PR Newswire
Q4 2023 Financial Highlights:
- Revenue was RMB 9.23 billion , an increase of 11.8% quarter-on-quarter, and an increase of about 3% year-on-year, a record high single quarter in the company's history.
- Net profit was RMB 0.5 billion , an increase of 3.9% quarter-on-quarter.
- Generated RMB 1.4 billion cash from operations. With net capex investments of RMB 0.76 billion , free cash flow for the quarter was RMB 0.64 billion .
- Earnings per share was RMB 0.28 .
Full Year 2023 Financial Highlights:
- Revenue was RMB 29.66 billion .
- Net profit was RMB 1.47 billion .
- Generated RMB 4.44 billion cash from operations. With net capex investments of RMB 3.07 billion , free cash flow was RMB 1.37 billion .
- Earnings per share was RMB 0.82 .
SHANGHAI , April 18, 2024 /PRNewswire/ -- JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, today announced its full year financial results for the year ended December 31, 2023 . According to the financial report, in 2023 JCET achieved revenue of RMB 29.66 billion , and net profit of RMB 1.47 billion . In Q4 2023 JCET achieved revenue of RMB 9.23 billion , an increase of 11.8% quarter-on-quarter and an increase of about 3% year-on-year, a record high single quarter in the company's history; and net profit of RMB 0.5 billion , an increase of 3.9% quarter-on-quarter.
In 2023, JCET effectively responded to market changes, focusing on high-performance advanced packaging, strengthening innovation and upgrading to achieve stable business development, the company's operations have continued to improve since Q2 2023, and performance rebounded quarter by quarter. JCET has continuously optimized asset structures, improved cash flow capability, and achieved positive free cash flow for 5 consecutive years from 2019 to 2023.
JCET has achieved continuous breakthroughs in the field of advanced packaging technologies such as high-density system level packaging, large size flip chip packaging and wafer level packaging, and the proportion of advanced packaging revenue exceeded two-thirds of company's revenue. JCET continues to enhance its technological innovation, with R&D investment of RMB 1.44 billion in 2023, a year-on-year increase of 9.7%.
The company has enhanced its overall solution and production capabilities towards application scenarios. In the fields of high-end communications, industrial electronics and wide bandgap semiconductors, JCET with its global customers have developed diversified innovative applications, with continuous increase of mass production introduction. JCET's automotive electronics business has maintained continuous expansion in technological achievements and number of customers in 2023, with revenue in this segment increasing by 68% year-on-year. At the same time, JCET accelerates the construction of its first automotive chip advanced packaging flagship factory in Shanghai .
Mr. Li Zheng , CEO of JCET, said, "JCET continues to develop its core competitiveness, characterized by global customer diversification, professional management, and innovative internationalized operations. Strategic initiatives executed in 2023 have laid a solid foundation for steady growth in 2024 and the near future."
For more information, please refer to the JCET FY2023 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.
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CONSOLIDATED BALANCE SHEET (Audited) |
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RMB in millions |
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Dec 31, 2023 |
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Dec 31, 2022 |
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ASSETS |
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Current assets |
|
|
|
|
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|
|
|
|
Currency funds |
|
|
|
|
|
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7,325 |
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2,459 |
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Trading financial assets |
|
|
|
|
|
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2,306 |
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4,316 |
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Derivative financial assets |
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4 |
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18 |
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Accounts receivable |
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|
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4,185 |
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3,689 |
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Receivables financing |
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|
|
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|
|
38 |
|
59 |
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Prepayments |
|
|
|
|
|
|
104 |
|
110 |
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Other receivables |
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|
|
|
|
|
87 |
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61 |
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Inventories |
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|
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3,195 |
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3,152 |
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Other current assets |
|
|
|
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|
|
375 |
|
279 |
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Total current assets |
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17,619 |
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14,143 |
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Non-current assets |
|
|
|
|
|
|
|
|
|
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Long-term receivables |
|
