智迪科技(301503) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the reporting period was 542.32 million yuan, a year-on-year increase of 32.42%[10] - Net profit attributable to shareholders of the listed company was 42.92 million yuan, a year-on-year increase of 25.72%[10] - Net cash flow from operating activities was -9.41 million yuan, a year-on-year decrease of 124.32%[10] - Basic earnings per share were 0.54 yuan, a year-on-year decrease of 5.26%[10] - Weighted average return on equity was 4.26%, a year-on-year decrease of 4.55%[10] - Revenue for the reporting period reached 542,322,943.00 yuan, a year-on-year increase of 32.42%[25] - Net profit attributable to shareholders of the listed company was 42,924,212.94 yuan, up 25.72% year-on-year[25] - Operating cash flow was -9,413,364.38 yuan, a decrease of 124.32% year-on-year, mainly due to increased R&D and employee compensation[31] - Net profit for the first half of 2024 reached 45.15 million yuan, a 26.3% increase compared to 35.75 million yuan in the same period last year[93] - Operating cash flow for the first half of 2024 was negative at -9.41 million yuan, a significant decline from 38.70 million yuan in the same period last year[95] - Total comprehensive income for the first half of 2024 was 45.15 million yuan, a 26.3% increase compared to 35.75 million yuan in the same period last year[94] Assets and Liabilities - Total assets at the end of the reporting period were 1.42 billion yuan, a year-on-year increase of 7.66%[10] - The company's total assets in Vietnam amounted to 298,162,900 RMB, accounting for 30.08% of the company's net assets[35] - Accounts receivable increased by 4.12% to 313,806,211.67 RMB, representing 22.04% of total assets[34] - Inventory rose by 1.55% to 173,636,773.94 RMB, accounting for 12.20% of total assets[34] - Total investment in the reporting period reached 509,043,574.20 RMB, a 6,882.15% increase compared to the same period last year[37] - Total assets increased to 1,423,819,255.87 RMB, up from 1,322,509,113.69 RMB in the previous period[84] - Long-term receivables rose to 734,596.60 RMB, compared to 711,551.70 RMB previously[84] - Fixed assets decreased slightly to 161,604,586.67 RMB from 165,471,702.16 RMB[84] - Construction in progress surged to 22,970,086.01 RMB, up from 7,408,348.85 RMB[84] - Total liabilities increased to 432,490,252.87 RMB, up from 330,006,720.48 RMB[85] - Accounts payable rose to 253,437,914.14 RMB, compared to 185,299,324.09 RMB previously[84] - Long-term equity investments increased to 53,570,720.20 RMB, up from 31,338,489.70 RMB[87] - Inventory grew to 105,612,212.75 RMB, compared to 91,564,092.79 RMB previously[87] - Total current liabilities increased to 339,432,362.50 RMB, up from 277,748,028.29 RMB[85] - Total non-current liabilities rose to 93,057,890.37 RMB, compared to 52,258,692.19 RMB previously[85] - Total liabilities as of the end of the first half of 2024 were 256,219,153.77 RMB, an 18.5% increase from 216,146,226.68 RMB at the end of the first half of 2023[88] - Accounts payable increased to 207,142,903.91 RMB in the first half of 2024, up 30.1% from 159,203,628.00 RMB in the same period of 2023[88] - The company's monetary funds decreased from 285,818,147.37 yuan to 214,440,685.27 yuan, a decrease of 24.9%[83] - Accounts receivable increased from 237,032,259.47 yuan to 313,806,211.67 yuan, an increase of 32.4%[83] - Inventory increased from 140,800,658.28 yuan to 173,636,773.94 yuan, an increase of 23.3%[83] - The total current assets increased from 1,057,860,196.56 yuan to 1,091,111,086.72 yuan, an increase of 3.1%[83] - The company's cash and cash equivalents decreased by 71.38 million yuan in the first half of 2024, ending with a balance of 214.44 million yuan[96] - Total cash and cash equivalents decreased by RMB 59.8 million in H1 2024, ending at RMB 193.0 million[98] Revenue Breakdown - Keyboard revenue increased by 17.33% to 211,437,668.19 RMB, with a gross margin of 20.31%[32] - Mouse revenue grew by 17.76% to 131,052,411.56 RMB, but gross margin decreased by 1.26% to 19.35%[32] - Keyboards and mice sets revenue surged by 80.35% to 157,260,194.43 RMB, with a gross margin of 12.96%[32] - Other products revenue skyrocketed by 232.61% to 33,361,665.22 RMB, with a gross margin of 37.87%[32] - Sales revenue from goods and services increased to RMB 408.9 million in the first half of 2024, up 15.9% from RMB 352.7 million in the same period of 2023[97] R&D and Innovation - R&D expenses amounted to 28,102,505.10 yuan, a year-on-year increase of 48.90%[25] - The company's R&D model is customer-oriented, focusing on forward-looking technology layout and customized product development based on customer requirements[23] - The company has over 20 years of experience in the keyboard and mouse manufacturing industry, with a strong focus on R&D innovation and production process innovation, and has established a competitive advantage in the market[24] - R&D expenses increased by 56.1% to 25.68 million yuan in the first half of 2024, up from 16.45 million yuan in the same period last year[93] - The company has upgraded magnetic axis keyboard products and developed PCR and environmentally friendly materials[26] - The company has introduced advanced intelligent manufacturing equipment, improving production efficiency and product quality[28] Market and Industry Trends - The global PC market showed a healthy growth trend in Q1 2024, with total shipments of desktops and laptops increasing by 2.9% year-on-year to 57 million units[15] - In Q2 2024, PC shipments increased by 3.1% year-on-year to 62.5 million units, marking the second consecutive quarter of year-on-year growth[15] - The company's market share continues to rise due to the recovery of the computer peripherals industry and the growth of AIPC[25] Production and Sales Models - The company's main products are computer peripherals, including mice and keyboards, which are divided into business office series