HONOTO announces 2023 annual report and 2024 first quarter report: revenue continues to grow, focusing on

HONOTO (300870. SZ) has successively released its 2023 annual report and 2024 first quarter report. In 2023, the company achieved a revenue of 2.87 billion yuan, a year-on-year increase of 6.17%; Gross profit of 566 million yuan, a year-on-year increase of 15.29%; The gross profit margin was 19.72%, an increase of 1.56 percentage points year-on-year; The net profit was 194 million yuan, a year-on-year increase of 120.30%. After excluding the impact of equity incentive expenses, the company's operating net profit was 234 million yuan, a year-on-year increase of 107.02%. In the second half of 2023, the company's business orders have significantly rebounded, and its operating conditions have been optimized. The fourth quarter revenue has reached a historic high. In addition, the company attaches great importance to investor returns and adheres to the principle of sharing the company's operating results with shareholders. The company plans to distribute a cash dividend of 3.40 yuan (including tax) to all shareholders based on 10 shares, totaling 33.8452 million yuan.

According to the first quarter report of 2024, the company achieved a revenue of 696 million yuan, a year-on-year increase of 34.06%; The gross profit margin was 19.88%, an increase of 0.40 percentage points year-on-year; The net profit was 30.939 million yuan, a year-on-year increase of 2289.63%. According to quarterly data, both revenue and net profit achieved year-on-year growth.

Stable profitability of the three major businesses in 2023, achieving high-quality development by reducing costs and increasing efficiency

According to the first quarter report of 2024, the company achieved a revenue of 696 million yuan, a year-on-year increase of 34.06%; The gross profit margin was 19.88%, an increase of 0.40 percentage points year-on-year; The net profit was 30.939 million yuan, a year-on-year increase of 2289.63%. According to quarterly data, both revenue and net profit achieved year-on-year growth.

Stable profitability of the three major businesses in 2023, achieving high-quality development by reducing costs and increasing efficiency

In 2023, Eurofins will actively explore new customers and optimize product structure, increase the proportion of high-value products, and actively promote cost reduction and efficiency improvement measures, resulting in a significant increase in gross profit for its three main businesses of power adapters, server power supplies, and other power supplies while maintaining stable revenue growth.

In terms of power adapter business, the company achieved a revenue of 1.594 billion yuan; Gross profit of 320 million yuan, a year-on-year increase of 13.74%; The gross profit margin was 20.10%, an increase of 4.11 percentage points year-on-year, forming stable revenue and profit support.

During the reporting period, the company continued to deeply cultivate various downstream areas of the power adapter business sector, increasing the proportion of high-value products to existing customers, while actively expanding its market share in new markets. In the field of office electronics, the company's power adapter business has grown against the trend and maintained rapid order and shipment growth in new electronic fields such as smart homes and drones.

As a strategic growth sector with a focus on layout, Eurofins' server power business has shown strong growth momentum driven by the rapid development of the AI industry. As of the end of 2023, the overall revenue of the company's server power supply reached 811 million yuan, a year-on-year increase of 35.91%, and its contribution to operating revenue continued to increase. The business gross profit was 158 million yuan, a year-on-year increase of 19.95%.

It is worth noting that the company seized the market opportunity of increasing the power of large-scale AI servers, and achieved impressive sales results in high-power server power supplies. In 2023, the revenue from high-power server power supplies was 123 million yuan, a year-on-year increase of 1097.30%, which further increased the proportion of high-value products with high gross profit margins and led to continuous improvement in product structure.