JCET Q1 2024 Revenue and Net Profit Achieve Double-digit Year-on-Year Growth
Q1 2024 Financial Highlights:
-- Revenue was RMB 6.84 billion, an increase of 16.8% year-on-year.
-- Net profit was RMB 0.13 billion, an increase of 21.7% year-on-year.
-- Generated RMB 1.37 billion cash from operations. With net capex
investments of RMB 0.93 billion, free cash flow for the quarter was RMB
0.44 billion.
-- Earnings per share was RMB 0.08, as compared to RMB 0.06 in Q1 2023
SHANGHAI, April 24, 2024 /PRNewswire/ -- JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, today announced its financial results for the first quarter of 2024. According to the financial report, in Q1 2024 JCET achieved revenue of RMB 6.84 billion, an increase of 16.8% year-on-year, and net profit of RMB 0.13 billion, an increase of 21.7% year-on-year. The company's revenue has achieved year-on-year growth for two consecutive quarters.
JCET demonstrates continued success in high-performance advanced packaging and its core applications. Since the second half of 2023, customer demand has gradually recovered and the company's business performance has continuously rebounded. In the first quarter of this year, JCET continued the trend of steady development, with a healthy inventory turnover. Multiple business fields including communication electronics, computing electronics, and consumer electronics achieved growth compared to the same period last year. The company has strategically increased R&D investment in advanced technology, resulting in stable high-volume manufacturing (HVM) of its multi-dimensional fan-out heterogeneous integration XDFOI technology across multiple JCET factories. This technology offers advanced chiplet packaging solutions for global customers, addressing market demands in high-performance computing (HPC) and high bandwidth memory (HBM).
With a focus on future development, JCET has strengthened its core competitiveness by increasing the capital of its wholly-owned subsidiary, JCET Management Co., Ltd., by RMB 4.5 billion. Doing so further refines its business strategy in automotive electronics, memory and computing electronics.
Mr. Li Zheng, CEO of JCET, said, "JCET has maintained steady business performance in the first quarter of 2024 with double-digit year-on-year growth. As the semiconductor market rebounds, JCET is accelerating production capacity release and fostering joint innovation with customers in high-performance memory, high-performance computing, and high-density power management. These efforts position JCET to play an even more prominent role in the global semiconductor industry."
For more information, please refer to the JCET Q1 2024 Report.
About JCET Group
JCET Group is the world's leading integrated-circuit manufacturing and technology services provider, offering a full range of turnkey services that include semiconductor package integration design and characterization, R&D, wafer probe, wafer bumping, package assembly, final test and drop shipment to vendors around the world.
Our comprehensive portfolio covers a wide spectrum of semiconductor applications such as mobile, communication, compute, consumer, automotive and industry etc., through advanced wafer level packaging, 2.5D/3D, System-in-Packaging, and reliable flip chip and wire bonding technologies. JCET Group has two R&D centers in China and Korea, six manufacturing locations in China, Korea and Singapore, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to customers in China and around the world.
CONSOLIDATED BALANCE SHEET (Unaudited) RMB in
millions
Mar 31, 2024 Dec 31, 2023
ASSETS
Current assets
Currency funds 9,977 7,325
Trading financial assets 1,752 2,306
Derivative financial assets 0 4
Accounts receivable 3,577 4,185
Receivables financing 49 38
Prepayments 135 104
Other receivables 109 87
Inventories 3,222 3,195
Other current assets 353 375
Total current assets 19,174 17,619
Non-current assets
Long-term receivables 32 33
Long-term equity investments 677 695
Other equity investments 442 447
Investment properties 85 86
Fixed assets 18,563 18,744
Construction in progress 1,220 1,053
Right-of-use assets 543 563
Intangible assets 662 662
Goodwill 2,251 2,248
Long-term prepaid expenses 15 17
Deferred tax assets 362 364
Other non-current assets 84 48
Total non-current assets 24,936 24,960
Total assets 44,110 42,579
LIABILITIES AND EQUITY Mar 31, 2024 Dec 31, 2023
Current liabilities
Short-term borrowings 463 1,696
Derivative financial liabilities 2 0
Notes payable 307 223
Accounts payable 4,508 4,782
Contract liabilities 129 185
Employee benefits payable 646 781
Taxes and surcharges payable 180 167
Other payables 377 354
Current portion of long-term liabilities 1,538 1,491
Other current liabilities 2 3
Total current liabilities 8,152 9,682
