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 (SSE: 600584), 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.
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.
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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