Kinwong(603228)2025-04-28 12:50Financial Performance - The company's operating revenue for 2024 reached ¥12,659,373,155.80, representing a year-on-year increase of 17.68% compared to ¥10,757,301,743.72 in 2023[25]. - Net profit attributable to shareholders for 2024 was ¥1,169,026,275.73, up 24.86% from ¥936,251,590.98 in 2023[25]. - The net cash flow from operating activities increased by 8.23% to ¥2,289,629,828.31 in 2024, compared to ¥2,115,490,647.45 in 2023[25]. - Basic earnings per share for 2024 were ¥1.34, reflecting a growth of 20.72% from ¥1.11 in 2023[26]. - The company's total assets as of the end of 2024 were ¥19,243,777,146.69, an increase of 11.68% from ¥17,230,732,096.64 at the end of 2023[25]. - The weighted average return on equity for 2024 was 11.84%, up from 11.12% in 2023, marking an increase of 0.72 percentage points[26]. - The company reported a net profit of ¥317,892,747.81 in Q1 2024, with total operating revenue of ¥2,742,603,633.02 for the same period[28]. - Non-recurring gains and losses for 2024 totaled ¥114,649,545.19, compared to ¥43,576,241.22 in 2023[31]. - The company's net assets attributable to shareholders increased by 28.90% to ¥11,313,673,268.26 at the end of 2024, up from ¥8,777,369,212.35 at the end of 2023[25]. Dividend Policy - The company plans to distribute a cash dividend of RMB 8.00 per 10 shares to all shareholders, subject to approval at the 2024 annual general meeting[7]. - The cash dividend amount represents 63.82% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which is 1,169,026,275.73 RMB[138]. - Over the last three accounting years, the cumulative cash dividend amount (including tax) reached 1,590,588,170.60 RMB[140]. - The average annual net profit over the last three accounting years was 1,057,038,164.57 RMB, resulting in a cash dividend ratio of 150.48%[140]. - The company maintains a stable and continuous profit distribution policy, aligning with its operational performance and development plans[134]. Market and Industry Trends - The PCB industry experienced a moderate recovery in downstream demand in 2024, but the overall external environment remains uncertain, with rising raw material prices putting pressure on costs[37]. - The global PCB industry is expected to recover in 2024, driven by demand in AI computing, high-speed communication, and automotive ADAS sectors[47]. - The total PCB market value is projected to reach 12.518 billion in 2024, reflecting an 18.8% year-on-year increase[50]. - The automotive electronics sector is rapidly expanding, with increasing demand for high-value products such as HDI and thick copper boards[54]. Research and Development - The company increased R&D investment in 2024, adding 30 invention patents and 9 utility model patents, with successful applications in high-end fields such as millimeter-wave radar and low-orbit satellite communication[41]. - The total R&D expenditure for the period was ¥757,587,224.68, accounting for 5.98% of the operating revenue[78]. - The number of R&D personnel is 1,768, representing 9.86% of the total workforce[78]. - The company holds 287 valid invention patents and 153 utility model patents, showcasing its strong R&D capabilities and commitment to innovation[58]. Environmental and Sustainability Efforts - The company has received multiple recognitions for its environmental efforts, including being named a "National Green Supply Chain Management Enterprise" by the Ministry of Industry and Information Technology[45]. - The company has launched several energy-saving projects, significantly improving energy efficiency and reducing VOC emissions at its production bases[46]. - The company is committed to improving talent selection and training systems to enhance its soft power and overall competitiveness[100]. - The company has achieved ISO 14001 certification for environmental management systems across multiple facilities[192]. - The company has reduced carbon emissions by 15,930.82 tons through various energy-saving measures and technologies[193]. Corporate Governance - The company has established a robust corporate governance structure, including a board of directors with 9 members, ensuring compliance with legal and regulatory requirements[107]. - The company held 2 shareholder meetings and 8 board meetings during the reporting period, adhering to governance protocols[108]. - The supervisory board consists of 3 members, including 2 employee representatives, ensuring oversight of company operations[109]. - The company maintains independence from its controlling shareholder, with no interference in decision-making processes[109]. Strategic Initiatives - The company plans to continue its market expansion and product development strategies to sustain growth in the upcoming fiscal periods[36]. - The company is focusing on high-end product development, including high-frequency and high-density flexible circuit boards, to meet evolving market needs[54]. - The company is actively managing foreign exchange risks due to a high proportion of sales in USD, implementing strategies to mitigate currency fluctuations[103]. - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $100 million allocated for potential deals[112]. Employee Development - The company has developed a systematic talent cultivation mechanism, ensuring a steady supply of skilled personnel through collaboration with educational institutions[65]. - The company conducted 2,707 training sessions in 2024, with a total training duration of approximately 170,199.39 hours, achieving a training coverage rate of 95%[133]. - The company has certified 338 internal lecturers, improving the quality of training delivery across the organization[133]. Financial Management - The company reported a decrease in financial expenses by 76.38% to 20.14 million RMB, due to the completion of the conversion and redemption of bonds[69]. - The company emphasizes maintaining reasonable liquidity and cash flow levels while utilizing financial derivatives to hedge risks against currency and commodity price fluctuations[100]. - The company plans to apply for comprehensive credit facilities and syndicate loans for its subsidiaries in 2024[110].