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
2024-10-25 Time: 18:25 Source: PR Newswire

Q3 2024 Financial Highlights：

  • Revenue was RMB 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 was RMB 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 was RMB 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 was RMB 1.08 billion, an increase of 10.6% year-on-year.
  • Earnings per share was RMB 0.60, as compared to RMB 0.54 in Q3 YTD 2023.

SHANGHAI, Oct. 25, 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 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.

Cision View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/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-302287149.html

SOURCE JCET Group