Q3 2023 Financial Highlights：
Revenue was RMB 8.26 billion, an increase of 30.8% quarter-on-quarterNet profit was RMB 0.48 billion, an increase of 24% quarter-on-quarterEarnings per share was RMB 0.26Q3 YTD 2023 Financial Highlights：
Revenue was RMB 20.43 billionNet profit was RMB 0.97 billionEarnings per share was RMB 0.54SHANGHAI, Oct. 27, 2023 /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 2023. The financial report shows that in the third quarter, JCET achieved revenue of RMB 8.26 billion, an increase of 30.8% quarter-on-quarter, and net profit of RMB 0.48 billion, an increase of 24% quarter-on-quarter.
JCET has focused on key applications of advanced packaging this year, continuously enhancing its overall solution capabilities for application scenarios, optimizing production capacity layout, and further strengthening its leading position in the global IC packaging and test industry.
JCET has achieved innovative breakthroughs in markets such as automotive electronics, 5G communications, high-performance computing (HPC), and wide bandgap power devices. Seizing market opportunities driven by the acceleration of the electric vehicle market, JCET’s automotive electronics business has maintained rapid growth. In the first three quarters of this year, the company’s automotive electronics revenue increased by 88% year-on-year. In the 5G communications-related market, JCET provided global customers with services in R&D and HVM, further solidifying its leading position in areas including Antenna in Package (AiP) modules, RF power amplifiers (PA), and radio frequency front end (RFFE) modules.
Leveraging high-density heterogeneous SiP technologies and advantageous global production layouts, JCET intensifies its efforts with customers in AI and HPC domains for advanced packaging solutions development and product introductions, accelerating market expansion in high-computation systems, power management, high-performance storage, and smart terminals. In the power semiconductor market, the high-density integration solutions developed by JCET in collaboration with global customers on wide bandgap power devices are widely used in the automotive and industrial energy storage, with ongoing production capacity expansion.
JCET continues to enhance its technological innovation, with R&D investment of RMB 1.08 billion in the first three quarters of 2023, a year-on-year increase of 10.4%. The company continues to promote the construction of high-performance packaging production capacities and upgrade existing factories towards advanced packaging technologies. In addition, JCET improves lean production capabilities, strengthens inventory control and supply chain management, and ensures that the company’s operations remain highly efficient.
Mr. Li Zheng, CEO of JCET, said, “In recent years, JCET, by focusing on high-performance advanced packaging technologies, has made breakthrough progress in collaboration with major customers on the high-end chip business and achieved significant quarter-on-quarter growth in performance for the third quarter of this year. The company will seize new opportunities arising from the restructuring of the global industrial chain and will continue to promote the healthy development of IC back-end manufacturing.”
Click to view: JCET 2023 Third Quarter 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 (Unaudited)
RMB in millions
Sep 30, 2023
Dec 31, 2022
ASSETS
Current assets
Currency funds
4,678
2,459
Trading financial assets
3,611
4,316
Derivative financial assets
0
18
Accounts receivable
4,652
3,689
Receivables financing
96
59
Prepayments
130
110
Other receivables
73
61
Inventories
4,190
3,152
Other current assets
303
279
Total current assets
17,733
14,143
Non-current assets
Long-term receivables
19
40
Long-term equity investments
731
765
Other equity investments
449
440
Investment properties
87
89
Fixed assets
19,035
19,517
Construction in progress
1,076
807
Right-of-use assets
585
578
Intangible assets
640
483
Goodwill
2,278
2,210
Long-term prepaid expenses
20
28
Deferred tax assets
266
247
Other non-current assets
88
61
Total non-current assets
25,274
25,265
Total assets
43,007
39,408
LIABILITIES AND EQUITY
Sep 30, 2023
Dec 31, 2022
Current liabilities
Short-term borrowings
1,721
1,174
Derivative financial liabilities
2
0
Notes payable
162
339
Accounts payable
6,274
4,634
Contract liabilities
203
214
Employee benefits payable
727
984
Taxes and surcharges payable
