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JCET Continues Strong 2021 with Another Record High Performance in Q3


JCET Q3 2021 Financial Highlights:

  • Revenue was RMB 8.10 billion, an increase of 19.3% year on year. A record high third quarter in the company’s history.
  • Generated RMB 1.91 billion cash from operations, an increase of 29.2% year on year. With net capex investments of RMB 1.27 billion, free cash flow for the quarter was RMB 0.64 billion.
  • Net profit was RMB 0.79 billion, a record high third quarter in the company’s history.
  • Earnings per share was RMB 0.45, as compared to RMB 0.25 in Q3 2020.

SHANGHAI, Oct. 27, 2021 /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 2021. According to the financial report, JCET achieved revenue of RMB 8.10 billion in the third quarter, an increase of 19.3% year on year, and net profit of RMB 0.79 billion, a record high third quarter in the company’s history.

(PRNewsfoto/长电科技)

Ms. Janet Chou, CFO of JCET said, “We delivered another quarter of record highs in revenue and profit in Q3. Our balance sheet continues to be strengthened with significant improvements in our key financial metrics. JCET’s outstanding performance in 2021 is the result of the successful execution of our focused growth strategy.”

Mr. Li Zheng, CEO of JCET said, “After delivering record high results in the first half of 2021, JCET continued its positive momentum of steady growth in the third quarter. In the second half of this year, JCET’s global manufacturing centers continue to optimize their mass production technologies and operational efficiency. All manufacturing centers continue to enhance their R&D and innovation capabilities for advanced technologies. In particular, the XDFOI™ series of products for 3D packaging was launched in July providing industry-leading ultra-high density heterogeneous integration solutions for a wide range of global customers engaged in high performance computing. The company’s development over the past 50 years has built a solid foundation for the more internationalized management strategies implemented by JCET in recent years. With the support of shareholders and the collaborative efforts of all our employees, JCET is growing together with its customers and partners and has entered a new phase of technology leadership and steady growth.”

Click to view: JCET 2021 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
















As of







Sep 30, 2021


Dec 31, 2020

ASSETS









Current assets









  Currency funds






2,980


2,235

  Trading financial assets






1,925


5

  Derivative financial assets






2


8

  Accounts receivable






4,218


3,846

  Receivables financing






44


41

  Prepayments






336


158

  Other receivables






31


41

  Inventories






3,674


2,946

  Other current assets






129


149

Total current assets






13,339


9,429

Non-current assets









  Long-term receivables






38


42

  Long-term equity investments






772


949

  Other equity investments






430


430

  Investment properties






93


96

  Fixed assets






18,219


17,790

  Construction in progress






1,015


866

  Right-of-use assets






661


0

  Intangible assets






444


526

  Goodwill






2,058


2,071

  Deferred tax assets






85


128

  Other non-current assets






1


1

Total non-current assets






23,816


22,899

Total assets






37,155


32,328










LIABILITIES AND EQUITY  









Current liabilities









  Short-term borrowings






3,827


5,288

  Derivative financial liabilities






17


0

  Notes payable






422


513

  Accounts payable






6,034


4,499

  Contract liabilities






342


173

  Employee benefits payable






916


858

  Taxes and surcharges payable






139


109

  Other payables






286


254

  Current portion of long-term liabilities






1,357


2,131

  Other current liabilities






12


21

Total current liabilities






13,352


13,846

Non-current liabilities









  Long-term borrowings






2,415


2,978

  Bonds payable






0


999

  Lease liabilities






638


0

  Long-term payables






0


592

  Long-term employee benefits payable






4


4

  Deferred income






335


375

  Deferred tax liabilities






132


124

Total non-current liabilities






3,524


5,072

Total liabilities






16,876


18,918

Equity









  Paid-in capital






1,780


1,603

  Capital reserves






14,984


10,242

  Accumulated other comprehensive income






(160)


(83)

  Surplus reserves






120


120

  Unappropriated profit






3,544


1,518

Total equity attributable to owners of the parent






20,268


13,400

Minority shareholders






11


10

Total equity






20,279


13,410

Total liabilities and equity






37,155


32,328



















CONSOLIDATED INCOME STATEMENT (Unaudited)                                                                                                     

RMB in millions, except share data












Three months ended


Nine months ended



Sep 30, 2021


Sep 30, 2020


Sep 30, 2021


Sep 30, 2020

Revenue


8,099


6,787


21,917


18,763

Less: Cost of sales


6,576


5,631


18,006


15,863

          Taxes and surcharges


16


11


58


28

          Selling expenses


49


59


145


175

          Administrative expenses


276


252


743


687

          Research and development expenses


312


277


860


768

          Finance expenses


20


179


176


482

            Including: Interest expenses


70


131


270


433

                     Interest income


14


12


34


31

Add: Other income


38


17


135


97

          Investment income / (loss)


