Q4 2023 Financial Highlights:
-- Revenue was RMB 9.23 billion, an increase of 11.8% quarter-on-quarter,
and an increase of about 3% year-on-year, a record high single quarter
in the company's history.
-- Net profit was RMB 0.5 billion, an increase of 3.9% quarter-on-quarter.
-- Generated RMB 1.4 billion cash from operations. With net capex
investments of RMB 0.76 billion, free cash flow for the quarter was RMB
0.64 billion.
-- Earnings per share was RMB 0.28.
Full Year 2023 Financial Highlights:
-- Revenue was RMB 29.66 billion.
-- Net profit was RMB 1.47 billion.
-- Generated RMB 4.44 billion cash from operations. With net capex
investments of RMB 3.07 billion, free cash flow was RMB 1.37 billion.
-- Earnings per share was RMB 0.82.
SHANGHAI, April 18, 2024 /PRNewswire/ -- JCET Group , a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, today announced its full year financial results for the year ended December 31, 2023. According to the financial report, in 2023 JCET achieved revenue of RMB 29.66 billion, and net profit of RMB 1.47 billion. In Q4 2023 JCET achieved revenue of RMB 9.23 billion, an increase of 11.8% quarter-on-quarter and an increase of about 3% year-on-year, a record high single quarter in the company's history; and net profit of RMB 0.5 billion, an increase of 3.9% quarter-on-quarter.
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In 2023, JCET effectively responded to market changes, focusing on high-performance advanced packaging, strengthening innovation and upgrading to achieve stable business development, the company's operations have continued to improve since Q2 2023, and performance rebounded quarter by quarter. JCET has continuously optimized asset structures, improved cash flow capability, and achieved positive free cash flow for 5 consecutive years from 2019 to 2023.
JCET has achieved continuous breakthroughs in the field of advanced packaging technologies such as high-density system level packaging, large size flip chip packaging and wafer level packaging, and the proportion of advanced packaging revenue exceeded two-thirds of company's revenue. JCET continues to enhance its technological innovation, with R&D investment of RMB 1.44 billion in 2023, a year-on-year increase of 9.7%.
The company has enhanced its overall solution and production capabilities towards application scenarios. In the fields of high-end communications, industrial electronics and wide bandgap semiconductors, JCET with its global customers have developed diversified innovative applications, with continuous increase of mass production introduction. JCET's automotive electronics business has maintained continuous expansion in technological achievements and number of customers in 2023, with revenue in this segment increasing by 68% year-on-year. At the same time, JCET accelerates the construction of its first automotive chip advanced packaging flagship factory in Shanghai.
Mr. Li Zheng, CEO of JCET, said, "JCET continues to develop its core competitiveness, characterized by global customer diversification, professional management, and innovative internationalized operations. Strategic initiatives executed in 2023 have laid a solid foundation for steady growth in 2024 and the near future."
For more information, please refer to the JCET FY2023 Report. [https://www.jcetglobal.com/uploads/JCET%20Press%20Release%202023Q4.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 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 (Audited) RMB in millions Dec 31, 2023 Dec 31, 2022 ASSETS Current assets Currency funds 7,325 2,459 Trading financial assets 2,306 4,316 Derivative financial assets 4 18 Accounts receivable 4,185 3,689 Receivables financing 38 59 Prepayments 104 110 Other receivables 87 61 Inventories 3,195 3,152 Other current assets 375 279 Total current assets 17,619 14,143 Non-current assets Long-term receivables 33 40 Long-term equity investments 695 765 Other equity investments 447 440 Investment properties 86 89 Fixed assets 18,744 19,517 Construction in progress 1,053 807 Right-of-use assets 563 578 Intangible assets 662 483 Goodwill 2,248 2,210 Long-term prepaid expenses 17 28 Deferred tax assets 364 247 Other non-current assets 48 61 Total non-current assets 24,960 25,265 Total assets 42,579 39,408 LIABILITIES AND EQUITY Dec 31, 2023 Dec 31, 2022 Current liabilities Short-term borrowings 1,696 1,174 Notes payable 223 339 Accounts payable 4,782 4,634 Contract liabilities 185 214 Employee benefits payable 781 984 Taxes and surcharges payable 167 210 Other payables 354 378 Current portion of long-term liabilities 1,491 3,096 Other current liabilities 3 4 Total current liabilities 9,682 11,033 Non-current liabilities Long-term borrowings 5,777 2,721 Lease liabilities 530 562 Long-term employee benefits payable 14 14 Deferred income 384 340 Deferred tax liabilities 0 40 Other non-current liabilities 41 55 Total non-current liabilities 6,746 3,732 Total liabilities 16,428 14,765 Equity Paid-in capital 1,789 1,780 Capital reserves 15,237 15,080 Accumulated other comprehensive income 543 400 Surplus reserves 257 229 Unappropriated profit 8,239 7,154 Total equity attributable to owners of the parent 26,065 24,643 Minority shareholders 86 0 Total equity 26,151 24,643 Total liabilities and equity 42,579 39,408
