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JCET Q2 2024 Net Profit Attributable to the Parent Increased by 258% Quarter-on-Quarter, Hitting a Record High for Revenue

JCET Q2 2024 Net Profit Attributable to the Parent Increased by 258% Quarter-on-Quarter, Hitting a Record High for Revenue

Q2 2024 Financial Highlights:

  • Revenue was RMB 8.64 billion, an increase of 36.9% year-on-year and 26.3% quarter-on-quarter. A record high Q2 in the company's history.
  • Generated RMB 1.65 billion cash from operations. With net capex investments of RMB 0.93 billion, free cash flow for the quarter was RMB 0.72 billion.
  • Net profit attributable to owners of the parent was RMB 0.48 billion, an increase of 25.5% year-on-year and 258.0% quarter-on-quarter.
  • Earnings per share was RMB 0.27, as compared to RMB 0.22 in Q2 2023.

1H 2024 Financial Highlights:

  • Revenue was RMB 15.49 billion, an increase of 27.2% year-on-year.
  • Generated RMB 3.03 billion cash from operations. With net capex investments of RMB 1.87 billion, free cash flow for the first half of 2024 was RMB 1.16 billion.
  • Net profit attributable to owners of the parent was RMB 0.62 billion, an increase of 25.0% year-on-year.
  • Earnings per share was RMB 0.35, as compared to RMB 0.28 in 1H 2023.

SHANGHAI, Aug. 23, 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 first half year of 2024. The financial report shows that in the first half of 2024, JCET achieved revenue of RMB 15.49 billion, and net profit attributable to owners of the parent of RMB 0.62 billion, both increased over 25%. In Q2 2024 JCET achieved revenue of RMB 8.64 billion, an increase of 36.9% year-on-year, a record high Q2 in the company's history, and net profit attributable to owners of the parent of RMB 0.48 billion, an increase of 25.5% year-on-year and 258.0% quarter-on-quarter, generating RMB 1.65 billion cash from operations.

During the reporting period, the company's capacity utilization has significantly increased, with enlarged investment to expand production capacity of core production lines. In the first half of the year, the revenue of communications, computing, and consumer electronics businesses increased respectively by 48%, 23%, and 33% year-on-year. The company is consistently strengthening the research and development in advanced packaging technologies, with R&D investment of RMB 0.82 billion in 1H 2024, a year-on-year increase of 22.4%.

JCET is also actively promoting strategic projects to enhance its smart manufacturing. After two years construction, the new advanced packaging factory "JCET Microelectronics Wafer-level Microsystems Integration High-end Manufacturing Base" with an area of over 130,000 square meters is progressing with equipment mobilization. The new automotive chip back-end manufacturing base has completed building the factory structure. The acquisition of a high-density memory chip packaging factory has obtained necessary approvals, and the project is progressing towards completion.

Mr. Li Zheng, CEO of JCET, said, "JCET actively promotes innovative applications of advanced packaging technologies and continues to expand its production capacity in China, Singapore and South Korea, with steady growth in performance in the first half of 2024. The company will continue to increase investment in R&D and strategic projects, strengthen innovation cooperation in the industrial chain and sustainable development, and create higher value for shareholders, customers, employees and society."

For more information, please refer to the JCET 1H FY2024 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 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.

CONSOLIDATED BALANCE SHEET (Unaudited)







RMB in millions


















Jun 30, 2024


Dec 31, 2023

ASSETS










Current assets










  Currency funds







10,621


7,325

  Trading financial assets







1,605


2,306

  Derivative financial assets







0


4

  Accounts receivable







4,066


4,185

  Receivables financing







71


38

  Prepayments







132


104

  Other receivables







115


87

  Inventories







3,408


3,195

  Other current assets







393


375

Total current assets







20,411


17,619

Non-current assets










  Long-term receivables







31


33

  Long-term equity investments







666


695

  Other equity investments







434


447

  Investment properties







84


86

  Fixed assets







18,408


18,744

  Construction in progress







2,039


1,053

  Right-of-use assets







519


563

  Intangible assets







659


662

  Goodwill







2,262


2,248

  Long-term prepaid expenses







13


17

  Deferred tax assets







377


364

  Other non-current assets







66


48

Total non-current assets







25,558


24,960

Total assets







45,969


42,579











LIABILITIES AND EQUITY  







Jun 30, 2024


Dec 31, 2023

Current liabilities










  Short-term borrowings







467


1,696

  Derivative financial liabilities







2


0

  Notes payable







300


223

  Accounts payable







5,773


4,782

  Contract liabilities







260


185

  Employee benefits payable







732


781

  Taxes and surcharges payable







116


167

  Other payables







368


354

  Current portion of long-term liabilities







1,806


1,491

  Other current liabilities







2


3

Total current liabilities







9,826


9,682

Non-current liabilities










  Long-term borrowings







7,749


5,777

  Lease liabilities







480


530

  Long-term payables







3


0

  Long-term employee benefits payable







14


14

  Deferred income







438


384

  Other non-current liabilities







38


41

Total non-current liabilities







8,722


6,746

Total liabilities







18,548


16,428

Equity










  Paid-in capital







1,789


1,789

  Capital reserves







15,228


15,237

  Accumulated other comprehensive income







591


543

  Specialized reserves







1


0

  Surplus reserves







257


257

  Unappropriated profit







8,680


8,239

Total equity attributable to owners of the parent







26,546


26,065

Minority shareholders







875


86

Total equity







27,421


26,151

Total liabilities and equity







45,969


42,579





















CONSOLIDATED INCOME STATEMENT (Unaudited)







