Financial Performance - The Group's turnover decreased from approximately HK$743.6 million in 2022 to approximately HK$629.4 million in 2023, representing a decrease of approximately 15.4%[10]. - Gross profit was approximately HK$167.1 million in 2023, representing a decrease of approximately 7.6% from 2022[10]. - Profit attributable to ordinary equity holders of the Company was approximately HK$75.1 million in 2023, representing a decrease of approximately 20.3% from 2022[10]. - Profit before tax fell by 19.5% to HK$89,288,000 from HK$110,908,000 in the previous year[26]. - Basic and diluted earnings per share both declined by 20.4% to HK31.3 cents from HK39.3 cents[26]. - EBITDA for 2023 was HK$106.7 million, compared to HK$138.0 million in 2022, reflecting the impact of reduced sales orders[70]. - The Group's gross profit for 2023 was approximately HK$167.1 million, a decrease of approximately 7.6% compared to the previous year, with a gross profit margin of 26.5%, up 2.2% from 24.3% in 2022[71][75]. - Other income and gains decreased by approximately HK$7.1 million, or 24.5%, to approximately HK$21.9 million in 2023 from approximately HK$29.0 million in 2022[74][79]. - Total employee benefit expenses for the year ended December 31, 2023, were approximately HK$90.8 million, a decrease from approximately HK$104.2 million in 2022[124]. Market Conditions - The decrease in net profit was primarily due to a reduction in sales orders from customers resulting from the global downturn in the PCB market in 2023[10]. - The PCB industry is facing greater opportunities and challenges due to the rapid development of the Internet of Things, smartphones, and electric vehicles[12]. - The global PCB output value was approximately US$73.9 billion in 2023, reflecting a decline of 15.6% compared to the previous year[35]. - The PCB market is experiencing severe price competition in 2023, leading to further shrinkage of already slim profit margins[44]. - The overall economic environment in 2024 is expected to be similar to 2023, with the second half of 2024 anticipated to be better than 2023[141]. - The most important factors affecting industry development in 2024 include regional conflicts and interest rate impacts, as the PRC's PCB industry holds a significant share of the global market[142]. - Southeast Asia is expected to become a new PCB hub due to changes in global supply chain deployment, although the local PCB industry support is currently insufficient to threaten Chinese production enterprises in the short term[143]. Operational Strategies - The Group aims to improve production efficiency and maintain competitiveness in the international market[18]. - The Group is focusing on enhancing production automation and optimizing costs and quality to transition towards intelligent production[64]. - The Group plans to establish a new production base outside Pingshan, Shenzhen, to support long-term development and address rising labor costs[65]. - The company has diversified its product mix and market coverage, resulting in a higher revenue proportion from the automobile electronics sector[53]. - The Group has established long-term relationships with major customers, some of whom have been partners for over a decade, which aids in understanding customer demand trends more quickly[57]. - The Group's liquidity position was maintained through prudent financial management and ongoing credit assessments of customers[104][111]. Challenges and Future Outlook - PCB manufacturers are facing increased operational costs due to stricter environmental regulations, which require compliance investments in environmental engineering and wastewater treatment[43]. - The company acknowledges that future challenges are becoming more severe, despite having a diversified market and strong customer base, which has led to negative impacts on the business[148]. - The Group is actively seeking solutions for a cooperation agreement related to an urban renewal project due to delays caused by a sluggish property market in mainland China[65]. - The company is committed to adapting to market conditions and ensuring robust business strategies in response to external challenges[148]. Leadership and Management - The chairman and executive director, Mrs. Chan Yung, has been involved in the group's management since September 1996 and oversees corporate strategic planning and overall business development[153]. - The new CEO, Mr. Chan Yan Wing, appointed on August 1, 2023, has approximately 20 years of experience in the PCB industry and is responsible for corporate strategic planning and business development[157]. - The board of directors includes a mix of executive and non-executive members, ensuring diverse oversight and management[156]. - The management team has extensive experience in the PCB industry, with key members having over 20 years of relevant experience[157]. Corporate Strategy - The company has a strong focus on strategic planning and operational strategies to enhance its business portfolio[167]. - The corporate strategy emphasizes bold transformation to keep up with the times amid a competitive environment[200]. - The company aims to maintain unity, meticulousness, efficiency, precision, and persistence in its implementation efforts[199]. - The long-term development goal of the company is to become a world-class enterprise delivering world-renowned products and services of the best quality[197].
恩达集团控股(01480) - 2023 - 年度财报