CONSOLIDATED INCOME STATEMENT (Audited) RMB in millions, except share data Three months ended Year ended Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 Revenue 9,231 8,984 29,661 33,762 Less: Cost of sales 8,016 7,688 25,612 28,010 Taxes and surcharges 24 20 106 90 Selling expenses 51 42 206 184 Administrative expenses 215 95 751 900 Research and development expenses 358 333 1,440 1,313 Finance expenses 114 137 191 126 Including: Interest expenses 99 64 314 207 Interest income 42 10 112 31 Add: Other income 38 53 214 191 Investment income / (loss) 36 63 2 128 Including: Income / (loss) from investments in associates and joint ventures (36) 1 (70) (5) Gain / (loss) on changes in fair value of financial assets/liabilities (44) 3 18 (37) Credit impairment (loss is expressed by "-") (2) 17 (5) 34 Asset impairment (loss is expressed by "-") (47) (131) (73) (257) Gain / (loss) on disposal of assets (12) 6 9 48 Operating profit / (loss) 422 680 1,520 3,246 Add: Non-operating income 6 2 9 47 Less: Non-operating expenses 2 1 7 2 Profit / (loss) before income taxes 426 681 1,522 3,291 Less: Income tax expenses (70) (98) 52 60 Net profit / (loss) 496 779 1,470 3,231 Classified by continuity of operations Profit / (loss) from continuing operations 496 779 1,470 3,231 Classified by ownership Net profit / (loss) attributable to owners of the parent 497 779 1,471 3,231 Net profit / (loss) attributable to minority shareholders (1) 0 (1) 0 Add: Unappropriated profit at beginning of period 7,771 6,430 7,154 4,334 Less: Extract statutory surplus accumulation 29 55 29 55 Cash dividends payable 0 0 357 356 Unappropriated profit at end of period (attributable to owners of the parent） 8,239 7,154 8,239 7,154 Other comprehensive income, net of tax (137) (151) 143 680 Comprehensive income attributable to owners of the parent (137) (151) 143 680 Comprehensive income not be reclassified to profit or loss (3) 7 7 (7) Remeasurement gains or losses of a defined benefit plan (1) 1 0 1 Change in the fair value of other equity investments (2) 6 7 (8) Comprehensive income to be reclassified to profit or loss (134) (158) 136 687 Cash flow hedge reserve 0 23 0 (4) Exchange differences of foreign currency financial statements (134) (181) 136 691 Total comprehensive income 359 628 1,613 3,911 Including: Total comprehensive income attributable to owners of the parent 360 628 1,614 3,911 Total comprehensive income attributable to minority shareholders (1) 0 (1) 0 Earnings per share Basic earnings per share 0.28 0.44 0.82 1.82 Diluted earnings per share 0.28 0.43 0.82 1.81
CONSOLIDATED CASH FLOW STATEMENT (Audited) RMB in millions Three months ended Year ended Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 Dec 31, 2022 CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from the sale of goods and the rendering of services 9,696 11,033 30,433 36,233 Receipts of taxes and surcharges refunds (99) 34 168 307 Other cash receipts relating to operating activities 98 103 387 321 Total cash inflows from operating activities 9,695 11,170 30,988 36,861 Cash payments for goods and services 7,405 8,458 21,698 25,604 Cash payments to and on behalf of employees 1,013 1,019 3,985 4,275 Payments of all types of taxes and surcharges (181) (152) 465 543 Other cash payments relating to operating activities 54 213 403 427 Total cash outflows from operating activities 8,291 9,538 26,551 30,849 Net cash flows from operating activities 1,404 1,632 4,437 6,012 CASH FLOWS FROM INVESTING ACTIVITIES Cash receipts from returns of investments 6,200 4,151 18,081 12,701 Cash receipts from investment income 32 33 100 89 Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets (68) (3) 63 107 Net cash receipts from disposal of subsidiaries and other business units 0 0 0 30 Total cash inflows from investing activities 6,164 4,181 18,244 12,927 Cash payments to acquire fixed assets, intangible assets and other long-term assets 695 1,236 3,129 3,924 Cash payments for investments 4,920 4,300 16,081 14,361 Other cash payments relating to investing activities 32 0 32 0 Total cash outflows from investing activities 5,647 5,536 19,242 18,285 Net cash flows from investing activities 517 (1,355) (998) (5,358) CASH FLOWS FROM FINANCING ACTIVITIES Cash proceeds from investments by others 4 0 266 0 Including: Cash receipts from capital contributions from minority shareholders of subsidiaries 0 0 86 0 Cash receipts from borrowings 2,433 2,255 8,920 5,216 Total cash inflows from financing activities 2,437 2,255 9,186 5,216 Cash repayments for debts 1,592 2,523 7,056 5,053 Cash payments for distribution of dividends or profit and interest expenses 82 29 627 524 Other cash payments relating to financing activities 23 (71) 92 687 Total cash outflows from financing activities 1,697 2,481 7,775 6,264 Net cash flows from financing activities 740 (226) 1,411 (1,048) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (8) (10) 22 84 NET INCREASE IN CASH AND CASH EQUIVALENTS 2,653 41 4,872 (310) Add: Cash and cash equivalents at beginning of period 4,672 2,412 2,453 2,763 CASH AND CASH EQUIVALENTS AT END OF PERIOD 7,325 2,453 7,325 2,453
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Photo: https://mma.prnewswire.com/media/1711480/JCET_Logo_Logo.jpg JCET GroupCONTACT: Daniel Wang, JCET Group, Telephone: +86-10-50917493, Mail:
daniel.wang1@jcetglobal.com
