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JCET Q1 2024 Revenue and Net Profit Achieve Double-digit Year-on-Year Growth

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Q1 2024 Financial Highlights:

  • Revenue was RMB 6.84 billion, an increase of 16.8% year-on-year.
  • Net profit was RMB 0.13 billion, an increase of 21.7% year-on-year.
  • Generated RMB 1.37 billion cash from operations. With net capex investments of RMB 0.93 billion, free cash flow for the quarter was RMB 0.44 billion.
  • Earnings per share was RMB 0.08, as compared to RMB 0.06 in Q1 2023

SHANGHAI, April 24, 2024 /PRNewswire/ — JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, today announced its  financial results for the first quarter of 2024. According to the financial report, in Q1 2024 JCET achieved revenue of RMB 6.84 billion, an increase of 16.8% year-on-year, and net profit of RMB 0.13 billion, an increase of 21.7% year-on-year. The company’s revenue has achieved year-on-year growth for two consecutive quarters.

JCET demonstrates continued success in high-performance advanced packaging and its core applications. Since the second half of 2023, customer demand has gradually recovered and the company’s business performance has continuously rebounded. In the first quarter of this year, JCET continued the trend of steady development, with a healthy inventory turnover. Multiple business fields including communication electronics, computing electronics, and consumer electronics achieved growth compared to the same period last year. The company has strategically increased R&D investment in advanced technology, resulting in stable high-volume manufacturing (HVM) of its multi-dimensional fan-out heterogeneous integration XDFOI technology across multiple JCET factories. This technology offers advanced chiplet packaging solutions for global customers, addressing market demands in high-performance computing (HPC) and high bandwidth memory (HBM).

With a focus on future development, JCET has strengthened its core competitiveness by increasing the capital of its wholly-owned subsidiary, JCET Management Co., Ltd., by RMB 4.5 billion. Doing so further refines its business strategy in automotive electronics, memory and computing electronics.

Mr. Li Zheng, CEO of JCET, said, “JCET has maintained steady business performance in the first quarter of 2024 with double-digit year-on-year growth. As the semiconductor market rebounds, JCET is accelerating production capacity release and fostering joint innovation with customers in high-performance memory, high-performance computing, and high-density power management. These efforts position JCET to play an even more prominent role in the global semiconductor industry.”

For more information, please refer to the JCET Q1 2024 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

Mar 31, 2024

Dec 31, 2023

ASSETS

Current assets

  Currency funds

9,977

7,325

  Trading financial assets

1,752

2,306

  Derivative financial assets

0

4

  Accounts receivable

3,577

4,185

  Receivables financing

49

38

  Prepayments

135

104

  Other receivables

109

87

  Inventories

3,222

3,195

  Other current assets

353

375

Total current assets

19,174

17,619

Non-current assets

  Long-term receivables

32

33

  Long-term equity investments

677

695

  Other equity investments

442

447

  Investment properties

85

86

  Fixed assets

18,563

18,744

  Construction in progress

1,220

1,053

  Right-of-use assets

543

563

  Intangible assets

662

662

  Goodwill

2,251

2,248

  Long-term prepaid expenses

15

17

  Deferred tax assets

362

364

  Other non-current assets

84

48

Total non-current assets

24,936

24,960

Total assets

44,110

42,579

LIABILITIES AND EQUITY  

Mar 31, 2024

Dec 31, 2023

Current liabilities

  Short-term borrowings

463

1,696

  Derivative financial liabilities

2

0

  Notes payable

307

223

  Accounts payable

4,508

4,782

  Contract liabilities

129

185

  Employee benefits payable

646

781

  Taxes and surcharges payable

180

167

  Other payables

377

354

  Current portion of long-term liabilities

1,538

1,491

  Other current liabilities

2

3

Total current liabilities

8,152

9,682

Non-current liabilities

  Long-term borrowings

7,940

5,777

  Lease liabilities

504

530

  Long-term payables

4

0

  Long-term employee benefits payable

15

14

  Deferred income

390

384

  Other non-current liabilities

36

41

Total non-current liabilities

8,889

6,746

Total liabilities

17,041

16,428

Equity

  Paid-in capital

1,789

1,789

  Capital reserves

15,244

15,237

  Accumulated other comprehensive income

555

543

  Specialized reserves

1

0

  Surplus reserves

257

257

  Unappropriated profit

8,374

8,239

Total equity attributable to owners of the parent

26,220

26,065

Minority shareholders

849

86

Total equity

27,069

26,151

Total liabilities and equity

44,110

42,579

CONSOLIDATED INCOME STATEMENT (Unaudited)                                                                                                     

