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.
|
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
|
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SOURCE JCET Group