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 |
|||||
Logo - https://mma.prnewswire.com/media/1711480/JCET_Logo_Logo.jpg
Share this article