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JCET Hits New Highs for Performance in Q3, High-Performance Packaging Technology Opens New Opportunities for Semiconductor Back-end Manufacturing

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News provided by

JCET Group

27 Oct, 2022, 12:23 GMT

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Q3 2022 Financial Highlights:

  • Revenue was RMB 9.18 billion, an increase of 13.4% year-on-year. A record high third quarter in the company's history.
  • Generated RMB 1.70 billion cash from operations. With net capex investments of RMB 1.07 billion, free cash flow for the quarter was RMB 0.63 billion.
  • Net profit was RMB 0.91 billion, a record high third quarter in the company's history.
  • Earnings per share was RMB 0.51, as compared to RMB 0.45 in Q3 2021.

Q3 YTD 2022 Financial Highlights:

  • Revenue was RMB 24.78 billion, an increase of 13.1% year-on-year, a record high in the company's history.
  • Generated RMB 4.38 billion cash from operations. With net capex investments of RMB 2.58 billion, free cash flow for the first three quarters of 2022 was RMB 1.80 billion.
  • Net profit was RMB 2.45 billion, a record high in the company's history.
  • Earnings per share was RMB 1.38, as compared to RMB 1.23 in Q3 YTD 2021.

SHANGHAI, Oct. 27, 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 third quarter of 2022. The financial report shows that in the third quarter, JCET achieved revenue of RMB 9.18 billion, an increase of 13.4% year-on-year, and net profit of RMB 0.91 billion, an increase of 14.6% year-on-year, a record high third quarter in the company's history.

In recent years, JCET leverages its international and domestic "dual circulation" model, constantly optimizes the product structure and its business proportion, flexibly adjusts the order structure and capacity layout, and enhances its ability to withstand cyclical fluctuations.

JCET accelerated the research and development of high-performance packaging and testing technologies including 2.5D/3D chiplet integration, and the introduction of customer products. The company strengthened the development of high-value added markets such as automotive electronics, computing electronics and 5G communications, and enhanced value-added services such as high-end testing and design services. The related revenue and proportion increased rapidly. Among them, the company's advanced packaging related revenue, which mainly includes high-density system level packaging technology, large size flip chip technology and fan-out wafer level packaging technology increased by 21% year-on-year in the first three quarters. The revenue related to automotive electronics and computing electronics increased 59% year-on-year in the first three quarters. At the same time, the company's overseas factories grew strongly, and through deepening lean production and strengthening cost control, the company overcame the trend and achieved record high growth in the third quarter. The company continued to improve the management of working capital, stably produced abundant cash flow, and laid a solid foundation for sustainable development in the future.

At the same time, the company makes great efforts in innovation, cooperates with the industrial supply chain, continuously improves talent incentives, employee care and other measures, practices corporate social responsibility, and stimulates the cohesion of all employees. The company launched its first employee stock ownership plan and stock option incentive plan since its public listing, reflecting the firm confidence of all its employees in the long-term development of the company.

Mr. Li Zheng, CEO of JCET said, "In recent years, JCET has successfully introduced the mass production of high-density high-performance packaging technology to many of the world's leading IC manufacturers, providing a solid foundation for the company to expand its market share in advanced technology and solidify its steady growth. In the first three quarters of this year, the revenue and profit from JCET's high-density system-level packaging technology and fan-out wafer level packaging technology increased significantly compared with the same period last year, reflecting the significant growth in the large-scale application of semiconductor heterogeneous integrated packaging in computers, new energy vehicles, smart cars, intelligent manufacturing, and other fields. JCET will further increase its resource investment in relevant technologies and markets and is confident to continue strengthening its leading position in the global high-performance packaging market."

Click to view: JCET 2022 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, 2022


Dec 31, 2021

ASSETS










Current assets










  Currency funds







2,412


2,761

  Trading financial assets







4,151


2,670

  Derivative financial assets







0


5

  Accounts receivable







5,043


4,271

  Receivables financing







98


28

  Prepayments







205


183

  Other receivables







72


77

  Inventories







4,157


3,193

  Assets classified as held for sale







0


99

  Other current assets







132


130

Total current assets







16,270


13,417

Non-current assets










  Long-term receivables







35


38

  Long-term equity investments







764


770

  Other equity investments







434


418

  Investment properties







90


93

  Fixed assets







19,088


18,424

  Construction in progress







1,107


661

  Right-of-use assets







597


622

  Intangible assets







484


447

  Goodwill







2,253


2,023

  Deferred tax assets







179


185

  Other non-current assets







1


1

Total non-current assets







25,032


23,682

Total assets







41,302


37,099











LIABILITIES AND EQUITY  







Sep 30, 2022


Dec 31, 2021

Current liabilities










  Short-term borrowings







1,885


2,193

  Derivative financial liabilities







27


2

  Notes payable







312


579

  Accounts payable







6,700


5,298

  Contract liabilities







332


458

  Employee benefits payable







1,023


1,062

  Taxes and surcharges payable







207


235

  Other payables







498


414

  Liabilities classified as held for sale







0


45

  Current portion of long-term liabilities







2,096


1,052

  Other current liabilities







4


3

Total current liabilities







13,084


11,341

Non-current liabilities










  Long-term borrowings







3,375


3,751

  Lease liabilities







543


568

  Long-term employee benefits payable







8


20

  Deferred income







351


337

  Deferred tax liabilities







79


82

Total non-current liabilities







4,356


4,758

Total liabilities







17,440


16,099

Equity










  Paid-in capital







1,780


1,780

  Capital reserves







15,016


14,984

  Less: Treasury shares







(89)


0

  Accumulated other comprehensive income







550


(281)

