Financial Performance - The total revenue for the fiscal year ending December 31, 2023, was HKD 5,665.9 million, a decrease of 43.4% compared to HKD 10,006.1 million for the fiscal year ending December 31, 2022[20]. - The gross profit for the fiscal year ending December 31, 2023, was HKD 441.5 million, down 59.7% from HKD 1,094.7 million for the fiscal year ending December 31, 2022[20]. - The net profit attributable to shareholders for the fiscal year ending December 31, 2023, was HKD 71.1 million, a decline of 56.8% compared to HKD 164.7 million for the fiscal year ending December 31, 2022[20]. - Basic and diluted earnings per share for the fiscal year ending December 31, 2023, were HKD 0.1508 and HKD 0.1505, respectively, compared to HKD 0.3403 and HKD 0.3389 for the fiscal year ending December 31, 2022[20]. - The company reported a total comprehensive income of HKD 88,408 for 2023, down 76.1% from HKD 366,899 in 2022[24]. - The company’s net profit for the year has been impacted by various expenses, including a significant cost of goods sold amounting to HKD 5,254.6 million in 2023, compared to HKD 8,848.6 million in 2022[59]. - The group reported a gross profit of HKD 86,678,000 for 2023[37]. - The company's profit was HKD 92.5 million, a decrease of 75.6% compared to HKD 379.7 million in 2022, primarily due to a reduction in gross profit[162]. Assets and Liabilities - Total assets decreased from HKD 1,214,896,000 in 2022 to HKD 909,880,000 in 2023, representing a decline of approximately 25.1%[3]. - Current liabilities decreased from HKD 1,645,968,000 in 2022 to HKD 830,417,000 in 2023, a reduction of about 49.7%[5]. - The net asset value decreased from HKD 1,200,923,000 in 2022 to HKD 904,413,000 in 2023, indicating a decrease of approximately 24.7%[5]. - The total liabilities decreased from HKD 1,200,923,000 in 2022 to HKD 904,413,000 in 2023, indicating a decrease of approximately 24.7%[5]. - The company’s total liabilities decreased to HKD 368,304,000 in 2023 from HKD 973,006,000 in 2022[49]. - As of December 31, 2023, the group had outstanding bank borrowings of HKD 397.7 million, down from HKD 1,030.2 million on December 31, 2022[139]. - The group's capital debt ratio decreased from 85.8% on December 31, 2022, to 44.0% on December 31, 2023, due to a reduction in bank borrowings[139]. Revenue Breakdown - Revenue from external customers in the authorized distribution segment was HKD 4,835,050, down 29.8% from HKD 6,891,419 in 2022[35]. - The independent distribution segment generated revenue of HKD 830,835, an increase of 26.0% from HKD 3,114,659 in 2022[35]. - The sales revenue for the smart display business unit reached HKD 1,859.5 million in 2023, representing a substantial year-on-year decline of 35.9%[53]. - Major customer sales for the licensing division showed a decline, with Customer 1 generating HKD 698.1 million in 2023 compared to HKD 1,302.8 million in 2022, a drop of 46.4%[57]. - The sales revenue from the display-related business unit reached HKD 794.5 million, down 26.4% year-on-year due to a decrease in global shipments of PCs and smartphones[72]. - The smart vision business unit generated sales of HKD 923.5 million, reflecting a year-on-year decline of 35.3% despite an increase in chip shipments[73]. - The optical communication business unit saw significant growth, with sales reaching HKD 167.5 million, a remarkable increase of 14,477.5% year-on-year[78]. - The independent distribution business unit reported sales of HKD 830.8 million, down 73.3% year-on-year due to a significant drop in order volume and profit margins[79]. Expenses and Cost Management - Research and development expenses decreased to HKD 32,514 from HKD 39,562, a reduction of 18.5%[22]. - Administrative expenses were reduced to HKD 116,007 from HKD 144,732, a decrease of 19.9%[22]. - The total employee costs for the company in 2023 were HKD 190.1 million, significantly lower than HKD 337.6 million in 2022, reflecting a decrease of 43.7%[59]. - The administrative, sales, and distribution expenses for the year ended December 31, 2023, totaled HKD 292.6 million, a significant decrease from HKD 525.2 million in 2022[160]. - The company incurred current tax expenses of HKD 14,660,000 in 2023, significantly lower than HKD 75,819,000 in 2022[40]. - The group’s deferred tax expenses were HKD 2,076,000 in 2023, compared to HKD 2,734,000 in 2022[40]. Market Outlook and Economic Conditions - In 2023, the global TV shipment volume is expected to decline by 2.5% year-on-year, falling below 197 million units, marking a nearly ten-year low[53]. - The World Bank forecasts a global economic growth rate of only 2.6% for 2023, indicating the lowest growth since 1995, with economic weakness surpassing that of the 2008 subprime crisis[53]. - The overall market for consumer electronics is experiencing a downturn, with a notable decline in demand and inventory issues affecting the chip market[71]. - Global PC shipments are projected to decline by 13.8% in 2023, while smartphone shipments are expected to decrease by 5% to approximately 1.2 billion units, marking the lowest level in nearly a decade[70]. - The global semiconductor market size is projected to be $520.1 billion in 2023, a decrease of 9.4% compared to $574.1 billion in 2022[103]. - China's GDP grew by 5.2% year-on-year in 2023, reaching CNY 126 trillion, but faced significant pressure due to insufficient market demand and other economic challenges[102]. Future Projections and Strategies - The company plans to propose a final dividend of HKD 0.05 per share for the year ending December 31, 2023, down from HKD 0.06 per share in 2022, totaling approximately HKD 24.43 million[61]. - The company anticipates a recovery in revenue growth for its business unit in 2024, driven by the expected increase in demand for cellular IoT modules, with a projected annual growth rate of 12% until 2030[121]. - The company plans to continue expanding new product lines and customer bases in 2024, maintaining an optimistic outlook for sustained business growth[124]. - The company expects to achieve its annual targets in 2024 despite uncertainties in the market outlook[121]. - The group aims to maintain strict control over its receivables, with overdue balances reviewed regularly by the board[45]. Corporate Governance - The board of directors is committed to maintaining high standards of corporate governance and effective management accountability[182]. - The company has adopted the corporate governance code as its own governance guidelines, ensuring compliance with applicable rules[197]. - The audit committee, composed of three independent non-executive directors, reviewed the consolidated financial statements for the year ended December 31, 2023[200].
芯智控股(02166) - 2023 - 年度业绩