Etron(603380)2025-04-25 12:55Financial Performance - The company's operating revenue for 2024 reached ¥2,161,051,635.89, representing a year-on-year increase of 12.74% compared to ¥1,916,926,044.84 in 2023[24]. - Net profit attributable to shareholders for 2024 was ¥184,148,877.35, a significant increase of 38.16% from ¥133,283,244.16 in 2023[24]. - The basic earnings per share for 2024 increased to ¥1.15, up 36.90% from ¥0.84 in 2023[25]. - The weighted average return on equity rose to 12.57% in 2024, an increase of 2.30 percentage points from 10.27% in 2023[25]. - The net cash flow from operating activities for 2024 was ¥276,029,941.86, a decrease of 5.39% compared to ¥291,745,230.65 in 2023[24]. - The total assets at the end of 2024 were ¥2,331,119,010.30, reflecting a slight increase of 1.05% from ¥2,306,986,005.45 at the end of 2023[24]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥181,328,607.50, which is a 75.56% increase from ¥103,288,491.97 in 2023[24]. - The company reported a decrease in operating cash flow by 5.39% to CNY 276,029,941.86, attributed to increased tax payments and employee compensation[66]. Dividend Distribution - The company plans to distribute a cash dividend of 10.00 CNY per 10 shares, totaling 160,441,200.00 CNY, which represents 87.13% of the net profit attributable to shareholders[6]. - The cumulative cash dividends over the last three fiscal years amounted to ¥223,767,618[157]. - The cash dividend payout ratio for the last three fiscal years was 135.35%[157]. Revenue Breakdown - In 2024, the company achieved revenue of 1,025.37 million CNY in the industrial control sector, accounting for over 47% of total business, with a year-on-year growth of 32.07%[44]. - The communications equipment sector generated revenue of 368.59 million CNY in 2024, reflecting a year-on-year increase of 39.65%[47]. - The medical electronics sector reported revenue of 319.61 million CNY in 2024, representing over 14% of the company's main business, with a year-on-year growth of 2.36%[49]. - The automotive electronics business reported revenue of CNY 27,653.78 million, a decline of 33.06% year-on-year, primarily due to a significant drop in sales from the largest customer in this sector[52]. Operational Efficiency and Management - The company has improved supply chain management, achieving significant cost reductions and agile logistics through a comprehensive price control tool and optimized procurement channels[34]. - The company has strengthened its R&D capabilities, integrating a team that provides comprehensive product development solutions, which helps clients reduce costs[38]. - The company has implemented lean production strategies, enhancing production efficiency and cost control through automation investments[35]. - The company is leveraging local production and services to mitigate supply chain risks and improve customer responsiveness[33]. Market Position and Strategy - The EMS industry is experiencing growth driven by technological upgrades and globalization, with domestic semiconductor industry developments providing new opportunities for EMS companies[41]. - The global medical electronics EMS market is projected to reach USD 37.6 billion in 2023, with expected double-digit growth in 2024, prompting the company to expand its high-quality client base in the medical field[50]. - The company aims to leverage China's engineering talent to transition from OEM to ODM, enhancing its competitive edge in the EMS sector[102]. - The company is expanding its global presence with operational centers in Singapore and Hong Kong, and leveraging factories in Mexico and Romania to enhance its market reach in North America and Europe[111]. Governance and Compliance - The company has received a standard unqualified audit report from Rongcheng Accounting Firm[5]. - The company’s governance practices are in compliance with relevant laws and regulations, ensuring the legitimacy of shareholder meeting resolutions[130]. - The company has not faced any penalties from securities regulatory agencies in the past three years[137]. - The company has confirmed that there are no disagreements with the previous accounting firm regarding major accounting or auditing issues[186]. Environmental and Social Responsibility - The company has invested RMB 1,292,100 in environmental protection during the reporting period[169]. - The company generated 223.281 tons of hazardous waste, all of which were disposed of in compliance with regulations[170]. - The company has established a waste gas treatment system and other pollution prevention facilities that operate in sync with its operations[171]. - The company is committed to green manufacturing, aiming to optimize energy use and reduce pollution through new technologies and processes[174]. Risks and Challenges - The company faces external risks such as macroeconomic fluctuations, trade tensions, and tariff changes that could impact demand and operational costs[118]. - The company is exposed to operational risks due to reliance on customer behavior, which can lead to inventory write-downs and reduced sales if demand decreases[119]. - The company has established a customer credit management system to mitigate accounts receivable risks, but still faces potential collection issues and needs to enhance management and collection efforts[124]. Employee and Management Compensation - The total remuneration for directors, supervisors, and senior management for the year 2024 amounted to RMB 18.6178 million[135]. - The company’s remuneration policy emphasizes legality, fairness, competitiveness, and incentivization for employee performance[149]. - The company has a flexible salary and bonus incentive mechanism for its management team and core technical personnel[164]. Future Outlook - Future guidance suggests a cautious outlook, with expectations of stabilizing revenue in the upcoming quarters[132]. - The management is optimistic about long-term growth prospects despite current challenges in the market[132].