189
210
Other payables
377
378
Current portion of long-term liabilities
2,468
3,096
Other current liabilities
4
4
Total current liabilities
12,127
11,033
Non-current liabilities
Long-term borrowings
4,027
2,721
Lease liabilities
537
562
Long-term employee benefits payable
12
14
Deferred income
375
340
Deferred tax liabilities
6
40
Other non-current liabilities
51
55
Total non-current liabilities
5,008
3,732
Total liabilities
17,135
14,765
Equity
Paid-in capital
1,789
1,780
Capital reserves
15,316
15,080
Accumulated other comprehensive income
679
400
Specialized reserves
2
0
Surplus reserves
229
229
Unappropriated profit
7,771
7,154
Total equity attributable to owners of the parent
25,786
24,643
Minority shareholders
86
0
Total equity
25,872
24,643
Total liabilities and equity
43,007
39,408
CONSOLIDATED INCOME STATEMENT (Unaudited)
RMB in millions, except share data
Three months ended
Nine months ended
Sep 30, 2023
Sep 30, 2022
Sep 30, 2023
Sep 30, 2022
Revenue
8,257
9,184
20,430
24,778
Less: Cost of sales
7,071
7,616
17,596
20,323
Taxes and surcharges
36
26
82
69
Selling expenses
55
45
155
142
Administrative expenses
190
312
536
805
Research and development expenses
413
343
1,082
980
Finance expenses
26
(26)
77
(11)
Including: Interest expenses
84
51
215
143
Interest income
35
5
70
21
Add: Other income
103
55
176
138
Investment income / (loss)
(12)
25
(34)
65
Including: Income / (loss) from investments in associates and joint ventures
(12)
1
(34)
(6)
Gain / (loss) on changes in fair value of financial assets/liabilities
17
(25)
62
(40)
Credit impairment (loss is expressed by “-“)
(2)
22
(3)
17
Asset impairment (loss is expressed by “-“)
(26)
(61)
(26)
(125)
Gain / (loss) on disposal of assets
5
18
21
41
Operating profit / (loss)
551
902
1,098
2,566
Add: Non-operating income
0
40
3
46
Less: Non-operating expenses
1
0
5
1
Profit / (loss) before income taxes
550
942
1,096
2,611
Less: Income tax expenses
72
33
122
159
Net profit / (loss)
478
909
974
2,452
Classified by continuity of operations
Profit / (loss) from continuing operations
478
909
974
2,452
Classified by ownership
Net profit / (loss) attributable to owners of the parent
478
909
974
2,452
Net profit / (loss) attributable to minority shareholders
0
0
0
0
Add: Unappropriated profit at beginning of period
7,293
5,522
7,154
4,335
Less: Cash dividends declared
0
0
357
356
Unappropriated profit at end of period (attributable to owners of the parent）
7,771
6,431
7,771
6,431
Other comprehensive income, net of tax
(70)
446
280
832
Comprehensive income attributable to owners of the parent
(70)
446
280
832
Comprehensive income not be reclassified to profit or loss
(7)
(14)
10
(14)
Remeasurement gains or losses of a defined benefit plan
0
0
1
0
Change in the fair value of other equity investments
(7)
(14)
9
(14)
Comprehensive income to be reclassified to profit or loss
(63)
460
270
846
Comprehensive income using the equity method that may be reclassified to profit or loss
0
7
0
0
Cash flow hedge reserve
0
(9)
0
(26)
Exchange differences of foreign currency financial statements
(63)
462
270
872
Total comprehensive income
408
1,355
1,254
3,284
Including:
Total comprehensive income attributable to owners of the parent
408
1,355
1,254
3,284
Total comprehensive income attributable to minority shareholders
0
0
0
0
Earnings per share
Basic earnings per share
0.26
0.51
0.54
1.38
Diluted earnings per share
0.26
0.51
0.54
1.38
CONSOLIDATED CASH FLOW STATEMENT (Unaudited)
RMB in millions
Three months ended
Nine months ended
Sep 30, 2023
Sep 30, 2022
Sep 30, 2023
Sep 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from the sale of goods and the rendering of services
7,574
8,201
20,737
25,200
Receipts of taxes and surcharges refunds
52
126
267
273
Other cash receipts relating to operating activities
126
87
289
218
Total cash inflows from operating activities
7,752
8,414
21,293
25,691
Cash payments for goods and services
5,840
5,534
14,293
17,146
Cash payments to and on behalf of employees
899
948
2,972
3,257
Payments of all types of taxes and surcharges
180
193
646
694
Other cash payments relating to operating activities
221
43
349
214
Total cash outflows from operating activities
7,140
6,718
18,260
21,311
Net cash flows from operating activities
612
1,696
3,033
4,380
CASH FLOWS FROM INVESTING ACTIVITIES
Cash receipts from returns of investments
3,601
3,390
11,881
8,550
Cash receipts from investment income
15
17
68
55
