TPC(SZ:002134)2024-04-16 12:37Financial Performance - The company achieved a revenue of 646,266,845.89 yuan in 2023, representing an 11.29% increase compared to the previous year[8]. - The gross profit margin for the reporting period was 22.21%, an increase of 6.48% year-on-year, attributed to improved operational management and cost reduction efforts[8]. - The company’s revenue from domestic sales was 386,184,636.86 yuan, with a year-on-year growth of 13.74%, while overseas sales reached 260,082,209.03 yuan, reflecting a 7.84% increase[11]. - The net profit attributable to shareholders for 2023 is CNY 26.4245 million, with an undistributed profit of CNY -101.6002 million as of the end of 2023[80]. - The net profit attributable to shareholders for 2023 was CNY 26,424,489.91, representing a significant increase of 64.55% from CNY 16,058,910.38 in 2022[183]. - The company reported a non-recurring loss of approximately ¥3.89 million in 2023, a significant improvement from a loss of ¥18.48 million in 2022[193]. - The disposal of non-current assets resulted in a loss of ¥2.6 million in 2023, compared to a loss of ¥13.53 million in 2022[192]. Cash Flow and Investments - Operating cash inflows increased by 6.98% to ¥652,288,771.88 in 2023 from ¥609,746,528.09 in 2022[18]. - Net cash flow from operating activities surged by 352.59% to ¥101,850,766.34 in 2023 compared to ¥22,503,905.53 in 2022[18]. - Cash inflows from financing activities skyrocketed by 1,161.12% to ¥191,793,008.96 in 2023 from ¥15,208,099.00 in 2022[18]. - The net increase in cash and cash equivalents was ¥60,302,289.81 in 2023, a significant improvement from a decrease of ¥53,922,728.50 in 2022, representing a 211.83% change[18]. - Investment cash outflows rose by 117.01% to ¥217,340,085.67 in 2023 from ¥100,150,026.96 in 2022[18]. - The net cash flow from investment activities decreased by 119.04% to -¥210,774,246.94 in 2023 compared to -¥96,225,763.02 in 2022[18]. Acquisitions and Strategic Partnerships - The company completed the acquisition of 51% control of Taihe Circuit Technology, enhancing its multi-factory layout and expanding its market presence[5]. - The company successfully completed the acquisition of Taihe Circuit in 2023, expanding its layout in the South China base[31]. - The company maintains long-term strategic partnerships with leading global enterprises, ensuring stable sales revenue[5]. - The company acquired a 20% stake in Taihe Circuit Technology (Huizhou) Co., Ltd. for cash and subscribed to an additional registered capital of 56.94 million yuan, increasing its ownership to 51%[159]. Research and Development - Research and development expenses amounted to 20,770,393.61 yuan, a 15.30% increase from the previous year, representing 3.21% of total revenue[16]. - The company’s R&D personnel increased by 116% to 108 individuals, with a notable rise in the number of employees holding master's degrees[16]. - The company aims to enhance its technical capabilities by exploring new materials and technologies in the PCB sector[198]. Environmental Compliance - The company achieved a total wastewater discharge of 0.2172 tons for total copper, 10.355 tons for total nitrogen, and 5.303 tons for ammonia nitrogen, all within the compliance standards[89]. - The company reported a 30% year-on-year increase in industrial wastewater treatment in 2023, with reductions in chemical oxygen demand, ammonia nitrogen, total nitrogen, and petroleum pollutants[100]. - The company has implemented a comprehensive wastewater treatment system, including five pre-treatment systems for various types of wastewater, ensuring compliance with discharge standards[100]. - The company has maintained stable emissions for total cyanide at 0.0004 tons and total organic carbon at 2.7044 tons, all within regulatory limits[94]. - The company has upgraded its environmental protection facilities and introduced intelligent control systems to enhance compliance with wastewater, waste gas, noise, and solid waste management[104]. - The company has established an emergency response plan for environmental incidents and conducts regular training and drills for employees[102]. Governance and Management - The company is led by a diverse management team, including the Chairman Qin Kejing and President Pang Dong, who have extensive experience in the industry[53]. - The management team includes independent directors with significant academic and professional backgrounds, enhancing governance and oversight[54]. - The company has a structured compensation plan for directors and senior management, which is reviewed by the remuneration committee and approved by the board[59]. - The company has not reported any penalties from regulatory authorities for its board members or senior management in the past three years[59]. - The board of directors has actively participated in meetings and decision-making processes, ensuring compliance with legal and regulatory requirements[68]. Market Outlook and Strategy - In 2024, the company aims to leverage industry recovery opportunities, focusing on both domestic and overseas markets, while strengthening its traditional advantages in industrial control and automotive electronics[31]. - The company plans to actively explore opportunities in the aerospace sector, supported by its AS9100 and NADCAP certifications, which are rare among PCB companies in China[31]. - The company intends to accelerate its entry into the server market and continue to deepen its understanding of major customer needs[31]. - The company will seek suitable opportunities along the upstream and downstream of its product line to enhance its market position[31]. - The PCB industry is projected to grow steadily, with a market value of approximately $98 billion by 2027, reflecting a compound annual growth rate (CAGR) of 3.8% from 2022[196]. - The semiconductor market is anticipated to grow to approximately $716 billion by 2027, with a CAGR of 4.6% from 2022[196]. Financial Stability and Future Plans - The company will not distribute profits or increase capital stock from capital reserves for the year 2023 to maintain financial stability and liquidity[80]. - The company has reported a negative retained earnings balance, indicating potential financial challenges that may affect future operations[80]. - The company has approved a comprehensive credit facility application to multiple banks, including China Construction Bank and HSBC, indicating a strategy to enhance financial support[63][64]. - The company is undergoing a significant asset purchase and capital increase, which is classified as a major asset restructuring[63]. - The company has proposed an employee stock ownership plan draft for 2023, aiming to align employee interests with company performance[63]. Compliance and Related Party Transactions - The company has not engaged in any significant related party transactions during the reporting period[128]. - The company has disclosed several announcements regarding related party transactions, including wastewater station renovation and foreign exchange derivative trading[136]. - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[112]. - The company has not experienced any bankruptcy restructuring matters during the reporting period[123]. - The company has not made any asset or equity acquisitions or sales involving related party transactions during the reporting period[129].