Disco Corporation TSE:6146
Disco : Presentation for FY2024 Financial Results
Source: MarketScreener
FY2024
Fourth Quarter Financial Results
April 17, 2025
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 Highlights
Net sales
393.3 B yen
Previous year : 307.5 B yen
Record high
GP margin
70.6 %
Previous year : 67.8 %
Record high
Operating income
166.8 B yen
Previous year : 121.4 B yen
Record high
Operating income
margin
42.4 %
Previous year : 39.5 %
Record high
CAPEX
69.8 B yen
Previous year : 16.5 B yen
FCF
52.3 B yen
Previous year : 81.1 B yen
R&D
31.6 B yen
Previous year : 27.3 B yen
ROE
27.6 %
Previous year : 22.4 %
Record high
Total assets
654.0 B yen
Previous year : 556.0 B yen
EPS
1,143.26 yen
Previous year : 777.29 yen
Record high
Ordinary income margin averaged over a four-year period
40.0 %
Previous year : 37.0 %
Annual dividend
413 yen
Per share
Previous year : 307 yen
Record high
2
©DISCO CORPORATION All rights reserved
FY2024 Q4 Earnings Results
FY2024 | FY2024 | QoQ | FY2023 | YoY | ||||||||||||
Billions of Yen | 4Q | 3Q | Amount | (%) | 4Q | Amount | (%) | |||||||||
Net Sales | 120.7 | 93.6 | 27.2 | 29.0% | 104.3 | 16.4 | 15.7% | |||||||||
Gross Profit | 84.2 | 66.6 | 17.6 | 26.4% | 71.3 | 12.9 | 18.1% | |||||||||
Gross Profit Margin | 69.8% | 71.2% | -1.4p | - | 68.4% | 1.4p | - | |||||||||
SG&A | 32.5 | 27.5 | 5.0 | 18.2% | 25.2 | 7.3 | 28.9% | |||||||||
Operating Income | 51.7 | 39.1 | 12.6 | 32.2% | 46.1 | 5.6 | 12.2% | |||||||||
Ordinary Income | 51.9 | 42.0 | 9.8 | 23.4% | 46.7 | 5.2 | 11.1% | |||||||||
Ordinary Income Margin | 43.0% | 44.9% | -1.9p | - | 44.7% | -1.7p | - | |||||||||
Income before income taxes and | 51.5 | 41.9 | 9.6 | 23.0% | 46.5 | 5.1 | 10.9% | |||||||||
minority interests | ||||||||||||||||
Net Income | 38.6 | 31.8 | 6.8 | 21.5% | 35.4 | 3.2 | 9.1% | |||||||||
Sales: | YoY increased due to high shipment volume and progress in inspection/acceptance. | |||||||||||||||
GP margin: | YoY increased due to high value-added products and the exchange rate. | |||||||||||||||
SG&A: | YoY increased mainly due to personnel and R&D expenses. | |||||||||||||||
3 | ©DISCO CORPORATION | All rights reserved | ||||||||||||||
FY2024 Earnings Results
FY2024 | FY2023 | YoY | |||||
Billions of Yen | Full Year | Full Year | Amount | (%) | |||
Net Sales | 393.3 | 307.6 | 85.8 | 27.9% | |||
Gross Profit | 277.6 | 208.6 | 68.9 | 33.0% | |||
Gross Profit Margin | 70.6% | 67.8% | 2.8p | - | |||
SG&A | 110.7 | 87.2 | 23.6 | 27.1% | |||
Operating Income | 166.8 | 121.5 | 45.3 | 37.3% | |||
Ordinary Income | 168.9 | 122.4 | 46.6 | 38.0% | |||
Ordinary Income Margin | 43.0% | 39.8% | 3.2p | - | |||
Income before income taxes and | 168.1 | 114.6 | 53.6 | 46.8% | |||
minority interests | |||||||
Net Income | 123.9 | 84.2 | 39.7 | 47.1% | |||
Net Sales: | Increased due to high equipment shipment volume and progress in inspection/acceptance for applications such as generative AI. | |||
GP margin: | Increased to a high level due to high value-added products and the exchange rate. | |||
SG&A: | Increased mainly due to personnel and R&D expenses. | |||
4 | ©DISCO CORPORATION All rights reserved | |||
Quarterly Financial Results
Billions of Yen
Due to the change in accounting policy, the timing of revenue
130.0 | recognition has been changed to Inspection/Acceptance Basis. | 50% | |||||||||||||||||||||||||||||||||||||
120.0 | |||||||||||||||||||||||||||||||||||||||
110.0 | |||||||||||||||||||||||||||||||||||||||
100.0 | 40% | ||||||||||||||||||||||||||||||||||||||
90.0 | |||||||||||||||||||||||||||||||||||||||
80.0 | 30% | ||||||||||||||||||||||||||||||||||||||
70.0 | |||||||||||||||||||||||||||||||||||||||
60.0 | |||||||||||||||||||||||||||||||||||||||
50.0 | 20% | ||||||||||||||||||||||||||||||||||||||
40.0 | |||||||||||||||||||||||||||||||||||||||
30.0 | 10% | ||||||||||||||||||||||||||||||||||||||
20.0 | |||||||||||||||||||||||||||||||||||||||
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 | 3Q | 4Q |
FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
Net Sales | Operating Income | Ordinary Income Margin | ||
Net sales and both the operating income and ordinary income hit record highs on a quarterly basis.