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets
99
76
131
110
Net cash receipts from disposal of subsidiaries and other business units
0
3
0
30
Total cash inflows from investing activities
3,715
3,486
12,080
8,745
Cash payments to acquire fixed assets, intangible assets and other long-term assets
845
1,138
2,434
2,688
Cash payments for investments
5,181
4,101
11,161
10,061
Total cash outflows from investing activities
6,026
5,239
13,595
12,749
Net cash flows from investing activities
(2,311)
(1,753)
(1,515)
(4,004)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash proceeds from investments by others
32
0
262
0
Including: Cash receipts from capital contributions from minority shareholders of subsidiaries
0
0
86
0
Cash receipts from borrowings
4,823
1,446
6,487
2,961
Total cash inflows from financing activities
4,855
1,446
6,749
2,961
Cash repayments for debts
3,723
796
5,464
2,530
Cash payments for distribution of dividends or profit and interest expenses
78
405
545
495
Other cash payments relating to financing activities
22
169
69
758
Total cash outflows from financing activities
3,823
1,370
6,078
3,783
Net cash flows from financing activities
1,032
76
671
(822)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(7)
37
30
95
NET INCREASE IN CASH AND CASH EQUIVALENTS
(674)
56
2,219
(351)
Add: Cash and cash equivalents at beginning of period
5,346
2,356
2,453
2,763
CASH AND CASH EQUIVALENTS AT END OF PERIOD
4,672
2,412
4,672
2,412
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View original content:https://www.prnewswire.co.uk/news-releases/focusing-on-key-applications-of-advanced-packaging-jcet-growth-accelerated-quarter-on-quarter-in-q3-2023-301970191.html
Q3 2023 Financial Highlights：
Revenue was RMB 8.26 billion, an increase of 30.8% quarter-on-quarterNet profit was RMB 0.48 billion, an increase of 24% quarter-on-quarterEarnings per share was RMB 0.26
Q3 YTD 2023 Financial Highlights：
Revenue was RMB 20.43 billionNet profit was RMB 0.97 billionEarnings per share was RMB 0.54
SHANGHAI, Oct. 27, 2023 /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 2023. The financial report shows that in the third quarter, JCET achieved revenue of RMB 8.26 billion, an increase of 30.8% quarter-on-quarter, and net profit of RMB 0.48 billion, an increase of 24% quarter-on-quarter.
JCET has focused on key applications of advanced packaging this year, continuously enhancing its overall solution capabilities for application scenarios, optimizing production capacity layout, and further strengthening its leading position in the global IC packaging and test industry.
JCET has achieved innovative breakthroughs in markets such as automotive electronics, 5G communications, high-performance computing (HPC), and wide bandgap power devices. Seizing market opportunities driven by the acceleration of the electric vehicle market, JCET’s automotive electronics business has maintained rapid growth. In the first three quarters of this year, the company’s automotive electronics revenue increased by 88% year-on-year. In the 5G communications-related market, JCET provided global customers with services in R&D and HVM, further solidifying its leading position in areas including Antenna in Package (AiP) modules, RF power amplifiers (PA), and radio frequency front end (RFFE) modules.
Leveraging high-density heterogeneous SiP technologies and advantageous global production layouts, JCET intensifies its efforts with customers in AI and HPC domains for advanced packaging solutions development and product introductions, accelerating market expansion in high-computation systems, power management, high-performance storage, and smart terminals. In the power semiconductor market, the high-density integration solutions developed by JCET in collaboration with global customers on wide bandgap power devices are widely used in the automotive and industrial energy storage, with ongoing production capacity expansion.
JCET continues to enhance its technological innovation, with R&D investment of RMB 1.08 billion in the first three quarters of 2023, a year-on-year increase of 10.4%. The company continues to promote the construction of high-performance packaging production capacities and upgrade existing factories towards advanced packaging technologies. In addition, JCET improves lean production capabilities, strengthens inventory control and supply chain management, and ensures that the company’s operations remain highly efficient.
