Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 6,296,926, an increase of 1.83% from HKD 6,182,658 in 2023[3] - Gross profit for the same period was HKD 1,375,632, representing a gross margin of approximately 21.9%, compared to HKD 1,291,564 in 2023[3] - Operating profit decreased to HKD 372,689 from HKD 390,791, reflecting a decline of 4.3% year-over-year[3] - The net profit for the year was HKD 243,507, a slight increase of 2.0% from HKD 237,095 in 2023[3] - Basic and diluted earnings per share for the year were both HKD 14.0, up from HKD 13.6 in the previous year[3] - The group's annual profit before tax was HKD 276,386,000, a decrease of 9.05% compared to HKD 303,790,000 in the previous year[15] - Total expenses for 2024 amounted to HKD 5,932,973,000, a slight increase from HKD 5,878,121,000 in 2023, reflecting a growth of 0.9%[22] - The effective tax rate decreased to approximately 11.1% in 2024 from 18.6% in 2023, primarily due to changes in profitability across jurisdictions[24] - Basic earnings per share increased to HKD 14.0 in 2024 from HKD 13.6 in 2023, reflecting a growth of 2.9%[31] - The total dividend declared for 2024 was HKD 73,100,000, compared to HKD 71,203,000 in 2023, an increase of 2.7%[33] Assets and Liabilities - Total assets as of December 31, 2024, amounted to HKD 7,474,699, a marginal decrease from HKD 7,440,179 in 2023[4] - Current assets net value increased to HKD 1,500,405 from HKD 1,278,924, indicating a growth of 17.3%[5] - Total equity rose to HKD 3,141,921, up from HKD 2,997,714, reflecting an increase of 4.8%[5] - The group’s total liabilities as of December 31, 2024, were HKD 4,332,778,000, a slight decrease from HKD 4,442,465,000 in 2023[19] - Non-current assets totaled HKD 3,162,656,000, compared to HKD 3,121,503,000 in the previous year[20] Revenue Segmentation - The office automation equipment segment generated revenue of HKD 4,341,834,000, up from HKD 4,295,475,000, while the automotive parts segment increased to HKD 1,955,092,000 from HKD 1,887,183,000[15] - Revenue from office automation equipment increased by 1.1% to HKD 4,341,834,000, compared to HKD 4,295,475,000 in 2023[42] - The automotive parts segment's revenue increased by 3.6% to HKD 1,955,092,000, up from HKD 1,887,183,000 in 2023[46] Operational Highlights - The company has focused on high-precision manufacturing services, emphasizing the production of high-quality molds and components[6] - The company expects the new industrial park in Quang Ninh, covering approximately 60,000 square meters, to be completed and operational by early 2026, enhancing production capacity[43] - The company is actively expanding its D-EMS complete machine manufacturing project, with the first self-designed and developed product expected to start mass production in 2025[56] - The global demand for high-performance servers is increasing, with the company having developed 15 server projects, 13 of which are now in production[57] Customer and Market Insights - Major customers accounted for over 10% of external revenue, with Customer A contributing HKD 2,186,462,000 and Customer B contributing HKD 631,304,000 in 2024[20] - The largest customer accounted for 13.25% of accounts receivable in 2024, up from 12.5% in 2023, indicating increased concentration risk[35] - Revenue from Shenzhen increased by 3.6%, driven by higher orders from major clients Kyocera and Fujifilm[44] - The company reported a 12.2% decline in sales in Weihai due to sluggish domestic market conditions and changing consumer sentiment[44] Financial Management - Cash flow from operations increased significantly to HKD 862,394,000, driven by improved operating cash flow management[69] - The company maintained a prudent treasury policy, ensuring sufficient cash levels and credit facilities to support operational needs[70] - Current ratio increased from 1.42 in 2023 to 1.53 in 2024, reflecting improved liquidity management[75] - Net debt to equity ratio significantly decreased from 25.2% in 2023 to 15.0% in 2024, indicating a stronger financial position[75] Compliance and Governance - The company has adopted the standard code of conduct for securities transactions by directors, confirming compliance as of December 31, 2024[86] - The company has established an audit committee to review financial reporting, risk management, and internal control systems[88] - The public float of the company meets the requirements of the listing rules as of December 31, 2024[89] - The consolidated financial statements for the year ending December 31, 2024, have been audited by PwC, who are willing to continue their engagement[91] Employee and Operational Metrics - Total number of employees as of December 31, 2024, was 10,087, emphasizing the importance of skilled personnel in the company's operations[80] - Inventory turnover days remained stable at 48 days as of December 31, 2024[72] - Accounts receivable turnover days decreased from 107 days in 2023 to 104 days in 2024 due to improved credit control[73] - Cash conversion cycle decreased from 44 days in 2023 to 40 days in 2024, primarily due to the reduction in accounts receivable turnover days[74]
亿和控股(00838) - 2024 - 年度业绩