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
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
