Financial Performance - The company's revenue for 2024 reached ¥1,021,642,094.57, representing a 24.18% increase compared to ¥822,690,486.20 in 2023[14]. - Net profit attributable to shareholders decreased by 38.05% to ¥55,860,514.04 from ¥90,164,400.79 in the previous year[14]. - The basic earnings per share dropped by 50.00% to ¥0.41 from ¥0.82 in 2023[14]. - Cash flow from operating activities decreased by 32.52% to ¥87,577,275.57 compared to ¥129,787,333.93 in 2023[14]. - The company anticipates a net profit of approximately ¥87,267,659.64 for 2024, reflecting a slight increase from the previous year's adjusted figure[14]. - The company's operating income for the fourth quarter was approximately ¥282.95 million, with a total annual operating income of approximately ¥1.02 billion[21]. - The net profit attributable to shareholders for the first quarter was approximately ¥20.88 million, while the net profit for the fourth quarter was approximately ¥8.74 million[21]. - The company reported a net cash flow from operating activities of approximately ¥56.90 million in the first quarter, but a negative cash flow of approximately ¥15.41 million in the fourth quarter[21]. - The total assets of the company reached approximately ¥2.47 billion at the end of 2024, representing a 25.83% increase compared to the end of 2023[19]. - The net assets attributable to shareholders of the listed company were approximately ¥1.50 billion at the end of 2024, reflecting a 4.43% increase from the end of 2023[19]. Market and Industry Outlook - The global PCB market is projected to reach 94.64 billion by 2029[30]. - China's PCB market is expected to reach approximately $50.80 billion by 2029, with a CAGR of about 4.3% from 2024 to 2029[31]. - The company operates in the PCB manufacturing industry, which is supported by various government policies aimed at promoting development, including the "2024 Industrial Structure Adjustment Guidance Catalog" and the "2021-2023 Basic Electronic Components Industry Development Action Plan"[32]. Production and Technology Development - The company continues to invest in new technologies and product innovations to stay competitive in the electronics market[4]. - The company has established a PCB factory in Thailand, which commenced production in June 2024, benefiting from favorable investment policies that reduce operational costs for Chinese enterprises[33]. - The company employs a customized PCB production model, sourcing raw materials based on customer orders, ensuring a flexible and responsive production process[35]. - The company has three production bases, including factories in Huizhou, Jiangxi, and Thailand, allowing for differentiated production capabilities to meet diverse customer needs[41]. - The company plans to expand its production capacity with a second phase at its Jiangxi factory, aiming to enhance overall capacity by 2025[40]. - The company is focusing on product innovation, with new products and technologies expected to be mass-produced in 2024, particularly in high-frequency and AI-related applications[40]. - The company has established a robust R&D system to develop new products and technologies, ensuring it meets future market demands and strengthens customer relationships[38]. - The company is in the research phase for high-frequency and high-speed printed circuit board (PCB) technology, aiming to improve drilling techniques and achieve a power transmission efficiency of up to 20KW[69]. - The company is developing a new gold finger processing technology that enhances connectivity and durability, with a focus on achieving high gloss and excellent solder compatibility[70]. Risk Management and Governance - The company has identified potential risks in its future operations and outlined corresponding mitigation strategies[4]. - The company has reported uncertainty regarding its ability to continue as a going concern, with negative net profits in the most recent accounting year[20]. - The company has established a comprehensive internal control system to ensure compliance and risk management[160]. - The company has not engaged in any related party transactions that would compromise its independence[120]. - The company has a high customer concentration, with the top five clients accounting for 56.05% of revenue, posing a risk if relationships with these clients deteriorate[112]. - The company faces risks from macroeconomic fluctuations, which could impact demand in the PCB industry, potentially affecting business growth and revenue[109]. Research and Development - The number of R&D personnel increased to 202 in 2024, up 16.09% from 174 in 2023[73]. - R&D investment amounted to ¥46,191,752.47 in 2024, representing 4.52% of operating revenue, consistent with the previous year[74]. - The company has launched several high-tech products recognized as "Guangdong Province Excellent High-tech Products," including a green low-carbon intelligent control circuit board and a high wear-resistant anti-oxidation gold finger circuit board, both certified in January 2023[49]. - The ongoing research and development efforts are aimed at maintaining the company's competitive edge in the power product sector[70]. - The company is focusing on high-frequency ceramic materials for PCB production, which are expected to enhance electrical performance in high-frequency circuits[69]. Environmental Compliance - The company adheres to multiple environmental protection laws and has implemented effective pollution prevention measures[168]. - The company has achieved ISO 14001 environmental management system certification, demonstrating commitment to environmental protection[168]. - The company reported no instances of exceeding pollution discharge standards in its operations[170]. - The company has established clear responsibilities for different departments regarding pollution control measures[168]. - The company emphasizes the importance of environmental protection and clean production in its operational practices[168]. Shareholder and Management Commitments - The company plans to distribute cash dividends of 1.34 RMB per 10 shares, totaling 18,039,315.84 RMB (including tax) based on a total share capital of 134,621,760 shares as of December 31, 2023[153]. - The company has committed to not transferring or entrusting the management of shares held before the IPO for 36 months from the date of listing, with a lock-up period extending if share prices fall below the issue price[190]. - The commitments made by the controlling shareholder, Jiarun Investment, mirror those of the company, ensuring stability in shareholding post-IPO[190]. - The company has established a strategy to protect investor interests in case of any violations of the commitments[192]. - The company will publicly disclose any violations of shareholding commitments and apologize to shareholders[194].
威尔高(301251) - 2024 Q4 - 年度财报