汇聚科技(01729) - 2024 - 中期财报

Financial Performance - Revenue for the six months ended September 30, 2023, was HK$2,626.7 million, a decrease of 19.9$3,280.0 million for the same period in 2022[11]. - Gross profit increased to HK$405.0 million, representing a 29.8$312.0 million in the previous year[11]. - Profit for the period rose to HK$151.3 million, a significant increase of 65.7$91.3 million in the prior year[11]. - Basic earnings per share improved to 7.8 Hong Kong cents, up 66.0% from 4.7 Hong Kong cents in the same period last year[11]. - Gross profit margin increased to 15.4%, up 5.9 percentage points from 9.5% in the previous year[11]. - Net profit margin rose to 5.8%, an increase of 3.0 percentage points from 2.8% in the prior year[11]. - EBITDA as a percentage of revenue improved to 10.8%, up 5.5 percentage points from 5.3% in the previous year[11]. - Operating profit for the Reporting Period was HK$235.1 million, an increase of HK$106.5 million or 82.8%, with the operating profit margin rising from 3.9% to 9.0%[14]. - Profit before taxation was HK$187.1 million, with an effective tax rate of 19.1$653.3 million or 19.9% to HK$2,626.7 million from HK$3,280.0 million for the same period last year, primarily due to declines in server and digital cable businesses[17]. - The data centre sector's revenue increased significantly by HK$126.1 million or 35.2$484.1 million, maintaining the highest revenue sector in the cable assembly business[19]. - The telecommunication sector recorded a slight revenue decrease of HK$4.1 million or 1.2$348.6 million, with stable order volume and improved profit margins from new models[20]. - The medical equipment sector's revenue rose by HK$16.6 million or 12.9$145.1 million, driven by sustained high demand for medical equipment cables[20]. - The industrial equipment sector's revenue decreased by HK$15.8 million or 55.2$12.8 million, impacted by slower global economic recovery and high inflation[22]. - The automotive sector's revenue fell by HK$21.2 million or 23.4$69.5 million, affected by geopolitical issues and a decrease in sales orders[23]. - The networking cable sector's revenue decreased by HK$243.1 million or 33.1$491.2 million, due to suppressed economic activities from various global factors[24]. - The server sector's revenue decreased by HK$513.1 million or 33.5$1,017.8 million, with a focus on developing new products related to artificial intelligence during the reporting period[26]. Cost and Expenses - Total operating expenses were HK$158.6 million, accounting for 6.0$59.8 million, a decrease of HK$8.0 million or 11.8$67.8 million for the same period last year[30]. - Finance costs for the Reporting Period were HK$49.1 million, up from HK$25.2 million in the same period last year[31]. - Total employee benefit expenses, including Directors' remuneration, were approximately HK$261.3 million for the reporting period, compared to approximately HK$261.9 million for the same period last year[47]. Cash Flow and Financing - Net cash used in operating activities for the six months ended September 30, 2023, was HK$92,672,000, a decrease from HK$102,847,000 in the prior year, indicating improved cash flow management[91]. - Net cash from investing activities was HK$526,496,000 for the six months ended September 30, 2023, compared to a net cash outflow of HK$70,380,000 in the same period last year, reflecting significant investment activity[91]. - Bank borrowings raised amounted to HK$704,525,000, while loans raised from related companies totaled HK$1,641,198,000, indicating strong financing efforts[91]. - The Group's bank loan decreased by HK$589.2 million or 43.7$758.9 million as of September 30, 2023, from HK$1,348.1 million as of March 31, 2023[41]. Shareholder Information - An interim dividend of HK0.75 cents per share was declared, amounting to a total of approximately HK$14.6 million[31]. - The total number of shares available for issue under the 2023 Share Option Scheme is 194,595,200, representing 10% of the issued shares of the Company[63]. - The Company has not purchased, sold, or redeemed any of its listed securities during the six months ended 30 September 2023[63]. - The total interests of Luxshare Precision and its controlled corporations are deemed to be 1,380,594,000 shares, maintaining a consistent percentage of 70.95%[60]. Market Outlook and Strategy - The global economy is expected to grow by 3.0% in 2024, with emerging markets in Asia, including China and India, projected to grow by 4.5% and 6.3% respectively[32]. - The Group has established a new wholly-owned subsidiary in Mexico to increase market share outside of China and Asia, with a new plant expected to be operational in 2024[32]. - The demand for cable assembly products is anticipated to rise due to the rapid deployment of 5G technology and the increasing application of network communication[32]. - The Group is optimistic about the growth potential of its server business, which includes customized products for data centers, driven by China's investment in digital infrastructure[34]. - The automotive wire harness products are positioned to capitalize on the booming electric vehicle market, with a target of 20% of new vehicle sales in China being new energy vehicles by 2025[36]. Corporate Governance and Compliance - The Audit Committee has reviewed the interim results for the six months ended 30 September 2023 and confirmed compliance with applicable accounting standards and legal requirements[65]. - The Company continues to comply with the Securities and Futures Ordinance regarding the disclosure of interests and short positions[61]. - The Company has fully complied with the Corporate Governance Code during the six months ended 30 September 2023[64]. Financial Position - As of September 30, 2023, total assets amounted to HK$4,618,229, a decrease of 5.1$4,866,739 as of March 31, 2023[84]. - Current liabilities increased to HK$3,878,196, down 9.2$4,270,635 in the previous period[84]. - The Group's total trade and other receivables reached HK$1,604,194,000 as of 30 September 2023, compared to HK$1,541,265,000 as of 31 March 2023[121]. Share Option Scheme - The Company adopted a new 2023 Share Option Scheme on March 21, 2023, which will remain in force for 10 years, replacing the 2018 Share Option Scheme[133]. - The purpose of the 2023 Share Option Scheme is to attract, retain, and motivate high-caliber participants aligned with the Group's performance goals[133]. - The Group recognized share-based payments of HK$6,622,000 for the six months ended 30 September 2023, compared to HK$2,156,000 for the same period in 2022[138].