and e-sports gaming series[16] - The company adopts a "production-to-order" procurement model, purchasing raw materials such as IC, PCB, switches, wires, plastic parts, and packaging materials based on customer orders[20] - The company's production model is "sales-to-production," organizing production based on customer orders and completing key processes such as precision processing, product assembly, and testing independently[21] - The company primarily sells keyboard and mouse products through the ODM model to internationally renowned computer and peripheral brands, with products exported to Europe, North America, and Japan[22] Risk Management - The company faces risks from rapid changes in downstream customer demand, particularly in the consumer electronics industry where product lifecycles are short and technology evolves quickly[49] - To mitigate risks, the company is investing in R&D, tracking industry trends, and expanding production capacity to meet customer demands[49] - The company is exposed to risks from fluctuating raw material prices, including IC, PCB, switches, wires, plastic parts, and packaging materials, which could impact gross margins[49][50] - The company plans to transfer rising raw material costs to downstream customers and optimize procurement to manage price volatility[50] - A significant portion of the company's revenue is settled in USD, making it vulnerable to RMB appreciation, which could negatively impact financial performance[50] - The company is monitoring global economic conditions and may engage in hedging activities to mitigate currency risks[50] - There is a risk of revenue growth falling short of expectations due to uncertain global economic recovery and fluctuating demand for consumer electronics[50] - The company is expanding its product portfolio, optimizing product structure, and improving operational efficiency to address potential revenue and gross margin risks[50] Investor Relations and Corporate Governance - The company has conducted multiple investor relations activities, including on-site and online meetings with institutional investors, to communicate its strategies and performance[51][53] - The company held its 2024 first extraordinary general meeting and 2023 annual general meeting with a 75% participation rate from investors[55] - The company implemented a 2023 annual equity distribution, distributing RMB 5.6 per 10 shares, totaling RMB 44.8 million in cash dividends[58] - The company's total share capital is 80,000,000 shares[58] - The company released its first bilingual (Chinese and English) 2023 Environmental, Social, and Governance (ESG) report, achieving a Wind ESG rating of A, ranking second among 35 peer companies[60] - The company donated to the Zhuhai Red Cross as part of its social responsibility initiatives[60] - The company has passed ISO9001, ISO14001, ISO45001, and QC080000 certifications, demonstrating its commitment to quality, environmental, and occupational health and safety management[59] - The company has established a "Future Three-Year (2024-2026) Shareholder Return Plan" to enhance the transparency and sustainability of its profit distribution policy[58] - The company conducted an environmental emergency drill and established a long-term environmental protection early warning mechanism[59] - The company actively promotes energy-saving renovations and improves energy efficiency as part of its sustainability efforts[60] - The company requires suppliers to sign a "Sunshine Agreement" to ensure fair and transparent procurement practices[59] - The company has not experienced any significant environmental violations or accidents during the reporting period[59] - The company has no significant related party transactions during the reporting period, including no related party transactions related to daily operations, asset or equity acquisitions, or joint external investments[62][63][64][65][66] Subsidiaries and Investments - The company's subsidiaries include Hong Kong Zhidi International Holdings Limited, Zhuhai Langguan Precision Mold Co., Ltd., Zhuhai Jierui Technology Co., Ltd., Zhuhai Longshi Technology Co., Ltd., and Vietnam Zhidi Technology Co., Ltd., with direct ownership ranging from 90% to 100%[113] - The company allocated 978.035 million yuan to increase capital and provide loans to its subsidiary, Vietnam Zhidi Technology Co., Ltd., for the expansion project of computer peripheral products[42] - As of June 30, 2024, the company's unused raised funds balance is 4,069.838 million yuan, with 1,069.838 million yuan in special accounts and 3,000 million yuan in cash management[42] - The company invested 49,000 million yuan in bank wealth management products using raised funds, with 30,000 million yuan still outstanding[45] - The company invested 6,000 million yuan in bank wealth management products using its own funds, with 3,000 million yuan still outstanding[45] Accounting and Financial Reporting - The company's financial reports were prepared in accordance with both Chinese and international accounting standards, with no significant differences[11] - The company's total non-recurring profit and loss for the first half of 2024 was 868,520.11, with an income tax impact of 150,398.15 and a minority interest impact of 907.44[13] - The financial statements are prepared in accordance with the Chinese Accounting Standards and the relevant regulations of the China Securities Regulatory Commission[114] - The company has assessed its ability to continue as a going concern for the next 12 months and found no significant doubts[115] - The company's accounting period follows the Gregorian calendar year, from January 1 to December 31[118] - The normal operating cycle of the company is 12 months, which is used as the standard for classifying assets and liabilities[119] - The functional currency for domestic subsidiaries is RMB, while Vietnam Zhidi Technology Co., Ltd. uses Vietnamese Dong, and Hong Kong Zhidi