Chicony Electronics
3Q24 Results Conference
Nov. 6, 2024
Safe Harbor
Notice
- Chicony's statement of its current expectations are forward-looking statements which are subject to significant risks and uncertainties.
- Actual results may differ materially from those contained in any forward-looking statements.
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Agenda
- 3Q24 Financial Results
- 3Q24 Operating Results
- Business Outlook
- Commitment to ESG
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3Q24 Financial Results
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3Q24 Consolidated Income Statement
Maintained GPM above 20% for 5 consecutive quarters
NT$ Million | 3Q 2024 | % | 2Q 2024 | % | QoQ % | 3Q 2023 | % | YoY % |
Net Sales | 27,721 | 100.0 | 24,674 | 100.0 | 12.4 | 25,809 | 100.0 | 7.4 |
COGS | (22,079) | (79.6) | (19,574) | (79.3) | (20,262) | (78.5) | ||
Gross Profit | 5,642 | 20.4 | 5,100 | 20.7 | 10.6 | 5,547 | 21.5 | 1.7 |
Operating Expense | (2,661) | (9.6) | (2,542) | (10.3) | (2,546) | (9.9) | ||
Operating Profit | 2,981 | 10.8 | 2,558 | 10.4 | 16.5 | 3,001 | 11.6 | -0.7 |
Non-Operating | 479 | 1.7 | 975 | 4.0 | 109 | 0.4 | ||
Income1 | ||||||||
Profit Before Tax | 3,460 | 12.5 | 3,532 | 14.3 | -2.0 | 3,110 | 12.0 | 11.3 |
Tax | (582) | (2.1) | (633) | (2.6) | (546) | (2.1) | ||
Net Income | 2,397 | 8.6 | 2,471 | 10.0 | -3.0 | 2,121 | 8.2 | 13.0 |
After Tax EPS | 3.29 | 3.40 | -3.2 | 2.93 | 12.3 | |||
Profit Margins |
GPM | 20.4% | 20.7% | |
OPM | 10.8% | 10.4% | |
NPM | 8.6% | 10.0% | |
-0.3ppt
+0.4ppt
-1.4ppt
21.5%
11.6%
8.2
-1.1ppt -0.8ppt
+0.4ppt |
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1~3Q24 Consolidated Income Statement
GPM and OPM reached new high for the same period
NT$ Million | 1~3Q 2024 | % | 1~3Q 2023 | % | YoY % |
Net Sales | 75,241 | 100.0 | 73,894 | 100.0 | 1.8 |
COGS | (59,891) | (79.6) | (59,964) | (81.1) | |
Gross Profit | 15,350 | 20.4 | 13,930 | 18.9 | 10.2 |
Operating Expense | (7,532) | (10.0) | (7,109) | (9.6) | |
Operating Profit | 7,818 | 10.4 | 6,821 | 9.2 | 14.6 |
Non-Operating Income1 | 1,923 | 2.6 | 1,383 | 1.9 | 39.0 |
Profit Before Tax | 9,740 | 12.9 | 8,204 | 11.1 | 18.7 |
Tax | (1,892) | (2.5) | (1,683) | (2.3) | |
Net Income | 6,630 | 8.8 | 5,394 | 7.3 | 22.9 |
After Tax EPS | 9.11 | 7.48 | 21.8 | ||
Profit Margins | |||||
GPM | 20.4% | 18.9% | +1.5ppt | ||
OPM | 10.4% | 9.2% | +1.2ppt | ||
NPM | 8.8% | 7.3% | +1.5ppt | ||
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3Q24 Consolidated Balance Sheet
Healthy Balance Sheet with NT$16.5B Net Cash; Debt Ratio 49%
NT$ Million | 3Q24 | % | 2Q24 | % | 3Q23 | % |
Cash & Equivalent | 21,362 | 21.1 | 26,666 | 26.6 | 18,908 | 21.2 |
Accounts Receivable | 25,374 | 25.1 | 22,745 | 22.7 | 23,586 | 26.4 |
Inventories | 16,138 | 16.0 | 14,206 | 14.2 | 14,050 | 15.7 |
Current Assets | 74,970 | 74.2 | 74,482 | 74.3 | 64,594 | 72.3 |
Total Assets | 101,070 | 100.0 | 100,243 | 100.0 | 89,363 | 100.0 |
Short Term Debt | 4,773 | 4.7 | 5,528 | 5.5 | 3,949 | 4.4 |
Accounts Payable | 24,248 | 24.0 | 19,593 | 19.5 | 21,905 | 24.5 |
Current Liabilities | 48,435 | 47.9 | 51,729 | 51.6 | 44,386 | 49.7 |
Long Term Debt | 81 | 0.1 | 20 | 0.0 | - | 0.0 |
Total Liability | 49,118 | 48.6 | 52,446 | 52.3 | 45,097 | 50.5 |
Equities | 51,952 | 51.4 | 47,797 | 47.7 | 44,266 | 49.5 |
Book Value Per Share | 60.78 | 55.99 | 51.84 | |||
Net Cash | 16,509 | 21,118 | 14,959 | |||
Current ratio (X) | 1.55 | 1.44 | 1.46 | |||
Debt Ratio | 49% | 52% | 50% | |||
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3Q24 Operating
Results
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Continue Delivering Solid Revenue Growth
Secure resources for global top tier customers, with a balanced and diversified product portfolio
(NT$ mn) | +3.5% | |||
CAGR | 115,748 | |||
107,474 | ||||
95,082 | 98,323 | |||
92,552 | ||||
87,260 | ||||
80,111 | 80,663 | 78,156 | ||
74,539 | 77,018 | |||
67,510
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
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1~3Q24 Summary
- GPM, OPM, and NPM Continued to Expand YoY
GPM reached 20.4%, OPM hit 10.4%, and NPM was 8.8%
- Net Profit and EPS Achieved New high for the Same Period
Net profit was NT$6.6B, up 23% YoY, and EPS reached NT$9.11, up 22% YoY
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