Fully Integrated and Optimized Strategies for Growth Propel JCET to Quarterly Highs for Revenue and Profit in Q1 2021
AsiaNet 89267
SHANGHAI, April 28, 2021 /PRNewswire=KYODO JBN/
Q1 2021 financial highlights:
- Revenue was RMB 6.71 billion. It was an increase of 17.6% year on year and a
record high first quarter in the company's history.
- Generated RMB 1.20 billion cash from operations, up 4.9% year on year. With
net capex investments of RMB 0.56 billion, free cash flow for the quarter was
RMB 0.64 billion.
- Net profit was RMB 0.39 billion. A record high first quarter in the company's
history with 188.7% year on year growth.
- Earnings per share was RMB 0.24, as compared to RMB 0.08 in Q1 2020.
JCET (SSE: 600584), a leading global provider of integrated circuit (IC)
manufacturing and technology services, today announced its financial results
for the first quarter of 2021 ended March 31, 2021. According to the financial
report, in Q1 2021, JCET maintained its momentum of growth and strong
profitability, with revenue of RMB 6.71 billion and net profit of RMB 0.39
billion, which achieved 17.6% and 188.7% year on year growth respectively
In 2020, JCET played on its strengths of unparalleled industry insights and
strategies, promoted development with innovation, and improved efficiency led
by a world class management team. After nearly two years of resource
optimization and integration, JCET's operations are now running in their
optimum mode. With a concise development strategy and roadmap in place, as well
as a team driven by passion to win, JCET has constructed a solid foundation for
growth in 2021.
Mr. Li Zheng, CEO of JCET said, "After reaching new highs in financial
performance for 2020, including a net profit more than doubled of the previous
17 years' combined, JCET's earnings and revenue for the first quarter of 2021
again set new records year-over-year. Our continued excellence in R&D,
manufacturing and strategic management is the key to our success and positions
us well for even better results in 2021."
Ms. Janet Chou, CFO of JCET said: "We achieved record quarterly revenue and
profitability. Our gross margin expanded 2.9 percentage points year over year.
Our debt leverage ratio decreased to below 2.0. We delivered RMB 0.64 billion
free cash flow which demonstrated the strength of our business model. Our
outstanding performance reflects solid execution of our growth strategy."
Recently, with a strong recovery underway in the automotive market and an
increased demand for deeper collaborative design within the industry supply
chain, JCET announced the official opening of its Automotive Electronics
Business Center and Design Services Business Center to further enhance the
technology innovation advantage. The investment of resources into these two new
business units demonstrates JCET's commitment to promoting collaborative and
synergistic development across the IC industry and further strengthens its
position for continued growth.
For more information, please refer to JCET Q1FY2021 report.
CONSOLIDATED BALANCE SHEET (Unaudited) RMB in millions
As of
ASSETS Mar 31, 2021 Dec 31, 2020
Current assets
Currency funds 1,913 2,235
Trading financial assets 5 5
Derivative financial assets 0 8
Accounts receivable 3,458 3,846
Receivables financing 58 41
Prepayments 190 158
Other receivables 26 41
Inventories 2,650 2,946
Other current assets 83 149
Total current assets 8,383 9,429
Non-current assets
Long-term receivables 40 42
Long-term equity investments 948 949
Other equity investments 432 430
Investment properties 95 96
Fixed assets 18,065 17,790
Construction in progress 689 866
Right-of-use assets 709 0
Intangible assets 477 526
Goodwill 2,086 2,071
Deferred tax assets 106 128
Other non-current assets 1 1
Total non-current assets 23,648 22,899
Total assets 32,031 32,328
CONSOLIDATED BALANCE SHEET (CONTINUED) (Unaudited) RMB in millions
As of
LIABILITIES AND EQUITY Mar 31, 2021 Dec 31, 2020
Current liabilities
Short-term borrowings 4,477 5,288
Derivative financial liabilities 7 0
Notes payable 449 513
Accounts payable 4,155 4,499
Contract liabilities 271 173
Employee benefits payable 664 858
Taxes and surcharges payable 135 109
Other payables 232 254
Current portion of long-term liabilities 2,474 2,131
Other current liabilities 315 21
Total current liabilities 13,179 13,846
Non-current liabilities
Long-term borrowings 2,446 2,978
Bonds payable 999 999
Lease liabilities 597 0
Long-term payables 487 592
Long-term employee benefits payable 7 4
Deferred income 344 375
Deferred tax liabilities 129 124
