Chicony Electronics
4Q23 Results Conference
March 13, 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
- 4Q23 Financial Results
- 4Q23 Operating Results
- Business Outlook
- Commitment to ESG
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4Q23 Financial Results
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4Q23 Consolidated Income Statement
4Q23 GPM, OPM, NPM, and EPS all reached a new high for the same period Operating Profit increased 11% YoY and EPS increased 21% YoY
NT$ Million | 4Q 2023 | % | 3Q 2023 | % | QoQ % | 4Q 2022 | % | YoY % |
Net Sales | 24,429 | 100.0 | 25,809 | 100.0 | -5.3 | 27,603 | 100.0 | -11.5 |
COGS | (19,330) | (79.1) | (20,262) | (78.5) | (22,662) | (82.1) | ||
Gross Profit | 5,099 | 20.9 | 5,547 | 21.5 | -8.1 | 4,941 | 17.9 | 3.2 |
Operating Expense | (2,510) | (10.3) | (2,546) | (9.9) | (2,616) | (9.5) | ||
Operating Profit | 2,588 | 10.6 | 3,001 | 11.6 | -13.8 | 2,325 | 8.4 | 11.3 |
Non-Operating | 481 | 2.0 | 109 | 0.4 | 341.8 | 140 | 0.5 | 243.9 |
Income1 | ||||||||
Profit Before Tax | 3,069 | 12.6 | 3,110 | 12.0 | -1.3 | 2,465 | 8.9 | 24.5 |
Tax | (590) | (2.4) | (546) | (2.1) | (337) | (1.2) | ||
Net Income | 2,070 | 8.5 | 2,121 | 8.2 | -2.4 | 1,702 | 6.2 | 21.6 |
After Tax EPS | 2.87 | 2.93 | -2.0 | 2.38 | 20.6 | |||
Profit Margins |
GPM | 20.9% | 21.5% | |
OPM | 10.6% | 11.6% | |
NPM | 8.5% | 8.2% | |
-0.6ppt-1.0ppt
+0.3ppt
17.9%
8.4%
6.2%
+3.0ppt |
+2.2ppt |
+2.3ppt |
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2023 Consolidated Income Statement
Net Profit, EPS, GPM, OPM, and NPM all hit Record High
EPS Reached NT$10.35, beat street consensus
NT$ Million | 2023 | % | 2022 | % | YoY % |
Net Sales | 98,323 | 100.0 | 115,748 | 100.0 | -15.1 | |
COGS | (79,294) | (80.6) | (95,172) | (82.2) | ||
Gross Profit | 19,028 | 19.4 | 20,576 | 17.8 | -7.5 | |
Operating Expense | (9,619) | (9.8) | (10,158) | (8.8) | ||
Operating Profit | 9,409 | 9.6 | 10,418 | 9.0 | -9.7 | |
Non-Operating Income1 | 1,864 | 1.9 | 779 | 0.7 | 139.3 | |
Profit Before Tax | 11,273 | 11.5 | 11,197 | 9.7 | 0.7 | |
Tax | (2,273) | (2.3) | (2,181) | (1.9) | ||
Net Income | 7,464 | 7.6 | 7,320 | 6.3 | 2.0 | |
After Tax EPS | 10.35 | 10.26 | 0.9 | |||
Profit Margins | ||||||
GPM | 19.4% | 17.8% | +1.6ppt | |||
OPM | 9.6% | 9.0% | +0.6ppt | |||
NPM | 7.6% | 6.3% | +1.3ppt | |||
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4Q23 Consolidated Balance Sheet
Healthy Balance Sheet with NT$17.8B Net Cash; Debt Ratio Down to 49%
NT$ Million | 4Q23 | % | 3Q23 | % | 4Q22 | % |
Cash & Equivalent | 19,154 | 21.1 | 18,908 | 21.2 | 12,156 | 14.0 |
Accounts Receivable | 21,432 | 23.6 | 23,586 | 26.4 | 24,924 | 28.6 |
Inventories | 15,788 | 17.4 | 14,050 | 15.7 | 18,754 | 21.5 |
Current Assets | 65,578 | 72.2 | 64,594 | 72.3 | 62,701 | 72.0 |
Total Assets | 90,833 | 100.0 | 89,363 | 100.0 | 87,064 | 100.0 |
Short Term Debt | 1,396 | 1.5 | 3,949 | 4.4 | 2,898 | 3.3 |
Accounts Payable | 22,666 | 25.0 | 21,905 | 24.5 | 20,569 | 23.6 |
Current Liabilities | 43,961 | 48.4 | 44,386 | 49.7 | 44,060 | 50.6 |
Total Liability | 44,619 | 49.1 | 45,097 | 50.5 | 44,724 | 51.4 |
Equities | 46,214 | 50.9 | 44,266 | 49.5 | 42,340 | 48.6 |
Net Cash | 17,758 | 14,959 | 9,258 | |||
Current ratio (X) | 1.49 | 1.46 | 1.42 | |||
Debt Ratio | 49% | 50% | 51% | |||
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4Q23 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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2023 Summary
- 2023 LED backlight notebook KB penetration rate increased to 43%
4Q23 LED backlight notebook KB penetration rate hit 47%
- 2023 surveillance cam revenue increased 200% YoY
4Q23 Surveillance cam revenue up 162% YoY
- 4Q23 EPS beat street consensus
4Q23 EPS was NT$2.87, a new high for the same period
- 2023 Profit Margins all hit record high
Including GPM 19.4%, OPM 9.6%, and NPM 7.8%
- 2023 EPS reached a record-breaking of NT$10.35
Despite of 15% decline in revenue, Chicony delivered an all-time high EPS of NT$10.35
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