Financial Performance - The total revenue for 2023 was HKD 4,604.4 million, representing a growth rate of 5.7%[16] - Revenue for the year ended December 31, 2023, was HKD 4,604.4 million, representing a 5.7% increase from HKD 4,354.7 million in 2022[31] - The company's revenue for the year ended December 31, 2023, increased by 5.7% to HKD 4,604.4 million, compared to HKD 4,354.7 million in 2022[52] - The net profit for the year was HKD 586.8 million, with a net profit margin of 12.7%, down from 13.4%[52] - Adjusted profit attributable to shareholders was HKD 532.0 million, a decline of 18.0% compared to HKD 649.1 million in 2022[31] - Gross profit decreased by 6.6% to HKD 1,178.3 million, with a gross margin of 25.6%, down from 29.0% in the previous year[31] - EBITDA for 2023 was HKD 1,224.9 million, reflecting a 5.1% increase from HKD 1,165.5 million in 2022[31] - The net cash generated from operating activities of HKD 1,281.4 million, a significant increase of 53.0% from HKD 837.5 million in the previous year[31] - The company declared a total dividend of HKD 16.0 cents per share for the year, consistent with the previous year[39] - The company paid dividends to equity shareholders amounting to HKD 301,685,000 in 2023, compared to HKD 286,261,000 in 2022, reflecting a year-on-year increase of about 5.4%[198] Market and Operational Insights - The company serves over 1,000 customers from more than 30 countries and regions[17] - The company operates 21 production facilities globally, with 19 currently in operation and 2 undergoing equipment installation[18] - The company has established a global footprint with sales offices in China, the USA, Luxembourg, Germany, Turkey, Hong Kong, and Mexico[18] - The company is the fifth largest independent investment casting manufacturer globally and the largest in China[15] - It ranks as the third largest precision machining company in the automotive, aerospace, and hydraulic end markets[15] - The group manufactures precision machining parts in three countries: China, Turkey, and Mexico[20] - The group focuses on high-precision and high-complexity components, particularly in the aerospace, automotive, and medical sectors[19][20] Revenue Breakdown by Segment - The investment in the precision casting segment accounted for 41.6% of the group's revenue for the year ending December 31, 2023[19] - The precision machining segment contributed 39.3% to the group's revenue for the year ending December 31, 2023[20] - The sand casting segment represented 17.9% of the group's revenue for the year ending December 31, 2023[22] - Surface treatment services accounted for 1.2% of the group's revenue for the year ending December 31, 2023[23] - Over half of the precision castings were sold to the Americas, followed by Europe and Asia, including China[19] - Approximately half of the precision machining products were sold to Europe, with about one-third to the Americas[20] Awards and Recognition - The group received the "Annual Outstanding ESG Enterprise" award for three consecutive years from the Hong Kong Economic Journal[27] - The group was awarded the "Excellence Award for Listed Companies" by the Hong Kong Economic Journal for three consecutive years in December 2023[28] - The group has been awarded the "Outstanding ESG Company" by the Hong Kong Economic Journal for three consecutive years, highlighting its commitment to sustainable finance[89] - The group received the "Outstanding Green and Sustainable Loan Issuer (Precision Manufacturing) - Excellence in Sustainable Development Performance Indicators" from the Hong Kong Quality Assurance Agency[89] Financial Management and Governance - Total debt as of December 31, 2023, was HKD 2,257.8 million, slightly up from HKD 2,205.9 million in 2022[33] - Net debt decreased to HKD 1,626.9 million from HKD 1,722.6 million in the previous year[33] - The adjusted return on equity was 11.5%, down from 14.9% in 2022[33] - The interest coverage ratio decreased to 6.2 from 13.4 in the previous year[33] - The company has adopted prudent financial management practices to allocate sufficient financial resources to its subsidiaries while monitoring foreign exchange risks related to its revenue and costs denominated in multiple currencies[77] - The board believes that good corporate governance is essential for protecting shareholder interests and enhancing corporate value[91] - The company has adhered to all provisions of the Corporate Governance Code, with a significant degree of compliance with best practices[91] Sustainability and Environmental Impact - The company achieved a significant reduction in greenhouse gas emissions density by 41.1%, energy consumption density by 32.4%, and water consumption density by 57.9% compared to 2020[88] - The company is committed to sustainable development and has established strategic partnerships with industry leaders to enhance product quality and promote a safe production environment[87] - The company plans to continue optimizing production processes and investing in reusable energy to further reduce its environmental impact[88] Future Outlook and Strategic Initiatives - The company forecasts a sales growth of approximately 5% to 10% for 2024, despite potential cyclical fluctuations in some end markets[50] - The international aviation market is expected to continue its recovery, contributing to strong growth in the aviation terminal business[50] - The company plans to enhance its presence in the aviation and energy markets, which have shown significant growth potential[47] - The company is actively developing its medical terminal business, which is anticipated to significantly contribute to profit growth in the future[50] - The company plans to merge its Foshan Meitan and Nantong No. 12 factories to enhance production capacity and operational efficiency[50] Employee and Management Insights - As of December 31, 2023, the company had 7,681 full-time employees, with 5,858 from China and 1,823 from Turkey[78] - Total employee costs for the year ended December 31, 2023, amounted to HKD 1,167.0 million, an increase from HKD 1,115.3 million in 2022[78] - The company has a strong management team with extensive experience in industrial engineering and finance, including certifications such as CFA and Six Sigma[132] - The leadership team is committed to fostering innovation and sustainability within the organization, aligning with global market trends[132] Shareholder and Capital Structure - The company declared a first interim dividend of HKD 0.08 per share, totaling approximately HKD 150.9 million, paid on September 6, 2023[136] - A second interim dividend of HKD 0.08 per share is expected to be paid in April 2024, totaling around HKD 151.0 million[136] - As of December 31, 2023, the company's distributable reserves for dividends amounted to HKD 1,821.3 million, an increase from HKD 1,804.9 million in 2022[140] - The largest customer accounted for approximately 11.9% of the group's revenue, while the top five customers collectively represented about 39.5% of total revenue for the fiscal year[142]
鹰普精密(01286) - 2023 - 年度财报