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Classified in: Science and technology, Business
Subject: ERN

Steady Development Driven by Innovation, JCET Revenue of Q4 2023 Hits a Record High


Q4 2023 Financial Highlights:

Full Year 2023 Financial Highlights:

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."

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.

 

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



4,672


2,412


2,453


2,763

CASH AND CASH EQUIVALENTS AT END OF PERIOD



7,325


2,453


7,325


2,453

 

SOURCE JCET Group


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