  Surplus reserves







174


174

  Unappropriated profit







6,431


4,334

Total equity attributable to owners of the parent







23,862


20,991

Minority shareholders







0


9

Total equity







23,862


21,000

Total liabilities and equity







41,302


37,099





















CONSOLIDATED INCOME STATEMENT (Unaudited)                                                                                                     

 
 

RMB in millions, except share data














Three months ended


Nine months ended




Sep 30, 2022


Sep 30, 2021


Sep 30, 2022


Sep 30, 2021

Revenue



9,184


8,099


24,778


21,917

Less: Cost of sales



7,616


6,576


20,323


18,006

          Taxes and surcharges



26


16


69


58

          Selling expenses



45


49


142


145

          Administrative expenses



312


276


805


743

          Research and development expenses



343


312


980


860

          Finance expenses



(26)


20


(11)


176

            Including: Interest expenses



51


70


143


270

                     Interest income



5


14


21


34

Add: Other income



55


38


138


135

         Investment income / (loss)



25


15


65


299

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



1


3


(6)


286

         Gain / (loss) on the net position hedging



0


(8)


0


(11)

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



(25)


0


(40)


0

         Credit impairment (loss is expressed by "-")



22


14


17


14

         Asset impairment (loss is expressed by "-")



(61)


(34)


(125)


(52)

         Gain / (loss) on disposal of assets 



18


16


41


30

Operating profit / (loss)



902


891


2,566


2,344

Add: Non-operating income



40


0


46


6

Less: Non-operating expenses



0


8


1


11

Profit / (loss) before income taxes



942


883


2,611


2,339

Less: Income tax expenses



33


89


159


222

Net profit / (loss) 



909


794


2,452


2,117

Classified by continuity of operations










  Profit / (loss) from continuing operations



909


794


2,452


2,117

Classified by ownership










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



909


793


2,452


2,116

  Net profit / (loss) attributable to minority shareholders



0


1


0


1

Add: Unappropriated profit at beginning of period



5,522


2,751


4,335


1,517

Less: Cash dividends payable



0


0


356


89

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



6,431


3,544


6,431


3,544

Other comprehensive income, net of tax



446


24


832


(78)

Comprehensive income attributable to owners of the parent



446


24


832


(78)

Comprehensive income not be reclassified to profit or loss



(14)


0


(14)


1

  Remeasurement gains or losses of a defined benefit plan



0


0


0


1

  Change in the fair value of other equity investments



(14)


0


(14)


0

Comprehensive income to be reclassified to profit or loss



460


24


846


(79)

  Comprehensive income using the equity method that may be reclassified to profit or loss



7


0


0


(21)

  Cash flow hedge reserve



(9)


(4)


(26)


(9)

  Exchange differences of foreign currency financial statements



462


28


872


(49)

Total comprehensive income



1,355


818


3,284


2,039

  Including:










     Total comprehensive income attributable to owners of the parent



1,355


817


3,284


2,038

     Total comprehensive income attributable to minority shareholders



0


1


0


1

Earnings per share










  Basic earnings per share



0.51


0.45


1.38


1.23

  Diluted earnings per share



0.51


0.45


1.38


1.23





















CONSOLIDATED CASH FLOW STATEMENT (Unaudited)                                                                                                                                                          

RMB in millions














Three months ended


Nine months ended




Sep 30, 2022


Sep 30, 2021


Sep 30, 2022


Sep 30, 2021

CASH FLOWS FROM OPERATING ACTIVITIES










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



8,201


8,048


25,200


22,834

  Receipts of taxes and surcharges refunds



126


107


273


340

  Other cash receipts relating to operating activities



87


94


218


207

Total cash inflows from operating activities



8,414


8,249


25,691


23,381

  Cash payments for goods and services



5,534


4,995


17,146


14,415

  Cash payments to and on behalf of employees



948


1,057


3,257


3,327

  Payments of all types of taxes and surcharges



193


210


694


589

  Other cash payments relating to operating activities



43


75


214


257

Total cash outflows from operating activities



6,718


6,337


21,311


18,588

Net cash flows from operating activities



1,696


1,912


4,380


4,793

CASH FLOWS FROM INVESTING ACTIVITIES










  Cash receipts from returns of investments



3,390


2,455


8,550


2,852

  Cash receipts from investment income



17


13


55


13

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



76


93


110


261

  Net cash receipts from disposal of subsidiaries and other business units



3


0


30


0

Total cash inflows from investing activities



3,486


2,561


8,745


3,126

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



1,138


1,365


2,688


3,013

  Cash payments for investments



4,101


2,420


10,061


4,376

Total cash outflows from investing activities



5,239


3,785


12,749


7,389

Net cash flows from investing activities



(1,753)


(1,224)


(4,004)


(4,263)

CASH FLOWS FROM FINANCING ACTIVITIES










  Cash proceeds from investments by others



0


0


0


4,966

  Cash receipts from borrowings



1,446


2,268


2,961


4,629

  Other cash receipts relating to financing activities



0


0


0


347

Total cash inflows from financing activities



1,446


2,268


2,961


9,942

  Cash repayments for debts



796


2,985


2,530


8,515

  Cash payments for distribution of dividends or profit and interest expenses



405


161


495


366

  Other cash payments relating to financing activities



169


212


758


771

Total cash outflows from financing activities



1,370


3,358


3,783


9,652

Net cash flows from financing activities



76


(1,090)


(822)


290

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS



37


1


95


(7)

NET INCREASE IN CASH AND CASH EQUIVALENTS



56


(401)


(351)


813

Add: Cash and cash equivalents at beginning of period



2,356


3,381


2,763


2,167

CASH AND CASH EQUIVALENTS AT END OF PERIOD



2,412


2,980


2,412


2,980



























































































































































































































































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