(FY24_4Q Operating income margin 42.9％, Ordinary income margin 43.0%, Net income margin 32.0%)
5 | ©DISCO CORPORATION All rights reserved | ||||
Quarterly Sales Breakdown by Product
Billions of Yen
130.0 | ||||||||||||||||||||
120.0 | ||||||||||||||||||||
110.0 | ||||||||||||||||||||
100.0 | ||||||||||||||||||||
90.0 | ||||||||||||||||||||
80.0 | ||||||||||||||||||||
70.0 | ||||||||||||||||||||
60.0 | ||||||||||||||||||||
50.0 | ||||||||||||||||||||
40.0 | ||||||||||||||||||||
30.0 | ||||||||||||||||||||
20.0 | ||||||||||||||||||||
10.0 | ||||||||||||||||||||
_1Q | 2Q | 3Q | 4Q | _1Q | 2Q | 3Q | 4Q | _1Q | 2Q | 3Q | 4Q | _1Q | 2Q | 3Q | 4Q | _1Q | 2Q | 3Q | 4Q | |
FY20 | FY21 | FY22 | FY23 | FY24 |
Other
Maintenance Parts
Precision Processing Tools (Consumables)
Precision Processing Equipment
Note: Composition percentages are listed as additional information on the DISCO website.
6 | ©DISCO CORPORATION All rights reserved | ||||
Quarterly Sales Breakdown by Region
Billions of Yen
130.0
120.0
Asia
110.0
100.0
90.0
Japan
80.0
70.0
60.0
Europe
50.0
40.0
30.0
North America
20.0
10.0
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
FY20 | FY21 | FY22 | FY23 | FY24 |
FY24_4Q Overseas sales ratio: 90.4%
7 | ©DISCO CORPORATION All rights reserved | ||||
Quarterly Shipments
Billions of Yen
120.0
110.0
100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
92.5
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 | 3Q | 4Q |
FY24_4Q Shipment total: approx. 92.5 billion yen
8 | ©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 | |||||||||||||||||||||||||
_1Q | 2Q | 3Q | 4Q | _1Q | 2Q | 3Q | 4Q | _1Q | 2Q | 3Q | 4Q | _1Q | 2Q | 3Q | 4Q | _1Q | 2Q | 3Q | 4Q | ||||||
FY20 | FY21 | FY22 | FY23 | FY24 | |||||||||||||||||||||
QoQ: | Although sales for non-semiconductors increased, a decrease in sales for IC drove down the whole. | ||||||||||||||||||||||||
YoY: | Decreased for power semiconductors due to a slowdown in the demand for EV. | ||||||||||||||||||||||||
9 | ©DISCO CORPORATION All rights reserved |
Dicer: Sales by Application
Shipment Basis | Dicer |
Non-semiconductors
Other semiconductors
Optical semiconductors
Package singulation
IC
_1Q | 2Q | 3Q | 4Q | _1Q | 2Q | 3Q | 4Q | _1Q | 2Q | 3Q | 4Q | _1Q | 2Q | 3Q | 4Q | _1Q | 2Q | 3Q | 4Q |
FY20 | FY21 | FY22 | FY23 | FY24 |
QoQ: | Decreased for IC, in particular for memory and power semiconductors. |
YoY: | Decreased for power semiconductors due to a slowdown in the demand for EV. |
10 | ©DISCO CORPORATION All rights reserved |