Financial Performance - The company's operating revenue for 2024 reached ¥793,041,397.03, representing an increase of 11.19% compared to ¥713,207,410.09 in 2023[20]. - Net profit attributable to shareholders for 2024 was ¥112,648,249.73, a growth of 23.70% from ¥91,064,091.16 in 2023[20]. - The net profit after deducting non-recurring gains and losses was ¥97,745,008.89, up 14.95% from ¥85,032,433.16 in 2023[20]. - The total assets at the end of 2024 amounted to ¥1,380,918,034.87, a significant increase of 75.18% from ¥788,295,529.49 at the end of 2023[20]. - The net assets attributable to shareholders reached ¥1,079,240,688.59, reflecting a growth of 111.46% compared to ¥510,375,757.35 at the end of 2023[20]. - The basic earnings per share for 2024 was ¥1.89, an increase of 17.39% from ¥1.61 in 2023[20]. - The cash flow from operating activities for 2024 was ¥108,779,692.26, a decrease of 19.80% from ¥135,630,632.74 in 2023[20]. - The company achieved operating revenue of RMB 793.04 million, an increase of 11.19% year-on-year, and a net profit of RMB 112.65 million, up 23.70% year-on-year[84]. Dividends and Shareholder Information - The company plans to distribute a cash dividend of 4.00 RMB per 10 shares to all shareholders, based on a total of 75,375,800 shares[4]. - The company reported a total shareholding of 41,328,000 shares at the end of the reporting period, with no changes in the number of shares held by directors and supervisors[174]. - The company held its annual general meeting with 100% investor participation, approving multiple key proposals including the financial budget for 2024[171]. Subsidiaries and Operations - The company has a full subsidiary in the United States named Q&D ELECTRONICS INC[13]. - The company has a full subsidiary in Hong Kong named QD Industries Limited[13]. - The company has a full subsidiary in Jiangxi named Jiangxi Q&D Circuit Technology Co., Ltd.[13]. - The company has a full subsidiary in Nantong named Nantong Q&D Circuit Technology Co., Ltd.[13]. - Jiangxi Qiangda, a wholly-owned subsidiary, achieved operating revenue of RMB 403.79792 million, a year-on-year increase of 15.33%, and a net profit of RMB 51.890794 million, up 26.91%[137]. Market and Industry Insights - The global PCB industry is projected to reach a total output value of $73.565 billion in 2024, with a growth rate of approximately 5.8%[33]. - China's PCB output value is expected to be around $41.213 billion in 2024, accounting for over 50% of the global PCB market[38]. - The compound annual growth rate (CAGR) for the global PCB market from 2024 to 2029 is estimated to be 5.2%, reaching $94.661 billion by 2029[33]. - The HDI board segment is anticipated to grow by approximately 18.8% year-on-year in 2024, driven by applications in AI, optical modules, satellite communications, and automotive electronics[35]. - The domestic market for sample and small-batch boards in China is projected to reach $5.256 billion in 2024, with expectations to grow to $14.524 billion by 2028[40]. Research and Development - The company’s R&D investment for 2024 is RMB 45.09 million, focusing on 13 technology research projects, including 5G communication and automotive radar[89]. - The company has a total of 130 authorized patents, including 12 invention patents, showcasing its commitment to innovation and technology development[92]. - The company has completed the development of high-density HDI rigid-flex technology, enhancing its technical capabilities in the market[112]. - The company has achieved advancements in high-layer large-size rigid-flex PCB technology, improving its competitive edge[112]. - The company has successfully enhanced the PTFE material resin plug hole technology, improving product reliability[112]. Customer Base and Sales - The company serves nearly 3,000 active customers, including over 100 listed companies, establishing long-term stable customer relationships[42]. - The company’s revenue from industrial control and communication equipment accounted for over 78% of total revenue, reflecting strong demand in these sectors[85]. - The company has established a comprehensive quality control system, achieving certifications such as ISO9001, ISO13485, and IATF16949, which enhances product reliability[96]. Risks and Challenges - The company has identified potential risks including macroeconomic fluctuations, intensified market competition, and raw material price volatility[4]. - The company is facing risks from macroeconomic fluctuations that could impact PCB market growth rates[145]. - The company is exposed to intensified market competition, particularly from leading domestic PCB manufacturers expanding their production capacity[146]. - The company’s cost structure is significantly affected by raw material price fluctuations, particularly for copper-related materials[147]. Governance and Management - The company has a stable and experienced management team, with most personnel having over ten years of tenure, ensuring consistent operational efficiency[100]. - The current board members include Mr. Zhu Xiaohua, Mr. Song Zhenwu, and Mr. Song Shixiang, all of whom have extensive backgrounds in engineering and management within the electronics industry[175][176]. - The company has appointed independent directors, including Mr. Zeng Shu and Mr. Li Jie, effective July 27, 2024, following the board's re-election[174]. - The company has a governance structure that includes independent directors to enhance oversight and accountability[174]. Investment and Financial Management - The company raised a total of RMB 531.02 million through the public offering of 18.84 million shares at a price of RMB 28.18 per share[128]. - The balance in the special account for the raised funds was RMB 66.21 million, while the cash management balance was RMB 325.00 million[128]. - The company has committed to investment projects totaling 60 million, with a current investment of 45.32 million[131]. - The company plans to use RMB 31.46 million of raised funds to replace self-raised funds used for investment projects and RMB 6.645 million for paid issuance expenses, totaling RMB 38.1052 million[132].
强达电路(301628) - 2024 Q4 - 年度财报