Mr. Li Zheng, CEO of JCET, said, “In recent years, JCET, by focusing on high-performance advanced packaging technologies, has made breakthrough progress in collaboration with major customers on the high-end chip business and achieved significant quarter-on-quarter growth in performance for the third quarter of this year. The company will seize new opportunities arising from the restructuring of the global industrial chain and will continue to promote the healthy development of IC back-end manufacturing.”
Click to view: JCET 2023 Third Quarter 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 (Unaudited)
RMB in millions
Sep 30, 2023
Dec 31, 2022
ASSETS
Current assets
Currency funds
4,678
2,459
Trading financial assets
3,611
4,316
Derivative financial assets
0
18
Accounts receivable
4,652
3,689
Receivables financing
96
59
Prepayments
130
110
Other receivables
73
61
Inventories
4,190
3,152
Other current assets
303
279
Total current assets
17,733
14,143
Non-current assets
Long-term receivables
19
40
Long-term equity investments
731
765
Other equity investments
449
440
Investment properties
87
89
Fixed assets
19,035
19,517
Construction in progress
1,076
807
Right-of-use assets
585
578
Intangible assets
640
483
Goodwill
2,278
2,210
Long-term prepaid expenses
20
28
Deferred tax assets
266
247
Other non-current assets
88
61
Total non-current assets
25,274
25,265
Total assets
43,007
39,408
LIABILITIES AND EQUITY
Sep 30, 2023
Dec 31, 2022
Current liabilities
Short-term borrowings
1,721
1,174
Derivative financial liabilities
2
0
Notes payable
162
339
Accounts payable
6,274
4,634
Contract liabilities
203
214
Employee benefits payable
727
984
Taxes and surcharges payable
189
210
Other payables
377
378
Current portion of long-term liabilities
2,468
3,096
Other current liabilities
4
4
Total current liabilities
12,127
11,033
Non-current liabilities
Long-term borrowings
4,027
2,721
Lease liabilities
537
562
Long-term employee benefits payable
12
14
Deferred income
375
340
Deferred tax liabilities
6
40
Other non-current liabilities
51
55
Total non-current liabilities
5,008
3,732
Total liabilities
17,135
14,765
Equity
Paid-in capital
1,789
1,780
Capital reserves
15,316
15,080
Accumulated other comprehensive income
679
400
Specialized reserves
2
0
Surplus reserves
229
229
Unappropriated profit
7,771
7,154
Total equity attributable to owners of the parent
25,786
24,643
Minority shareholders
86
0
Total equity
25,872
24,643
Total liabilities and equity
43,007
39,408
CONSOLIDATED INCOME STATEMENT (Unaudited)
RMB in millions, except share data
Three months ended
Nine months ended
Sep 30, 2023
Sep 30, 2022
Sep 30, 2023
Sep 30, 2022
Revenue
8,257
9,184
20,430
24,778
Less: Cost of sales
7,071
7,616
17,596
20,323
Taxes and surcharges
36
26
82
69
Selling expenses
55
45
155
142
Administrative expenses
190
312
536
805
Research and development expenses
413
343
1,082
980
Finance expenses
26
(26)
77
(11)
Including: Interest expenses
84
51
215
143
Interest income
35
5
70
21
Add: Other income
103
55
176
138
Investment income / (loss)
(12)
25
(34)
65
Including: Income / (loss) from investments in associates and joint ventures
(12)
1
(34)
(6)
Gain / (loss) on changes in fair value of financial assets/liabilities
17
(25)
62
(40)
Credit impairment (loss is expressed by “-“)
(2)
22
(3)
17
Asset impairment (loss is expressed by “-“)
(26)
(61)
(26)
(125)
Gain / (loss) on disposal of assets
5
18
21
41
Operating profit / (loss)
551
902
1,098
2,566
Add: Non-operating income
0
40
3
46
Less: Non-operating expenses
1
0
5
1
Profit / (loss) before income taxes
550
942
1,096
2,611
Less: Income tax expenses
72
33
122
159
Net profit / (loss)
478
909
974
2,452
Classified by continuity of operations
Profit / (loss) from continuing operations
478
909
974
2,452
Classified by ownership
Net profit / (loss) attributable to owners of the parent
478
909
974
2,452
Net profit / (loss) attributable to minority shareholders
