Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was HKD 4,686.8 million, representing a year-on-year increase of 1.8%[4] - Gross profit rose by 7.7% to HKD 1,269.1 million, with a gross profit margin of 27.1% compared to 25.6% in the previous year[4] - The profit attributable to shareholders increased to HKD 644.3 million, a year-on-year rise of 10.1%, while the adjusted profit attributable to shareholders was HKD 615.5 million, up 15.7%[4] - Basic earnings per share were HKD 0.341, compared to HKD 0.310 for the fiscal year ending December 31, 2023[6] - The company reported operating cash flow of HKD 1,146.2 million, with net debt decreasing by HKD 32.5 million, indicating strong cash flow performance[6] - Other income increased significantly by 527.5% to HKD 125.5 million, contributing positively to overall financial performance[39] - The net profit attributable to shareholders increased by 10.1% to HKD 644.3 million, with a net profit margin of 13.8%[39] - Adjusted EBITDA for the year ending December 31, 2024, was HKD 1,318.6 million, compared to HKD 1,214.9 million in the previous year[46] - The company reported a net profit attributable to shareholders of HKD 615.5 million for the year ending December 31, 2024, compared to HKD 532.0 million in the previous year[46] Revenue Breakdown - The revenue from the large-capacity engine terminal market grew significantly by 58.6%, while the aviation terminal market saw a 26.8% increase[4] - Revenue from recreational vessels and vehicles, agricultural machinery, and construction machinery terminal markets declined by 31.8%, 23.0%, and 6.7% respectively, primarily due to economic weakness in the US and Europe[11] - The aviation, energy, and medical terminal markets maintained strong growth, with revenue rising to HKD 786.3 million, up 13.0% year-on-year[15] - The automotive terminal market saw a slight decline in revenue, down 3.2% to HKD 1,640.5 million, with passenger vehicle revenue increasing by 2.0%[14] - Revenue from the Americas region grew by 4.3%, totaling HKD 2,328.5 million, while European revenue decreased by 5.4%[21] Market Challenges and Strategies - The company faced challenges in the Mexican region, recording significant net losses, although EBITDA losses decreased year-on-year[9] - The group operates 21 factories across China, Germany, Turkey, the Czech Republic, and Mexico, adhering to a "regional manufacturing" and "dual-source production" strategy to mitigate supply chain risks[27] - The company maintained a strategy of "global layout," "diversified terminal markets," and "dual-engine growth" to navigate economic challenges[23] - Despite facing downward risks in some end markets due to geopolitical conflicts and high inflation, the group maintains confidence in its business performance for 2025, forecasting a year-on-year sales growth rate of approximately mid to high single digits[31] Future Outlook - The aerospace end market continues to show strong performance, with significant revenue growth expected as Boeing aircraft production gradually recovers, leading to increased demand in the aerospace supply chain by 2025[24] - The large horsepower engine end market experienced strong revenue growth, driven by the increasing application of artificial intelligence in data centers, with expectations of continued significant growth over the next two to three years, potentially surpassing the passenger vehicle end market by 2025[25] - The group expects significant growth in the medical terminal market by 2025, driven by new products developed for North American customers, which began to ramp up in Q4 2024[33] - The group anticipates that artificial intelligence will continue to accelerate over the next two to three years, driving demand for data centers and benefiting large horsepower engine orders, with expectations of significant product development in 2024[32] Capital Expenditures and Investments - Capital expenditures for 2025 are projected to be approximately HKD 650 million, with about two-thirds allocated to the SLP park in Mexico[36] - The group has initiated the construction of a second-phase factory in the SLP park to meet the growing demand for high-power engine components, expected to be completed by the end of 2025[36] - The company plans to continue focusing on market expansion and new product development to drive future growth[46] Corporate Governance and Compliance - The company believes that good corporate governance enhances overall efficiency and creates more value for shareholders[139] - The company has adhered to all corporate governance code provisions as of December 31, 2024, with a significant degree of compliance with best practices[140] - The chairman and CEO roles are held by the same individual, which the board believes benefits the management of the company[141] - The Audit Committee has reviewed the consolidated financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and regulations[150] Environmental and Social Responsibility - The company achieved a greenhouse gas emission reduction of 0.2% year-on-year for 2024, excluding new factories in Nantong and Zhenjiang[85] - Cumulative reductions in greenhouse gas emissions and water consumption density have reached 40.0% and 55.9%, respectively, compared to the baseline year of 2020[85] - The waste recycling rate improved from 76.9% in 2023 to 87.8% in 2024, demonstrating significant progress in waste management[85] - The company received the Standard Chartered Corporate Achievement Award for "Sustainable Enterprise (Environment) Excellence" for 2024, highlighting its commitment to corporate social responsibility[86]
鹰普精密(01286) - 2024 - 年度业绩