汇聚科技(01729) - 2022 - 年度财报

Business Overview - The Group has over 30 years of experience in providing customized interconnect solutions and has expanded its business scale continuously in 2020 and 2021, covering digital cable and automotive wire harness sectors [6]. - The Group manufactures a wide variety of copper and optical fiber cable assemblies and digital cable products tailored to individual customer specifications, serving established PRC and international clients across various sectors [7]. - The Group aims to become a Tier-1 supplier of cable products and high-performance interconnect products in the 5G telecommunications, data communication, healthcare, transport, and industrial sectors [10]. - The Group's business model is based on Contract Manufacturing Services (CMS), producing made-to-order cable products upon receipt of customer orders [8]. - The Group emphasizes long-term and stable business relationships with market leaders, enhancing its competitive strength in the interconnect market [16]. - The Group's headquarters is located in Hong Kong, with manufacturing facilities in Shanghai, Suzhou, and Huizhou, PRC [6]. - The Group's vision is to be recognized as a leading provider of electronic interconnect products, delivering world-class quality and services consistently [9]. - The management team possesses extensive market knowledge, contributing to the Group's adaptability and customer-driven approach [16]. Financial Performance - Revenue for FY2022 was HK$3,590.1 million, an increase of 19.4$3,008.0 million in FY2021 [39]. - Gross profit increased by HK$7.9 million or 1.4$588.1 million, with a gross profit margin decrease from 19.3% to 16.4% [40]. - Net profit for FY2022 was HK$168.3 million, a decrease of 25.7$226.6 million in FY2021, with a net profit margin dropping from 7.5% to 4.7% [40]. - Operating profit decreased by 13.6% to HK$277.0 million, with the operating profit margin falling from 10.7$262.5 million, and bank balances and cash rose by 41.1% to HK$220.9 million [24]. - Proposed final dividend for FY2022 is HK1 cent per share, down from HK1.5 cents in FY2021, totaling approximately HK$19.5 million [41]. - The effective tax rate increased to 27.7% from 15.5% in the previous fiscal year, impacting the profit before taxation which was HK$232.8 million, down HK$35.3 million or 13.2% from HK268.1 million [84]. - Basic earnings per share for FY2022 was HK9.1 cents, compared to HK12.3 cents in FY2021 [120]. Market Trends and Opportunities - The company expects continued growth in the telecommunications sector driven by the large-scale replacement of 5G devices and increased demand for cable assembly products [47]. - The data center sector is anticipated to grow due to the increasing utilization of cloud technology and the development of 5G, which will boost applications in big data and IoT [48]. - The medical equipment sector is expected to maintain demand for medical cables due to ongoing pandemic challenges, with plans to enhance R&D capabilities in this area [49]. - The company is optimistic about the future growth potential of the new business, driven by investments in digital infrastructure and local supply chain enhancements in China [56]. - The Group remains confident in capturing market opportunities with the arrival of the 5G network due to its enlarged production capacity [138]. - By 2025, new energy vehicle sales in China are expected to reach 20% of total new vehicle sales, presenting significant opportunities for the Group [146]. Acquisitions and Strategic Alliances - The company completed the acquisition of automotive wire harness business for HK69.0 million, aiming to expand its product portfolio and enter the electric vehicle market [33]. - Luxshare Precision acquired 72.18% of the company's shares for HK$1,104 million, becoming the controlling shareholder [38]. - The acquisition of GPIM Group is seen as a strategic move to diversify the business and enhance income sources, particularly in the automotive wiring products sector [53]. - The acquisition of TIME Interconnect Technology Group has been successfully completed, providing attractive opportunities for business expansion and enhancing revenue sources and long-term development potential [55]. - The strategic alliance with Luxshare Precision is expected to enhance the company's core competitiveness and growth potential in consumer electronics, communications, healthcare, and the automobile industry [58]. Challenges and Risks - The pandemic has caused disruptions in shipments and business growth due to container shortages and increased transportation costs [64]. - The average copper price significantly increased during the review year, impacting profitability despite passing costs to customers [31]. - The company adjusted selling prices in May 2021 and May 2022 due to rising material costs, including copper and PVC [31]. - The shift in economic activities due to the pandemic has increased the demand for network communication applications [141]. Research and Development - Research and development expenses increased by HK$33.0 million or 37.3% to HK$121.4 million for FY2022, representing 3.4$321.9 million, representing 9.0% of revenue, compared to 8.7% in the previous fiscal year [84]. - The integration of GPIM Group's production facilities is expected to optimize management operations and enhance efficiency [150]. - Cash generated from operations was HK$262.5 million, an increase of HK$72.7 million compared to the previous year, reflecting improved operational efficiency [158].