronics manufacturing services segment saw a revenue increase of approximately 2%, reaching HKD 1,190,648,000, up from HKD 1,162,923,000 year-on-year[36]. Customer Concentration - Revenue from the top five customers accounted for approximately 92% of total revenue in 2024, up from 89% in 2023, highlighting increased customer concentration risk[7]. Assets and Liabilities - Trade and bills receivables increased to HKD 626,341,000 in 2024 from HKD 560,793,000 in 2023, reflecting a growth of approximately 11.7%[9][10]. - The group’s designated non-current assets in 2024 were valued at HKD 984,856,000, a slight decrease from HKD 1,011,529,000 in 2023[6]. - Total liabilities decreased to HKD 1,409,717 thousand from HKD 1,614,017 thousand[87]. - The company's total equity increased to HKD 993,004 thousand from HKD 936,762 thousand[80]. Cash Flow and Financial Health - The group’s cash and cash equivalents totaled HKD 149,418,000 as of March 31, 2024, compared to HKD 159,445,000 in the previous year, indicating a decrease of about 6.4%[12]. - The net financial cost for 2024 was 40,151 thousand HKD, an increase of 17.5% compared to 34,151 thousand HKD in 2023[22]. - The net interest-bearing borrowings as of March 31, 2024, were approximately HKD 383.88 million, with a net interest-bearing borrowings ratio of 39%, down from 54% the previous year[62]. - Total interest-bearing bank borrowings amount to approximately HKD 529,692,000, with cash and bank deposits around HKD 149,418,000, indicating a healthy liquidity position[104]. Dividends - The group declared an interim dividend of 1.5 HKD cents per share in 2024, compared to 4.0 HKD cents per share in 2023[34]. - The board has proposed a final dividend of HKD 0.04 per share, maintaining a consistent dividend payout record since listing, with total dividends for the year reaching HKD 0.055 per share[67]. - The total dividend per share for the year remained at HKD 5.5, unchanged from the previous year[75]. Operational Efficiency and Strategy - The company has established a new integrated production building, enhancing production efficiency and reducing costs while improving product quality[38]. - The group plans to enhance operational efficiency by upgrading from "processing with supplied materials" to "processing with imported materials" to transform its business positioning[54]. - The group aims to introduce automated intelligent production in its Thailand factory, which will allow for the expansion of production capabilities in its mainland China facilities[59]. - A strategy to expand into the mainland China market is being implemented, with efforts to develop products in collaboration with clients[39]. - The company has adopted a "China Plus One" strategy by establishing a factory in Thailand, which has begun production and completed its first orders[51]. Market Conditions and Challenges - The company faced challenges due to a sluggish global economic recovery, high inflation, and geopolitical tensions, impacting capital expenditure from end customers[38]. - Since the end of 2023, the market environment has improved, with significant growth in server market demand driven by corporate investments in AI deployment[38]. - The board remains optimistic about future demand for AI servers and the gradual recovery of traditional server orders as inventory levels are depleted[59]. Innovation and Development - The group is committed to continuous innovation in product development and technology to enhance competitiveness and maintain its leadership in the international server chassis production market[61]. - The group has successfully developed multiple AI server-related molds and secured major model orders from several internationally renowned clients, laying a solid foundation for future revenue growth[52]. - Regular training programs are conducted to enhance employee knowledge and skills, contributing to the company's overall development[51]. Employee Management - The average number of employees during the year was approximately 3,400, a decrease from 3,600 the previous year, indicating a focus on optimizing human resources[65]. Risk Management - The company is actively managing foreign exchange risks, particularly related to RMB fluctuations, by adjusting product prices and potentially using forward contracts[105].
嘉利国际(01050) - 2024 - 年度业绩