APT Electronics (2551) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 39.5% YoY to RMB2,592.1m; net profit increased 45.6% to RMB104.9m, while adjusted net profit grew 77.7% to RMB145m.

• The business completed a shift from traditional LED manufacturing toward intelligent vision products and system solutions integrating LED+ technologies.

• H shares listed on the Hong Kong Stock Exchange on November 8, 2024; the public offering drew 5,678 times subscription.

Financial highlights

• Revenue was RMB2,592.064m versus RMB1,858.032m in 2023; gross profit was RMB470.546m versus RMB339.011m.

• Profit before tax rose to RMB113.686m from RMB71.761m; profit for the year was RMB104.864m versus RMB72.043m.

• Basic and diluted EPS was RMB0.21, up from RMB0.16; 2024 listing expenses were RMB32.612m.

• Net operating cash inflow declined 44.0% YoY to RMB241.8m; cash and cash equivalents ended the year at RMB500.5m.

Outlook and guidance

• Priorities include expanding intelligent automotive vision, advancing display technologies and capacity, strengthening high-end lighting competitiveness, and pursuing new application opportunities.

• The Guangzhou Lynway base is under construction; planned annual capacity upon completion is 700,000 intelligent automotive lamps and 200,000 vehicle-mounted HUDs.

• Future R&D targets include high-definition projection headlamps, interactive automotive lighting, high-power LED devices, Mini LED backlights, dynamic dimming and RGB backlight technologies.

• Dividend policy intends a payout ratio of at least 30% of annual net profit over the next three years, subject to business, cash flow and approvals.