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 , 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.
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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 [https://www.jcetglobal.com/uploads/JCET%20Press%20Release%202024Q1%20&e6&95&b0&e5&80&bc&e7&89&88%20v2.0%2020240423.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 (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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Photo: https://mma.prnewswire.com/media/1711480/JCET_Logo_Logo.jpg JCET GroupCONTACT: Media contact: Daniel Wang, JCET Group, Telephone:
+86-10-50917493, Mail: daniel.wang1@jcetglobal.com
