宏达电子(300726) - 2024 Q4 - 年度财报

Financial Performance - The company reported a significant decline in performance during the reporting period, with inventory levels remaining high despite a decrease[6]. - The company's operating revenue for 2024 was ¥1,585,507,562.63, a decrease of 7.07% compared to ¥1,706,207,368.44 in 2023[22]. - The net profit attributable to shareholders for 2024 was ¥279,239,205.81, down 40.81% from ¥471,740,213.15 in 2023[22]. - The net cash flow from operating activities for 2024 was ¥508,074,092.33, a decline of 16.10% compared to ¥605,555,939.45 in 2023[22]. - The company's basic earnings per share for 2024 were ¥0.678, a decrease of 40.81% from ¥1.1454 in 2023[22]. - The total profit amounted to 440.86 million yuan, reflecting a decline of 26.47% year-on-year[39]. - The company achieved total revenue of CNY 1,585.51 million, a decrease of 7.07% compared to the previous year[44]. - Revenue from electronic components declined by 10.53% year-on-year, while revenue from modules and other products increased by 8.34%, now accounting for over 20% of total revenue[44][46]. Dividend Distribution - The company plans to distribute a cash dividend of 6 RMB per 10 shares to all shareholders, based on a total of 411,839,845 shares[6]. - The company proposed a cash dividend of 6.00 CNY per 10 shares, totaling 247,103,907.00 CNY, which represents 100% of the profit distribution[137][138]. - The cash dividend payout ratio is in line with the company's policy, which mandates a minimum of 80% payout during mature stages without significant capital expenditure plans[137]. Research and Development - The company is focused on research and development of high-reliability electronic components and solutions[3]. - The company invested CNY 138.05 million in R&D, a decrease of 14.32% year-on-year, reflecting a cautious approach due to external uncertainties[44]. - The company has developed 22 R&D projects in 2024, with 5 government and cooperative projects and 17 self-funded projects, leading to the launch of advanced transformers and capacitors[40]. - The company is committed to R&D driven by customer needs and collaborates with universities and research institutions for new product development[38]. - The company plans to enhance R&D investment to upgrade tantalum capacitor technology and expand into semiconductor sectors[86]. Market and Competition - The company operates in a high-reliability product sector that is sensitive to international and geopolitical changes, which could adversely affect its operations[3]. - The company acknowledges the potential for increased competition if market entry conditions change, which could impact its operational environment[3]. - The company expects continued growth in the high-reliability electronic components market, with a projected market size exceeding ¥500 billion by 2025[31]. - The domestic passive component industry is experiencing rapid growth, driven by increased demand for localization due to supply chain security concerns[32]. Governance and Management - The company has established a robust governance structure and internal control mechanisms to enhance its management capabilities[4]. - The company has completed the election of its board of directors, which consists of 7 members, including 3 independent directors, ensuring compliance with legal requirements[98]. - The company has a clear and complete asset ownership structure, with no reliance on controlling shareholders for resources or financial support[102]. - The company has a commitment to social responsibility and stakeholder engagement as part of its governance strategy[100]. - The company has established an independent financial department with a complete accounting system, allowing for independent financial decision-making and tax compliance[102]. Risks and Challenges - The company faces risks related to large accounts receivable and notes receivable, primarily due to long payment cycles from major clients[6]. - The company has a significant amount of accounts receivable and notes receivable, which poses a risk due to long payment cycles from major clients, potentially affecting cash flow and increasing bad debt risk[88]. - The company has a high inventory level, which, if not managed effectively, could lead to increased liquidity risks and potential inventory write-downs, impacting profit margins[89]. - Potential risks include macroeconomic changes and increased competition, with strategies in place to adapt to industry shifts[87]. Environmental and Social Responsibility - The company has not faced any environmental accidents or administrative penalties in the past three years, demonstrating effective environmental management practices[177]. - In 2024, the company processed approximately 71.7 tons of hazardous waste, adhering to national regulations for safe disposal[179]. - The company actively engages in social responsibility activities, including donations and support for local communities, with 49 care packages distributed to elderly individuals in January 2024[181]. Financial Management - The company has established a comprehensive internal control environment, ensuring clear division of responsibilities and effective communication channels among departments[140][144]. - The internal control audit report confirmed that the company maintained effective financial reporting internal controls as of December 31, 2024, with a standard unqualified opinion issued[174]. - The company has implemented a robust internal supervision mechanism involving the supervisory board, board of directors, and management to ensure effective oversight[167]. - The company has established a comprehensive information disclosure management system to ensure timely, accurate, and complete information dissemination to protect investor rights[166].