15


(1)


299


(8)

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


3


(1)


286


(8)

          Gain / (loss) on the net position hedging


(8)


6


(11)


1

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


0


28


0


28

          Credit impairment (loss is expressed by “-“)


14


(1)


14


(7)

          Asset impairment (loss is expressed by “-“)


(34)


0


(52)


(25)

          Gain / (loss) on disposal of assets 


16


33


30


42

Operating profit / (loss)


891


460


2,344


888

Add: Non-operating income


0


3


6


3

Less: Non-operating expenses


8


10


11


18

Profit / (loss) before income taxes


883


453


2,339


873

Less: Income tax expenses


89


55


222


108

Net profit / (loss) 


794


398


2,117


765

Classified by continuity of operations









  Profit / (loss) from continuing operations


794


398


2,117


765

Classified by ownership









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


793


398


2,116


764

  Net profit / (loss) attributable to minority shareholders


1


0


1


1

Add: Unappropriated profit at beginning of period


2,751


598


1,517


231

Less: Cash dividends payable


0


0


89


0

  Other reductions


0


2


0


2

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


3,544


994


3,544


994

Other comprehensive income, net of tax


24


(354)


(78)


(197)

Comprehensive income attributable to owners of the parent


24


(354)


(78)


(197)

Comprehensive income not be reclassified to profit or loss


0


(10)


1


(10)

  Remeasurement gains or losses of a defined benefit plan


0


0


1


0

  Change in the fair value of other equity investments


0


(10)


0


(10)

Comprehensive income to be reclassified to profit or loss


24


(344)


(79)


(187)

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


0


0


(21)


0

  Cash flow hedge reserve


(4)


(1)


(9)


1

  Exchange differences of foreign currency financial statements


28


(343)


(49)


(188)

Total comprehensive income


818


42


2,039


567

  Including:









     Total comprehensive income attributable to owners of the parent


817


42


2,038


566

     Total comprehensive income attributable to minority shareholders


1


0


1


1

Earnings per share









  Basic earnings per share


0.45


0.25


1.23


0.48

  Diluted earnings per share


0.45


0.25


1.23


0.48



















CONSOLIDATED CASH FLOW STATEMENT (Unaudited)                                                                                                                                                          

RMB in millions












Three months ended


Nine months ended



Sep 30, 2021


Sep 30, 2020


Sep 30, 2021


Sep 30, 2020

CASH FLOWS FROM OPERATING ACTIVITIES









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


8,048


6,468


22,834


19,360

Receipts of taxes and surcharges refunds


107


105


340


528

Other cash receipts relating to operating activities


94


244


207


767

Total cash inflows from operating activities


8,249


6,817


23,381


20,655

Cash payments for goods and services


4,995


4,241


14,415


13,584

Cash payments to and on behalf of employees


1,057


856


3,327


2,644

Payments of all types of taxes and surcharges


210


81


589


313

Other cash payments relating to operating activities


75


159


257


482

Total cash outflows from operating activities


6,337


5,337


18,588


17,023

Net cash flows from operating activities


1,912


1,480


4,793


3,632

CASH FLOWS FROM INVESTING ACTIVITIES









Cash receipts from returns of investments


2,455


6


2,852


6

Cash receipts from investment income


13


0


13


0

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


93


38


261


65

Total cash inflows from investing activities


2,561


44


3,126


71

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


1,365


726


3,013


2,062

Cash payments for investments


2,420


0


4,376


0

Total cash outflows from investing activities


3,785


726


7,389


2,062

Net cash flows from investing activities


(1,224)


(682)


(4,263)


(1,991)

CASH FLOWS FROM FINANCING ACTIVITIES









Cash proceeds from investments by others


0


0


4,966


0

Cash receipts from borrowings


2,268


1,418


4,629


9,950

Other cash receipts relating to financing activities


0


0


347


0

Total cash inflows from financing activities


2,268


1,418


9,942


9,950

Cash repayments for debts


2,985


2,311


8,515


10,452

Cash payments for distribution of dividends or profit and interest expenses


161


120


366


425

Other cash payments relating to financing activities


212


206


771


491

Total cash outflows from financing activities


3,358


2,637


9,652


11,368

Net cash flows from financing activities


(1,090)


(1,219)


290


(1,418)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS


1


(48)


(7)


(33)

NET INCREASE IN CASH AND CASH EQUIVALENTS


(401)


(469)


813


190

Add: Cash and cash equivalents at beginning of period


3,381


2,525


2,167


1,866

CASH AND CASH EQUIVALENTS AT END OF PERIOD


2,980


2,056


2,980


2,056

 

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