协和电子(605258) - 2024 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2024 reached ¥886,615,521.95, representing a year-on-year increase of 20.89% compared to ¥733,431,966.19 in 2023[25]. - The net profit attributable to shareholders for 2024 was ¥71,271,880.53, a significant increase of 90.97% from ¥37,321,551.04 in 2023[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥63,732,037.72, up 142.80% from ¥26,249,241.52 in 2023[25]. - The net cash flow from operating activities for 2024 was ¥93,852,544.21, an increase of 74.59% compared to ¥53,756,599.37 in 2023[25]. - The total assets at the end of 2024 amounted to ¥1,572,693,137.68, reflecting a 5.19% increase from ¥1,495,142,124.55 at the end of 2023[25]. - The net assets attributable to shareholders at the end of 2024 were ¥1,210,724,700.38, a 3.46% increase from ¥1,170,252,819.85 at the end of 2023[25]. - Basic earnings per share rose to 0.81 yuan, marking a 92.86% increase from 0.42 yuan in 2023[27]. - The weighted average return on equity improved to 6.00%, up from 3.21% in 2023[27]. - The company's main business revenue was 853.50 million RMB, with a year-on-year growth of 21.89%[57]. - Operating costs increased to 708.19 million RMB, a rise of 21.62% compared to the previous year[57]. Market and Industry Trends - The global PCB market value is expected to reach approximately $73.57 billion in 2024, reflecting a year-on-year growth of about 5.8%[43]. - In 2024, China's automotive production and sales reached 31.28 million and 31.44 million units, respectively, representing year-on-year growth of 3.7% and 4.5%[45]. - New energy vehicle sales in China surpassed 10 million units for the first time in 2024, achieving 12.89 million units sold, a year-on-year increase of 34.4%[45]. - The number of 5G base stations in China reached 4.251 million by the end of 2024, with a net increase of 874,000 from the previous year, accounting for 33.6% of all mobile base stations[48]. - The compound annual growth rate (CAGR) for the PCB industry in mainland China is projected to be 4.3% over the next five years[43]. Customer and Market Expansion - The company added over 50 new customers during the reporting period, focusing on the automotive electronics and high-frequency communications sectors[39]. - The company is actively expanding its market presence in the automotive electronics and high-frequency communications fields, capitalizing on the growth of electric vehicles and 5G applications[38]. - The top five customers contributed sales of 511.14 million RMB, accounting for 57.65% of total annual sales[63]. Research and Development - Total R&D expenses amounted to ¥37,973,198.02, representing 4.28% of operating revenue[66]. - The number of R&D personnel is 176, accounting for 14.51% of the total workforce[67]. - The company holds a total of 17 invention patents, 79 utility model patents, and 3 design patents, reflecting its commitment to innovation and technology advancement[53]. Risk Management - The company has not reported any significant risks that could materially affect its operations during the reporting period[10]. - The company faces risks related to raw material price fluctuations, which significantly impact production costs and profitability[87]. - The company anticipates potential risks of declining gross and net profit margins due to intensified market competition and rising costs[89]. - The company emphasizes the importance of product quality control, as any quality issues could lead to significant financial losses[88]. Corporate Governance - The audit report issued by the accounting firm was a standard unqualified opinion, ensuring the accuracy and completeness of the financial report[7]. - The company has established a robust internal control system to prevent risks and ensure compliance with relevant laws and regulations[93]. - The board of directors and committees have been actively engaged in governance, ensuring compliance with regulatory requirements[93]. - The company has maintained a consistent level of shareholding among its directors, with no changes reported during the reporting period[98]. Dividend Policy - The company plans to distribute cash dividends of ¥7.00 per 10 shares, totaling an estimated cash dividend payout of ¥61,600,000.00[8]. - The cash dividend for 2024 represents 86.43% of the net profit attributable to ordinary shareholders, which was 71,271,880.53 RMB[125]. - The company has established a clear cash dividend policy, ensuring that at least 10% of the distributable profit is paid out as cash dividends annually, and a minimum of 30% over the last three years[120]. Environmental Compliance - The company invested 1,052.47 million RMB in environmental protection during the reporting period[134]. - The company is classified as a key pollutant discharge unit and has implemented measures to ensure compliance with environmental regulations[135]. - The company has a wastewater treatment capacity of 3,500 cubic meters per day, ensuring compliance with pollutant discharge standards[138]. - The company has obtained a carbon footprint certification in July 2024 and has established a monitoring plan for greenhouse gas emissions[147]. Management Changes - The company has undergone a management transition, with several key executives leaving their positions, including the chairman and independent directors[99]. - The company has appointed new independent directors and management, with several positions set to be filled in March 2025[105]. - The company has a structured approach to management transitions, ensuring continuity and stability during leadership changes[99].