Q2 2024 Financial Highlights：
-- Revenue was RMB 8.64 billion, an increase of 36.9% year-on-year and
26.3% quarter-on-quarter. A record high Q2 in the company's history.
-- Generated RMB 1.65 billion cash from operations. With net capex
investments of RMB 0.93 billion, free cash flow for the quarter was RMB
0.72 billion.
-- Net profit attributable to owners of the parent was RMB 0.48 billion, an
increase of 25.5% year-on-year and 258.0% quarter-on-quarter.
-- Earnings per share was RMB 0.27, as compared to RMB 0.22 in Q2 2023.
1H 2024 Financial Highlights：
-- Revenue was RMB 15.49 billion, an increase of 27.2% year-on-year.
-- Generated RMB 3.03 billion cash from operations. With net capex
investments of RMB 1.87 billion, free cash flow for the first half of
2024 was RMB 1.16 billion.
-- Net profit attributable to owners of the parent was RMB 0.62 billion, an
increase of 25.0% year-on-year.
-- Earnings per share was RMB 0.35, as compared to RMB 0.28 in 1H 2023.
SHANGHAI, Aug. 23, 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 first half year of 2024. The financial report shows that in the first half of 2024, JCET achieved revenue of RMB 15.49 billion, and net profit attributable to owners of the parent of RMB 0.62 billion, both increased over 25%. In Q2 2024 JCET achieved revenue of RMB 8.64 billion, an increase of 36.9% year-on-year, a record high Q2 in the company's history, and net profit attributable to owners of the parent of RMB 0.48 billion, an increase of 25.5% year-on-year and 258.0% quarter-on-quarter, generating RMB 1.65 billion cash from operations.
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During the reporting period, the company's capacity utilization has significantly increased, with enlarged investment to expand production capacity of core production lines. In the first half of the year, the revenue of communications, computing, and consumer electronics businesses increased respectively by 48%, 23%, and 33% year-on-year. The company is consistently strengthening the research and development in advanced packaging technologies, with R&D investment of RMB 0.82 billion in 1H 2024, a year-on-year increase of 22.4%.
JCET is also actively promoting strategic projects to enhance its smart manufacturing. After two years construction, the new advanced packaging factory "JCET Microelectronics Wafer-level Microsystems Integration High-end Manufacturing Base" with an area of over 130,000 square meters is progressing with equipment mobilization. The new automotive chip back-end manufacturing base has completed building the factory structure. The acquisition of a high-density memory chip packaging factory has obtained necessary approvals, and the project is progressing towards completion.
Mr. Li Zheng, CEO of JCET, said, "JCET actively promotes innovative applications of advanced packaging technologies and continues to expand its production capacity in China, Singapore and South Korea, with steady growth in performance in the first half of 2024. The company will continue to increase investment in R&D and strategic projects, strengthen innovation cooperation in the industrial chain and sustainable development, and create higher value for shareholders, customers, employees and society."
For more information, please refer to the JCET 1H FY2024 Report. [https://www.jcetglobal.com/uploads/JCET%20Press%20Release%202024Q2.pdf]
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.
CONSOLIDATED BALANCE SHEET (Unaudited) RMB in millions Jun 30, 2024 Dec 31, 2023 ASSETS Current assets Currency funds 10,621 7,325 Trading financial assets 1,605 2,306 Derivative financial assets 0 4 Accounts receivable 4,066 4,185 Receivables financing 71 38 Prepayments 132 104 Other receivables 115 87 Inventories 3,408 3,195 Other current assets 393 375 Total current assets 20,411 17,619 Non-current assets Long-term receivables 31 33 Long-term equity investments 666 695 Other equity investments 434 447 Investment properties 84 86 Fixed assets 18,408 18,744 Construction in progress 2,039 1,053 Right-of-use assets 519 563 Intangible assets 659 662 Goodwill 2,262 2,248 Long-term prepaid expenses 13 17 Deferred tax assets 377 364 Other non-current assets 66 48 Total non-current assets 25,558 24,960 Total assets 45,969 42,579 LIABILITIES AND EQUITY Jun 30, 2024 Dec 31, 2023 Current liabilities Short-term borrowings 467 1,696 Derivative financial liabilities 2 0 Notes payable 300 223 Accounts payable 5,773 4,782 Contract liabilities 260 185 Employee benefits payable 732 781 Taxes and surcharges payable 116 167 Other payables 368 354 Current portion of long-term liabilities 1,806 1,491 Other current liabilities 2 3 Total current liabilities 9,826 9,682 Non-current liabilities Long-term borrowings 7,749 5,777 Lease liabilities 480 530 Long-term payables 3 0 Long-term employee benefits payable 14 14 Deferred income 438 384 Other non-current liabilities 38 41 Total non-current liabilities 8,722 6,746 Total liabilities 18,548 16,428 Equity Paid-in capital 1,789 1,789 Capital reserves 15,228 15,237 Accumulated other comprehensive income 591 543 Specialized reserves 1 0 Surplus