Financial Performance - Sales increased by 24% year-on-year, reaching approximately USD 117 million, marking the first time the company exceeded the USD 100 million revenue mark[12]. - Recurring revenue grew by 12% year-on-year to USD 32 million, maintaining a stable percentage of total sales at 28%[18]. - Revenue for 2024 reached US$116,791,000, up from US$94,259,000 in 2023, representing a 24% increase[44]. - Profit for the year attributable to owners of the parent was US$38,046,000, compared to US$28,099,000 in 2023, a 35% increase[44]. - Core net profit for 2024 was US$38,324,000, up from US$28,352,000 in 2023, reflecting a 35% increase[44]. - Basic earnings per share increased to 3.46 US cents in 2024 from 2.56 US cents in 2023, a 35% rise[44]. - Subscription revenue collected in 2024 increased by 36% YoY[24]. - Subscription take-up rate grew from 30.5% to 34.1% YoY[24]. - Gross profit for the year was approximately US$64,149,000, a year-over-year increase of approximately 26.0%[72]. - Gross profit margin improved to approximately 54.9%, compared to approximately 54.0% for the previous year[72]. Sales and Market Expansion - The collaboration with Starlink attracted over 50 channel partners, enhancing the Peplink-Starlink channel program and leading to significant deployments in various sectors[20]. - The company launched the B One series router, which integrates Starlink LEO, 5G, and wired broadband, providing enterprise-grade performance at an accessible price[21]. - The growth in sales was attributed to strong performance across multiple product lines and the positive impact of the Peplink Starlink program[53]. - Sales in North America increased to approximately US$74,760,000, representing year-on-year growth of approximately 37.5%[66]. - Sales to EMEA rose to approximately US$29,064,000, representing a year-on-year growth of approximately 5.5%[66]. - Sales to Asia decreased about 12.2% year-on-year to approximately US$8,756,000[66]. Operational Efficiency and Cost Management - Selling and distribution expenses increased about 22.7% year-on-year to approximately US$4,348,000, mainly due to higher advertising and promotion spending[79]. - General and administrative expenses were approximately US$7,746,000, a year-on-year increase of approximately 10.3%[84]. - Research and development expenses slightly increased by 1.0% to approximately US$8,495,000[86]. - Total operating expenses for the year ended December 31, 2024, amounted to approximately US$20,589,000, representing a year-over-year increase of approximately 8.5%[95]. - Employee costs for the year were approximately US$10,514,000, up from approximately US$9,861,000 in 2023[95]. Strategic Initiatives and Partnerships - The company plans to expand collaboration with Starlink by adding their small-business product to the channel program in 2025[25]. - The "Better Together" program with T-Mobile has been expanded to include Starlink products, promoting bundled services[26]. - The company continues to evolve its product range, including both wired and wireless functions, and has expanded into connectivity products beyond typical SD-WAN routers[50]. - The company aims to enhance "on-demand" connectivity for temporary uses, improving reliability for applications like livestreaming[30]. Corporate Governance and Management - The Company adopted the Corporate Governance Code and has complied with all applicable provisions as of December 31, 2024[148]. - The Board consists of eight members, including four executive Directors and three independent non-executive Directors, ensuring a balanced composition[160]. - The independent non-executive Directors provide a wide range of skills and independent judgment on strategy, performance, and risk[167]. - The Company has received written confirmations of independence from all independent non-executive Directors, ensuring their independent status[164]. - The Board delegates day-to-day operations and business strategies to executive Directors and senior management while maintaining oversight[165]. - The cultural framework of the Company influences strategic planning and helps identify opportunities and challenges[158]. - The Company is committed to maintaining high standards of corporate governance to enhance shareholder value[153]. Employee and Workforce Development - The Group had 180 full-time employees as of December 31, 2024, an increase from 177 in 2023[117]. - The Group's total employee costs for the year ended December 31, 2024, were approximately US$10,514,000, an increase from approximately US$9,861,000 in 2023, reflecting a growth of about 6.6%[123]. - The number of attempts for Peplink Certified Engineers/Associates/Sales Specialists certifications continued to grow at a decent pace in 2024[27]. - The Company focuses on creating a work environment that allows employees to thrive and meet their full potential[155]. Risk Management and Audit - The Audit Committee conducted two meetings to review the annual results for the year ended December 31, 2023, and the interim results for the six months ended June 30, 2024[189]. - The Audit Committee oversees risk management and internal control procedures of the Company[185]. - The roles of Chairman and Chief Executive Officer are separate to ensure a balance of power and authority[177].
珩湾科技(01523) - 2024 - 年度财报