[年报]立讯精密(002475):2023年年度报告（英文版）
原标题:立讯精密:2023年年度报告（英文版） Annual Report 2023 Section I Important Note, Table of Contents and Definitions The Board of Directors, the Board of Supervisors, directors, supervisors and executives of the Company hereby warrant that the information contained in this Annual Report is true, accurate and complete and this Annual Report is free from any misrepresentation, misleading statement or material omission, and agree to assume joint and several liability for this Annual Report. WANG Laichun, Principal of the Company, CFO WU Tiansong and Chief Accountant CHEN Huiyong hereby represent that the financial statements contained in this Annual Report are true, accurate and complete. All directors of the Company attended the meeting of the Board of Directors reviewing this Report. The relevant risks facing the Company are set out in “Section III Management’s Discussion and Analysis - XI. Prospects for future development of the Company”. According to the profit distribution proposal approved by the Board of Directors, the Company will distribute a cash dividend of RMB 3 (inclusive of tax) per 10 shares to all shareholders on the basis of 7,178,011,313 shares, and will not distribute any bonus shares or transfer any capital reserve to the share capital for the reporting period. Table of Contents Section I Important Note, Table of Contents and Definitions ............................................................................................................2 Section II Company Profile and Key Financial Indicators ................................................................................................................7 Section III Management’s Discussion and Analysis .......................................................................................................................... 11 Section IV Corporate Governance ..................................................................................................................................................... 64 Section V Environment and Social Responsibilities .......................................................................................................................... 95 Section VI Significant Matters ............................................................................................................................................................ 139 Section VII Changes in shares and shareholders ................................................................................................................................. 160 Section VIII Preference Shares ............................................................................................................................................................ 169 Section IX Bonds ................................................................................................................................................................................. 170 Section X Financial Report .................................................................................................................................................................. 185 List of References 1. Financial statements signed and chopped by the principal, CFO and Chief Accountant of the Company; 2. Original of the auditor’s report stamped with the seal of the accounting firm and signed and chopped by the certified public accountants; 3. Originals of all documents of the Company publicly disclosed on the website for information disclosure designated by the China Securities Regulatory Commission during the reporting period and related announcements; and 4. Other references. Definitions
Section II Company Profile and Key Financial Indicators I. Company profile
Accounting firm engaged by the Company
□Applicable ?N/A Financial advisor engaged by the Company that performs the duties of ongoing supervision over the Company during the reporting period □Applicable ?N/A VI. Key accounting data and financial indicators Did the Company need to retrospectively adjust or re-state any accounting data of prior accounting years? □Yes ?No
negative and the most recent annual auditor’s report indicates that the Company’s ability to continue as a going concern is uncertain? □Yes ?No Whether the lower of the net profit before and after deduction of non-recurring gain or loss is negative? □Yes ?No VII. Differences in accounting data arising from adoption of Chinese and foreign accounting standards concurrently 1. Differences in net profit and net assets disclosed in the financial statements prepared according to the international accounting standards and the Chinese accounting standards □Applicable ?N/A There was no difference in net profit and net assets disclosed in the financial statements for the reporting period prepared according to the international accounting standards and the Chinese accounting standards. 2. Differences in net profit and net assets disclosed in the financial statements prepared according to the foreign accounting standards and the Chinese accounting standards □Applicable ?N/A There was no difference in net profit and net assets disclosed in the financial statements for the reporting period prepared according to the foreign accounting standards and the Chinese accounting standards. VIII. Main quarterly financial indicators In RMB
