Financial Performance - The company reported total sales revenue of HKD 543,638 thousand for the year ending March 31, 2024, a decrease of 4.3% compared to HKD 567,511 thousand for the previous year[11]. - Revenue from sales of oil was HKD 157,663 thousand, down 16.3% from HKD 188,345 thousand year-over-year[11]. - The company experienced a gross profit of HKD 82,203 thousand, a significant decline from HKD 115,871 thousand in the previous year, primarily due to reduced contributions from oil sales[12]. - The adjusted EBITDA was reported at HKD (143,385) thousand, compared to HKD (26,308) thousand in the previous year, indicating a worsening operational performance[11][13]. - The company recorded a net loss attributable to equity shareholders of HKD (347,484) thousand for the year ending March 31, 2024, compared to HKD (222,513) thousand in the previous year[11]. - The total comprehensive loss for the year amounted to HKD 391,815,000, compared to HKD 282,738,000 in the previous year, marking an increase of around 38.7%[19]. - The basic loss per share was HKD 4.689, compared to HKD 2.925 in the previous year, indicating a worsening of the loss per share by approximately 60.5%[17]. - The company reported a pre-tax loss of HKD (349,361) thousand for the fiscal year ending March 31, 2024, compared to a loss of HKD (218,874) thousand for the previous year, indicating a significant increase in losses[14]. Order Backlog and Equipment Delivery - As of the end of the fiscal year 2023, the company has an order backlog for semiconductor cleaning equipment amounting to approximately HKD 220.9 million, representing a 109% increase compared to fiscal year 2022, with 12-inch wafer equipment orders accounting for about HKD 179.4 million, or 81% of the total[4]. - The company has achieved a 704% increase in the order amount (including VAT) for pre-accepted orders, amounting to approximately HKD 107.9 million, with 12-inch wafer equipment orders accounting for about HKD 92.1 million, or 85% of the total[4]. - The company successfully delivered semiconductor cleaning equipment orders worth approximately HKD 154,200 thousand and solar battery cleaning equipment orders worth approximately HKD 112,400 thousand, with revenue yet to be recognized[16]. - The company has successfully delivered a total of 124 semiconductor and solar battery cleaning equipment units as of the earnings announcement date, achieving a milestone of 100 units shipped in October 2023[66]. Research and Development - The company has completed the R&D of three types of advanced LPCVD equipment, with expected deliveries in fiscal year 2024, and has signed a cooperation agreement with a key customer[2]. - The company has applied for 76 patents, including 34 invention patents, with 32 patents granted, showcasing its commitment to innovation[7]. - The company has developed a copper plating equipment that replaces silver paste, which is currently in the verification process with major clients[5]. - Research and development expenses increased by 123.12%, with revenue contribution rising from 12.10% in fiscal year 2022 to fiscal year 2023[61]. - The company aims to enhance operational management and optimize business efficiency by improving the entire chain from R&D to sales[68]. Market Trends and Future Outlook - The global semiconductor market is projected to reach $673 billion by 2024, with a significant increase in China's market share from 26% to 34%[59]. - The global photovoltaic (PV) market is expected to grow, with annual installations projected to increase from 398 GW in 2023 to 513 GW in 2024[60]. - The company plans to expand its investment in semiconductor equipment to capitalize on positive market trends[59]. - The company anticipates that the semiconductor and solar cell applications will become mainstream globally[87]. - The anticipated long-term boom in the semiconductor industry is expected to enhance the company's market opportunities and access to top-tier customers[87]. Corporate Governance and Shareholder Information - The company has committed to high standards of corporate governance and has adhered to all applicable rules, except for the separation of the roles of Chairman and CEO[129]. - The board of directors consists of seven members, including three executive directors and three independent non-executive directors[133]. - The company did not recommend the payment of a final dividend for the fiscal year 2023, compared to no dividend in fiscal year 2022[127]. Employee and Workforce Development - The company has a workforce of 435 employees, with 114 in R&D, representing about 26% of the total workforce, supporting its strategy for technological innovation[7]. - Employee costs for the fiscal year 2023 amounted to HKD 268,100,000, an increase from HKD 167,000,000 in the fiscal year 2022[123]. - The group has increased its workforce to 435 employees as of March 31, 2024, from 360 employees the previous year[123]. Acquisitions and Investments - The acquisition of Putaite Technology and Ruina Yiwu was completed on August 18, 2022, with the company now owning 100% of these subsidiaries[10]. - The company has established subsidiaries and acquired companies to enhance its operations in semiconductor and solar cell production equipment[8][9]. - The company has repurchased a total of 130,818 thousand shares at an average price of approximately HKD 0.68 per share, totaling HKD 94,790 thousand[57]. Risks and Challenges - The company faced market risks including oil price risk, currency risk, liquidity risk, interest rate risk, credit risk, equity price risk, and management risk[112]. - The company did not hold any oil production hedging instruments as of March 31, 2024, indicating a strategy to assess oil price risk continuously[113]. - The company has not engaged in any hedging activities to manage foreign exchange rate risks, focusing instead on monitoring currency fluctuations[114].
普达特科技(00650) - 2024 - 年度业绩