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JCET Revenues of Q3 2024 and Q3 YTD 2024 Hit New Record High, Q3 Net Profit after Deducting Non-Recurring Items Increased by 19.5% Year-on-Year

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JCET Revenues of Q3 2024 and Q3 YTD 2024 Hit New Record High, Q3 Net Profit after Deducting Non-Recurring Items Increased by 19.5% Year-on-Year

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.

SOURCE JCET Group