Ellington(SH:603328)2025-03-28 10:50Financial Performance - The company's operating revenue for 2024 reached CNY 3,506,461,968.65, representing a 10.36% increase compared to CNY 3,177,326,175.73 in 2023[24]. - Net profit attributable to shareholders for 2024 was CNY 437,374,204.86, a 23.20% increase from CNY 355,001,303.03 in 2023[24]. - The net profit after deducting non-recurring gains and losses was CNY 422,959,738.52, reflecting a 25.62% increase from CNY 336,694,440.96 in 2023[24]. - Cash flow from operating activities decreased by 49.51% to CNY 364,047,951.54 in 2024, down from CNY 721,088,995.55 in 2023[24]. - Total assets increased by 10.75% to CNY 5,558,832,628.94 at the end of 2024, compared to CNY 5,019,365,023.90 at the end of 2023[24]. - Net assets attributable to shareholders rose by 6.57% to CNY 4,034,102,317.18 at the end of 2024, up from CNY 3,785,310,335.68 at the end of 2023[24]. - Basic earnings per share rose to 0.438 yuan, reflecting a growth of 23.03% year-on-year[25]. - The comprehensive gross profit margin improved to 21.46%, up by 0.25 percentage points compared to the previous year[57]. - The total liabilities rose by 23.55% to 1,524.73 million RMB compared to the end of the previous year[57]. Market Strategy and Expansion - The company focused on expanding its market share by deepening relationships with key clients and enhancing customer service[35]. - New partnerships were established with several domestic and international companies, including Stellantis and Magna, to capture additional market opportunities[35]. - The company implemented a strategy to optimize marketing incentives and enhance collaboration with existing strategic partners[35]. - The company opened multiple new offices domestically and internationally to improve market coverage and influence[35]. - The company aims to become a global leader in high-reliability PCB supply, focusing on automotive electronics and computing/communication sectors[84]. - The company plans to enhance its international and domestic market development, targeting high-value clients in Europe, the U.S., and Japan[85]. - The company is focusing on expanding its market presence through strategic partnerships and potential acquisitions in the technology sector[106]. Research and Development - R&D investment increased from 3.97% to 4.28% of revenue, with R&D expenses growing by 18.98% year-on-year[36]. - The company is establishing a new PCB production base in Thailand, with plans to complete the first phase of the project by the end of 2024[39]. - Key product development will focus on high-value applications such as smart driving and wireless communication, with significant R&D efforts on 77GHz radar and laser radar technologies[86]. - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing product efficiency[107]. Environmental and Social Responsibility - The company has been recognized for its commitment to green manufacturing and social responsibility, receiving awards for being a "green electricity customer" and a "waste-free factory"[41]. - The company invested CNY 5,370.84 million in environmental protection during the reporting period[148]. - The company has implemented carbon reduction measures, resulting in a reduction of 4,848 tons of CO2 equivalent emissions per year[158]. - The company actively participates in the "Waste-Free City" initiative and was recognized as a "Waste-Free Factory" by local authorities[162]. - A total of 46.72 million yuan was invested in social responsibility initiatives, including 46.40 million yuan in scholarships and assistance for local students[163]. Governance and Compliance - The company has established a fair and transparent performance evaluation and incentive mechanism for its directors and senior management, aiming to enhance motivation and retain talent[98]. - The company maintains complete independence in asset management, personnel, finance, and operations, ensuring no interference from the controlling shareholder[100]. - The company has a clear governance structure in place, with defined roles and responsibilities for its board members and executives[113]. - The company has a total of 4,653 employees, with 4,636 in the parent company and 17 in major subsidiaries[131]. - The company has not faced any penalties from securities regulatory agencies in the past three years[116]. Shareholder and Financial Management - The company plans to distribute a cash dividend of CNY 1.98 per 10 shares, subject to approval at the 2024 annual general meeting[7]. - The company declared a cash dividend of CNY 197,691,636.98, which accounts for 45.20% of the net profit attributable to ordinary shareholders in the consolidated financial statements[138]. - The cumulative cash dividends over the last three accounting years amounted to CNY 538,160,567.33, with an average annual net profit of CNY 353,639,086.16, resulting in a cash dividend ratio of 152.18%[141]. - The company has committed to a cash dividend policy where the minimum distribution will be 20% of the distributable profits if there are no major investment plans or cash expenditures[175]. Risk Management - There are no significant risks that could materially affect the company's operations during the reporting period[11]. - The company has established a comprehensive internal control system to effectively prevent major risks in business operations[144]. - The internal control audit report issued by Zhonghui Accounting Firm provided a standard unqualified opinion[146]. Financial Investments - The company has invested a total of CNY 230 million in bank wealth management products and CNY 200 million in broker wealth management products[186]. - The company has a bank wealth management product with a principal of CNY 50 million, yielding an annualized return of 2.53%[186]. - The company has not reported any overdue amounts in its wealth management investments[186]. Industry Outlook - The global PCB market is projected to grow at a CAGR of 5.2% from 2024 to 2029, with major downstream markets expected to grow at 5.5% CAGR during the same period[44]. - The PCB industry is expected to benefit from favorable national policies aimed at promoting high-end development in the electronic information sector[46]. - The global PCB industry is expected to reach a market value of over $40 billion in 2024, with a year-on-year growth rate of 9.0%[82].