Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 1,470,952, a decrease of 20.3% compared to HKD 1,846,555 in 2022[3]. - Gross profit for the same period was HKD 266,408, down 18.8% from HKD 328,006 in 2022[3]. - Profit attributable to shareholders plummeted by 90.5% to HKD 4,076, compared to HKD 42,686 in the previous year[3]. - Earnings per share decreased by 90.4% to HKD 0.86 from HKD 8.98 in 2022[3]. - Operating profit for the year was HKD 60,183, down from HKD 100,480 in 2022, reflecting a decline of 40.1%[6]. - The company recorded a total comprehensive income of HKD 39,859, compared to a loss of HKD 183,623 in the previous year[7]. - The total tax expense for the year was HKD 10,919, significantly lower than HKD 26,821 in 2022, due to reduced taxable profits[32]. - The company reported a net loss from other income of HKD 6,937 in 2023, compared to a net gain of HKD 9,351 in 2022[26][28]. - The net profit attributable to shareholders for the year was approximately HKD 4,076,000, representing a decline of about 90.5% compared to the previous year[43]. - In 2023, the company recorded a net loss attributable to shareholders of approximately HKD 15,368,000 in the first half, but rebounded in the second half with a net profit of approximately HKD 19,444,000, resulting in a total net profit of approximately HKD 4,076,000 for the year[49]. Assets and Liabilities - The company reported a net asset value per share of HKD 325.07, an increase of 2.6% from HKD 316.69 in 2022[3]. - Non-current assets increased to HKD 1,505,511 from HKD 1,382,337 in 2022, representing a growth of 8.9%[9]. - Current liabilities decreased to HKD 1,479,781 from HKD 1,648,802 in 2022, a reduction of 10.3%[10]. - Total equity attributable to shareholders rose to HKD 1,516,817 from HKD 1,473,584, marking an increase of 2.9%[10]. - Accounts receivable at the end of the reporting period amounted to HKD 628,772,000, down from HKD 708,235,000 in the previous year[39]. - The aging analysis of accounts payable showed a decrease from HKD 297,409,000 in 2022 to HKD 234,582,000 in the current year[40]. - The total outstanding bank and other borrowings amounted to approximately HKD 1,032,171,000 as of December 31, 2023, compared to approximately HKD 1,094,513,000 in 2022[51]. - The net debt-to-equity ratio was 50.6% as of December 31, 2023, a slight improvement from 52.0% in 2022[51]. Revenue Breakdown - For the year ended December 31, 2023, the revenue from external customers in the manufacturing, sales, and distribution of electronic components was HKD 1,470,952, a decrease of 20.3% from HKD 1,846,555 in 2022[17][19]. - Revenue from the Greater China region (including Hong Kong and mainland China) accounted for HKD 1,121,072, representing a decline from HKD 1,434,950 in 2022[22]. Operational Insights - The gross profit for the manufacturing segment was HKD 266,408, resulting in a gross margin of 18.1%, compared to a gross margin of 17.8% in 2022[17][19]. - Operating profit for the group was HKD 60,183, down 40.1% from HKD 100,480 in the previous year, with an operating margin of 4.1%[17][19]. - Total other income for 2023 was HKD 12,239, an increase from HKD 7,471 in 2022, primarily driven by rental income from investment properties[17][26]. - The financial expenses increased to HKD 57,755 in 2023 from HKD 41,474 in 2022, reflecting a rise in interest rates[29][30]. - The company faced challenges due to prolonged destocking cycles in the electronics industry, impacting product demand[42]. Future Plans and Strategies - The company plans to focus on expanding its investment properties and enhancing its electronic components manufacturing capabilities in the upcoming fiscal year[17][19]. - The company aims to leverage its core strengths and adapt to market changes, focusing on sustainable growth through emerging opportunities in AI applications, energy storage solutions, and IoT[53]. - The company plans to actively explore new business expansion opportunities and optimize operations to meet changing customer demands[45]. - The company is committed to innovation and R&D, aiming to drive sustainable growth and profitability in the future[45]. Employee and Governance - As of December 31, 2023, the company employed 2,200 staff, a decrease from 2,501 in 2022, reflecting its commitment to efficient resource management[55]. - The executive directors include Ms. Ji Chulian, Mr. Chen Yucheng, and Mr. Chen Dachang, with independent non-executive directors Mr. Luo Guogui, Mr. Ma Shaoyuan, and Mr. Rong Yongqi[66]. Dividend and Reporting - The company did not recommend the distribution of a final dividend for the year, consistent with the previous year[35]. - The annual performance report will be published by April 30, 2024, and will include all required information as per listing rules[63]. - The board expresses gratitude to employees, customers, suppliers, banks, and shareholders for their ongoing support[64]. Market Outlook - The global passive electronic components market is projected to grow from USD 38.3 billion in 2023 to USD 55.6 billion by 2032, driven by advancements in technology and renewable energy[48]. - The company's revenue decline for the year was approximately 20.3%, which was lower than expected, demonstrating its ability to capture opportunities despite a challenging business environment[48].
万裕科技(00894) - 2023 - 年度业绩