Financial Performance - For the year ended December 31, 2023, the company reported product sales of HKD 2,493,165,000, an increase from HKD 2,462,767,000 in 2022, representing a growth of approximately 1.2%[7] - The total revenue for the year was HKD 2,494,534,000, compared to HKD 2,464,242,000 in 2022, reflecting an overall increase of approximately 1.2%[7] - The company achieved a profit before tax of HKD 57,688,000, with a net profit of HKD 47,858,000 for the year, compared to HKD 9,830,000 in tax expenses[8] - Financial income increased to HKD 7,003,000 in 2023 from HKD 2,246,000 in 2022, marking a significant rise of approximately 211.5%[9] - The total financial costs decreased to HKD 25,917,000 in 2023 from HKD 52,861,000 in 2022, showing a reduction of about 50.9%[9] - The company's revenue for the year ended December 31, 2023, was HKD 2,494,534,000, representing a 1.2% increase from HKD 2,464,242,000 in 2022[30] - Gross profit increased by 13.2% to HKD 374,166,000, with a gross margin of 15.0%, up from 13.4% in the previous year[30] - Net profit attributable to the company's owners rose by 30.6% to HKD 62,506,000, compared to HKD 47,858,000 in 2022[30] - Basic earnings per share increased by 29.9% to HKD 3.17, while diluted earnings per share rose by 55.0% to HKD 2.65[30] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.01 per share, totaling approximately HKD 19,584,000, subject to shareholder approval[17] - The proposed final dividend per share is HKD 0.01, a 37.0% increase from HKD 0.0073 in 2022[30] - The proposed final dividend for the year ending December 31, 2023, is HKD 0.01 per share, totaling approximately HKD 19,584,000, an increase from HKD 14,389,000 in 2022[82] Assets and Liabilities - Total assets decreased slightly to HKD 3,312,149,000 from HKD 3,327,430,000 in the previous year, reflecting a decrease of 0.5%[50] - The company's cash and cash equivalents, including pledged bank deposits, decreased by 57.0% to HKD 97,140,000 from HKD 225,908,000 year-over-year[61] - Total interest-bearing loans amounted to HKD 487,537,000, down 16.9% from HKD 586,626,000 in the previous year[61] - The debt ratio, calculated as total interest-bearing loans minus cash and cash equivalents divided by total equity, increased from 21.8% to 23.1%[62] - The current ratio remained stable at 1.2 times for both years, indicating consistent liquidity management[62] Operational Highlights - The company has ongoing projects in Tangzhou, with a planned annual production capacity of 100,000 tons of steel wire, supported by local government initiatives[65] - The annual production capacity of steel wire has reached 160,000 tons, with ongoing investments to further increase this capacity[80] - The increasing production of electric vehicles is expected to boost demand for supporting tires, accelerating the market expansion for steel wire used in domestic radial tires[80] - The company aims to achieve green, low-carbon, and sustainable development by reducing carbon emissions through energy-saving measures and the use of clean energy[80] - The company is actively pursuing its expansion plans in response to the evolving automotive and tire markets[95] Employee and Operational Costs - Employee benefit expenses increased to HKD 301,678,000 from HKD 261,756,000, reflecting a rise of 15.2%[59] - Research and development expenses for the year were HKD (108,296,000), compared to HKD (103,335,000) in the previous year[36] - Administrative expenses decreased by 3.2% to HKD 56,433,000 in 2023, down from HKD 58,307,000 in 2022, as the company continues to implement cost control measures[168] Market and Sales Performance - The steel cord division's revenue was HKD 2,493,165,000, a 1.2% increase from HKD 2,462,767,000 in 2022, driven by an 18.0% increase in sales volume to 228,637 tons[141] - Total export sales decreased by 16.5% to HKD 897,554,000, down from HKD 1,074,701,000, with significant declines in South America (down 46.2%) and the Middle East and Africa (down 38.7%) markets[143] - The total sales volume of steel cord increased by 18.0% to 228,637 tons in 2023, compared to 193,701 tons in 2022[161] Governance and Compliance - The company has adopted corporate governance codes and internal control guidelines to ensure effective risk management and compliance with regulations[72] - The chairman and CEO roles were separated on July 1, 2023, to comply with corporate governance standards[73] Miscellaneous - The company expressed gratitude to shareholders, suppliers, and customers for their ongoing support and commitment to business[74] - The company is evaluating the potential impact of new accounting standards on its financial performance and position[43] - The company has no outstanding convertible bonds as of February 2023, having redeemed all outstanding principal amounting to HKD 126,000,000[24] - The company’s auditor confirmed that the preliminary performance announcement aligns with the audited financial report for the year ending December 31, 2023[84]
首佳科技(00103) - 2023 - 年度业绩