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33 |
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40 |
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Long-term equity investments |
|
|
|
|
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|
695 |
|
765 |
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Other equity investments |
|
|
|
|
|
|
447 |
|
440 |
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Investment properties |
|
|
|
|
|
|
86 |
|
89 |
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Fixed assets |
|
|
|
|
|
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18,744 |
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19,517 |
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Construction in progress |
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|
|
|
|
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1,053 |
|
807 |
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Right-of-use assets |
|
|
|
|
|
|
563 |
|
578 |
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Intangible assets |
|
|
|
|
|
|
662 |
|
483 |
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Goodwill |
|
|
|
|
|
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2,248 |
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2,210 |
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Long-term prepaid expenses |
|
|
|
|
|
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17 |
|
28 |
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Deferred tax assets |
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|
|
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|
364 |
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247 |
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Other non-current assets |
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|
|
|
|
|
48 |
|
61 |
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Total non-current assets |
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24,960 |
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25,265 |
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Total assets |
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42,579 |
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39,408 |
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LIABILITIES AND EQUITY |
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Dec 31, 2023 |
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Dec 31, 2022 |
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Current liabilities |
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Short-term borrowings |
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1,696 |
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1,174 |
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Notes payable |
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|
|
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223 |
|
339 |
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Accounts payable |
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|
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4,782 |
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4,634 |
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Contract liabilities |
|
|
|
|
|
|
185 |
|
214 |
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Employee benefits payable |
|
|
|
|
|
|
781 |
|
984 |
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Taxes and surcharges payable |
|
|
|
|
|
|
167 |
|
210 |
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Other payables |
|
|
|
|
|
|
354 |
|
378 |
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Current portion of long-term liabilities |
|
|
|
|
|
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1,491 |
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3,096 |
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Other current liabilities |
|
|
|
|
|
|
3 |
|
4 |
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Total current liabilities |
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9,682 |
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11,033 |
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Non-current liabilities |
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|
|
|
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Long-term borrowings |
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5,777 |
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2,721 |
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Lease liabilities |
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|
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530 |
|
562 |
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Long-term employee benefits payable |
|
|
|
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|
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14 |
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14 |
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Deferred income |
|
|
|
|
|
|
384 |
|
340 |
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Deferred tax liabilities |
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|
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0 |
|
40 |
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Other non-current liabilities |
|
|
|
|
|
|
41 |
|
55 |
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Total non-current liabilities |
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|
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6,746 |
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3,732 |
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Total liabilities |
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16,428 |
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14,765 |
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Equity |
|
|
|
|
|
|
|
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Paid-in capital |
