Financial Performance - The Group's turnover decreased from approximately HK$629.4 million in 2023 to approximately HK$579.5 million in 2024, representing a decrease of approximately 7.9%[12] - Gross profit was approximately HK$146.2 million in 2024, representing a decrease of approximately 12.5% from 2023[12] - Profit attributable to ordinary equity holders of the Company was approximately HK$60.3 million in 2024, representing a decrease of approximately 19.7% from 2023[12] - The decrease in net profit was primarily due to a decrease in sales orders and an increase in production costs[12] - Revenue for the year ended December 31, 2024, was HK$579,537,000, a decrease of 7.9% from HK$629,430,000 in 2023[32] - Profit before tax decreased by 20.6% to HK$70,854,000 in 2024 from HK$89,288,000 in 2023[32] - Basic and diluted earnings per share fell to HK25.1 cents, a decline of 19.8% compared to HK31.3 cents in 2023[32] - Dividend per share was reduced to HK6.0 cents, a decrease of 40.0% from HK10.0 cents in 2023[32] - The Group's gross profit for 2024 was approximately HK$146.2 million, a decrease of approximately 12.5% from the previous year, with a gross profit margin of approximately 25.2%, down 1.3% from 26.5% in 2023[70] - Total operating expenses for 2024 were approximately HK$100.9 million, an increase of approximately 3.6% compared to HK$97.4 million in 2023, primarily due to higher general and administrative expenses[71] - EBITDA for 2024 amounted to approximately HK$81.8 million, down from approximately HK$106.7 million in 2023[72] - Other income and gains increased by approximately HK$9.2 million, or 42.0%, to approximately HK$31.1 million in 2024, mainly due to an increase in bank interest income and net foreign exchange gains[73] Industry Trends and Challenges - The PCB industry is facing opportunities and challenges due to the rapid development of the Internet of Things, smartphones, and electric vehicles[16] - Technological innovation is driving the development of the PCB industry, expanding the scope of product applications[20] - Environmental regulations have imposed higher requirements on product materials and manufacturing processes, affecting the industry's operational environment[21] - PCB enterprises in the PRC face difficulties such as fluctuations in the global supply chain and international trade frictions[22] - The total output value of the global PCB industry is closely related to macroeconomic conditions[15] - The global PCB output value was approximately US$80.3 billion in 2024, projected to reach US$96.6 billion by 2029, with a compound annual growth rate of 4.87%[39] - The PRC's PCB output value is expected to reach RMB412.1 billion in 2024, accounting for over 50% of the global market[40] - The demand for PCBs in new energy vehicles is significantly higher compared to conventional vehicles, leading to increased PCB value and volume per vehicle due to the development of core systems such as batteries and motors[44] - The deployment of 5G technology is anticipated to create substantial demand for PCBs in communication facilities, with an estimated direct output of RMB 6.3 trillion by 2030, providing significant market opportunities for the PCB industry[45] - The PCB market is facing increased competition due to excess capacity and the entry of new manufacturers, leading to severe price competition and shrinking profit margins in 2024[51] - Compliance with environmental regulations is increasing operational costs for PCB manufacturers, as non-compliant firms face rectification or suspension[46] Company Developments and Strategies - The Group marks its 35th anniversary and the 10th anniversary of its listing in 2024[13] - The company has diversified its product mix and market coverage, resulting in a higher proportion of revenue generated from the automotive electronics sector[55] - The company has established long-term relationships with major OEM customers across various regions, enhancing its ability to respond to customer demand trends[58] - The Group plans to establish another production base outside Pingshan, Shenzhen, or in Southeast Asia to support long-term development due to increased labor costs and the need for competitiveness[66] - The Group has enhanced production automation and optimized costs and quality to move towards intelligent production in the future[65] - The Group complies with various international quality standards, including ISO 13485 certification for medical equipment circuit boards, demonstrating its commitment to product quality[63] - The Group's liquidity position and capital requirements are regularly reviewed to ensure optimal capital structure and shareholder returns[111] - The Group's dividend policy is subject to various factors, including financial performance, retained profits, and general economic conditions[118] - The Group's future investments will be subject to evolving circumstances arising from the expansion plan related to the Share Acquisition and Property Acquisition[137] Management and Governance - The company’s management team includes experienced directors with over 35 years in PCB production and sales, ensuring strategic oversight and business development[167] - The chairman and executive director, Mrs. Chan Yung, has been involved in the group's management since September 1996, overseeing administration, purchasing, logistics, and corporate strategic planning[156] - Mr. Chan has over 35 years of experience in PCB manufacturing, having been involved in the industry since 1989[173] - Mr. Lai Hau Yin, the chief financial officer, has over 31 years of experience in audit and accounting from various listed companies and accounting firms in Hong Kong[185] - The Group has a strong leadership structure with a mix of executive and non-executive directors, enhancing governance and strategic direction[177] - The management team is committed to continuous development in project construction and architectural design, reflecting the company's focus on innovation[171] - The company aims to become a world-class enterprise delivering renowned products and services of the best quality[196] - The corporate culture emphasizes the spirit of "forging ahead, working our way up to the top" to face opportunities and challenges[195] - The company has a long-term development goal focused on quality and customer satisfaction[196] - The management team has extensive experience in the PCB industry, with key members having over 27 years of experience[193] - The strategic direction is regularly updated to adapt to the changing business environment[199] - The company emphasizes the importance of teamwork and meticulous execution in its operations[198] - The mission includes nurturing a corporate team with all-rounded development in "morality, intellect, physique"[200] - The company aims to maintain trilateral cooperation with suppliers and customers to share success and contribute to society[200]
恩达集团控股(01480) - 2024 - 年度财报