Q3 2024 Financial Highlights：
Revenue wasRMB 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 wasRMB 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 wasRMB 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 wasRMB 1.08 billion,an increase of 10.6% year-on-year.
Earnings per share wasRMB 0.60,as compared to RMB 0.54 in Q3 YTD 2023.
SHANGHAI,Oct. 25,2024 -- 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 9.49billion,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,a record high in the company's history,and net profit attributable to owners of the parent of RMB 1.08billion,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 30,2023
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
Long-term employee benefits payable
15
14
Deferred income
424
384
Deferred tax liabilities
393
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
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
53,579
CONSOLIDATED INCOME STATEMENT (Unaudited)
RMB in millions,except share data
Three months ended
Nine months ended
Sep 30,2024
Sep 30,2023
Sep 30,2023
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)
(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
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)
(5)
Add: Unappropriated profit at beginning of period
8,680
7,293
8,239
7,154
Less: Cash dividends declared
178
357
Unappropriated profit at end of period (attributable to owners of the parent）
9,137
7,771
9,771
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
(7)
(13)
10
Remeasurement gains or losses of a defined benefit plan
1
Change in the fair value of other equity investments
(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)
(5)
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 30,2023
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
1,520
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
32
776
262
Including: Cash receipts from capital contributions from minority shareholders of subsidiaries
765
86
Cash receipts from borrowings
2,050
4,823
5,057
6,487
Total cash inflows from financing activities
2,855
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
9,672
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,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.