reserves 257 257 Unappropriated profit 8,680 8,239 Total equity attributable to owners of the parent 26,546 26,065 Minority shareholders 875 86 Total equity 27,421 26,151 Total liabilities and equity 45,969 42,579 CONSOLIDATED INCOME STATEMENT (Unaudited) RMB in millions, except share data Three months ended Six months ended Jun 30, Jun 30, 2024 2023 Jun 30, 2024 Jun 30, 2023 Revenue 8,645 6,313 15,487 12,173 Less: Cost of sales 7,410 5,359 13,417 10,525 Taxes and surcharges 22 27 35 47 Selling expenses 64 51 118 100 Administrative expenses 209 175 433 347 Research and development expenses 438 360 819 669 Finance expenses (19) (7) (11) 51 Including: Interest expenses 99 68 192 131 Interest income 80 27 141 35 Add: Other income 47 40 86 73 Investment income / (loss) (4) (24) (14) (21) Including: Income / (loss) from investments in associates and joint ventures (12) (10) (29) (21) Gain / (loss) on changes in fair value of financial assets/liabilities 0 37 (5) 46 Credit impairment (loss is expressed by "-") (14) (6) (7) (1) Asset impairment (loss is expressed by "-") (20) (5) (38) 0 Gain / (loss) on disposal of assets 2 13 5 16 Operating profit / (loss) 532 403 703 547 Add: Non-operating income 0 2 1 3 Less: Non-operating expenses 2 0 2 4 Profit / (loss) before income taxes 530 405 702 546 Less: Income tax expenses 47 19 85 50 Net profit / (loss) 483 386 617 496 Classified by continuity of operations Profit / (loss) from continuing operations 483 386 617 496 Classified by ownership Net profit / (loss) attributable to owners of the parent 484 386 619 496 Net profit / (loss) attributable to minority shareholders (1) 0 (2) 0 Add: Unappropriated profit at beginning of period 8,374 7,264 8,239 7,154 Less: Cash dividends declared 178 358 178 358 Unappropriated profit at end of period (attributable to owners of the parent） 8,680 7,292 8,680 7,292 Other comprehensive income, net of tax 36 481 48 350 Comprehensive income attributable to owners of the parent 36 481 48 350 Comprehensive income not be reclassified to profit or loss (8) 6 (13) 17 Remeasurement gains or losses of a defined benefit plan 0 0 0 1 Change in the fair value of other equity investments (8) 6 (13) 16 Comprehensive income to be reclassified to profit or loss 44 475 61 333 Exchange differences of foreign currency financial statements 44 475 61 333 Total comprehensive income 519 867 665 846 Including: Total comprehensive income attributable to owners of the parent 520 867 667 846 Total comprehensive income attributable to minority shareholders (1) 0 (2) 0 Earnings per share Basic earnings per share 0.27 0.22 0.35 0.28 Diluted earnings per share 0.27 0.22 0.35 0.28 CONSOLIDATED CASH FLOW STATEMENT (Unaudited) RMB in millions Three months ended Six months ended Jun 30, Jun 30, 2024 2023 Jun 30, 2024 Jun 30, 2023 CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from the sale of goods and the rendering of services 8,784 6,178 16,590 13,162 Receipts of taxes and surcharges refunds 81 122 198 216 Other cash receipts relating to operating activities 181 110 283 163 Total cash inflows from operating activities 9,046 6,410 17,071 13,541 Cash payments for goods and services 6,078 4,069 11,254 8,454 Cash payments to and on behalf of employees 1,056 878 2,248 2,072 Payments of all types of taxes and surcharges 197 254 289 466 Other cash payments relating to operating activities 61 22 253 128 Total cash outflows from operating activities 7,392 5,223 14,044 11,120 Net cash flows from operating activities 1,654 1,187 3,027 2,421 CASH FLOWS FROM INVESTING ACTIVITIES Cash receipts from returns of investments 4,800 4,350 9,050 8,280 Cash receipts from investment income 2 38 15 52 Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets 2 7 5 32 Total cash inflows from investing activities 4,804 4,395 9,070 8,364 Cash payments to acquire fixed assets, intangible assets and other long-term assets 937 749 1,870 1,588 Cash payments for investments 4,650 3,200 8,350 5,980 Total cash outflows from investing activities 5,587 3,949 10,220 7,568 Net cash flows from investing activities (783) 446 (1,150) 796 CASH FLOWS FROM FINANCING ACTIVITIES Cash proceeds from investments by others 6 230 776 230 Including: Cash receipts from capital contributions from minority shareholders of subsidiaries 0 86 765 86 Cash receipts from borrowings 728 1,317 3,007 1,664 Total cash inflows from financing activities 734 1,547 3,783 1,894 Cash repayments for debts 657 755 1,963 1,740 Cash payments for distribution of dividends or profit and interest expenses 272 414 352 467 Other cash payments relating to financing activities 34 16 53 48 Total cash outflows from financing activities 963 1,185 2,368 2,255 Net cash flows from financing activities (229) 362 1,415 (361) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 2 45 4 37 NET INCREASE IN CASH AND CASH EQUIVALENTS 644 2,040 3,296 2,893 Add: Cash and cash equivalents at beginning of period 9,977 3,306 7,325 2,453 CASH AND CASH EQUIVALENTS AT END OF PERIOD 10,621 5,346 10,621 5,346
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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.
