Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately $923.846 million, a decrease of about 17.23% compared to the previous year[3] - The net profit attributable to equity shareholders for the year ended December 31, 2023, was approximately $46.589 million, a decrease of about 44.74% from the previous year[3] - Basic earnings per share for the year ended December 31, 2023, were $0.055, down approximately 45.54% compared to $0.101 in the previous year[3] - The gross profit for the year ended December 31, 2023, was $127.766 million, compared to $174.447 million in the previous year[4] - Total comprehensive income for the year ended December 31, 2023, was $39.269 million, compared to $46.276 million in the previous year[5] - Total revenue from external customers across all regions was 923,846 thousand HKD in 2023, down from 1,116,210 thousand HKD in 2022, a decrease of about 17.3%[14] - Profit fell from $83.8 million in 2022 to $46.4 million in 2023, a decrease of about 44.7%[29] - Gross profit, operating profit, and net profit for 2023 were approximately $127.8 million, $59.7 million, and $46.4 million, respectively, compared to $174.4 million, $106.0 million, and $83.8 million in 2022[32] - Gross margin, operating margin, and net margin for 2023 were approximately 13.8%, 6.5%, and 5.0%, respectively, down from 15.6%, 9.5%, and 7.5% in 2022[32] Assets and Liabilities - The company's total assets less current liabilities as of December 31, 2023, were $427.476 million, an increase from $378.839 million in the previous year[7] - Non-current assets, including property, plant, and equipment, increased to $176.819 million in 2023 from $130.253 million in 2022[6] - The company's cash and cash equivalents as of December 31, 2023, were $96.726 million, up from $44.508 million in the previous year[7] - The total equity attributable to equity shareholders increased to $409.655 million in 2023 from $359.989 million in 2022[8] - Total assets increased from $631.2 million in 2022 to $943.3 million in 2023, showing a growth of approximately 49.3%[29] - The company had approximately $96.7 million in cash and cash equivalents as of December 31, 2023, sufficient to meet current operational needs[33] Customer Concentration - The company had a significant customer contributing 93% of total revenue in 2023, down from 99% in 2022, with sales to this customer amounting to $863.786 million[12] - Revenue from external customers in China decreased to 852,619 thousand HKD in 2023 from 1,095,619 thousand HKD in 2022, representing a decline of approximately 22.2%[14] Operational Metrics - The company recognized a foreign exchange gain of 1,049 thousand HKD in 2023, down from 11,202 thousand HKD in 2022, a decrease of approximately 90.6%[15] - The company's employee costs, including salaries and wages, totaled 59,901 thousand HKD in 2023, slightly down from 60,327 thousand HKD in 2022[16] - Trade receivables decreased to 152,813 thousand HKD in 2023 from 181,674 thousand HKD in 2022, indicating a reduction of about 15.9%[26] - Trade payables increased to 209,195 thousand HKD in 2023 from 196,146 thousand HKD in 2022, marking an increase of approximately 6.7%[27] - Financing costs rose by approximately 87.0% to about $9.6 million in 2023, attributed to increased bank loan interest expenses[32] Future Outlook and Strategy - The global AR/VR market is projected to grow from $13.8 billion in 2023 to $50.9 billion in 2026, with a CAGR of 32.3%[30] - The automotive LiDAR market is expected to grow from $333 million in 2022 to $4.65 billion by 2028, with a CAGR of 69% for passenger vehicles[31] - The company plans to increase R&D investment and enhance talent acquisition to meet diverse customer demands and market challenges[30] - The company recognizes the importance of AI technology and its integration with AR/VR for future business opportunities[30] - The management emphasizes the need for a culture of innovation, openness, and collaboration to drive continuous development[31] - The company aims to solidify its market position through technological innovation and talent development amidst competitive pressures[31] Capital Expenditures and Dividends - Capital expenditures for 2023 were approximately $80.8 million, down from $92.7 million in 2022, primarily for purchasing additional machinery and equipment[34] - The company will not pay dividends for the year ending December 31, 2023, to ensure continued investment in optical technology development[29] - The company did not declare any dividends for the year, consistent with 2022[37] Miscellaneous - The net loss from the sale of properties, plants, and equipment improved to (1,286) thousand HKD in 2023 from (11,617) thousand HKD in 2022[15] - The company reported a pre-tax profit of 66,751 thousand HKD in 2023, slightly up from 66,090 thousand HKD in 2022[17] - The depreciation expense for owned properties, plants, and equipment increased to 25,543 thousand HKD in 2023 from 18,861 thousand HKD in 2022, reflecting a rise of approximately 35.5%[18] - Other income increased by approximately 122.9% from about $5.7 million in 2022 to about $12.8 million in 2023, mainly due to an increase in bank interest income[32] - The workforce increased to approximately 5,764 full-time employees in 2023, up from 3,405 in 2022[36] - No significant events occurred after the reporting period that would require disclosure by the company or its subsidiaries[42] - The annual performance announcement and annual report for 2023 will be published on the company's website and the Hong Kong Stock Exchange website[42]
高伟电子(01415) - 2023 - 年度业绩