建滔集团(00148) - 2024 - 年度财报

Financial Performance - The company reported a revenue of HK$43,093.3 million for FY 2024, representing a 9% year-on-year increase from HK$39,712.5 million in FY 2023[10]. - Underlying net profit attributable to owners decreased by 29% to HK$1,622 million, down from HK$2,274.3 million in the previous year[10]. - The basic earnings per share based on underlying net profit fell to HK$1.464, a decline of 29% compared to HK$2.052 in FY 2023[10]. - The Group recorded a basic net profit attributable to shareholders of HK$16.22 million, a decrease of 29% year-on-year due to credit loss provisions related to real estate investments[20]. - The Group's financial results for the year ended December 31, 2024, are detailed in the consolidated statement of profit or loss[119]. Dividends - The company declared a total dividend per share of HK$1.40, which is a 37% increase from HK$1.02 in the previous year[10]. - The Group proposed a final dividend of HK$0.54 per share and a special final dividend of HK$0.46 per share, subject to shareholder approval[22][23]. - The Group declared an interim dividend of HK 40 cents per ordinary share, amounting to HK$443,325,000 during the year[120]. - The Directors recommend a final dividend of HK 54 cents and a special final dividend of HK 46 cents per ordinary share, totaling HK$1,108,311,000[120]. Revenue Segments - The Chemicals Division's revenue grew by 22% to HK$13,617.7 million, driven by new projects and increased sales volume of core chemical products[31][34]. - The Laminates Division's annual sales volume increased to 110 million sheets, a 10% increase compared to 2023, with revenue rising by 10% to HK$18,901.5 million[26][28]. - The PCBs Division achieved a 4% revenue growth to HK$12,107.0 million, with EBITDA increasing by 1% to HK$2,033.3 million[27][29]. - The Property Division's revenue from property sales decreased by 60% to HK$516.7 million, while rental income slightly decreased by 1% to HK$1,457.0 million[32][34]. Financial Position - The net gearing ratio improved slightly to 28% from 29% in the previous year, indicating a stable capital structure[10]. - The Group's net current assets as of December 31, 2024, were HK$19,989.8 million, down from HK$25,252.7 million in 2023, with a current ratio of 2.02[33]. - The Group maintained a healthy capital structure and financial position despite the challenges in the real estate sector[20]. - The net working capital cycle increased to 71 days as of December 31, 2024, from 65 days in the previous year[34]. - The Group's net gearing ratio was approximately 28% as of December 31, 2024, slightly down from 29% as of December 31, 2023, with a short-term to long-term bank borrowings ratio of 41%:59%[36]. Investments and Projects - During the period, the Group invested approximately HK$4 billion in production capacity and HK$600 million in property construction expenses, aiming for stable long-term returns for shareholders[36]. - The Group has invested approximately HK$900 million in distributed solar photovoltaics, achieving an annual generating capacity of 200 million kWh, resulting in energy savings equivalent to 54,000 tonnes of standard coal and a reduction of 120,000 tonnes in carbon dioxide emissions[57]. - The thermal energy recovery investments totaled HK$200 million, leading to a reduction of 59,000 tonnes of carbon dioxide emissions in 2024, equivalent to energy savings of 24,000 tonnes of standard coal and cost savings of HK$180 million[57]. - The Group's new 1,500-tonne monthly copper foil capacity will be fully operational in 2025, enhancing cost efficiencies[60]. - The Group plans to add 1.2 million square feet of monthly PCB capacity in Thailand and 1.1 million square feet in Vietnam, both expected to commence operations in 2026, to meet growing overseas demand[62]. Market Conditions - The electronics industry showed signs of recovery, driven by growth in automotive electronics and AI sectors, positively impacting revenue and profits in the Laminates and PCB segments[17]. - The electronics market is experiencing robust demand, with significant year-on-year growth in shipment volume for the first two months of 2025[60]. - The management anticipates ongoing geopolitical tensions and fluctuating industry performance due to protectionism and trade wars, emphasizing the need for strong cash flow and expense management[57]. - The Group's business operations are affected by recent global market fluctuations and a slowdown in the PRC economy, which may lead to reduced demand for its products[106]. Environmental and Sustainability Initiatives - The Group is committed to environmental sustainability and regularly reviews its environmental policies to comply with relevant laws and regulations[108][113]. - The Group's internal manufacturing facilities operate in compliance with environmental regulations, aiming for efficient resource use and waste reduction[108][113]. - The Group is committed to green and low-carbon practices in its Chemicals Division, focusing on production safety and compliance with emission standards[65]. Leadership and Management - Mr. Cheung Kwok Wing, aged 69, is the chairman and co-founder of the Group, responsible for overall strategic planning and direction[72]. - The Group's executive team includes members with significant industry experience, enhancing its operational capabilities in the PCB and chemical sectors[76]. - The Group's strategic direction is supported by a strong leadership team with diverse expertise across various sectors[76]. Risks and Challenges - The Group faces significant risks including product defects, which could lead to substantial liability claims affecting operations and reputation[96]. - Customer contracts are typically one-off purchase orders, leading to variability in order amounts and making future forecasts challenging[97]. - The Group operates in a highly competitive industry, with no assurance of successful competition against current or emerging companies[98]. - The Group has identified key risks including product defects, unpredictable customer contracts, and intense industry competition[102][103][104]. Shareholder Information - The interests of directors in the company's shares included Mr. Cheung Kwok Wing holding 10,267,405 shares, representing approximately 0.926% of the issued share capital[170]. - The company has no awareness of any tax relief available to shareholders due to their shareholding[160]. - The company maintains a register of substantial shareholders as required by Section 336 of the SFO[197].