Suntak(002815)2025-04-16 10:15Financial Performance - The company's operating revenue for 2024 reached ¥6,277,145,221.58, an increase of 8.75% compared to ¥5,772,240,218.49 in 2023[16] - Net profit attributable to shareholders decreased by 36.93% to ¥257,663,884.03 from ¥408,524,924.44 in the previous year[16] - The net profit after deducting non-recurring gains and losses was ¥270,880,536.83, down 30.24% from ¥388,300,804.59 in 2023[16] - Cash flow from operating activities fell by 62.12% to ¥449,218,779.72, compared to ¥1,185,963,336.91 in 2023[16] - Basic earnings per share decreased by 38.46% to ¥0.24 from ¥0.39 in the previous year[16] - Total assets at the end of 2024 were ¥12,311,486,642.87, a 3.22% increase from ¥11,927,781,457.72 at the end of 2023[16] - The net assets attributable to shareholders increased by 1.27% to ¥7,172,153,290.57 from ¥7,082,039,958.84 in 2023[16] - The weighted average return on net assets was 3.62%, down from 6.27% in the previous year[16] Market Outlook - The global PCB market is projected to reach a value of $73.6 billion in 2024, with a year-on-year growth rate of 5.8%[28] - The PCB market in mainland China is expected to grow by 9.0% in 2024, recovering from a 13.2% decline in 2023[32] - The company anticipates that AI servers and data center network equipment will drive significant growth in the PCB market in 2024[30] - The HDI market is expected to see structural upgrades, driven by demand from AI servers and high-speed networks[30] - The high-layer PCB market (18+ layers) is anticipated to grow significantly by 40.3% in 2024, driven by strong demand from AI servers and high-speed networks[39] - The global HDI market is expected to see a substantial increase of 18.8% in 2024, supported by demand from AI servers, high-speed networks, and satellite communications[40] Production and Capacity Expansion - The company plans to expand its production capacity in Southeast Asia, with over 15 manufacturers expected to increase their production scale by 2025[31] - The company has completed the construction of two new factories in Zhuhai, with the second factory expected to add a capacity of 60,000 square meters per month for high-layer PCBs by June 2024[66] - The company has established a subsidiary in Thailand, acquiring 112,000 square meters of land for factory construction, with a registered capital of 1 billion Thai Baht[68] Research and Development - R&D expenses in 2024 reached 346 million yuan, a year-on-year increase of 8.89%, focusing on advanced PCB technologies and new product development[58] - The company holds 310 valid patents, including 270 invention patents, and has applied for 43 new patents in 2024, emphasizing its commitment to innovation[57] - The company completed several key R&D projects, including the development of ultra-high-speed optical module circuit boards and high-density interconnect circuit boards for wearable electronics, enhancing market competitiveness[80] - Ongoing R&D projects include the development of AI chip interconnect circuit boards and automotive camera module PCBs, aimed at providing high-performance products for emerging markets[80] Sales and Revenue Distribution - The company's total revenue for 2024 is projected to reach $736 million, reflecting a growth rate of 5.8%[43] - Revenue distribution by region in 2024: Americas 13%, Europe 19%, Asia 18%, and Mainland China 50%[51][52] - The company's export revenue decreased by 5.46% to ¥2,876,105,595.38, while domestic sales increased by 22.00% to ¥2,825,723,894.09[70] Environmental Compliance - The company has obtained the latest pollution discharge permits, with Shenzhen Chongda's permit valid until November 24, 2027[182] - The company has completed environmental impact assessments for various projects, including the PCB production base in Jiangmen, which was approved in May 2011[184] - The company has adhered to multiple environmental protection laws, including the Environmental Protection Law and the Water Pollution Prevention Law, effective from 2015 and 2018 respectively[180] - The company has implemented measures to manage hazardous waste, with the latest standards for hazardous waste storage effective from July 2023[180] Corporate Governance - The company has established a governance mechanism to ensure independent oversight by the board of directors and the supervisory board, enhancing internal control effectiveness[173] - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with legal requirements[123] - The company has an independent financial accounting department and a sound financial management system, ensuring financial independence from the controlling shareholder[133] - The company actively engages with investors through various channels, including online and offline meetings, to communicate operational and market information[128] Risk Management - The company has identified risks related to foreign exchange and regulatory approvals, planning to use financial tools for hedging and improve communication with relevant departments[158] - The company faces potential relocation risks due to historical issues with property ownership in Shenzhen, with the lease expiring in April 2025[111] - Trade disputes, particularly with the U.S., pose risks to the company's export business, although direct exports to the U.S. are currently low[112] Employee Development - The total number of employees at the end of the reporting period was 6,775, with 4,184 in production, 1,754 in technology, and 121 in sales[161] - The company will implement a training plan annually to enhance employee skills and safety management, reflecting its commitment to workforce development[163] - The company has a total of 45 employees with a master's degree or higher, indicating a focus on higher education within its workforce[161] Shareholder Returns - The company approved a cash dividend distribution plan of RMB 2 per 10 shares (including tax) at the 2023 annual shareholders' meeting, with a total cash dividend payout of RMB 216,249,922.20[165] - The company's distributable profit for the reporting period was RMB 264,775,178.14, with a minimum cash dividend proportion of 20% required for profit distribution[167] - The company plans to distribute RMB 1.2 per 10 shares (including tax) based on the total share capital on the record date for the future distribution plan, with no stock dividends or capital increase[168]