Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 2,402.5 million, a slight decrease of 0.1% compared to HKD 2,404.8 million in the same period of 2023[8]. - Gross profit increased by 1.7% to HKD 634.5 million, with a gross margin of 26.4%, up from 26.0%[8]. - Adjusted profit attributable to shareholders was HKD 304.5 million, reflecting a 0.4% increase from HKD 303.2 million in the previous year[8]. - Basic earnings per share rose to HKD 16.13, a 0.2% increase from HKD 16.09[8]. - Adjusted EBITDA for the period was HKD 694.3 million, representing a 3.5% increase from HKD 671.0 million[8]. - Operating profit for the first half of 2024 was HKD 432.2 million, reflecting a 1.8% increase from HKD 424.6 million in the previous year[28]. - The net profit for the period was HKD 305,458, a marginal increase from HKD 303,491 in the previous year, indicating a growth of 0.6%[81]. - The company reported a significant increase in other income, which rose by 74.3% to HKD 44.8 million[28]. Revenue Segmentation - The company reported a significant increase in revenue from the large horsepower engine market, rising by 42.9% due to increased demand in the U.S. and European markets[15]. - The aviation segment's revenue grew by 35.3%, driven by the recovery of the global aviation market and increased market share[16]. - The energy segment's revenue increased by 27.3%, benefiting from continuous market share growth[16]. - Revenue for the diversified industrial segment decreased by 3.9% to HKD 1,138.2 million, while the automotive segment revenue fell by 3.8% to HKD 866.3 million compared to the same period last year[17]. - Revenue from the aerospace, energy, and medical segments increased by 24.5% to HKD 398.0 million, with aerospace alone growing by 35.3% to HKD 255.5 million[20]. - Revenue from the United States was HKD 1,090,100, showing an increase from HKD 1,023,291 in the previous year, while European revenue decreased to HKD 739,919 from HKD 790,159[111]. Cash Flow and Financing - Free cash flow from operations decreased significantly by 43.0% to HKD 156.6 million compared to HKD 274.9 million in the prior year[8]. - Operating cash flow for the period was HKD 497.9 million, a decrease of 26.5% from HKD 677.5 million in the same period last year[45]. - Cash used in financing activities was HKD 333.6 million, an increase of 125.5% from HKD 148.0 million in the same period last year[47]. - The net financing cost for the six months ended June 30, 2024, was HKD 55,049,000, an increase of 9.3% from HKD 50,401,000 in 2023[116]. Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.08 per share, consistent with the previous year[8]. - The interim dividend declared for the six months ending June 30, 2024, is HKD 0.08 per share, totaling approximately HKD 151.0 million, compared to HKD 150.8 million for the same period last year[56]. - The record date for the interim dividend is August 27, 2024, with payment expected on or before September 6, 2024[57]. - Major shareholders include Impro Development with 1,348,118,787 shares (71.43%) and Mr. Lu with 1,357,357,787 shares (71.92%) as of June 30, 2024[66]. Market Outlook and Strategic Initiatives - The company is focused on expanding its market presence and enhancing product development strategies moving forward[8]. - The company adjusted its full-year sales growth forecast for 2024 to between 3% and 8% due to global economic challenges and geopolitical tensions[26]. - The company expects strong demand for high-power engines driven by the rapid development of AI and big data centers in the US and Europe[26]. - The integration of the Nantong No. 12 factory with Foshan Meiduan is set to enhance production capacity and efficiency in the aerospace and energy components business by the end of 2024[26]. - The company plans to start the second phase of construction in the Mexico SLP area in the second half of 2024 to enhance production capabilities[26]. Compliance and Governance - The company has adopted the corporate governance code and has complied with all relevant provisions, except for the separation of the chairman and CEO roles[58]. - All directors confirmed compliance with the standard code of conduct for securities trading during the six months ending June 30, 2024[60]. - The board consists of four executive directors and three independent non-executive directors, ensuring strong independence[58]. Asset and Liability Management - The total debt decreased to HKD 2,124.8 million from HKD 2,257.8 million, reflecting a reduction of 5.9%[10]. - The net asset value of the company was HKD 4,841,537,000, down from HKD 4,900,956,000, indicating a decrease of approximately 1.2%[85]. - The total liabilities decreased to HKD 1,800,810,000 from HKD 1,924,267,000, reflecting a reduction of about 6.4%[85]. - The company's liquidity ratio was 1.62 as of June 30, 2024, slightly up from 1.55 as of December 31, 2023[43]. Research and Development - Research and development expenses for the six months ended June 30, 2024, were HKD 82,895,000, up 15.9% from HKD 71,489,000 in the previous year[117].
鹰普精密(01286) - 2024 - 中期财报