SHENGYI ELECTRONICS CO.(SH:688183)2025-03-27 08:15Profit Distribution and Financial Performance - The proposed profit distribution plan for 2024 includes a cash dividend of 2.50 RMB per 10 shares, totaling approximately 204.08 million RMB, which represents 61.47% of the net profit attributable to shareholders[7]. - The company does not plan to increase capital reserves or issue bonus shares in the current profit distribution[7]. - The board of directors has approved the profit distribution plan, pending approval at the 2024 annual general meeting[8]. - The company's operating revenue reached ¥4.69 billion in 2024, a 43.19% increase compared to ¥3.27 billion in 2023[24]. - Net profit attributable to shareholders was ¥331.97 million in 2024, recovering from a loss of ¥24.99 million in 2023[24]. - The basic earnings per share improved to ¥0.40 in 2024, compared to a loss of ¥0.03 in 2023[25]. - The weighted average return on equity rose to 8.24% in 2024, up from -0.63% in 2023[25]. - The net cash flow from operating activities was ¥350.73 million, a decrease of 18.70% from ¥431.38 million in 2023[24]. - The company's net assets attributable to shareholders grew by 8.82% to ¥4.27 billion at the end of 2024, up from ¥3.93 billion at the end of 2023[24]. - The total cash dividend, including share buybacks, amounts to 35,404.78 million RMB, exceeding the net profit attributable to shareholders, which is 33,197.32 million RMB, resulting in a distribution ratio of 106.65%[188][192]. Research and Development - Research and development expenses accounted for 6.05% of operating revenue, an increase of 0.16 percentage points from 5.89% in 2023[25]. - The company established 24 R&D projects, focusing on high-potential areas such as AI computing, satellite communication, and smart automotive electronics[38]. - Total R&D investment reached ¥283,614,837.30 in 2024, a significant increase of 47.16% compared to ¥192,720,758.39 in the previous year[79]. - The company has applied for 48 new invention patents and obtained 33 new invention patents in 2024, enhancing its core competitiveness in the PCB industry[68]. - The company has completed the R&D and testing of satellite communication products, aiming for mass production by 2025[60]. - The company is actively increasing R&D investment in automotive electronics, focusing on smart driving, power energy, and smart cockpit products[66]. - The company has developed various core technologies, including HDI manufacturing and high-speed signal loss control, to maintain its competitive edge in the market[88]. Market and Industry Outlook - The global PCB market value is projected to grow by 5.8% year-on-year in 2024, reaching $73.565 billion[52]. - The domestic PCB market in China is expected to reach $41.213 billion in 2024, with a year-on-year growth of 9.0%[52]. - The demand for 18-layer and above multilayer boards is expected to grow by 40.2% in 2024, driven by strong AI server demand[54]. - HDI boards are projected to increase by 18.8% in 2024, reflecting a recovery in the mobile and PC markets[54]. - The overall PCB industry is forecasted to maintain a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029[52]. - The company focuses on communication networks, computers/servers, and automotive electronics, positioning itself as a leading player in the PCB industry[51]. Strategic Initiatives and Investments - The investment amount for the Thailand new production base project was increased from $100 million to $170 million, with construction expected to start in November 2024 and trial production anticipated in 2026[40]. - The company plans to produce 250,000 square meters of high-density interconnect PCBs annually, with the first phase aiming for 150,000 square meters by 2025 and the second phase for 100,000 square meters by 2027[40]. - The company aims to enhance its market competitiveness in the high-end server sector through the development of reliable PCBs, with an investment of CNY 10 million[84]. - The company plans to invest approximately 1.4 billion RMB in the smart computing center for high-density interconnect circuit board project, covering public facilities and production equipment[133]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 1 billion RMB allocated for potential mergers[161]. Governance and Compliance - The company has confirmed that all directors attended the board meeting, ensuring governance compliance[5]. - The company has not experienced any violations of decision-making procedures regarding external guarantees[11]. - The company has established a competitive compensation and incentive system to enhance employee performance and align with business needs[185]. - The board of directors has not faced any objections regarding company matters during the reporting period[174]. - The company continues to maintain a stable board structure with no changes in the composition of directors during the reporting period[158]. Employee and Shareholder Relations - The total number of employees in the parent company and major subsidiaries is 5,378, with 4,260 in the parent company and 1,118 in subsidiaries[183]. - The company has implemented a talent development strategy closely aligned with its business development needs, including specialized training programs[186]. - The company has maintained a consistent approach to protecting the rights of minority shareholders in its profit distribution policies[189]. - The company has a stock incentive plan in place, with 37,680,940 restricted stock options granted during the reporting period[196].