Total non-current liabilities 5,009 5,072
Total liabilities 18,188 18,918
Equity
Paid-in capital 1,603 1,603
Surplus reserves 10,242 10,242
Accumulated other comprehensive income (36) (83)
Specialized reserves 120 120
Unappropriated profit 1,904 1,518
Total equity attributable to owners of the parent 13,833 13,400
Minority shareholders 10 10
Total equity 13,843 13,410
Total liabilities and equity 32,031 32,328
CONSOLIDATED INCOME STATEMENT (Unaudited) RMB in millions,
except share data
Three months ended
Mar 31, 2021 Mar 31, 2020
Revenue 6,712 5,708
Less: Cost of sales 5,636 4,961
Taxes and surcharges 20 8
Selling expenses 49 57
Administrative expenses 230 209
Research and development expenses 258 215
Finance expenses 96 147
Including: Interest expenses 110 154
Interest income 5 9
Add: Other income 41 34
Investment income / (loss) (2) (1)
Including: Income / (loss) from investments
in associates and joint ventures (2) (1)
Gain / (loss) on the net position hedging (2) (1)
Credit impairment (loss is expressed by "-") 4 5
Asset impairment (loss is expressed by "-") (28) 3
Gain / (loss) on disposal of assets 6 4
Operating profit / (loss) 442 155
Less: Non-operating expenses 2 6
Profit / (loss) before income taxes 440 149
Less: Income tax expenses 53 15
Net profit / (loss) 387 134
Classified by continuity of operations
Profit / (loss) from continuing operations 387 134
Classified by ownership
Net profit / (loss) attributable to owners of the parent 386 134
Net profit / (loss) attributable to minority shareholders 1 0
Add: Unappropriated profit at beginning of period 1,518 231
Unappropriated profit at end of period (attributable to
owners of the parent） 1,904 365
CONSOLIDATED INCOME STATEMENT (CONTINUED) (Unaudited) RMB in millions, except
share data
Three months ended
Mar 31, 2021 Mar 31, 2020
Other comprehensive income, net of tax 47 131
Comprehensive income attributable to owners of the
parent 47 131
Comprehensive income not be reclassified to profit or loss 1 0
Remeasurement gains or losses of a defined benefit
plan 1 0
Comprehensive income to be reclassified to profit or loss 46 131
Cash flow hedge reserve (10) (2)
Exchange differences of foreign currency financial
statements 56 133
Total comprehensive income 434 265
Including:
Total comprehensive income attributable to owners
of the parent 433 265
Total comprehensive income attributable to minority
shareholders 1 0
Earnings per share
Basic earnings per share 0.24 0.08
Diluted earnings per share 0.24 0.08
CONSOLIDATED CASH FLOW STATEMENT (Unaudited) RMB in millions
Three months ended
Mar 31, 2021 Mar 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from the sale of goods and the rendering of
services 7,439 6,035
Receipts of taxes and surcharges refunds 157 223
Other cash receipts relating to operating activities 51 293
Total cash inflows from operating activities 7,647 6,551
Cash payments for goods and services 5,073 4,225
Cash payments to and on behalf of employees 1,128 959
Payments of all types of taxes and surcharges 130 90
Other cash payments relating to operating activities 112 128
Total cash outflows from operating activities 6,443 5,402
Net cash flows from operating activities 1,204 1,149
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash receipts from disposal of fixed assets, intangible
assets and other long-term assets 36 7
Total cash inflows from investing activities 36 7
Cash payments to acquire fixed assets, intangible assets
and other long-term assets 597 678
Total cash outflows from investing activities 597 678
Net cash flows from investing activities (561) (671)
CONSOLIDATED CASH FLOW STATEMENT (CONTINUED) (Unaudited) RMB in millions
Three months ended
Mar 31, 2021 Mar 31, 2020
CASH FLOWS FROM FINANCING ACTIVITIES
Cash receipts from borrowings 1,623 5,931
Other cash receipts relating to financing activities 347 0
Total cash inflows from financing activities 1,970 5,931
Cash repayments for debts 2,662 5,748
Cash payments for distribution of dividends or profit and
interest expenses 134 164
Other cash payments relating to financing activities 107 174
Total cash outflows from financing activities 2,903 6,086
Net cash flows from financing activities (933) (155)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
AND CASH EQUIVALENTS 7 22
NET INCREASE IN CASH AND CASH EQUIVALENTS (283) 345
Add: Cash and cash equivalents at beginning of period 2,167 1,866
CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,884 2,211
SOURCE: JCET Group
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