International Holdings Limited uses RMB[120] - The company has set materiality thresholds for significant individual bad debt provisions at RMB 1 million for receivables and RMB 500,000 for other receivables[121] - The company follows specific accounting policies for revenue recognition based on its actual production and operation characteristics[116] - The company's financial statements are prepared under the going concern assumption and comply with the requirements of the Chinese Accounting Standards and the China Securities Regulatory Commission[117] - The company has detailed accounting policies for both business combinations under common control and those not under common control, including the treatment of goodwill and deferred tax assets[122][123] - The company determines control over investees based on factors such as the purpose of the investee, decision-making authority, and the ability to influence returns[124] - Subsidiaries are included in consolidated financial statements from the date control is obtained and excluded from the date control is lost[124] - For subsidiaries disposed of, their operating results and cash flows are included in consolidated financial statements up to the disposal date[124] - Non-controlling interests in subsidiaries are separately presented in consolidated financial statements[124] - The company reclassifies remaining equity interests at fair value when control over a subsidiary is lost[125] - Joint arrangements are classified as either joint operations or joint ventures based on rights and obligations[126] - Cash and cash equivalents include cash on hand, demand deposits, and short-term, highly liquid investments[127] - Foreign currency transactions are initially recorded at the exchange rate on the transaction date[128] - Foreign currency monetary items are translated at the closing rate on the balance sheet date[129] - Foreign currency financial statements are translated using the closing rate for assets and liabilities, and the transaction date rate for equity items[129] - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes in other comprehensive income, and measured at fair value with changes in current profit or loss[130] - Financial assets measured at amortized cost are managed with the objective of collecting contractual cash flows, and their subsequent measurement is based on the effective interest method[130] - Financial assets measured at fair value with changes in other comprehensive income are managed with the dual objective of collecting contractual cash flows and selling, and their fair value changes are recognized in other comprehensive income[130] - Financial assets measured at fair value with changes in current profit or loss include those not classified under the other two categories, and their fair value changes are recognized in current profit or loss[130] - Financial liabilities are classified into two categories: measured at fair value with changes in current profit or loss and other financial liabilities[131] - Financial liabilities measured at fair value with changes in current profit or loss include trading financial liabilities and those designated as such at initial recognition[131] - Other financial liabilities are measured at amortized cost, and gains or losses from termination or amortization are recognized in current profit or loss[131] - Financial assets are derecognized when the contractual rights to the cash flows expire, or when the risks and rewards of ownership are transferred[132] - Financial liabilities are derecognized when the present obligation is discharged, or when the terms are substantially modified[132] - The difference between the carrying amount of a derecognized financial liability and the consideration paid is recognized in current profit or loss[132] - The company measures loss provisions for accounts receivable without significant financing components based on the expected credit loss over the entire duration[138] - For accounts receivable with significant financing components, the company consistently measures loss provisions based on the expected credit loss over the duration[138] - The expected credit loss rates for accounts receivable are 5% for within 1 year, 10% for 1-2 years, 30% for 2-3 years, 50% for 3-4 years, 80% for 4-5 years, and 100% for over 5 years[138] - The company measures loss provisions for notes receivable based on the expected credit loss over the entire duration, with different combinations based on credit risk characteristics[136] - The expected credit loss rates for notes receivable are 5% for within 1 year, 10% for 1-2 years, 30% for 2-3 years, 50% for 3-4 years, 80% for 4-5 years, and 100% for over 5 years[137] - Other receivables are measured for expected credit loss based on whether the credit risk has significantly increased since initial recognition, with loss provisions measured over the next 12 months or the entire duration[140] - The expected credit loss rates for other receivables are 5% for within 1 year, 10% for 1-2 years, 30% for 2-3 years, 50% for 3-4 years, 80% for 4-5 years, and 100% for over 5 years[140] - The company classifies notes and accounts receivable with a maturity of one year or less from the initial recognition date as receivables financing, and those with a maturity of more than one year as other debt investments[139] - Contract assets are recognized when the company has fulfilled its performance obligations but has not yet received payment, and the right to payment is not unconditional[141] - Inventory is classified into raw materials, work-in-progress, semi-finished goods, finished goods, and goods in transit, with contract fulfillment costs also reported as inventory if the amortization period is within one year or one operating cycle[142] - Inventory is initially measured at actual cost, including purchase cost, processing cost, and other costs, and is subsequently measured using the monthly moving weighted average method