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|
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1,789 |
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1,780 |
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Capital reserves |
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|
|
|
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15,237 |
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15,080 |
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Accumulated other comprehensive income |
|
|
|
|
|
|
543 |
|
400 |
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Surplus reserves |
|
|
|
|
|
|
257 |
|
229 |
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Unappropriated profit |
|
|
|
|
|
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8,239 |
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7,154 |
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Total equity attributable to owners of the parent |
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|
|
|
|
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26,065 |
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24,643 |
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Minority shareholders |
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|
|
|
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|
86 |
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0 |
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Total equity |
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|
|
|
|
|
26,151 |
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24,643 |
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Total liabilities and equity |
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|
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42,579 |
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39,408 |
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CONSOLIDATED INCOME STATEMENT (Audited) |
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RMB in millions, except share data |
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Three months ended |
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Year ended |
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Dec 31, 2023 |
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Dec 31, 2022 |
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Dec 31, 2023 |
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Dec 31, 2022 |
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Revenue |
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9,231 |
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8,984 |
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29,661 |
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33,762 |
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Less: Cost of sales |
|
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8,016 |
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7,688 |
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25,612 |
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28,010 |
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Taxes and surcharges |
|
|
24 |
|
20 |
|
106 |
|
90 |
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Selling expenses |
|
|
51 |
|
42 |
|
206 |
|
184 |
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Administrative expenses |
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|
215 |
|
95 |
|
751 |
|
900 |
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Research and development expenses |
|
|
358 |
|
333 |
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1,440 |
|
1,313 |
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Finance expenses |
|
|
114 |
|
137 |
|
191 |
|
126 |
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Including: Interest expenses |
|
|
99 |
|
64 |
|
314 |
|
207 |
|
Interest income |
|
|
42 |
|
10 |
|
112 |
|
31 |
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Add: Other income |
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|
38 |
|
53 |
|
214 |
|
191 |
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Investment income / (loss) |
|
|
36 |
|
63 |
|
2 |
|
128 |
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Including: Income / (loss) from investments in associates and joint ventures |
|
|
(36) |
|
1 |
|
(70) |
|
(5) |
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Gain / (loss) on changes in fair value of financial assets/liabilities |
|
|
(44) |
|
3 |
|
18 |
|
(37) |
|
Credit impairment (loss is expressed by "-") |
|
|
(2) |
|
17 |
|
(5) |
|
34 |
|
Asset impairment (loss is expressed by "-") |
|
|
(47) |
|
(131) |
|
(73) |
|
(257) |
|
Gain / (loss) on disposal of assets |
|
|
(12) |
|
6 |
|
9 |
|
48 |
|
Operating profit / (loss) |
|
|
422 |
|
680 |
|
1,520 |
|
3,246 |
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Add: Non-operating income |
|
|
6 |
|
2 |
|
9 |
|
47 |
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Less: Non-operating expenses |
|
|
2 |
|
1 |
|
7 |
|
2 |
|
Profit / (loss) before income taxes |
|
|
426 |
|
681 |
|
1,522 |
|
3,291 |
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Less: Income tax expenses |
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|
(70) |
|
(98) |
|
52 |
|
60 |
|
Net profit / (loss) |
|
|
496 |
|
779 |
|
1,470 |
|
3,231 |
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Classified by continuity of operations |
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|
|
|
|
|
|
|
|
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Profit / (loss) from continuing operations |
|
|
496 |
|
779 |
|
1,470 |
|
3,231 |
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Classified by ownership |
|
|
|
|
|
|
|
|
|
|
Net profit / (loss) attributable to owners of the parent |
|
|
497 |
|
779 |
|
1,471 |
|
3,231 |
