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 (SSE:
600584), 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.
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.
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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