Whether there’s any significant difference between the financial indicators set forth above or aggregate amounts thereof and the corresponding financial indicators contained in any quarterly or semi-annual report already disclosed? □Yes ?No IX. Items and amounts of non-recurring gains or losses In RMB
Other items of gain or loss within the meaning of non-recurring gains or losses: ?Applicable □N/A Mainly for investment income recognized for advance termination of financial assets. If the Company classifies any item of non-recurring gain or loss defined by or listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Publicly Offering Securities - Non-recurring Gain or Loss as recurring gain or loss, please explain the reason. □Applicable ?N/A We have not classified any item of non-recurring gain or loss defined by or listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Publicly Offering Securities - Non-recurring Gain or Loss as recurring gain or loss in the reporting period. Section III Management’s Discussion and Analysis I. Situations of our industry during the reporting period During the reporting period, we are engaged in the research and development (R&D), manufacturing and sale of products in the fields of consumer electronics, communication and data center, automotive electronics and healthcare, among others. Our products and businesses are diversified and vertically integrated, and cover components, modules and system assembly. (I) Consumer electronics Since 2023, despite the impact of factors such as the global economic downturn and geopolitics, the consumer electronics industry has been relatively sluggish overall. However, with the release of a series of new products by major terminal brands in the second half of the year and the accelerated application of new technologies, terminal demand has shown signs of recovery, and the industry chain has transitioned from actively destocking to passively destocking. According to the "China Wearable Device Market Quarterly Tracking Report" released by the globally renowned data research firm IDC, the shipment volume of wearable devices in China in the third quarter of 2023 was 34.7 million units, a year-on-year increase of 7.5%. Among them, the shipment volume of smartwatches was 11.4 million units, a year-on-year increase of 5.5%, and the shipment volume of TWS earphones was 15.1 million units, a year-on-year increase of 10.6%. A research report from Canalys, a market research institution, pointed out that in the fourth quarter of 2023, global smartphone shipments increased by 8% year-on-year, reaching 319 million units, ending nine consecutive quarters of sluggishness. This indicates that the overall market is entering a stable recovery phase. Meanwhile, technological innovation and application are important factors driving the continued growth of the consumer electronics industry. With the continuous emergence of emerging technologies such as AI (Artificial Intelligence) and XR (Extended Reality), new development momentum has been brought to the consumer electronics industry, especially the popularization and application of AI technology in smartphones, personal computers, wearable electronic products, and other fields in the future, expanding the industry's growth space. (II) Communication and data center In 2023, the telecommunications industry welcomed new development opportunities in the wave of global digitization transformation. Significant growth trends were observed in areas such as copper connections, optical connections, heat dissipation modules, servers, and communication radio frequency (RF), all of which became important drivers for industry development. Copper connection products have consistently played a crucial role in high-speed interconnection products in data centers, particularly in short-distance transmission scenarios within servers, where copper connections offer significant advantages in heat dissipation efficiency, signal transmission, and cost-effectiveness. Thus, copper interconnection remains the most cost-effective solution in many current and future applications. According to a report on high-speed cables, LPO, and CPO published by the market research firm LightCounting, the market size of high-speed cables is expected to grow exponentially in the next five years. With breakthrough optical technologies being introduced and developed, optical connection products enable networks to achieve higher bandwidth and longer transmission distances, with the market size expanding as data centers transition to higher computational power in the future. LightCounting predicts that the global optical module market will experience a compound annual growth rate of 11% over the next five years (2024-2028). As computational power technologies advance rapidly, the demand and requirements for heat dissipation technology at terminals also increase accordingly. Liquid cooling technology is gradually becoming a new solution for data center cooling, especially cold plate and immersion liquid cooling technologies, which significantly improve heat dissipation efficiency by efficiently exchanging heat with servers through liquid. In the future, as the demand for efficient and environmentally friendly cooling solutions in data centers increases, the application of liquid cooling technology will further expand. Servers, as the core carriers of computational power, are experiencing a sharp growth trend in market demand as AI technologies are increasingly applied. According to data from TrendForce, AI server shipments reached 1.2 million