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JCET Performance Hits Another Record High in 1H 2022, Benefiting From Global Resource Optimization

2022-08-18 21:38

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Q2 2022 Financial Highlights：

Revenue was RMB 7.46 billion, an increase of 4.9% year on year. A record high second quarter in the company's history.
Generated RMB 1.04 billion cash from operations. With net capex investments of RMB 0.64 billion, free cash flow for the quarter was RMB 0.4 billion.
Net profit was RMB 0.68 billion.
Earnings per share was RMB 0.39, as compared to RMB 0.54 in Q2 2021.

1H 2022 Financial Highlights：

Revenue was RMB 15.59 billion, an increase of 12.8% year on year, a record high in the company's history.
Generated RMB 2.68 billion cash from operations. With net capex investments of RMB 1.51 billion, free cash flow for the first half of 2022 was RMB 1.17 billion.
Net profit was RMB 1.54 billion, an increase of 16.7% year on year, a record high in the company's history.
Earnings per share was RMB 0.87, as compared to RMB 0.78 in 1H 2021.

SHANGHAI, Aug. 18, 2022 /PRNewswire/ -- Today, JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) manufacturing and technology services, announced its financial results for the first half year of 2022. The financial report shows that in the first half of 2022, JCET achieved revenue of RMB 15.59 billion, an increase of 12.8% year on year, and net profit of RMB 1.54 billion, with an overall solid and positive performance.

In 2022, the global IC market showed local fluctuations, and the demand growth for individual applications slowed down. In the face of these market dynamics, JCET upheld its professional and international management strategies, leveraged its rich technology insights and global resource optimization, and focused on technologies and processes such as advanced packaging and high value-added applications, ensuring steady business operations while maintaining a solid upward development trend.

At the same time, JCET overcame the adverse impact of the recurring local COVID-19 epidemic to ensure stable and orderly production while achieving a series of milestones in innovative technology development and manufacturing expansion.

JCET increased its investment in production and technology development in the field of high-performance packaging and achieved new levels of packaging capabilities for chipsets for smartphones. At the same time, revenue from the automotive electronics and computing electronics markets increased significantly compared to the same period last year, showing that the company is continuing to optimize its product portfolio while focusing on markets of high value-added applications. With the cultivation of differentiated competitiveness, the company is building new momentum for further development. JCET's microelectronics wafer-level micro-system integration high-end manufacturing project officially started construction in July, which is an example of JCET's steady advancement of its business strategy in advanced packaging technology and high-end manufacturing. This will greatly enhance JCET's innovation and manufacturing capability to better meet the needs of global customers and to build up the future growth of the company.

Mr. Li Zheng, CEO of JCET said, "Due to the superimposed impact of the domestic epidemic and the fluctuation of the global economic situation, the overheated semiconductor IC market is likely to enter a downward cycle, especially the decline of the domestic cell phone market and consumer market. This will put certain pressure on the capacity efficiency of the company's domestic plants, and the orders from relevant markets are not optimistic. The company will continue to promote lean production and optimization of our product portfolio, and continue to actively invest in technology development and advanced production capacity in the field of high-performance packaging and testing to lay a solid foundation for future stable development."

For more information, please refer to the JCET 1H FY2022 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

			Jun 30, 2022	Dec 31, 2021
ASSETS
Current assets
Currency funds			2,356	2,761
Trading financial assets			3,440	2,670
Derivative financial assets			0	5
Accounts receivable			3,695	4,271
Receivables financing			66	28
Prepayments			145	183
Other receivables			62	77
Inventories			3,771	3,193
Assets classified as held for sale			0	99
Other current assets			128	130
Total current assets			13,663	13,417
Non-current assets
Long-term receivables			37	38
Long-term equity investments			762	770
Other equity investments			441	418
Investment properties			91	93
Fixed assets			18,485	18,424
Construction in progress			961	661
Right-of-use assets			592	622
Intangible assets			485	447
Goodwill			2,130	2,023
Deferred tax assets			183	185
Other non-current assets			1	1
Total non-current assets			24,168	23,682
Total assets			37,831	37,099

LIABILITIES AND EQUITY			Jun 30, 2022	Dec 31, 2021
Current liabilities
Short-term borrowings			1,673	2,193
Derivative financial liabilities			16	2
Notes payable			215	579
Accounts payable			5,288	5,298
Contract liabilities			357	458
Employee benefits payable			929	1,062
Taxes and surcharges payable			180	235
Other payables			757	414
Liabilities classified as held for sale			0	45
Current portion of long-term liabilities			1,068	1,052
Other current liabilities			4	3
Total current liabilities			10,487	11,341
Non-current liabilities
Long-term borrowings			3,767	3,751
Lease liabilities			540	568
Long-term employee benefits payable			7	20
Deferred income			358	337
Deferred tax liabilities			95	82
Total non-current liabilities			4,767	4,758
Total liabilities			15,254	16,099
Equity
Paid-in capital			1,780	1,780
Capital reserves			14,996	14,984
Accumulated other comprehensive income			105	(281)
Surplus reserves			174	174
Unappropriated profit			5,522	4,334
Total equity attributable to owners of the parent			22,577	20,991
Minority shareholders			0	9
Total equity			22,577	21,000
Total liabilities and equity			37,831	37,099