RMB in millions, except share data

Three months ended

Mar 31, 2024

Mar 31, 2023

Revenue

6,842

5,860

Less: Cost of sales

6,007

5,166

          Taxes and surcharges

13

20

          Selling expenses

54

49

          Administrative expenses

224

171

          Research and development expenses

381

309

          Finance expenses

8

57

            Including: Interest expenses

93

64

                     Interest income

61

9

Add: Other income

39

32

         Investment income / (loss)

(10)

2

            Including: Income / (loss) from investments in associates and joint ventures

(17)

(12)

         Gain / (loss) on changes in fair value of financial assets/liabilities 

(5)

8

         Credit impairment (loss is expressed by “-“)

7

5

         Asset impairment (loss is expressed by “-“)

(18)

6

         Gain / (loss) on disposal of assets 

3

3

Operating profit / (loss)

171

144

Add: Non-operating income

1

0

Less: Non-operating expenses

0

3

Profit / (loss) before income taxes

172

141

Less: Income tax expenses

38

31

Net profit / (loss) 

134

110

Classified by continuity of operations

  Profit / (loss) from continuing operations

134

110

Classified by ownership

  Net profit / (loss) attributable to owners of the parent

135

110

  Net profit / (loss) attributable to minority shareholders

(1)

0

Add: Unappropriated profit at beginning of period

8,239

7,154

Unappropriated profit at end of period (attributable to owners of the parent)

8,374

7,264

Other comprehensive income, net of tax

12

(131)

Comprehensive income attributable to owners of the parent

12

(131)

Comprehensive income not be reclassified to profit or loss

(4)

11

  Remeasurement gains or losses of a defined benefit plan

0

1

  Change in the fair value of other equity investments

(5)

10

Comprehensive income to be reclassified to profit or loss

17

(142)

  Exchange differences of foreign currency financial statements

17

(142)

Total comprehensive income

146

(21)

  Including:

     Total comprehensive income attributable to owners of the parent

147

(21)

     Total comprehensive income attributable to minority shareholders

(1)

0

Earnings per share

  Basic earnings per share

0.08

0.06

  Diluted earnings per share

0.08

0.06

CONSOLIDATED CASH FLOW STATEMENT (Unaudited)                                                                                                                                                          

RMB in millions

Three months ended

Mar 31, 2024

Mar 31, 2023

CASH FLOWS FROM OPERATING ACTIVITIES

  Cash receipts from the sale of goods and the rendering of services

7,806

6,984

  Receipts of taxes and surcharges refunds

117

94

  Other cash receipts relating to operating activities

102

53

Total cash inflows from operating activities

8,025

7,131

  Cash payments for goods and services

5,176

4,385

  Cash payments to and on behalf of employees

1,192

1,194

  Payments of all types of taxes and surcharges

92

212

  Other cash payments relating to operating activities

192

106

Total cash outflows from operating activities

6,652

5,897

Net cash flows from operating activities

1,373

1,234

CASH FLOWS FROM INVESTING ACTIVITIES

  Cash receipts from returns of investments

4,250

3,930

  Cash receipts from investment income

13

14

  Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets

3

26

Total cash inflows from investing activities

4,266

3,970

  Cash payments to acquire fixed assets, intangible assets and other long-term assets

933

839

  Cash payments for investments

3,700

2,780

Total cash outflows from investing activities

4,633

3,619

Net cash flows from investing activities

(367)

