Financial Performance - The company's operating revenue for 2024 reached ¥391,719,678.83, representing a 28.14% increase compared to ¥305,703,730.67 in 2023[25] - The net profit attributable to shareholders of the listed company decreased by 2.75% to ¥25,815,418.23 from ¥26,545,035.98 in the previous year[25] - The net profit after deducting non-recurring gains and losses increased by 6.74% to ¥22,569,320.84, compared to ¥21,144,495.42 in 2023[25] - The gross profit margin for 2024 was 26.67%, slightly down from 27.50% in 2023[25] - The weighted average return on net assets based on net profit attributable to shareholders was 5.03%, down from 5.33% in the previous year[25] - Basic earnings per share for 2024 were ¥0.2612, a decrease of 2.76% from ¥0.2686 in 2023[25] - Total assets increased by 11.05% to ¥811,689,920.17 compared to the end of 2023[27] - Total liabilities rose by 29.04% to ¥291,150,403.08 compared to the end of 2023[27] - The company reported a net cash flow from operating activities of ¥40,088,727.35, a decrease of 31.31% from the previous year[27] - The company achieved operating revenue of ¥391,719,678.83, representing a year-on-year growth of 28.14%[45] - Net profit attributable to shareholders decreased by 2.75% to ¥25,815,418.23, while the net profit excluding non-recurring gains and losses increased by 6.74% to ¥22,569,320.84[45] - Total assets increased by 11.05% to ¥811,689,920.17, and shareholders' equity rose by 3.01% to ¥520,539,517.09[45] - The company reported a significant increase in other business income, which rose by 187.99% to ¥317,051.95[63] - The company’s investment income decreased by 60.23% to ¥1,335,126.08, primarily due to losses from an associated enterprise[60] - The company’s total liabilities decreased significantly, leading to a financial expense reduction of 629.30%[60] Market and Industry Trends - The global PCB industry is projected to grow at a compound annual growth rate (CAGR) of approximately 5.2% from 2024 to 2029[52] - The overall revenue of the optical module market slightly decreased from $11 billion in 2022 to $10.9 billion in 2023, but is expected to reach $22.4 billion by 2029 due to high demand for 400G and above high data rate modules from cloud service operators and national telecom operators[53] - The PCB industry is benefiting from the diversification of downstream applications, with significant growth driven by the rise of smartphones, laptops, and advancements in communication technology[54] - The company anticipates continued growth in the PCB industry supported by favorable national policies and the ongoing development of the AI industry[55] - The demand for customized products is increasing due to the diversification of downstream application scenarios, particularly in high-performance computing and smart terminals[110] - The flexible printed circuit (FPC) module industry is experiencing rapid growth, driven by the demand for lightweight and portable electronic products, especially in the automotive and medical sectors[111] - The demand for high-end PCB products such as HDI and packaging substrates is significantly increasing, driven by the rapid development of emerging applications like 5G, AI, and smart vehicles[113] Research and Development - The company is focused on the research, production, and sales of customized module products based on flexible applications[19] - The company is actively pursuing new product development and technological advancements to drive future growth[11] - The company is focusing on R&D of new materials and products, adopting a JDM model for deeper collaboration[39] - Research and development expenses increased by 31.39% to ¥23,006,974.15, reflecting higher investments in key projects[60] - The total number of R&D personnel rose from 101 to 108, with R&D personnel now accounting for 13.45% of the total workforce[92] - Key R&D projects include open wireless earphone noise reduction and self-service blood glucose detection modules, both in small batch supply stages, aimed at enhancing sales performance[94][96] - The company is developing a 800G-1.6T optical module, currently in the verification phase, to strengthen its market competitiveness[95] - The company holds a total of 114 patents, including 21 invention patents, with 5 new invention patents added during the reporting period[46] Operational Strategies - The company plans to continue expanding its market presence and enhancing its product offerings in the upcoming year[11] - The company has implemented a "sales-driven production" model to meet diverse customer demands for customized products[42] - The company has established a comprehensive process for handling customer orders, ensuring timely production and delivery[42] - The company is actively investing in digitalization and automation to improve production efficiency and meet higher customer delivery standards[48] - The company plans to enhance its manufacturing capabilities in automotive electronics and medical electronics through its new facility in Huizhou[40] - The company is focusing on optimizing procurement and supply chain management for flexible circuit boards through its investment in Fujian Shizhuo Electronics Technology Co., Ltd.[86] - The company is expanding its production capacity with the full operation of its subsidiaries in Guangdong and Huizhou, which will support its differentiated development strategy[116] Risk Management - The company faces risks related to the loss of core technical personnel, which could weaken R&D capabilities and core competitiveness[123] - The company has a high reliance on overseas sales, with a significant portion settled in USD, exposing it to exchange rate fluctuations[122] - The company is exposed to risks from international trade policies and tariffs, which could affect sales in overseas markets[124] - The company maintains a stable supply of raw materials, but price fluctuations due to macroeconomic factors could adversely affect performance[122] - The company has implemented measures to optimize raw material procurement strategies and enhance supply chain management to mitigate risks from price volatility[122] Corporate Governance and Shareholder Information - The company has a clear cash dividend policy that complies with the company's articles of association and shareholder resolutions[165] - The total number of ordinary shares increased from 70,592,806 to 98,829,928 after a stock dividend of 4 shares for every 10 shares held and a cash distribution of ¥1.5 per 10 shares[149] - The largest shareholder, Xue Xinghan, holds 39,974,185 shares, representing 40.4474% of the total shares, while controlling a total of 51.4513% through associated entities[154] - The company raised ¥155,099,267.59 through public offerings, with ¥70,571,892.63 utilized during the reporting period[159] - The company has complied with all regulations regarding the management and use of raised funds, with no violations reported[161] - The company has no instances of shareholder or related party occupation or transfer of company funds, assets, or other resources during the reporting period[134] Employee and Management Information - The total number of employees increased from 751 to 916, representing a growth of approximately 22%[178] - Management personnel increased from 34 to 42, a rise of 23.5%[178] - Production personnel saw a significant increase from 498 to 638, marking a growth of 28.2%[178] - The company has implemented a comprehensive training program to enhance employee skills and efficiency[179] - The company maintains a stable employee base with no significant changes reported during the period[179] - The company has a performance evaluation system in place to boost employee motivation and retention[179]
则成电子(837821) - 2024 Q4 - 年度财报