XDC(300615)2025-04-21 13:20Financial Performance - In 2024, the company experienced a significant decline in performance compared to 2023, primarily due to the completion of the first phase of a large-scale project in the Indian communication market, which had previously driven growth[7]. - The company's overall operating revenue saw a significant decline, leading to a decrease in the comprehensive gross profit margin compared to the previous year[7]. - The company's operating revenue for 2024 was ¥277,150,580.64, a decrease of 55.02% compared to ¥616,132,638.25 in 2023[24]. - The net profit attributable to shareholders for 2024 was -¥18,332,684.62, representing a decline of 130.38% from ¥60,337,589.97 in 2023[24]. - The basic earnings per share for 2024 was -¥0.10, down 131.25% from ¥0.32 in 2023[24]. - The gross profit margin decreased by 7.35% due to rising raw material costs and a significant drop in overall revenue, leading to increased fixed cost allocation per unit[56]. - The company reported a significant increase in financial expenses by 668.96% due to foreign exchange rate fluctuations[68]. - The company's cash flow from operating activities decreased by 100.68% year-on-year, primarily due to a significant drop in sales revenue[56]. Operational Challenges - The company's losses from overseas manufacturing bases amounted to approximately RMB 12.62 million from the Hungary factory and RMB 2.94 million from the Vietnam factory, totaling a loss of about RMB 15.56 million for 2024[7]. - The company’s overseas manufacturing base construction did not meet expectations, impacting profitability significantly[7]. - The company acknowledges rising upstream raw material costs, which have increased operational cost pressures[7]. - The company is facing challenges in expanding its emerging business segments, particularly in new energy and medical equipment, which have not yet achieved scale[55]. - The company reported a net loss of -¥663,186.35 in Q4 2024, following a profit of ¥5,488,163.30 in Q3 2024[27]. Market and Industry Trends - The company reported that the investment pace in the 5G communication markets in Europe and North America slowed compared to the same period last year, negatively impacting the development of its communication business in 2024[7]. - The global RAN market is projected to contract by 10% to 20% from Q1 to Q3 2024, indicating a challenging investment environment in mobile infrastructure[37]. - The demand for RF components is driven by the increasing number of mobile users and the rapid proliferation of smart terminals, leading to a projected 11.6% growth in mobile internet access traffic in 2024[36]. - The mobile communication base station expansion and upgrades are expected to directly increase the demand for RF components, which are critical for network coverage[36]. Product Development and R&D - The company has a strong capability in synchronous and proactive R&D, which enhances its competitive edge in the RF components market[40]. - The company has increased its R&D investment in new products related to new energy and medical devices, aligning with industry trends[47]. - The company has completed the development of a 5G intermodulation duplexer, enhancing product quality and reducing testing risks[70]. - The company has successfully developed a storage integrated socket terminal, improving the technical advantages in the energy storage device sector[69]. - The company aims to develop a hinge product with a load-bearing capacity exceeding 100KG and a lifespan of over 100,000 cycles, enhancing production efficiency and product competitiveness[67]. Corporate Governance and Compliance - The company has established a sound corporate governance structure, ensuring compliance with relevant laws and regulations[104]. - The board of directors consists of 7 members, including 3 independent directors, and has held 7 meetings during the reporting period[107]. - The company maintains independence from its controlling shareholders in terms of business operations, personnel, and financial management[113]. - The company has implemented an internal audit system to ensure the authenticity and completeness of financial information[109]. - The company has established a complete and independent raw material procurement, production, and sales system[115]. Shareholder Relations and Dividends - The company plans to distribute a cash dividend of RMB 0.50 per 10 shares (including tax) to all shareholders, based on a total of 193,469,200 shares[10]. - The company has confirmed that all cash dividend policies and procedures are compliant and transparent, protecting the rights of minority shareholders[146]. - The company has established a stable profit distribution policy to ensure reasonable returns for shareholders[164]. Strategic Initiatives - The company is expanding its production bases in Europe and Vietnam, which will help reduce response times and logistics costs, thereby achieving cost leadership[53]. - The company plans to accelerate the construction of overseas production bases in Hungary and Vietnam, aiming for the Vietnam facility to commence production in the first half of 2025[96]. - The company aims to enhance its "one-stop" service system and expand into new fields such as renewable energy, healthcare, and automotive sectors[96]. Risk Factors - The company faces risks related to changes in downstream customer demand and industry fluctuations that could impact its business performance[98]. - The company faces risks of declining gross margin due to market demand slowdown, increased competition, and significant raw material price hikes[99]. - Major raw materials include copper, aluminum, nickel alloy, stainless steel, and steel, with price fluctuations potentially impacting overall profitability[99]. Employee and Workforce Management - The company reported a total of 533 employees at the end of the reporting period, with 212 in the parent company and 321 in major subsidiaries[141]. - The company has implemented a differentiated training plan to enhance overall management levels, covering various aspects such as new employee onboarding and skills training[143]. - The company has a clear and competitive salary policy, regularly adjusting wages based on market conditions and company performance[142].