Steady Development Driven by Innovation, JCET Revenue of Q4 2023 Hits a Record High

Q4 2023 Financial Highlights:

• Revenue was RMB 9.23 billion, an increase of 11.8% quarter-on-quarter, and an increase of about 3% year-on-year, a record high single quarter in the company’s history.
• Net profit was RMB 0.5 billion, an increase of 3.9% quarter-on-quarter.
• Generated RMB 1.4 billion cash from operations. With net capex investments of RMB 0.76 billion, free cash flow for the quarter was RMB 0.64 billion.
• Earnings per share was RMB 0.28.

Full Year 2023 Financial Highlights:

• Revenue was RMB 29.66 billion.
• Net profit was RMB 1.47 billion.
• Generated RMB 4.44 billion cash from operations. With net capex investments of RMB 3.07 billion, free cash flow was RMB 1.37 billion.
• Earnings per share was RMB 0.82.

Shanghai, China, April 18, 2024 - JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) back-end manufacturing and technology services, today announced its full year financial results for the year ended December 31, 2023. According to the financial report, in 2023 JCET achieved revenue of RMB 29.66 billion, and net profit of RMB 1.47 billion. In Q4 2023 JCET achieved revenue of RMB 9.23 billion, an increase of 11.8% quarter-on-quarter and an increase of about 3% year-on-year, a record high single quarter in the company’s history; and net profit of RMB 0.5 billion, an increase of 3.9% quarter-on-quarter.

In 2023, JCET effectively responded to market changes, focusing on high-performance advanced packaging, strengthening innovation and upgrading to achieve stable business development, the company's operations have continued to improve since Q2 2023, and performance rebounded quarter by quarter. JCET has continuously optimized asset structures, improved cash flow capability, and achieved positive free cash flow for 5 consecutive years from 2019 to 2023.

JCET has achieved continuous breakthroughs in the field of advanced packaging technologies such as high-density system level packaging, large size flip chip packaging and wafer level packaging, and the proportion of advanced packaging revenue exceeded two-thirds of company's revenue. JCET continues to enhance its technological innovation, with R&D investment of RMB 1.44 billion in 2023, a year-on-year increase of 9.7%.

The company has enhanced its overall solution and production capabilities towards application scenarios. In the fields of high-end communications, industrial electronics and wide bandgap semiconductors, JCET with its global customers have developed diversified innovative applications, with continuous increase of mass production introduction. JCET’s automotive electronics business has maintained continuous expansion in technological achievements and number of customers in 2023, with revenue in this segment increasing by 68% year-on-year. At the same time, JCET accelerates the construction of its first automotive chip advanced packaging flagship factory in Shanghai.

Mr. Li Zheng, CEO of JCET, said, “JCET continues to develop its core competitiveness, characterized by global customer diversification, professional management, and innovative internationalized operations. Strategic initiatives executed in 2023 have laid a solid foundation for steady growth in 2024 and the near future.”

For more information, please refer to the JCET FY2023 Report.