四会富仕(300852) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 was ¥1,413,177,742.43, representing a 7.49% increase compared to ¥1,314,691,441.77 in 2023 [21]. - The net profit attributable to shareholders for 2024 decreased by 31.37% to ¥140,284,857.56 from ¥204,400,910.45 in 2023 [21]. - The basic earnings per share for 2024 was ¥1.12, down 44.28% from ¥2.01 in 2023 [21]. - The total assets at the end of 2024 increased by 10.04% to ¥2,626,515,114.01 compared to ¥2,386,894,799.56 at the end of 2023 [21]. - The company reported a cash flow from operating activities of ¥243,532,223.77, a 3.25% increase from ¥235,876,462.36 in 2023 [21]. - The company's net profit after deducting non-recurring gains and losses for 2024 was ¥121,661,295.03, a decrease of 36.13% from ¥190,484,939.54 in 2023 [21]. - The weighted average return on equity for 2024 was 9.07%, down from 15.16% in 2023 [21]. - The company received government subsidies amounting to ¥6,198,428.71 in 2024, compared to ¥5,511,273.29 in 2023 [27]. - Total revenue for 2024 reached ¥1,413,177,742.4, representing a year-on-year increase of 7.49% compared to ¥1,314,691,441.7 in 2023 [75]. - Main business revenue amounted to ¥1,346,008,983.7, accounting for 95.25% of total revenue, with a year-on-year growth of 6.00% [76]. - Domestic sales increased by 15.17% to ¥548,804,966.41, while foreign sales saw a slight increase of 0.49% to ¥797,204,017.36 [75]. - Gross profit margin for main business revenue was 19.03%, down from the previous year by 5.52% [76]. - Sales expenses rose by 23.20% to ¥35,844,750.60, while management expenses increased by 23.78% to ¥49,560,993.96 [83]. - Research and development expenses grew by 9.84% to ¥58,322,160.23, indicating continued investment in innovation [83]. Market Trends and Industry Outlook - The global electronic industry is projected to reach a total output value of $254.3 billion in 2024, a 4.6% increase from $243.1 billion in 2023 [31]. - The server/data storage sector is expected to grow at a rate of 41.5%, driven by the explosion of AI applications [31]. - The overall PCB market is expected to grow by approximately 5.8% in 2024, driven by AI servers and high-speed network infrastructure [33]. - The automotive electronics sector is projected to see a 3.5% growth in 2024, with a total market value of $268 billion [32]. - The demand for HDI and high-frequency PCBs is expected to increase significantly due to advancements in AI applications and automotive technologies [34]. - The global cloud infrastructure services spending is anticipated to grow by 20% to $321.3 billion in 2024, further driving the demand for PCBs [38]. - The company is expanding its market presence in the automotive electronics sector, providing customized PCB solutions for smart driving and flying cars [125]. - The PCB industry is expected to see increased demand driven by advancements in ADAS and autonomous driving technologies, as well as industrial internet and smart manufacturing [120]. Research and Development - The company holds 17 authorized invention patents, with 4 new patents granted during the reporting period, reflecting its commitment to R&D innovation [60]. - The company has achieved mass production of 16-layer Anylayer HDI substrates, which is expected to enhance product diversification and improve technical capabilities [84]. - The company has developed a process for PTFE high-frequency high-speed substrates, which has entered mass production, enhancing product diversification [84]. - The company is advancing the development of embedded ceramic composite substrates, which are currently in the sampling phase [84]. - The company has successfully tested and is moving towards mass production of a process that improves solder bridge capability by addressing the solder mask undercut issue [84]. - The company is committed to enhancing its technical level through the development of high-end products across multiple substrate categories [84]. - R&D investment amounted to ¥58,322,160.23 in 2024, representing 4.13% of operating revenue, an increase from 4.04% in 2023 [86]. - The number of R&D personnel increased by 3.93% to 185 in 2024, with a significant rise in bachelor's degree holders by 48.28% [86]. - The company has a strong focus on R&D investment, aligning with industry trends in artificial intelligence and automotive electronics [134]. Corporate Governance and Management - The company has established a governance structure with a clear division of responsibilities among the shareholders' meeting, board of directors, supervisory board, and management, ensuring compliance with relevant laws and regulations [140]. - The company held 2 shareholders' meetings during the reporting period, passing a total of 10 resolutions, ensuring equal treatment of all investors [143]. - The board of directors consists of 6 members, including 2 independent directors, and held 10 meetings, passing 34 resolutions during the reporting period [144]. - The supervisory board has 3 members and held 7 meetings, passing 20 resolutions, ensuring compliance and oversight of the company's operations [145]. - The company actively engages with investors through various channels, responding to 64 inquiries via the interactive platform and hosting multiple institutional research visits [146]. - The company has a structured process for determining remuneration based on industry standards and individual performance [165]. - The company is focusing on expanding its market presence and enhancing its product offerings through strategic appointments in management [158]. - The company is committed to maintaining governance standards with the appointment of independent directors and supervisors to oversee operations [160]. - The management team has a mix of long-term employees and new appointees, ensuring continuity and fresh perspectives in leadership [162]. Risk Management - The company has outlined potential risk factors for future operations in the annual report, which investors should pay attention to [5]. - The company is aware of the potential for industry competition and overcapacity, which could lead to price declines if demand does not meet expectations [130]. - The company is monitoring exchange rate fluctuations closely, utilizing hedging tools to mitigate risks associated with currency volatility [129]. - The company has implemented risk control measures for foreign exchange derivatives, including matching foreign exchange assets and liabilities with actual foreign exchange income and expenses [101]. - The company faces risks from macroeconomic fluctuations and market demand volatility, which could impact the PCB industry's growth and profitability [126]. Employee Engagement and Corporate Culture - The company has a training program aimed at enhancing employee skills and capabilities to support future growth and expansion [177]. - The company actively engages employees in operational improvements through a management model that encourages individual accountability and efficiency [135]. - The company maintains a performance evaluation and incentive mechanism linked to employee compensation, promoting motivation and productivity [145]. - The company has implemented internal control training to enhance awareness among management and business departments [192]. Subsidiaries and International Expansion - The company established a new production base in Thailand in 2023, set to commence operations in the second half of 2024, enhancing its global production strategy [56]. - The company’s subsidiary in Thailand has a registered capital of THB 1.7 billion, aimed at expanding overseas production capabilities [118]. - The company’s subsidiary in Japan reported a net profit of 1,131,540 JPY, with a loss of 28,270 JPY [114]. - The company has established a global presence, with approximately 70% of total sales coming from exports to regions such as Japan and Europe, and has set up a production base in Thailand to enhance its international strategy [69]. Environmental Responsibility - The company adheres to multiple environmental laws and standards, including the Environmental Protection Law and the Noise Pollution Prevention Law [198]. - The company is classified as a key pollutant discharge unit by environmental protection authorities [198]. - The company adheres to the green development concept, implementing clean production actions and energy-saving projects, including variable frequency transformation of production equipment and photovoltaic project construction [139].