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Public company info - Peiport Holdings Ltd. , 02885.HK

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Peiport Holdings Ltd., 02885.HK - Company Profile
Chairman Yeung Lun Ching
Share Issued (share) 400,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Industrial Goods
Corporate Profile Business Summary: the Group principally engage in the provision of thermal imaging products and services, self-stabilised imaging products and services。 Performance for the year: The revenue for the year 2019 increased by approximately HK$13.3 million to approximately HK$275.4 million, as compared with the revenue of approximately HK$262.1 million for 2018, with a slight increase of approximately 5.1% compared to 2018. Business Review The Group is principally engaged in the provision of thermal imaging products and services, self-stabilised imaging products and services, and general aviation products and services in the PRC and Hong Kong. Looking back at the global economy for 2019, the economy of Mainland China was lagging caused by the prolonged trade friction with the United States (“US”). The gross domestic product of the PRC rose 6.1% only on a year-to-year basis compared with the 6.6% growth in 2018. The European economy remained ambiguous with the uncertainties of Brexit. In the Middle East, tensions escalated between the US and Iran. In Hong Kong, the ongoing social unrest posed an unpredictably negative impact on the social and economic environment. The global economy overall show a deceleration and hindered the business confidence. The Group has still maintained stable development with a moderate increase in revenue overall amidst these volatile market conditions. During the year ended 31 December 2019, the revenue of the Group increased by approximately 5.1% on a year-to-year basis to HK$275.4 million, while the gross profit decreased by approximately 1.1% on a year-to-year basis to HK$93.1 million. In 2019, the Group had set up a new research and development centre in Hong Kong, dedicated to serve our customers in Hong Kong and Macau. The new research and development centre, which has a total floor area of approximately 182 square metres (“sq.m.”), has provided the Group additional capabilities to develop infrared body temperature screening systems and self-stabilised imaging products for vessels. Besides, the relocation of research and development centre in Guangzhou is still in progress. It is expected that the completion of these new research and development centres would enable us to provide more tailor-made products and robust services to our customers. A summary of revenue from different segments of the Group is set out below: (1) Sale of thermal imaging products and provision of services Our products and services in this segment can broadly be divided into three categories: (i) products under our own brand name, PTi; (ii) products of other brands; and (iii) thermal imaging inspection services. Our products are widely used in general consumption, commercial and industrial fields. Revenue for provision of thermal imaging products and services showed a slight decline by 2.6% on a year-to-year basis due to decrease in demand from our customers for nano-positioning systems. Throughout the years, the Group had provided advanced products, mainly for the provision of the infrared body temperature screening systems at various border control points in Hong Kong, including Hong Kong International Airport, Lo Wu Immigration Control Point, Hong Kong-Zhuhai-Macao Bridge, West Kowloon Terminal Building, etc. The Group will endeavor to provide quality products and services with a primary focus on the products specified for use in detect heat abnormalities in electricity substation and overhead powerlines, infrared body temperature screening systems and surveillance systems. Revenue from this segment during the year ended 31 December 2019 was approximately HK$156.6 million (2018: HK$160.7 million). It accounted for approximately 56.8% (2018: 61.3%) of the Group’s revenue during the year ended 31 December 2019. (2) Sale of self-stabilised imaging products and provision of services The products in this segment are designed to be mounted on moving platforms such as aircraft, helicopters, vessels and ships. The Group deploys a self-stabilisation technology whereby the imaging products are mounted on a multiple-axis gimbal structure and achieve maximum stabilisation. The products are traded under own brand name, SkyEye, SeaVision and PGs. We also rent our self-stabilised imaging products for aircraft to our customers for a fixed period at a rental fee. Affected by the economic condition, revenue of this segment declined by 20.5% on a year-to-year basis, as a result of reduction in demand for self-stabilised imaging products and rendering of maintenance services and equipment rental to the state-owned electric power grid companies. However, the Group has been working towards expanding the product portfolio of this segment. With the new research and development centre in Hong Kong, we expect that the Group will be able to further enriching its product line for self-stabilised imaging products and gain larger market share with rising utilisation for this segment. Revenue from this segment during the year ended 31 December 2019 was approximately HK$34.6 million (2018: HK$43.5 million). It accounted for approximately 12.6% (2018: 16.6%) of the Group’s revenue during the year ended 31 December 2019. (3) Sale of general aviation products and provision of services The services and products in this segment can be broadly divided into three categories, namely (i) light and ultra-light aircraft engines and related components distribution; (ii) maintenance training courses; and (iii) maintenance and support services. Our maintenance training courses and maintenance and support services are mainly carried out in our maintenance centre with a gross floor area of approximately 1,200 sq.m. which is located in Zhuhai City, Guangdong Province. Our customers in this segment include light and ultra-light aircraft manufacturers, flight schools, flying entertainment clubs, light aircraft research institutions and private flight owners. In 2019, the total general aviation flight time in the PRC was 1.125 million hours, representing an increase of 13.8% on a year-to-year basis. And according to “Report on the Work of the Government 2019” made by Chinese Premier Li Keqiang, the PRC would boost infrastructure investment for intercity transportation, logistics, utilities, disaster prevention and mitigation, and civil and general aviation. During the year, the Group had continued to offer comprehensive one-stop general aviation agency services to our customers. The Group believes that there is enormous potential for our products to infuse into the market and would continue to focus on the development of the general aviation value chain in the PRC. Revenue from this segment during the year ended 31 December 2019 was approximately HK$84.2 million (2018: HK$57.9 million). It accounted for approximately 30.6% (2018: 22.1%) of the Group’s revenue during the year ended 31 December 2019. Prospects: Taking into account the macro economic environment that has become more challenging, the Group expects global trade conflicts and the spread of COVID-19 would continue to have a material impact on the Group’s operating environment and the demand of our products. The management would continue to oversee the effects and accommodate the disruptions ahead. The Group has long been focusing on the research and development in order to maintain its competitive edges. We believe that the new research and development centres in the PRC and Hong Kong would enable us to keep pace with the latest technologies and development of new products and services, which brings extra value to our customers and may eventually expand the Group’s market share. In addition, our thermal imaging products, which could be installed in the infrared body temperature screening systems, could provide the first line of defense for the infection prevention and epidemic control. We believe that with the outbreak of the COVID-19, the demand could remain high with the step-up of detection measures in border control points. In view of the outbreak of COVID-19, we are currently taking necessary precautions to safeguard our employees and we still remain positive about the Group’s prospects amidst the volatile economic environment. Due to the dynamic nature of these circumstances, our Group will continue to monitor and evaluate the impact of COVID-19. In addition, we believe that we could capture many opportunities in the general aviation market, especially the supportive government policies enacted in the PRC. The Group is well positioned to seize these opportunities to create value to the shareholders of the Company.

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