Disco Corporation TSE:6146
Disco : Presentation for FY2024 2Q Financial Results
Source: MarketScreener
FY2024
Second Quarter Financial Results
October 17, 2024
DISCLAIMER
Statements in this PowerPoint with respect to DISCO's current strategies, plans, estimates, and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of DISCO. These statements are based on management's assumptions and beliefs in light of the information currently available to it and therefore you should not place undue reliance on them. DISCO cautions you that a number of important factors could cause actual results to differ materially from those discussed in the forward-looking statements, and you should not make decision on your investment thoroughly based on these statements. Such factors include, but not limited to, (i) general economic conditions and levels of demand in DISCO's markets; (ii) developments in technology and resulting changes in semiconductor and/or electronic component manufacturing process; (iii) levels of capital investment for manufacturing semiconductors and/or electronic components; (iv) expansions of the area for products and technologies using semiconductors and/or electronic components and its expanding speed; (v) DISCO's ability to continue to offer products and services corresponding to developments of new semiconductors and/or electronic components and new technologies for manufacturing them; (vi) exchange rates, particularly between the yen, the U.S. dollar, and the euro, and other currencies.
©DISCO CORPORATION All rights reserved
FY2024 2Q Earnings Results
FY2024 | FY2024 | QoQ | FY2023 | YoY | ||||||||
Billions of Yen | 2Q | 1Q | Amount | (%) | 2Q | Amount | (%) | |||||
Net Sales | 96.2 | 82.8 | 13.4 | 16.2% | 72.3 | 23.9 | 33.1% | |||||
Gross Profit | 69.0 | 57.7 | 11.3 | 19.6% | 49.5 | 19.5 | 39.5% | |||||
Gross Profit Margin | 71.7% | 69.7% | 2.0p | - | 68.4% | 3.3p | - | |||||
SG&A | 26.5 | 24.3 | 2.1 | 8.8% | 21.4 | 5.0 | 23.4% | |||||
Operating Income | 42.6 | 33.4 | 9.2 | 27.6% | 28.0 | 14.5 | 51.9% | |||||
Ordinary Income | 41.4 | 33.6 | 7.8 | 23.2% | 28.1 | 13.3 | 47.4% | |||||
Ordinary Income Margin | 43.0% | 40.6% | 2.4p | - | 38.9% | 4.1p | - | |||||
Income before income taxes and | 41.3 | 33.5 | 7.9 | 23.5% | 28.1 | 13.2 | 47.0% | |||||
minority interests | ||||||||||||
Net Income | 29.7 | 23.7 | 6.0 | 25.4% | 20.0 | 9.7 | 48.5% | |||||
Sales: Significantly increased due to high equipment shipment volume and progress in equipment inspection/acceptance.
GP margin: Increased due to high unit prices, high value-added products, etc.
SG&A: Increased mainly due to personnel and R&D expenses.
2 | ©DISCO CORPORATION All rights reserved | ||||
FY2024 1H Earnings Results
Billions of Yen
Net Sales
Gross Profit
Gross Profit Margin
SG&A
Operating Income
Ordinary Income
Ordinary Income Margin
Income before income taxes and minority interests
Net Income
FY2024 | FY2023 | YoY | |||
1H | 1H | Amount | (%) | ||
179.0 | 126.3 | 52.8 | 41.8% | ||
126.7 | 84.7 | 42.1 | 49.7% | ||
70.8% | 67.1% | 3.7p | - | ||
50.8 | 39.7 | 11.1 | 28.1% | ||
76.0 | 45.0 | 30.9 | 68.7% | ||
75.1 | 46.3 | 28.8 | 62.2% | ||
41.9% | 36.7% | 5.2p | - | ||
74.8 | 46.2 | 28.5 | 61.7% | ||
53.4 | 32.7 | 20.7 | 63.4% | ||
Net Sales：Significantly increased due to high product shipment volume and progress in equipment inspection/acceptance.
GP margin：Recorded 70% due to high unit prices, high value-added products, etc.
SG&A：Increased mainly due to personnel and R&D expenses.
