VGT(SZ:300476)2025-03-28 14:00Financial Performance - The company's operating revenue for 2024 reached ¥10,731,469,489.88, representing a 35.31% increase compared to ¥7,931,247,607.02 in 2023[17] - The net profit attributable to shareholders for 2024 was ¥1,154,431,097.85, a significant increase of 71.96% from ¥671,346,370.08 in the previous year[17] - The basic earnings per share for 2024 was ¥1.34, up 71.79% from ¥0.78 in 2023[17] - The total assets of the company at the end of 2024 amounted to ¥19,175,313,194.03, reflecting a 10.31% increase from ¥17,383,616,487.62 at the end of 2023[17] - The net profit after deducting non-recurring gains and losses for 2024 was ¥1,141,393,327.73, up 72.40% from ¥662,045,924.75 in 2023[17] - The company's total equity attributable to shareholders increased by 17.08% to ¥8,927,933,410.11 at the end of 2024 from ¥7,625,729,896.48 at the end of 2023[17] - The total profit reached 1.312 billion yuan, reflecting a year-on-year growth of 75.09%[63] - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 20% year-over-year growth[170] Cash Flow and Dividends - The net cash flow from operating activities for 2024 was ¥1,358,305,753.83, which is a 6.14% increase from ¥1,279,776,351.25 in 2023[17] - The company plans to distribute a cash dividend of ¥3.0 per 10 shares, based on a total of 858,587,478 shares[4] - A cash dividend of 1.90 RMB per 10 shares was distributed to shareholders, totaling approximately 163.26 million RMB[145] - The proposed cash dividend for 2024 is 3.00 RMB per 10 shares, with an expected total distribution of approximately 257.58 million RMB, pending shareholder approval[145] Market Position and Industry Outlook - The global PCB market is projected to grow to $73.57 billion in 2024, with a compound annual growth rate (CAGR) of 5.8% from 2024 to 2029[28] - The PCB market in mainland China is expected to reach $41.21 billion in 2024, with a CAGR of 9.0%[31] - The demand for multilayer boards, particularly those with 18 layers or more, is expected to grow significantly, with a projected CAGR of 15.7% from 2024 to 2029[33] - The company ranks 13th among global PCB suppliers and 4th among domestic PCB manufacturers in mainland China, according to Prismark data[44] Research and Development - The company invested 450 million yuan in R&D, focusing on 67 development projects including high-frequency circuit boards for switches and AI control boards[64] - The company has over 1,000 R&D personnel and holds 399 effective patents in the PCB field, including 172 invention patents, demonstrating strong research capabilities[55] - The company is actively developing advanced technologies for various applications, including autonomous driving and industrial robotics[65] - The company plans to continue expanding its R&D efforts to support future growth and market competitiveness[80] Strategic Acquisitions and Expansion - In 2023, the company completed the acquisition of MFS Group, enhancing its core competitiveness and forming a comprehensive PCB product portfolio[59] - The company plans to acquire a Thai company in 2024 to establish a manufacturing base in Thailand, further expanding its market presence[59] - The company has established new subsidiaries and made acquisitions, including the formation of Victory Giant Technology in Vietnam and the acquisition of Victory Giant Technology (Thailand)[130] Risk Management and Challenges - The company has acknowledged potential risks including macroeconomic fluctuations, market competition, and rising labor costs in its future outlook[4] - The company faces risks from macroeconomic fluctuations that could adversely affect its performance in the PCB industry[137] - Rising raw material costs and supply chain issues could impact the company's pricing strategy and profitability[138] Governance and Compliance - The company has established a value management system to enhance investor confidence and maintain stakeholder rights[142] - The company has maintained a stable management structure with no significant changes in shareholding among key executives[156] - The company continues to prioritize governance and compliance with regulatory requirements in its operations[159] Employee Welfare and Corporate Culture - The company has implemented a comprehensive employee welfare program, including a 2,400 m² gym and upgraded living accommodations, to enhance employee satisfaction[61] - The company has established a welfare system that includes social insurance, housing funds, health check-ups, and various employee benefits[186] - The company emphasizes a culture of innovation and teamwork, with a management approach inspired by military efficiency and a focus on data-driven results[60] Financial Management and Investments - The company has significant restricted assets, including cash and receivables, with a total of ¥1,391,919,522.20 in restricted cash last year[96] - The company has established a foreign exchange hedging management system to regulate operations and internal controls, ensuring compliance and risk management[106] - The company has approved the use of previously unallocated fundraising to permanently supplement working capital, amounting to CNY 10 million[123]