351

CASH FLOWS FROM FINANCING ACTIVITIES

  Cash proceeds from investments by others

770

0

      Including: Cash receipts from capital contributions from minority shareholders of subsidiaries

765

0

  Cash receipts from borrowings

2,279

347

Total cash inflows from financing activities

3,049

347

  Cash repayments for debts

1,306

985

  Cash payments for distribution of dividends or profit and interest expenses

80

53

  Other cash payments relating to financing activities

19

33

Total cash outflows from financing activities

1,405

1,071

Net cash flows from financing activities

1,644

(724)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

2

(8)

NET INCREASE IN CASH AND CASH EQUIVALENTS

2,652

853

Add: Cash and cash equivalents at beginning of period

7,325

2,453

CASH AND CASH EQUIVALENTS AT END OF PERIOD

9,977

3,306

 

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Australia and Thailand partner to promote fintech capability

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A memorandum of understanding (MoU) between Australia and Thailand to boost fintech capabilities marked the conclusion of a successful week for Australia at Money 20/20 Asia in Bangkok.

Key Agreement Signed

At the event, Chonladet Khemarattana, President of the Thai Fintech Association, and Brian Collins, Deputy Chair of FinTech Australia, signed the MoU. This agreement will see both countries collaborate to enhance their fintech sectors.

The signing was witnessed by key figures from the Australian and Southeast Asian fintech industries, including venture capitalists and corporate innovation and financial services representatives.

Growing Fintech Ecosystem

“Thailand’s fintech sector is one of the fastest growing in Southeast Asia,” stated Dr. Angela Macdonald PSM, Australian Ambassador to Thailand. “Significant investment and regulatory support have spurred innovations in payments, lending, and more. Coupled with Australia’s dynamic fintech landscape, this partnership represents a significant step in digital economy collaboration with Thailand.”

Australian Fintechs Shine at Money 20/20 Asia

Austrade hosted a delegation of 16 Australian fintech companies and nearly 30 Australian fintech leaders at Money 20/20 Asia, the premier fintech event in the region. The delegation explored opportunities and partnerships in Thailand and across Southeast Asia, with companies like EzyRemit and Privasec already collaborating with Austrade on regional projects.

Event Highlights:

  • Aus-Thai Fintech Connect Networking Event: Over 100 guests from across Southeast Asia participated, eager to collaborate with Australian fintechs.
  • Expert Speakers: Thirteen Australian fintech leaders shared their insights and expertise as speakers at the event.
  • Facilitated Meetings: Austrade arranged one-on-one meetings between Australian fintechs and key Southeast Asian banks and financial institutions.

Amelia Walsh, Austrade’s Trade Commissioner in Bangkok, emphasized the importance of the event for strengthening digital economy ties between Australia and Southeast Asia. “Hosting the Aussie fintech pitch at the beginning of the week was a highlight,” she said. “I was impressed by how well our companies articulated their value propositions and aligned with regional ambitions. I look forward to the continued growth of Australian fintechs in Southeast Asia.”

Opportunities in Southeast Asia

The MoU underscores the significant growth opportunities for Australian fintechs in Thailand and Southeast Asia. Brian Collins, Deputy Chair of FinTech Australia, noted the region’s rapid adoption of various fintech solutions. “Many of our members are interested in this part of the world due to the swift adoption of fintech. We look forward to collaborating with the Thai FinTech Association to improve outcomes for both regions.”

Chonladet Khemarattana, President of the Thai Fintech Association, highlighted the potential mutual benefits of the partnership. “With Thailand emerging as a hub for fintech innovation, this collaboration promises to drive mutual benefits and foster cross-border synergies. We are eager to work closely with FinTech Australia to leverage our respective strengths and enhance outcomes for both regions’ fintech ecosystems.”

This partnership represents a strategic move to enhance fintech capabilities and drive innovation in both countries, fostering a robust and collaborative digital economy.

Source: austrade.gov.au

The post Australia and Thailand partner to promote fintech capability appeared first on HIPTHER Alerts.

