Chicony Electronics
4Q24 Results Conference
Mar. 5, 2025
Agenda
- 4Q24/2024 Financial Results
- 4Q24/2024 Operating Results
- Business Outlook
- Commitment to ESG
3
4Q24/2024 Financial Results
4
4Q24 Consolidated Income Statement
4Q24 EPS NT$3.32 Achieved a New High for the Same Period
NT$ Million | 4Q 2024 | % | 3Q 2024 | % | QoQ % | 4Q 2023 | % | YoY % |
Net Sales | 26,237 | 100.0 | 27,721 | 100.0 | -5.4 | 24,429 | 100.0 | 7.4 |
COGS | (21,117) | (80.5) | (22,079) | (79.6) | (19,330) | (79.1) | ||
Gross Profit | 5,120 | 19.5 | 5,642 | 20.4 | -9.2 | 5,099 | 20.9 | 0.4 |
Operating Expense | (2,625) | (10.0) | (2,661) | (9.6) | (2,510) | (10.3) | ||
Operating Profit | 2,495 | 9.5 | 2,981 | 10.8 | -16.3 | 2,588 | 10.6 | -3.6 |
Non-Operating | 1,061 | 4.0 | 479 | 1.7 | 481 | 2.0 | 120.7 | |
Income1 | ||||||||
Profit Before Tax | 3,555 | 13.6 | 3,460 | 12.5 | 2.8 | 3,069 | 12.6 | 15.9 |
Tax | (700) | (2.7) | (582) | (2.1) | (590) | (2.4) | ||
Net Income | 2,416 | 9.2 | 2,397 | 8.6 | 0.8 | 2,070 | 8.5 | 16.7 |
After Tax EPS | 3.32 | 3.29 | 0.9 | 2.87 | 15.7 | |||
Profit Margins
GPM | 19.5 | 20.4% | -0.9ppt | 20.9 | -1.4ppt |
OPM | 9.5 | 10.8% | -1.3ppt | 10.6 | 1.1ppt |
NPM | 9.2 | 8.6% | +0.6ppt | 8.5 | +0.7ppt |
5
2024 Consolidated Income Statement
Record High Net Income, EPS, GPM, OPM and NPM in 2024
NT$ Million | 2024 | % | 2023 | % | YoY % |
Net Sales | 101,478 | 100.0 | 98,323 | 100.0 | 3.2 |
COGS | (81,009) | (79.8) | (79,294) | (80.6) | |
Gross Profit | 20,470 | 20.2 | 19,028 | 19.4 | 7.6 |
Operating Expense | (10,157) | (10.0) | (9,619) | (9.8) | |
Operating Profit | 10,313 | 10.2 | 9,409 | 9.6 | 9.6 |
Non-Operating Income1 | 2,983 | 2.9 | 1,864 | 1.9 | 60.0 |
Profit Before Tax | 13,296 | 13.1 | 11,273 | 11.5 | 17.9 |
Tax | (2,592) | (2.6) | (2,273) | (2.3) | |
Net Income | 9,045 | 8.9 | 7,464 | 7.6 | 21.2 |
After Tax EPS | 12.43 | 10.35 | 20.1 | ||
Profit Margins | |||||
GPM | 20.2 | 19.4 | +0.8ppt | ||
OPM | 10.2 | 9.6 | +0.6ppt | ||
NPM | 8.9 | 7.6 | +1.3ppt | ||
6
4Q24 Consolidated Balance Sheet
Healthy Balance Sheet with NT$19.8B Net Cash; Debt Ratio Maintained at 49%
NT$ Million | 4Q24 | % | 3Q24 | % | 4Q23 | % |
Cash & Equivalent | 26,185 | 24.9 | 21,362 | 21.1 | 19,154 | 21.1 |
Accounts Receivable | 24,574 | 23.3 | 25,374 | 25.1 | 21,432 | 23.6 |
Inventories | 16,562 | 15.7 | 16,138 | 16.0 | 15,788 | 17.4 |
Current Assets | 78,817 | 74.8 | 74,970 | 74.2 | 65,578 | 72.2 |
Total Assets | 105,370 | 100.0 | 101,070 | 100.0 | 90,833 | 100.0 |
Short Term Debt | 6,251 | 5.9 | 4,773 | 4.7 | 1,396 | 1.5 |
Accounts Payable | 23,828 | 22.6 | 24,248 | 24.0 | 22,666 | 25.0 |
Current Liabilities | 50,293 | 47.7 | 48,435 | 47.9 | 43,961 | 48.4 |
Long Term Debt | 134 | 0.1 | 81 | 0.1 | - | 0.0 |
Total Liability | 51,160 | 48.6 | 49,118 | 48.6 | 44,619 | 49.1 |
Equities | 54,210 | 51.4 | 51,952 | 51.4 | 46,214 | 50.9 |
Book Value Per Share | 63.45 | 60.78 | 53.94 | |||
Net Cash | 19,800 | 16,509 | 177,58 | |||
Current ratio (X) | 1.57 | 1.55 | 1.49 | |||
Debt Ratio | 49% | 49% | 49% | |||
7
4Q24/2024 Operating Results
8
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 | |||||
98,323 | 101,478 | ||||
95,082 | |||||
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 | 2024 |
9
2024 Summary
- 2024 GPM, OPM, NPM, Net Profit and EPS All Hit Record High
GPM reached 20.2%, OPM hit 10.2%, and NPM was 8.9%
Net profit was NT$9.0B, up 21% YoY, and EPS reached NT$12.43, up 20% YoY
10
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