Q3 2024 Financial Highlights：
-- Revenue was RMB 9.49 billion, an increase of 14.9% year-on-year and 9.8%
quarter-on-quarter, a record quarter in the company's history.
-- Net profit attributable to owners of the parent was RMB 0.46 billion.
Net profit attributable to owners of the parent after deducting
non-recurring gains and losses was RMB 0.44 billion, an increase of
19.5% year-on-year.
Q3 YTD 2024 Financial Highlights：
-- Revenue was RMB 24.98 billion, an increase of 22.3% year-on-year, a
record high in the company's history.
-- Net profit attributable to owners of the parent was RMB 1.08 billion, an
increase of 10.6% year-on-year.
-- Earnings per share was RMB 0.60, as compared to RMB 0.54 in Q3 YTD 2023.
SHANGHAI, Oct. 25, 2024 /PRNewswire/ -- Today, JCET Group , a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, announced its financial results for the third quarter of 2024. The financial report shows that in the third quarter of 2024, JCET achieved revenue of RMB 9.49 billion, an increase of 14.9% year-on-year, a record quarter in the company's history, and net profit attributable to owners of the parent of RMB 0.46 billion. Net profit attributable to owners of the parent after deducting non-recurring gains and losses was RMB 0.44 billion in Q3 2024, an increase of 19.5% year-on-year. In Q3 YTD 2024, JCET achieved revenue of RMB 24.98 billion, an increase of 22.3% year-on-year, a record high in the company's history, and net profit attributable to owners of the parent of RMB 1.08 billion, an increase of 10.6% year-on-year.
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The operations of JCET factories have rebounded since 2024, and the company's capacity utilization rate is continuously increasing. In the first three quarters of this year, all business sector recovery has stabilized, and the company's earlier strategic layout began to contribute incremental growth. In the first three quarters, the revenues of the four major applications, including communications, consumer, computing, and automotive electronics all achieved double-digit year-on-year growth, with communication electronics achieving a significant growth of nearly 40% year-on-year. The company strengthened inventory control and supply chain management to ensure efficient circulation of capital, generating RMB 3.93 billion cash from operations in Q3 YTD 2024, a year-on-year increase of 29.7%.
JCET's acquisition of 80% equity of SanDisk (Shanghai), a global leading factory for memory chip packaging, has completed. This will further enhance the company's intelligent manufacturing and expand its market share in the memory and computing electronics. JCET microelectronics microsystem integration high-end manufacturing base has been put into use, providing one-stop IC back-end manufacturing services and addressing global customers' demand for high-performance chips.
Mr. Li Zheng, CEO of JCET, said, "JCET has actively promoted innovation in advanced packaging technology and capacity layout in recent years. Since the beginning of this year, the company business has continued to rebound, and its revenue in the first three quarters hits a new high in the company's history. JCET will continue to focus on advanced technology and high value-added markets to support sustainable development."
For more information, please refer to the JCET Q3 2024 Report. [https://www.jcetglobal.com/uploads/JCET%20Press%20Release%202024Q3.pdf]
CONSOLIDATED BALANCE SHEET (Unaudited) RMB in millions Sep 30, 2024 Dec 31, 2023 ASSETS Current assets Currency funds 9,257 7,325 Trading financial assets 2,003 2,306 Derivative financial assets 3 4 Accounts receivable 5,916 4,185 Receivables financing 35 38 Prepayments 133 104 Other receivables 117 87 Inventories 4,740 3,195 Other current assets 514 375 Total current assets 22,718 17,619 Non-current assets Long-term receivables 33 33 Long-term equity investments 826 695 Other equity investments 434 447 Investment properties 83 86 Fixed assets 21,431 18,744 Construction in progress 2,728 1,053 Right-of-use assets 515 563 Intangible assets 745 662 Goodwill 3,546 2,248 Long-term prepaid expenses 10 17 Deferred tax assets 493 364 Other non-current assets 57 48 Total non-current assets 30,901 24,960 Total assets 53,619 42,579 LIABILITIES AND EQUITY Sep 30, 2024 Dec 31, 2023 Current liabilities Short-term borrowings 1,187 1,696 Notes payable 338 223 Accounts payable 8,143 4,782 Contract liabilities 316 185 Employee benefits payable 751 781 Taxes and surcharges payable 275 167 Other payables 385 354 Current portion of long-term liabilities 4,215 1,491 Other current liabilities 1 3 Total current liabilities 15,611 9,682 Non-current liabilities Long-term borrowings 7,331 5,777 Lease liabilities 504 530 Long-term payables 833 0 Long-term employee benefits payable 15 14 Deferred income 424 384 Deferred tax liabilities 393 0 Other non-current liabilities 28 41 Total non-current liabilities 9,528 6,746 Total liabilities 25,139 16,428 Equity Paid-in capital 1,789 1,789 Capital reserves 15,230 15,237 Accumulated other comprehensive income 410 543 Specialized reserves 1 0 Surplus reserves 257 257 Unappropriated profit 9,137 8,239 Total equity attributable to owners of the parent 26,824 26,065 Minority shareholders 1,656 86 Total equity 28,480 26,151 Total liabilities and equity 53,619 42,579 CONSOLIDATED INCOME STATEMENT (Unaudited) RMB in millions, except share data Three months ended Nine months ended Sep 30, 