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.
(PRNewsfoto/JCET Group)
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."
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 (Audited)
RMB in millions
Dec 31, 2023
Dec 31, 2022
ASSETS
Current assets
Currency funds
7,325
2,459
Trading financial assets
2,306
4,316
Derivative financial assets
4
18
Accounts receivable
4,185
3,689
Receivables financing
38
59
Prepayments
104
110
Other receivables
87
61
Inventories
3,195
3,152
Other current assets
375
279
Total current assets
17,619
14,143
Non-current assets
Long-term receivables
33
40
Long-term equity investments
695
765
Other equity investments
447
440
Investment properties
86
89
Fixed assets
18,744
19,517
Construction in progress
1,053
807
Right-of-use assets
563
578
Intangible assets
662
483
Goodwill
2,248
2,210
Long-term prepaid expenses
17
28
Deferred tax assets
364
247
Other non-current assets
48
61
Total non-current assets
24,960
25,265
Total assets
42,579
39,408
LIABILITIES AND EQUITY
Dec 31, 2023
Dec 31, 2022
Current liabilities
Short-term borrowings
1,696
1,174
Notes payable
223
339
Accounts payable
4,782
4,634
Contract liabilities
185
214
Employee benefits payable
781
984
Taxes and surcharges payable
167
210
Other payables
354
378
Current portion of long-term liabilities
1,491
3,096
Other current liabilities
3
4
Total current liabilities
9,682
11,033
Non-current liabilities
Long-term borrowings
5,777
2,721
Lease liabilities
530
562
Long-term employee benefits payable
14
14
Deferred income
384
340
Deferred tax liabilities
0
40
Other non-current liabilities
41
55
Total non-current liabilities
6,746
3,732
Total liabilities
16,428
14,765
Equity
Paid-in capital
1,789
1,780
Capital reserves
15,237
15,080
Accumulated other comprehensive income
543
400
Surplus reserves
257
229
Unappropriated profit
8,239
7,154
Total equity attributable to owners of the parent
26,065
24,643
Minority shareholders
86
0
Total equity
26,151
24,643
Total liabilities and equity
42,579
39,408
CONSOLIDATED INCOME STATEMENT (Audited)
RMB in millions, except share data
Three months ended
Year ended
Dec 31, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Revenue
9,231
8,984
29,661
33,762
Less: Cost of sales
8,016
7,688
25,612
28,010
Taxes and surcharges
24
20
106
90
Selling expenses
51
42
206
184
Administrative expenses
215
95
751
900
Research and development expenses
358
333
1,440
1,313
Finance expenses
114
137
191
126
Including: Interest expenses
99
64
314
207
Interest income
42
10
112
31
Add: Other income
38
53
214
191
Investment income / (loss)
36
63
2
128
Including: Income / (loss) from investments in associates and joint ventures
(36)
1
(70)
(5)
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
Add: Non-operating income
6
2
9
47
Less: Non-operating expenses
2
1
7
2
Profit / (loss) before income taxes
426
681
1,522
3,291
Less: Income tax expenses
(70)
(98)
52
60
Net profit / (loss)
496
779
1,470
3,231
Classified by continuity of operations
Profit / (loss) from continuing operations
496
779
1,470
3,231
Classified by ownership
Net profit / (loss) attributable to owners of the parent
497
779
1,471
3,231
Net profit / (loss) attributable to minority shareholders
(1)
0
(1)
0
Add: Unappropriated profit at beginning of period
7,771
6,430
7,154
4,334
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
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
CONSOLIDATED CASH FLOW STATEMENT (Audited)
RMB in millions
Three months ended
Year ended
Dec 31, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
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
Cash payments for goods and services
7,405
8,458
21,698
25,604
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
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