CONSOLIDATED INCOME STATEMENT (Unaudited)				RMB in millions, except share data

	Three months ended		Six months ended
	Jun 30, 2022	Jun 30, 2021	Jun 30, 2022	Jun 30, 2021
Revenue	7,455	7,106	15,594	13,818
Less: Cost of sales	6,107	5,793	12,706	11,430
Taxes and surcharges	27	22	43	42
Selling expenses	48	47	97	97
Administrative expenses	236	237	494	467
Research and development expenses	315	291	638	548
Finance expenses	(8)	61	15	157
Including: Interest expenses	49	90	92	200
Interest income	9	15	16	20
Add: Other income	26	56	83	97
Investment income / (loss)	28	286	40	284
Including: Income / (loss) from investments in associates and joint ventures	(2)	285	(7)	283
Gain / (loss) on the net position hedging	0	(1)	0	(3)
Gain / (loss) on changes in fair value of financial assets/liabilities	(17)	0	(14)	0
Credit impairment (loss is expressed by "-")	2	(4)	(5)	0
Asset impairment (loss is expressed by "-")	(65)	11	(64)	(17)
Gain / (loss) on disposal of assets	9	9	23	15
Operating profit / (loss)	713	1,012	1,664	1,453
Add: Non-operating income	1	5	6	6
Less: Non-operating expenses	1	1	1	3
Profit / (loss) before income taxes	713	1,016	1,669	1,456
Less: Income tax expenses	31	80	126	133
Net profit / (loss)	682	936	1,543	1,323
Classified by continuity of operations
Profit / (loss) from continuing operations	682	936	1,543	1,323
Classified by ownership
Net profit / (loss) attributable to owners of the parent	682	936	1,543	1,322
Net profit / (loss) attributable to minority shareholders	0	0	0	1
Add: Unappropriated profit at beginning of period	5,196	1,904	4,335	1,518
Less: Cash dividends payable	356	89	356	89
Unappropriated profit at end of period (attributable to owners of the parent）	5,522	2,751	5,522	2,751
Other comprehensive income, net of tax	419	(148)	386	(101)
Comprehensive income attributable to owners of the parent	419	(148)	386	(101)
Comprehensive income not be reclassified to profit or loss	0	0	0	1
Remeasurement gains or losses of a defined benefit plan	0	0	0	1
Comprehensive income to be reclassified to profit or loss	419	(148)	386	(102)
Comprehensive income using the equity method that may be reclassified to profit or loss	(7)	(20)	(7)	(20)
Cash flow hedge reserve	(13)	5	(18)	(5)
Exchange differences of foreign currency financial statements	439	(133)	411	(77)
Total comprehensive income	1,101	788	1,929	1,222
Including:
Total comprehensive income attributable to owners of the parent	1,101	788	1,929	1,221
Total comprehensive income attributable to minority shareholders	0	0	0	1
Earnings per share
Basic earnings per share	0.39	0.54	0.87	0.78
Diluted earnings per share	0.39	0.54	0.87	0.78


CONSOLIDATED CASH FLOW STATEMENT (Unaudited)				RMB in millions

	Three months ended		Six months ended
	Jun 30, 2022	Jun 30, 2021	Jun 30, 2022	Jun 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from the sale of goods and the rendering of services	8,184	7,346	16,999	14,785
Receipts of taxes and surcharges refunds	32	76	147	233
Other cash receipts relating to operating activities	62	62	132	113
Total cash inflows from operating activities	8,278	7,484	17,278	15,131
Cash payments for goods and services	5,766	4,347	11,612	9,420
Cash payments to and on behalf of employees	1,060	1,142	2,309	2,270
Payments of all types of taxes and surcharges	314	249	501	379
Other cash payments relating to operating activities	93	69	171	181
Total cash outflows from operating activities	7,233	5,807	14,593	12,250
Net cash flows from operating activities	1,045	1,677	2,685	2,881
CASH FLOWS FROM INVESTING ACTIVITIES
Cash receipts from returns of investments	4,160	396	5,160	396
Cash receipts from investment income	32	0	38	0
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets	8	132	34	168
Net cash receipts from disposal of subsidiaries and other business units	(1)	0	27	0
Total cash inflows from investing activities	4,199	528	5,259	564
Cash payments to acquire fixed assets, intangible assets and other long-term assets	651	1,051	1,550	1,648
Cash payments for investments	4,310	1,955	5,960	1,955
Total cash outflows from investing activities	4,961	3,006	7,510	3,603
Net cash flows from investing activities	(762)	(2,478)	(2,251)	(3,039)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash proceeds from investments by others	0	4,966	0	4,966
Cash receipts from borrowings	985	737	1,515	2,360
Other cash receipts relating to financing activities	0	0	0	347
Total cash inflows from financing activities	985	5,703	1,515	7,673
Cash repayments for debts	988	2,867	1,734	5,529
Cash payments for distribution of dividends or profit and interest expenses	49	71	90	205
Other cash payments relating to financing activities	446	452	589	559
Total cash outflows from financing activities	1,483	3,390	2,413	6,293
Net cash flows from financing activities	(498)	2,313	(898)	1,380
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	59	(15)	57	(8)
NET INCREASE IN CASH AND CASH EQUIVALENTS	(156)	1,497	(407)	1,214
Add: Cash and cash equivalents at beginning of period	2,512	1,884	2,763	2,167
CASH AND CASH EQUIVALENTS AT END OF PERIOD	2,356	3,381	2,356	3,381

Source: JCET Group

JCET Performance Hits Another Record High in 1H 2022, Benefiting From Global Resource Optimization

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