2024 Sep 30, 2023 Sep 30, 2024 Sep 30, 2023 Revenue 9,491 8,257 24,978 20,430 Less: Cost of sales 8,331 7,071 21,748 17,596 Taxes and surcharges 21 36 56 82 Selling expenses 69 55 187 155 Administrative expenses 100 190 533 536 Research and development expenses 413 413 1,232 1,082 Finance expenses 119 26 108 77 Including: Interest expenses 105 84 297 215 Interest income 69 35 210 70 Add: Other income 39 103 125 176 Investment income / (loss) 0 (12) (14) (34) Including: Income / (loss) from investments in associates and joint ventures (14) (12) (43) (34) Gain / (loss) on changes in fair value of financial assets/liabilities 3 17 (2) 62 Credit impairment (loss is expressed by "-") 6 (2) (1) (3) Asset impairment (loss is expressed by "-") (13) (26) (51) (26) Gain / (loss) on disposal of assets (2) 5 3 21 Operating profit / (loss) 471 551 1,174 1,098 Add: Non-operating income 0 0 1 3 Less: Non-operating expenses 1 1 3 5 Profit / (loss) before income taxes 470 550 1,172 1,096 Less: Income tax expenses 16 72 101 122 Net profit / (loss) 454 478 1,071 974 Classified by continuity of operations Profit / (loss) from continuing operations 454 478 1,071 974 Classified by ownership Net profit / (loss) attributable to owners of the parent 457 478 1,076 974 Net profit / (loss) attributable to minority shareholders (3) 0 (5) 0 Add: Unappropriated profit at beginning of period 8,680 7,293 8,239 7,154 Less: Cash dividends declared 0 0 178 357 Unappropriated profit at end of period (attributable to owners of the parent） 9,137 7,771 9,137 7,771 Other comprehensive income, net of tax (181) (70) (133) 280 Comprehensive income attributable to owners of the parent (181) (70) (133) 280 Comprehensive income not be reclassified to profit or loss 0 (7) (13) 10 Remeasurement gains or losses of a defined benefit plan 0 0 0 1 Change in the fair value of other equity investments 0 (7) (13) 9 Comprehensive income to be reclassified to profit or loss (181) (63) (120) 270 Exchange differences of foreign currency financial statements (181) (63) (120) 270 Total comprehensive income 273 867 938 1,254 Including: Total comprehensive income attributable to owners of the parent 276 408 943 1,254 Total comprehensive income attributable to minority shareholders (3) 0 (5) 0 Earnings per share Basic earnings per share 0.25 0.26 0.60 0.54 Diluted earnings per share 0.25 0.26 0.60 0.54 CONSOLIDATED CASH FLOW STATEMENT (Unaudited) RMB in millions Three months ended Nine months ended Sep 30, 2024 Sep 30, 2023 Sep 30, 2024 Sep 30, 2023 CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from the sale of goods and the rendering of services 9,011 7,574 25,601 20,737 Receipts of taxes and surcharges refunds 139 52 337 267 Other cash receipts relating to operating activities 92 126 375 289 Total cash inflows from operating activities 9,242 7,752 26,313 21,293 Cash payments for goods and services 6,742 5,840 17,996 14,293 Cash payments to and on behalf of employees 1,198 899 3,446 2,972 Payments of all types of taxes and surcharges 284 180 573 646 Other cash payments relating to operating activities 111 221 364 349 Total cash outflows from operating activities 8,335 7,140 22,379 18,260 Net cash flows from operating activities 907 612 3,934 3,033 CASH FLOWS FROM INVESTING ACTIVITIES Cash receipts from returns of investments 3,600 3,601 12,650 11,881 Cash receipts from investment income 15 15 30 68 Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets 1 99 6 131 Total cash inflows from investing activities 3,616 3,715 12,686 12,080 Cash payments to acquire fixed assets, intangible assets and other long-term assets 1,219 845 3,089 2,434 Cash payments for investments 4,000 5,181 12,350 11,161 Net cash payments for acquisition of subsidiaries and other business units 1,520 0 1,520 0 Total cash outflows from investing activities 6,739 6,026 16,959 13,595 Net cash flows from investing activities (3,123) (2,311) (4,273) (1,515) CASH FLOWS FROM FINANCING ACTIVITIES Cash proceeds from investments by others 0 32 776 262 Including: Cash receipts from capital contributions from minority shareholders of subsidiaries 0 0 765 86 Cash receipts from borrowings 2,050 4,823 5,057 6,487 Total cash inflows from financing activities 2,050 4,855 5,833 6,749 Cash repayments for debts 1,048 3,723 3,011 5,464 Cash payments for distribution of dividends or profit and interest expenses 83 78 435 545 Other cash payments relating to financing activities 21 22 74 69 Total cash outflows from financing activities 1,152 3,823 3,520 6,078 Net cash flows from financing activities 898 1,032 2,313 671 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (46) (7) (42) 30 NET INCREASE IN CASH AND CASH EQUIVALENTS (1,364) (674) 1,932 2,219 Add: Cash and cash equivalents at beginning of period 10,621 5,346 7,325 2,453 CASH AND CASH EQUIVALENTS AT END OF PERIOD 9,257 4,672 9,257 4,672
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 industrial, through advanced wafer-level packaging, 2.5D/3D, System-in-Package, and reliable flip chip and wire bonding technologies. JCET Group has two R&D centers in China and Korea, eight manufacturing locations in China, Korea, and Singapore, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to our global customers.
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Photo: https://mma.prnewswire.com/media/1711480/JCET_Logo_Logo.jpg JCET GroupCONTACT: JCET Group, Daniel Wang, Telephone: +86-10-50917493, Mail:
daniel.wang1@jcetglobal.com.
