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英恒科技(01760) - 2023 - 年度业绩
INTRON TECHINTRON TECH(HK:01760)2024-03-20 12:40

Revenue Performance - Total revenue for the year ended December 31, 2023, was RMB 5,802.3 million, representing a 20% increase compared to RMB 4,829.9 million in 2022, driven by growth across all automotive business segments, particularly in new energy vehicles and intelligent connected vehicles [4]. - Total revenue for the year increased by approximately 20% to RMB 5,802.3 million, driven by growth in the new energy vehicle, intelligent driving, and safety system segments [41]. - Total revenue for the year ended December 31, 2023, was RMB 5,802.33 million, representing a 20% increase from RMB 4,829.94 million in 2022 [45]. - Revenue from the new energy vehicle solutions grew by over 35% to RMB 2,787.6 million, increasing its share of total revenue from 42.8% in 2022 to 48.0% in 2023 [30]. - Revenue from safety system solutions rose by 33% to RMB 844.7 million, accounting for 14.6% of total revenue [31]. - The intelligent driving business saw a significant revenue increase of 59%, contributing 7% to total revenue [41]. - The revenue from the new energy segment reached RMB 2,787.59 million, a 35% increase compared to RMB 2,066.81 million in the previous year [45]. - Revenue from external customers in mainland China was RMB 5,623,425 thousand, up 17% from RMB 4,795,684 thousand in the previous year [173]. Profitability - The company reported a net profit of RMB 312.5 million for the year, compared to RMB 411.1 million in the previous year [39]. - Net profit for the year was RMB 312.55 million, a decrease of 24% from RMB 411.11 million in 2022, resulting in a net profit margin of 5.4% [45][56]. - The gross profit for the year was RMB 1,083.6 million, with a gross margin of 18.7%, down 2.8 percentage points from the previous year due to increased competition in the automotive industry [41]. - The gross profit margin decreased to 18.7% from 21.5% in the previous year, reflecting a 2.8 percentage point decline [45]. - The group’s pre-tax profit for 2023 was RMB 531,950 thousand, compared to RMB 392,097 thousand in 2022, marking a 36% rise [184]. Expenses and Costs - The group’s employee costs amounted to RMB 597.7 million, accounting for 10.3% of total revenue, an increase from RMB 481.3 million in 2022 [16]. - The group’s sales and distribution expenses were RMB 113.5 million, a 7% increase from the previous year, mainly due to higher travel and business entertainment expenses [6]. - Financing costs rose by 125% to RMB 1 billion, attributed to increased bank borrowings and rising interest rates [128]. - Cost of goods sold for the year was RMB 4,631,206 thousand, compared to RMB 3,752,535 thousand in 2022, reflecting a 23% increase [184]. Research and Development - The group continues to invest in R&D, focusing on advanced power semiconductors and collaborative robotics, aiming for long-term sustainable growth [3]. - Research and development expenses increased by 56% to RMB 520.2 million, accounting for 9.0% of total revenue, up from 6.9% in the previous year [62]. - The group has established a new R&D center in Hong Kong Science Park, focusing on intelligent driving software and advanced power semiconductor applications, set to operate in November 2023 [71]. - The group has completed the testing and validation capabilities for the zonal control unit solution and hybrid dual-motor drive testing, with over 669 testing projects undertaken in 2023, a 35.7% increase year-on-year [70]. Financial Position - The group maintained a strong cash position with cash and cash equivalents totaling RMB 517.0 million as of December 31, 2023, up from RMB 336.9 million in the previous year [9]. - As of December 31, 2023, the group had outstanding bank loans of RMB 1,651.8 million, an increase from RMB 950.2 million in the previous year [10]. - The net debt-to-equity ratio rose to 51% as of December 31, 2023, up from 41% in the previous year [100]. - The net value of current assets reached RMB 1,672.2 million, up from RMB 1,444.2 million as of December 31, 2022 [130]. - Total assets less current liabilities rose to RMB 2,644.5 million for the year ended December 31, 2023, up from RMB 2,168.2 million in 2022 [162]. Corporate Governance and Compliance - The company aims to maintain high levels of corporate governance to protect shareholder interests and enhance corporate value [141]. - The board proposed amendments to the company's articles of association to comply with the latest regulatory requirements effective from December 31, 2023 [143]. - The audit committee reviewed the accounting principles and policies adopted by the group for the year ended December 31, 2023, confirming compliance with applicable accounting standards [145]. Market Outlook and Strategy - The group is cautiously optimistic about business growth in the automotive sector, particularly in the context of global trends towards electrification and smart connectivity [3]. - The company plans to enhance its market presence in the international arena as domestic new energy vehicle exports accelerate [56]. - The company will maintain a flexible business model focused on light assets and heavy R&D to adapt to high global interest rates [120]. - The Chinese automotive market is expected to grow by approximately 3% in 2024, with sales projected to exceed 31 million vehicles [120].