Non-current liabilities
Long-term borrowings 7,940 5,777
Lease liabilities 504 530
Long-term payables 4 0
Long-term employee benefits payable 15 14
Deferred income 390 384
Other non-current liabilities 36 41
Total non-current liabilities 8,889 6,746
Total liabilities 17,041 16,428
Equity
Paid-in capital 1,789 1,789
Capital reserves 15,244 15,237
Accumulated other comprehensive income 555 543
Specialized reserves 1 0
Surplus reserves 257 257
Unappropriated profit 8,374 8,239
Total equity attributable to owners of the parent 26,220 26,065
Minority shareholders 849 86
Total equity 27,069 26,151
Total liabilities and equity 44,110 42,579
CONSOLIDATED INCOME STATEMENT (Unaudited) RMB in millions, except share
data
Three months ended
Mar 31, 2024 Mar 31, 2023
Revenue 6,842 5,860
Less: Cost of sales 6,007 5,166
Taxes and surcharges 13 20
Selling expenses 54 49
Administrative expenses 224 171
Research and development expenses 381 309
Finance expenses 8 57
Including: Interest expenses 93 64
Interest income 61 9
Add: Other income 39 32
Investment income / (loss) (10) 2
Including: Income / (loss) from investments in associates and joint ventures (17) (12)
Gain / (loss) on changes in fair value of financial assets/liabilities (5) 8
Credit impairment (loss is expressed by "-") 7 5
Asset impairment (loss is expressed by "-") (18) 6
Gain / (loss) on disposal of assets 3 3
Operating profit / (loss) 171 144
Add: Non-operating income 1 0
Less: Non-operating expenses 0 3
Profit / (loss) before income taxes 172 141
Less: Income tax expenses 38 31
Net profit / (loss) 134 110
Classified by continuity of operations
Profit / (loss) from continuing operations 134 110
Classified by ownership
Net profit / (loss) attributable to owners of the parent 135 110
Net profit / (loss) attributable to minority shareholders (1) 0
Add: Unappropriated profit at beginning of period 8,239 7,154
Unappropriated profit at end of period (attributable to owners of the parent? 8,374 7,264
Other comprehensive income, net of tax 12 (131)
Comprehensive income attributable to owners of the parent 12 (131)
Comprehensive income not be reclassified to profit or loss (4) 11
Remeasurement gains or losses of a defined benefit plan 0 1
Change in the fair value of other equity investments (5) 10
Comprehensive income to be reclassified to profit or loss 17 (142)
Exchange differences of foreign currency financial statements 17 (142)
Total comprehensive income 146 (21)
Including:
Total comprehensive income attributable to owners of the parent 147 (21)
Total comprehensive income attributable to minority shareholders (1) 0
Earnings per share
Basic earnings per share 0.08 0.06
Diluted earnings per share 0.08 0.06
CONSOLIDATED CASH FLOW STATEMENT (Unaudited) RMB in
millions
Three months ended
Mar 31, 2024 Mar 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from the sale of goods and the rendering of services 7,806 6,984
Receipts of taxes and surcharges refunds 117 94
Other cash receipts relating to operating activities 102 53
Total cash inflows from operating activities 8,025 7,131
Cash payments for goods and services 5,176 4,385
Cash payments to and on behalf of employees 1,192 1,194
Payments of all types of taxes and surcharges 92 212
Other cash payments relating to operating activities 192 106
Total cash outflows from operating activities 6,652 5,897
Net cash flows from operating activities 1,373 1,234
CASH FLOWS FROM INVESTING ACTIVITIES
Cash receipts from returns of investments 4,250 3,930
Cash receipts from investment income 13 14
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets 3 26
Total cash inflows from investing activities 4,266 3,970
Cash payments to acquire fixed assets, intangible assets and other long-term assets 933 839
Cash payments for investments 3,700 2,780
Total cash outflows from investing activities 4,633 3,619
Net cash flows from investing activities (367) 351
CASH FLOWS FROM FINANCING ACTIVITIES
Cash proceeds from investments by others 770 0
Including: Cash receipts from capital contributions from minority shareholders of subsidiaries 765 0
Cash receipts from borrowings 2,279 347
Total cash inflows from financing activities 3,049 347
Cash repayments for debts 1,306 985
Cash payments for distribution of dividends or profit and interest expenses 80 53
Other cash payments relating to financing activities 19 33
Total cash outflows from financing activities 1,405 1,071
Net cash flows from financing activities 1,644 (724)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 2 (8)
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,652 853
Add: Cash and cash equivalents at beginning of period 7,325 2,453
CASH AND CASH EQUIVALENTS AT END OF PERIOD 9,977 3,306
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SOURCE JCET Group