3 | ©DISCO CORPORATION All rights reserved | ||||
Quarterly Financial Results
Billions of Yen | Due to the change in accounting policy, the timing of revenue | |||
110.0 | recognition has been changed to Inspection/Acceptance Basis. | 50% | ||
100.0 | |||||||||||||||||||||||||||||||||||||
90.0 | 40% | ||||||||||||||||||||||||||||||||||||
80.0 | |||||||||||||||||||||||||||||||||||||
70.0 | 30% | ||||||||||||||||||||||||||||||||||||
60.0 | |||||||||||||||||||||||||||||||||||||
50.0 | |||||||||||||||||||||||||||||||||||||
40.0 | 20% | ||||||||||||||||||||||||||||||||||||
30.0 | |||||||||||||||||||||||||||||||||||||
20.0 | 10% | ||||||||||||||||||||||||||||||||||||
10.0 | |||||||||||||||||||||||||||||||||||||
0.0 | 0% | ||||||||||||||||||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q |
FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
Net Sales | Operating Income | Ordinary Income Margin | ||
Operating income margin trended high supported by a high GP margin
(FY24_2Q Operating income margin 44.2％, Ordinary income margin 43.0%, Net income margin 30.9%)
4 | ©DISCO CORPORATION All rights reserved | ||||
Quarterly Sales Breakdown by Product
Billions of Yen
110.0 | |||||||||||||||||
100.0 | |||||||||||||||||
90.0 | |||||||||||||||||
80.0 | |||||||||||||||||
70.0 | |||||||||||||||||
60.0 | |||||||||||||||||
50.0 | |||||||||||||||||
40.0 | |||||||||||||||||
30.0 | |||||||||||||||||
20.0 | |||||||||||||||||
10.0 | 2Q | 3Q | 4Q | 2Q | 3Q | 4Q | 2Q | 3Q | 4Q | 2Q | 3Q | 4Q | 2Q | ||||
FY20_1Q | FY21_1Q | FY22_1Q | FY23_1Q | FY24_1Q |
Other
Maintenance Parts
Precision Processing Tools (Consumables)
Precision Processing Equipment
Note: Composition percentages are listed as additional information on the DISCO website.
5 | ©DISCO CORPORATION All rights reserved | ||||
Quarterly Sales Breakdown by Region
Billions of Yen
110.0
100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
FY20 1Q | 2Q | 3Q | 4Q | FY21 1Q | 2Q | 3Q | 4Q | FY22 1Q | 2Q | 3Q | 4Q | FY23 1Q | 2Q | 3Q | 4Q | FY24 1Q | 2Q |
Asia
Japan
Europe
North America
FY24_2Q Overseas sales ratio: 89.4%
6 | ©DISCO CORPORATION All rights reserved | ||||
Quarterly Shipments
Billions of Yen
110.0 100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0
97.6
FY15 1Q | 2Q | 3Q | 4Q | FY16 1Q | 2Q | 3Q | 4Q | FY17 1Q | 2Q | 3Q | 4Q | FY18 1Q | 2Q | 3Q | 4Q | FY19 1Q | 2Q | 3Q | 4Q | FY20 1Q | 2Q | 3Q | 4Q | FY21 1Q | 2Q | 3Q | 4Q | FY22 1Q | 2Q | 3Q | 4Q | FY23 1Q | 2Q | 3Q | 4Q | FY24 1Q | 2Q |
FY24_2Q Shipment total: approx. 97.6 billion yen
7 | ©DISCO CORPORATION All rights reserved | ||||
Precision Processing Equipment: Sales by Application
Shipment Basis | Precision Processing Equipment |
Non-semiconductors
Wafer manufacturing
Other semiconductors
Optical semiconductors
Package singulation
IC
FY20 1Q | 2Q | 3Q | 4Q | FY21 1Q | 2Q | 3Q | 4Q | FY22 1Q | 2Q | 3Q | 4Q | FY23 1Q | 2Q | 3Q | 4Q | FY24 1Q | 2Q |
QoQ: Maintained a high level for IC mainly for generative AI.
YoY: Increased for IC supported by an increased demand for generative AI.
8 | ©DISCO CORPORATION All rights reserved | ||||
Dicer: Sales by Application
Shipment Basis | Dicer |
Non-semiconductors
Other semiconductors
Optical semiconductors
Package singulation
IC
FY20 1Q | 2Q | 3Q | 4Q | FY21 1Q | 2Q | 3Q | 4Q | FY22 1Q | 2Q | 3Q | 4Q | FY23 1Q | 2Q | 3Q | 4Q | FY24 1Q | 2Q |
QoQ: Maintained a high level for IC mainly for generative AI.
YoY: Significantly increased for IC due to an increased demand for generative AI.
9 | ©DISCO CORPORATION All rights reserved | ||||
Grinder: Sales by Application
Shipment Basis | Grinder |
Non-semiconductors
Wafer manufacturing
Other semiconductors
Optical semiconductors
IC
FY20 1Q | 2Q | 3Q | 4Q | FY21 1Q | 2Q | 3Q | 4Q | FY22 1Q | 2Q | 3Q | 4Q | FY23 1Q | 2Q | 3Q | 4Q | FY24 1Q | 2Q |
QoQ: Maintained a high level for IC and "Other semiconductors" (primarily power semiconductors) mainly for generative AI.
YoY: Significantly increased for IC due to an increased demand for generative AI.
10 | ©DISCO CORPORATION All rights reserved | ||||