LY iTECH(SZ:002600)2024-05-16 09:43Group 1: Industry Overview - The global consumer electronics market has faced challenges, entering a saturation phase with intense competition among manufacturers [2] - Breakthroughs in AI technology are expected to significantly impact the consumer electronics sector, driving demand for AI terminal products and related hardware upgrades [2] Group 2: Business Development Highlights - The company primarily engages in precision functional components, structural parts, modules, and chargers, with significant applications in AI terminal devices, communications, automotive, and photovoltaic storage [3] - In 2023, the AI terminal and communications business generated revenue of CNY 30.687 billion, with a gross margin of 21.62% [4] - The automotive business achieved revenue of CNY 1.697 billion in 2023, marking a year-on-year growth of 43.61% [3] - The photovoltaic storage business reached CNY 1.555 billion in revenue, reflecting a year-on-year increase of 29.89% [3] Group 3: Product Innovations - The company has successfully transitioned to JDM and ODM models, enhancing product capabilities and user experience in the AI era [3] - The introduction of ultra-thin stainless steel VC heat spreaders has improved thermal efficiency while reducing weight, contributing to performance enhancements in high-end smartphones [4] - Carbon fiber structural components have been adopted by leading clients for foldable and high-end smartphones, optimizing performance and reducing crease impacts [3] Group 4: Investor Relations and Returns - The company emphasizes investor returns, implementing a shareholder return plan for 2023-2025, including cash dividends and share buybacks [4] - In 2023, the company distributed cash dividends totaling CNY 820 million, representing 20.45% of the annual net profit [4] - The company has repurchased approximately 63.62 million shares since 2022, with a total expenditure of CNY 300 million, and plans to continue buybacks to support investor interests [4]