units in 2023, accounting for nearly 9% of total server shipments, with a year-on-year growth rate of 38.4%. In the future, the development of AI applications such as large language models will further drive the overall demand for servers. In terms of communication radio frequency, major economies around the world are increasing investment in network infrastructure construction, with many countries accelerating the layout of computational power infrastructure. According to the "World Internet Development Report 2023" blue book, the United States and China still lead in internet development, while countries such as Singapore, the Netherlands, South Korea, Finland, and Sweden rank relatively high. European countries generally have strong internet development capabilities, while Central Asia and Africa still have considerable room for improvement in internet development. Therefore, the base station RF industry is expected to show strong growth momentum in the coming years. (III) Automotive electronics In 2023, the Chinese new energy vehicle (NEV) market continued its strong growth momentum, both production and sales volumes, as well as market penetration rate, have achieved significant improvements. According to statistics from the China Association of Automobile Manufacturers, China's total automobile sales reached 30.09 million units in 2023, a year-on-year increase of 12%, marking a growth rate surpassing 10% for the first time in six years. Among them, the production and sales volumes of NEVs in China reached 9.587 million units and 9.495 million units respectively, with year-on-year increases of 35.8% and 37.9%, demonstrating the strong momentum of NEVs in the Chinese market. Additionally, thanks to continuous efforts by Chinese automakers in product quality, technological innovation, brand building, and strong support from national policies, China's total automobile exports reached 4.91 million units in 2023, a year-on-year increase of 57.9%. Among them, NEV exports reached 1.203 million units, a year-on-year increase of 77.6%. NEVs represent an important direction for the transformation and upgrading of China's automobile industry. With the continuous improvement of electrification technology and the gradual reduction of manufacturing costs for vehicles, NEVs have received strong support from national policies and high recognition from the market in recent years, significantly enhancing their market competitiveness. In terms of smart cabins, with the emergence of more user-friendly and intelligent designs, including features such as high-definition touch screens, voice interaction systems, and personalized settings, the driving and riding experience has been greatly enhanced. Through artificial intelligence technology, smart cabins can automatically adjust seat positions, air conditioning temperatures, and even detect the driver's fatigue status through facial recognition technology, issuing timely reminders. Furthermore, with the popularization of 5G technology, the connection between vehicles and external information has become closer. Smart cabins can receive and process various information from the cloud in real-time, providing drivers with richer and more convenient services. In terms of autonomous driving, many current models are equipped with Level 2 or even higher-level autonomous driving systems, capable of achieving partial autonomous driving functions on highways, urban roads, and other environments, such as automatic following, lane changing, and parking. These systems collect surrounding environmental information quickly through advanced millimeter-wave radar, cameras, LiDAR, and other high-precision sensors, combined with advanced algorithms and big data analysis, to achieve precise control of vehicle driving status. To ensure safety, autonomous driving systems are also equipped with multiple safety monitoring mechanisms to deal with possible emergencies. In this context, the global automotive market has reached a new breakthrough. (IV) Our position in the industry During the reporting period, the Company was honored with titles such as "Fortune Global 500", "Top 500 Chinese Private Enterprises", "Top 500 Chinese Manufacturing Private Enterprises", "Top 100 Private Enterprises in Guangdong Province", "Top 100 Manufacturing Private Enterprises in Guangdong Province", and ranked first among the backbone enterprises in the Chinese electronic components industry in 2023. II. Our main business during the reporting period As a leading enterprise in the precision manufacturing field, the company is always dedicated to focusing on industries such as consumer electronics, automotive, and telecommunications. With keen insights into industry trends and a profound understanding of customer needs, the company has continuously driven product innovation, technological breakthroughs and process optimization, and continuously created values for customers acting as a "middleman", earning high praise and long-term trust from top global clients, and laying a solid foundation for the company's high-quality growth. The company's products mainly cover areas such as consumer electronics, automotive, telecommunications, industrial, and medical industries. It is committed to providing customers with one-stop multi-category core components, modules, and system-level products, including: (1) Consumer Electronics Business
(2) Communication and Data Center Business
(3) Automotive Business
 |