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PB Fintech slips 2% after over 8 million shares change hands via block deal

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PB Fintech witnessed a 2% decline in its stock price, reaching Rs 1,313.65 per share, as approximately 8.4 million shares, equivalent to 1.86% of outstanding shares, were exchanged via block deals on the exchanges. By 9:44 AM, the volume surged to 9 million shares collectively on both exchanges, while PB Fintech’s stock price dipped by 0.56% to Rs 1,333 apiece, contrasting with a 0.22% decline in the S&P BSE Sensex.

Executive Share Sales

On May 16, PB Fintech announced that its Chairman and CEO, Yashish Dahiya, alongside Vice Chairman and Whole-time Director, Alok Bansal, intended to sell partial stakes in the company. Dahiya plans to sell up to 5.4 million equity shares, while Bansal aims to divest up to 2.97 million equity shares. Proceeds from the sale will be allocated primarily towards taxes on current and future ESOP exercises.

Following the sale, Dahiya will retain a 4.83% stake, while Bansal will hold a 1.63% stake in PB Fintech on a fully diluted basis. The company clarified that no further share sales are planned by the duo for at least one year.

Company Profile and Financial Performance

PB Fintech is actively involved in providing integrated online marketing and IT consulting services, primarily for the financial services industry, including insurance. The company operates Policybazaar, India’s largest digital insurance marketplace, and Paisabazaar, which offers lending-related services.

In Q4FY24, PB Fintech reported a net profit of Rs 60.19 crore, marking a significant improvement from the Rs 9.34 crore loss in the corresponding period of the previous year. The company’s revenue from operations surged by 25.4% year-on-year to Rs 1,090 crore in Q4 FY24, compared to Rs 869 crore in Q4 FY23.

For the entire fiscal year, PB Fintech’s net profit stood at Rs 64 crore, contrasting with the Rs 488 crore loss in FY23. The company’s consolidated operating revenue rose by 34% year-on-year to Rs 3,437 crore.

Analyst Perspectives

Analysts at Nuvama Institutional Equities raised their FY25/26 Ebitda estimates significantly to accommodate higher growth and improved profitability. However, they maintained a ‘Reduce’ rating on the stock due to its rich valuation, revising their target price to Rs 1,160.

Keynote Capital downgraded PB Fintech’s stock to ‘Reduce’ from ‘Buy’, citing that most of the positives appear to be priced in. Despite acknowledging the company’s positive momentum and profitability, the brokerage believes that current market expectations may be overly optimistic.

PB Fintech continues to navigate its growth trajectory amidst strategic initiatives and evolving market dynamics, as reflected by varying analyst viewpoints.

Source: business-standard.com

The post PB Fintech slips 2% after over 8 million shares change hands via block deal appeared first on HIPTHER Alerts.

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US fintech Yendo secures $165m in mix of debt financing and equity

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Yendo, a prominent fintech company based in the United States, has successfully secured $165 million in funding through a combination of debt financing and equity investment.

Funding Structure

The funding round comprised a mix of debt financing and equity infusion, highlighting investors’ confidence in Yendo’s growth prospects and business model. This significant financial injection underscores Yendo’s position as a key player in the fintech sector.

Investment Highlights

Yendo’s ability to attract such substantial investment underscores its appeal to investors. The company’s innovative approach and strategic positioning within the fintech landscape have positioned it for accelerated growth and market expansion.

Utilization of Funds

The newly raised capital will likely be deployed to fuel Yendo’s expansion initiatives, including product development, market expansion, and strategic acquisitions. The infusion of funds will provide Yendo with the financial resources needed to capitalize on emerging opportunities and consolidate its market position.

Market Impact

Yendo’s successful funding round is expected to have a positive impact on the broader fintech market, signaling investor confidence in the sector’s growth potential. The influx of capital into Yendo reflects the ongoing trend of significant investment activity within the fintech industry, driven by increasing demand for innovative financial solutions.

Source: fintechfutures.com

The post US fintech Yendo secures $165m in mix of debt financing and equity appeared first on HIPTHER Alerts.

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