RMB in millions, except share data














Three months ended


Six months ended




Jun 30, 2024


Jun 30, 2023


Jun 30, 2024


Jun 30, 2023

Revenue



8,645


6,313


15,487


12,173

Less: Cost of sales



7,410


5,359


13,417


10,525

          Taxes and surcharges



22


27


35


47

          Selling expenses



64


51


118


100

          Administrative expenses



209


175


433


347

          Research and development expenses



438


360


819


669

          Finance expenses



(19)


(7)


(11)


51

            Including: Interest expenses



99


68


192


131

                     Interest income



80


27


141


35

Add: Other income



47


40


86


73

         Investment income / (loss)



(4)


(24)


(14)


(21)

            Including: Income / (loss) from investments in associates and joint ventures



(12)


(10)


(29)


(21)

         Gain / (loss) on changes in fair value of financial assets/liabilities 



0


37


(5)


46

         Credit impairment (loss is expressed by "-")



(14)


(6)


(7)


(1)

         Asset impairment (loss is expressed by "-")



(20)


(5)


(38)


0

         Gain / (loss) on disposal of assets 



2


13


5


16

Operating profit / (loss)



532


403


703


547

Add: Non-operating income



0


2


1


3

Less: Non-operating expenses



2


0


2


4

Profit / (loss) before income taxes



530


405


702


546

Less: Income tax expenses



47


19


85


50

Net profit / (loss) 



483


386


617


496

Classified by continuity of operations










  Profit / (loss) from continuing operations



483


386


617


496

Classified by ownership










  Net profit / (loss) attributable to owners of the parent



484


386


619


496

  Net profit / (loss) attributable to minority shareholders



(1)


0


(2)


0

Add: Unappropriated profit at beginning of period



8,374


7,264


8,239


7,154

Less: Cash dividends declared



178


358


178


358

Unappropriated profit at end of period (attributable to owners of the parent)



8,680


7,292


8,680


7,292

Other comprehensive income, net of tax



36


481


48


350

Comprehensive income attributable to owners of the parent



36


481


48


350

Comprehensive income not be reclassified to profit or loss



(8)


6


(13)


17

  Remeasurement gains or losses of a defined benefit plan



0


0


0


1

  Change in the fair value of other equity investments



(8)


6


(13)


16

Comprehensive income to be reclassified to profit or loss



44


475


61


333

  Exchange differences of foreign currency financial statements



44


475


61


333

Total comprehensive income



519


867


665


846

  Including:










     Total comprehensive income attributable to owners of the parent



520


867


667


846

     Total comprehensive income attributable to minority shareholders



(1)


0


(2)


0

Earnings per share










  Basic earnings per share



0.27


0.22


0.35


0.28

  Diluted earnings per share



0.27


0.22


0.35


0.28





















CONSOLIDATED CASH FLOW STATEMENT (Unaudited) 







RMB in millions














Three months ended


Six months ended




Jun 30, 2024


Jun 30, 2023


Jun 30, 2024


Jun 30, 2023

CASH FLOWS FROM OPERATING ACTIVITIES










  Cash receipts from the sale of goods and the rendering of services



8,784


6,178


16,590


13,162

  Receipts of taxes and surcharges refunds



81


122


198


216

  Other cash receipts relating to operating activities



181


110


283


163

Total cash inflows from operating activities



9,046


6,410


17,071


13,541

  Cash payments for goods and services



6,078


4,069


11,254


8,454

  Cash payments to and on behalf of employees



1,056


878


2,248


2,072

  Payments of all types of taxes and surcharges



197


254


289


466

  Other cash payments relating to operating activities



61


22


253


128

Total cash outflows from operating activities



7,392


5,223


14,044


11,120

Net cash flows from operating activities



1,654


1,187


3,027


2,421

CASH FLOWS FROM INVESTING ACTIVITIES










  Cash receipts from returns of investments



4,800


4,350


9,050


8,280

  Cash receipts from investment income



2


38


15


52

  Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets



2


7


5


32

Total cash inflows from investing activities



4,804


4,395


9,070


8,364

  Cash payments to acquire fixed assets, intangible assets and other long-term assets



937


749


1,870


1,588

  Cash payments for investments



4,650


3,200


8,350


5,980

Total cash outflows from investing activities



5,587


3,949


10,220


7,568

Net cash flows from investing activities



(783)


446


(1,150)


796

CASH FLOWS FROM FINANCING ACTIVITIES










  Cash proceeds from investments by others



6


230


776


230

      Including: Cash receipts from capital contributions from minority shareholders of subsidiaries

0


86


765


86

  Cash receipts from borrowings



728


1,317


3,007


1,664

Total cash inflows from financing activities



734


1,547


3,783


1,894

  Cash repayments for debts



657


755


1,963


1,740

  Cash payments for distribution of dividends or profit and interest expenses



272


414


352


467

  Other cash payments relating to financing activities



34


16


53


48

Total cash outflows from financing activities



963


1,185


2,368


2,255

Net cash flows from financing activities



(229)


362


1,415


(361)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS



2


45


4


37

NET INCREASE IN CASH AND CASH EQUIVALENTS



644


2,040


3,296


2,893

Add: Cash and cash equivalents at beginning of period



9,977


3,306


7,325


2,453

CASH AND CASH EQUIVALENTS AT END OF PERIOD



10,621


5,346


10,621


5,346

 

 

 

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