0
0
0
0
Add: Unappropriated profit at beginning of period
7,293
5,522
7,154
4,335
Less: Cash dividends declared
0
0
357
356
Unappropriated profit at end of period (attributable to owners of the parent）
7,771
6,431
7,771
6,431
Other comprehensive income, net of tax
(70)
446
280
832
Comprehensive income attributable to owners of the parent
(70)
446
280
832
Comprehensive income not be reclassified to profit or loss
(7)
(14)
10
(14)
Remeasurement gains or losses of a defined benefit plan
0
0
1
0
Change in the fair value of other equity investments
(7)
(14)
9
(14)
Comprehensive income to be reclassified to profit or loss
(63)
460
270
846
Comprehensive income using the equity method that may be reclassified to profit or loss
0
7
0
0
Cash flow hedge reserve
0
(9)
0
(26)
Exchange differences of foreign currency financial statements
(63)
462
270
872
Total comprehensive income
408
1,355
1,254
3,284
Including:
Total comprehensive income attributable to owners of the parent
408
1,355
1,254
3,284
Total comprehensive income attributable to minority shareholders
0
0
0
0
Earnings per share
Basic earnings per share
0.26
0.51
0.54
1.38
Diluted earnings per share
0.26
0.51
0.54
1.38
CONSOLIDATED CASH FLOW STATEMENT (Unaudited)
RMB in millions
Three months ended
Nine months ended
Sep 30, 2023
Sep 30, 2022
Sep 30, 2023
Sep 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from the sale of goods and the rendering of services
7,574
8,201
20,737
25,200
Receipts of taxes and surcharges refunds
52
126
267
273
Other cash receipts relating to operating activities
126
87
289
218
Total cash inflows from operating activities
7,752
8,414
21,293
25,691
Cash payments for goods and services
5,840
5,534
14,293
17,146
Cash payments to and on behalf of employees
899
948
2,972
3,257
Payments of all types of taxes and surcharges
180
193
646
694
Other cash payments relating to operating activities
221
43
349
214
Total cash outflows from operating activities
7,140
6,718
18,260
21,311
Net cash flows from operating activities
612
1,696
3,033
4,380
CASH FLOWS FROM INVESTING ACTIVITIES
Cash receipts from returns of investments
3,601
3,390
11,881
8,550
Cash receipts from investment income
15
17
68
55
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets
99
76
131
110
Net cash receipts from disposal of subsidiaries and other business units
0
3
0
30
Total cash inflows from investing activities
3,715
3,486
12,080
8,745
Cash payments to acquire fixed assets, intangible assets and other long-term assets
845
1,138
2,434
2,688
Cash payments for investments
5,181
4,101
11,161
10,061
Total cash outflows from investing activities
6,026
5,239
13,595
12,749
Net cash flows from investing activities
(2,311)
(1,753)
(1,515)
(4,004)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash proceeds from investments by others
32
0
262
0
Including: Cash receipts from capital contributions from minority shareholders of subsidiaries
0
0
86
0
Cash receipts from borrowings
4,823
1,446
6,487
2,961
Total cash inflows from financing activities
4,855
1,446
6,749
2,961
Cash repayments for debts
3,723
796
5,464
2,530
Cash payments for distribution of dividends or profit and interest expenses
78
405
545
495
Other cash payments relating to financing activities
22
169
69
758
Total cash outflows from financing activities
3,823
1,370
6,078
3,783
Net cash flows from financing activities
1,032
76
671
(822)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(7)
37
30
95
NET INCREASE IN CASH AND CASH EQUIVALENTS
(674)
56
2,219
(351)
Add: Cash and cash equivalents at beginning of period
5,346
2,356
2,453
2,763
CASH AND CASH EQUIVALENTS AT END OF PERIOD
4,672
2,412
4,672
2,412
Logo – https://mma.prnewswire.com/media/1711480/JCET_Logo_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/focusing-on-key-applications-of-advanced-packaging-jcet-growth-accelerated-quarter-on-quarter-in-q3-2023-301970191.html
