Appo(SH:688007)2024-04-26 11:11Financial Performance - The company achieved operating revenue of 2.213 billion RMB and a net profit attributable to shareholders of 103 million RMB, with an overall gross margin of 36.22%[16]. - The company reported a net profit attributable to shareholders was CNY 103 million, with a net profit of CNY 41.66 million after deducting non-recurring gains and losses[123]. - The total assets of the company at the end of the reporting period were CNY 4.221 billion, with net assets attributable to shareholders amounting to CNY 2.819 billion[123]. - The company achieved operating revenue of CNY 2.213 billion, a year-on-year decrease of 12.90%[125]. - Revenue from the laser display industry reached 221,335.70 million, with a gross margin of 36.22%, reflecting an increase of 3.58 percentage points year-on-year[144]. - Revenue from core components and complete machine business was 200,892.40 million, with a gross margin of 38.46%, a decrease of 12.99% year-on-year[144]. - Domestic revenue was 186,321.49 million, with a gross margin of 35.12%, a decrease of 12.12% year-on-year[144]. - The company reported accounts receivable of ¥180.29 million, representing 4.27% of total assets, with a risk of uncollectible accounts if major clients face adverse conditions[119]. Research and Development - The company increased its R&D investment, with R&D expenses rising year-on-year, reflecting a commitment to innovation despite market fluctuations[11]. - The total R&D investment for the year was approximately ¥280.93 million, representing an increase of 7.18% from the previous year, with R&D expenses accounting for 12.69% of total revenue, up by 2.38 percentage points[111]. - The company has achieved a 29.63% year-on-year increase in the number of authorized and applied patents related to automotive optical technology, totaling 105 new patents during the reporting period[48]. - As of December 31, 2023, the cumulative number of authorized and applied patents related to automotive technology reached 209, reflecting a year-on-year growth of 41.22%[48]. - The number of invention patents increased by 115 this year, bringing the total to 1,081, while utility model patents rose by 193 to a total of 781[111]. - The company is focusing on a development strategy of "core technology + core components + application scenarios," emphasizing the stability of its business structure while exploring new growth areas[174]. Product Development and Innovation - The automotive optical business is entering a rapid development phase, with six high-quality pre-installed models secured, including the AITO M9, which has entered mass production[17]. - The AITO M9 features a vehicle-mounted giant screen projection solution, enhancing in-car entertainment and redefining smart vehicle spaces, expected to positively impact future performance[18]. - The company launched the ALPD®5.0 super full-color laser technology product in the home sector, providing a high-brightness, transparent, and speckle-free projection experience[51]. - The company introduced several new products, including the X5 laser projector, which features 4,500 CVIA lumens brightness and 4K resolution, surpassing traditional TV brightness levels[107]. - The company launched the next-generation VLED LED Cinema projection solution, achieving brightness up to 230% of traditional cinema screens and a contrast ratio of ∞:1, with a power consumption of only 40% compared to other LED screens[100]. - The company has made significant breakthroughs in micro-optical film technology, enhancing high-gain and anti-environmental light interference capabilities, and plans to expand into automotive optical applications[101]. Market Trends and Opportunities - The global home laser projection market is expected to reach 1.25 million units in 2024, indicating a growth of over 35% compared to 2023[39]. - The global smart car market is projected to reach $1.7 trillion by 2025, driven by advancements in artificial intelligence and human-computer interaction technologies[65]. - The domestic laser display industry is projected to increase its localization rate from 45%-55% in 2021 to 75%-80% within the next 3-5 years, indicating significant growth potential[36]. - The company aims to expand its strategic advantages in the automotive optical field, leveraging the rapid growth of the domestic new energy vehicle market[195]. - The integration of laser display technology with AI, AR, and robotics is identified as a new application development direction for the industry[196]. Operational Efficiency and Risk Management - The company is closely monitoring macroeconomic conditions and adjusting its business strategies to mitigate risks from international trade environment changes[121]. - The company has implemented measures to manage accounts receivable risks and improve cash flow management[134]. - The company reported a significant increase in long-term receivables by 125.62% to ¥26,000,543.13, which accounted for 0.62% of total assets[161]. - The company’s short-term borrowings decreased by 38.24% to ¥80,036,500.00, representing 1.90% of total liabilities, due to repayment of maturing short-term loans[163]. Strategic Initiatives - The company is actively collaborating with automotive manufacturers to ensure efficient delivery of products for the five additional pre-installed models[19]. - The company is actively expanding into new fields such as AR and robotics, aiming to provide comprehensive solutions for customers[55]. - The company is focusing on maintaining its technological advantages and increasing R&D investments to strengthen its market position and product competitiveness[118]. - The company plans to enhance its engineering manufacturing capabilities and improve quality systems to build a smart manufacturing system in the optical field[177]. - The company acknowledges the supportive government policies aimed at advancing modern industrial systems and enhancing productivity[197].