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Net profit / (loss) attributable to minority shareholders |
|
|
(1) |
|
0 |
|
(1) |
|
0 |
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Add: Unappropriated profit at beginning of period |
|
|
7,771 |
|
6,430 |
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7,154 |
|
4,334 |
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Less: Extract statutory surplus accumulation |
|
|
29 |
|
55 |
|
29 |
|
55 |
|
Cash dividends payable |
|
|
0 |
|
0 |
|
357 |
|
356 |
|
Unappropriated profit at end of period (attributable to owners of the parent） |
|
|
8,239 |
|
7,154 |
|
8,239 |
|
7,154 |
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Other comprehensive income, net of tax |
|
|
(137) |
|
(151) |
|
143 |
|
680 |
|
Comprehensive income attributable to owners of the parent |
|
|
(137) |
|
(151) |
|
143 |
|
680 |
|
Comprehensive income not be reclassified to profit or loss |
|
|
(3) |
|
7 |
|
7 |
|
(7) |
|
Remeasurement gains or losses of a defined benefit plan |
|
|
(1) |
|
1 |
|
0 |
|
1 |
|
Change in the fair value of other equity investments |
|
|
(2) |
|
6 |
|
7 |
|
(8) |
|
Comprehensive income to be reclassified to profit or loss |
|
|
(134) |
|
(158) |
|
136 |
|
687 |
|
Cash flow hedge reserve |
|
|
0 |
|
23 |
|
0 |
|
(4) |
|
Exchange differences of foreign currency financial statements |
|
|
(134) |
|
(181) |
|
136 |
|
691 |
|
Total comprehensive income |
|
|
359 |
|
628 |
|
1,613 |
|
3,911 |
|
Including: |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income attributable to owners of the parent |
|
|
360 |
|
628 |
|
1,614 |
|
3,911 |
|
Total comprehensive income attributable to minority shareholders |
|
|
(1) |
|
0 |
|
(1) |
|
0 |
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
0.28 |
|
0.44 |
|
0.82 |
|
1.82 |
|
Diluted earnings per share |
|
|
0.28 |
|
0.43 |
|
0.82 |
|
1.81 |
|
|
|
|
|
|
|
|
|
|
|
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CONSOLIDATED CASH FLOW STATEMENT (Audited) |
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RMB in millions |
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|
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Three months ended |
|
Year ended |
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|
|
|
|
Dec 31, 2023 |
|
Dec 31, 2022 |
|
Dec 31, 2023 |
|
Dec 31, 2022 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
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Cash receipts from the sale of goods and the rendering of services |
|
|
9,696 |
|
11,033 |
|
30,433 |
|
36,233 |
|
Receipts of taxes and surcharges refunds |
|
|
(99) |
|
34 |
|
168 |
|
307 |
|
Other cash receipts relating to operating activities |
|
|
98 |
|
103 |
|
387 |
|
321 |
|
Total cash inflows from operating activities |
|
|
9,695 |
|
11,170 |
|
30,988 |
|
36,861 |
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Cash payments for goods and services |
|
|
7,405 |
|
8,458 |
|
21,698 |
|
25,604 |
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Cash payments to and on behalf of employees |
|
|
1,013 |
|
1,019 |
|
3,985 |
|
4,275 |
|
Payments of all types of taxes and surcharges |
|
|
(181) |
|
(152) |
|
465 |
|
543 |
|
Other cash payments relating to operating activities |
|
|
54 |
|
213 |
|
403 |
|
427 |
|
Total cash outflows from operating activities |
|
|
8,291 |
|
9,538 |
|
26,551 |
|
30,849 |
|
Net cash flows from operating activities |
|
|
1,404 |
|
1,632 |
|
4,437 |
|
6,012 |
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CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
Cash receipts from returns of investments |
|
|
6,200 |
|
4,151 |
|
18,081 |
|
12,701 |
|
Cash receipts from investment income |
|
|
32 |
|
33 |
|
100 |
|
89 |
|
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets |
|
|
(68) |
|
(3) |
|
63 |
|
107 |
|
Net cash receipts from disposal of subsidiaries and other business units |
|
|
0 |
|
0 |
|
0 |
|
30 |
|
Total cash inflows from investing activities |
|
|
6,164 |
|
4,181 |
|
18,244 |
|
12,927 |
|
Cash payments to acquire fixed assets, intangible assets and other long-term assets |
|
|
695 |
|
1,236 |
|
3,129 |
|
3,924 |
|
Cash payments for investments |
|
|
4,920 |
|
4,300 |
|
16,081 |
|
14,361 |
|
Other cash payments relating to investing activities |
|
|
32 |
|
0 |
|
32 |
|
0 |
|
Total cash outflows from investing activities |
|
|
5,647 |
|
5,536 |
|
19,242 |
|
18,285 |
|
Net cash flows from investing activities |
|
|
517 |
|
(1,355) |
|
(998) |
|
(5,358) |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
Cash proceeds from investments by others |
|
|
4 |
|
0 |
|
266 |
|
0 |
|
Including: Cash receipts from capital contributions from minority shareholders of subsidiaries |
0 |
|
0 |
|
86 |
|
0 |
||
|
Cash receipts from borrowings |
|
|
2,433 |
|
2,255 |
|
8,920 |
|
5,216 |
|
Total cash inflows from financing activities |
|
|
2,437 |
|
2,255 |
|
9,186 |
|
5,216 |
|
Cash repayments for debts |
|
|
1,592 |
|
2,523 |
|
7,056 |
|
5,053 |
|
Cash payments for distribution of dividends or profit and interest expenses |
|
|
82 |
|
29 |
|
627 |
|
524 |
|
Other cash payments relating to financing activities |
|
|
23 |
|
(71) |
|
92 |
|
687 |
|
Total cash outflows from financing activities |
|
|
1,697 |
|
2,481 |
|
7,775 |
|
6,264 |
|
Net cash flows from financing activities |
|
|
740 |
|
(226) |
|
1,411 |
|
(1,048) |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
(8) |
|
(10) |
|
22 |
|
84 |
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
2,653 |
|
41 |
|
4,872 |
|
(310) |
|
Add: Cash and cash equivalents at beginning of period |
|
|
4,672 |
|
2,412 |
|
2,453 |
|
2,763 |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
|
7,325 |
|
2,453 |
|
7,325 |
|
2,453 |
View original content to download multimedia:
https://www.prnewswire.com/news-releases/steady-development-driven-by-innovation-jcet-revenue-of-q4-2023-hits-a-record-high-302120961.html
SOURCE JCET Group
