CEET(002579)2024-04-25 11:53Financial Performance - The company's operating revenue for 2023 was ¥2,623,767,004.69, a decrease of 14.10% compared to ¥3,054,317,848.31 in 2022[22]. - The net profit attributable to shareholders of the listed company was ¥137,210,999.58, representing a decrease of 23.33% from ¥179,094,944.02 in the previous year[22]. - The net cash flow from operating activities increased significantly to ¥323,760,043.61, a rise of 400.60% compared to ¥64,674,552.20 in 2022[22]. - The basic earnings per share improved to -0.22, an increase of 26.67% from -0.30 in 2022[22]. - Total assets at the end of 2023 were ¥6,516,710,008.68, a decrease of 1.96% from ¥6,646,930,950.00 at the end of 2022[22]. - The net assets attributable to shareholders of the listed company decreased by 7.23% to ¥2,491,287,061.60 from ¥2,685,243,600.00 in 2022[22]. - The company reported a significant increase in cash flow from operations in the fourth quarter, reaching ¥155,676,077.18[27]. - Non-recurring gains and losses for 2023 totaled -¥6,594,590.69, compared to ¥33,487,945.14 in 2022[29]. - The company reported a loss in operating performance for the year 2023, leading to a decision not to distribute profits to shareholders[145]. - The company has maintained a consistent cash dividend policy since its listing in 2011, but will not issue dividends for 2023 due to current operational challenges and future funding needs[145]. Business Operations - The company has not changed its main business since its listing, indicating stability in operations[21]. - The company’s registered address is located in Huizhou, Guangdong Province, with no historical changes noted[18]. - The company’s stock is listed on the Shenzhen Stock Exchange under the code 002579[18]. - The company has a dedicated board secretary and securities representative for investor inquiries, ensuring effective communication[19]. - The company has disclosed its annual report through multiple media outlets, enhancing transparency[20]. - The company has established a comprehensive product structure, focusing on high-frequency, high-speed, and high-layer count boards, which are widely used in various applications[39]. - The company has achieved mass production capabilities for HDI products, including Anylayer HDI, and is recognized for its quality and technology by both domestic and international clients[40]. - The company has built strong R&D capabilities, establishing partnerships with leading universities and investing in advanced research and testing equipment[41]. - The company has a diverse and high-quality customer base, including well-known brands such as BYD, Wistron, and Sony, and has received multiple supplier awards[43]. - The company is actively expanding its market share and enhancing product technology levels to respond to market changes and customer demands[38]. Market Trends - The global PCB industry value decreased by 14.96% year-on-year in 2023, according to Prismark's Q4 2023 report[34]. - From 2023 to 2028, the global PCB industry is expected to grow at a compound annual growth rate (CAGR) of 5.4%, with mainland China's CAGR at 4.1%[35]. - The PCB market is expected to face short-term pressure, with a projected global PCB output value of approximately USD 69.52 billion in 2023, a year-on-year decrease of about 14.96%[89]. - The demand for high-precision, high-density, and high-speed PCB products is expected to rise significantly, driven by advancements in communication and integrated circuit technologies[94]. - The company plans to focus on high-end PCB products in emerging fields such as AI, new energy vehicles, and industrial internet applications, while also investing in semiconductor packaging substrates[96]. Research and Development - The company invested CNY 145 million in R&D, accounting for 5.52% of operating revenue, focusing on high-frequency, high-speed, and high-reliability technologies[49]. - The company is focusing on enhancing technology capabilities in Mini LED COB packaging and has completed several key projects aimed at improving product quality and market competitiveness[60]. - R&D investment amounted to ¥144,717,078.20, a decrease of 8.41% compared to ¥158,000,779.26 in 2022, while the R&D investment as a percentage of operating revenue increased to 5.52% from 5.17%[65]. - The number of R&D personnel decreased by 10.13% to 568 in 2023 from 632 in 2022, with the proportion of R&D personnel increasing to 12.48% from 10.82%[64]. - The company is actively developing new products, including advanced camera modules and automotive radar technology, to strengthen its market position[61]. Environmental and Social Responsibility - The company emphasizes environmental protection as part of its sustainable development strategy, implementing strict pollution prevention measures[167]. - The company has established a dedicated environmental management department in its subsidiaries to oversee environmental protection efforts[163]. - The company has implemented strict environmental impact assessments for its subsidiaries, ensuring compliance with relevant regulations[157]. - The company has obtained environmental permits for its subsidiaries, including the Guangdong Province pollution discharge permit and the national pollution discharge permit[157]. - The company actively engages in social responsibility initiatives, including volunteer services and community support activities[166]. - The company is recognized as a key taxpayer in Huizhou and has been awarded for its social responsibility efforts[166]. Governance and Management - The company has a complete and independent governance structure, including a board of directors and supervisory board[119]. - The company has established an independent financial department and accounting system, ensuring no shared bank accounts with shareholders[119]. - The company has implemented a performance evaluation system for its board and management, enhancing accountability and transparency in governance[115]. - The company has not reported any penalties from regulatory authorities for board members in the past three years[130]. - The company has a strict remuneration decision-making process approved by the shareholders' meeting and the board of directors[131]. Future Outlook - The company has set ambitious performance guidance for the next fiscal year, projecting a revenue growth of over 15%[126]. - The company is focused on expanding its market presence and is focusing on new product development and technological advancements[126]. - The company is actively pursuing mergers and acquisitions to enhance its competitive position in the market[126]. - The company aims to improve user data analytics to better understand customer needs and preferences[126]. - The company has outlined a performance guidance for 2024, projecting a revenue growth of 10% year-over-year[198].