JCET Group Records Strong Performance in Q1
SHANGHAI, April 30, 2020 /PRNewswire/ -- Global leading semiconductor microsystem integration packaging and test provider, JCET Group (SH: 600584) reported the financial results for Q1 2020, ended March 31, 2020.
Q1 2020 financial highlights:
- Revenue was RMB 5,708 million, a record high in the first quarter. On a comparable basis, taking into account the accounting change in revenue recognition, it was an increase of 44.2% year on year (see note*).
- Generated RMB 1,149 million cash from operations, up 579% year on year. With net capex investments of RMB 671 million, the free cash flow for the quarter was RMB 478 million.
- Net profit was RMB 133.8 million, a record first quarter high in the past five years.
- Earnings per share was 0.08 RMB, as compared to -0.03 in Q1 2019.
Note*: During the reporting period, we optimized the business model for the purchase and sale of certain packaged products, of which JCET Group no longer bears the general inventory risk on the main raw materials. In accordance with PRC GAAP, both revenue and costs of goods sold were recorded on the net basis and decreased by RMB 803 million respectively in the reporting period. This change had no impact on the company's net profit. Assuming that revenue was still recognized by the gross method (should be recorded on the net basis according to PRC GAAP), it would be RMB 6,511 million, an increase of 44.2% over the same period last year.
JCET Group CFO Ms. Janet Chou said, "JCET Group has been a leading innovator in System in Package, Wafer Level and Flip Chip advanced microsystem integration technologies for years. The ramping up of 5G market segments provided a perfect match for JCET Group's advanced technologies and manufacturing capabilities. JCET Group overcame the impact of Covid-19 and went against the industry trend, with revenues of RMB 5,708 million which was a record high for the first quarter."
About JCET Group:
JCET Group is a leading global semiconductor microsystem integration packaging and test provider, offering a full range of turnkey services that include semiconductor package integration design and characterization, R&D, wafer probe, wafer bumping, package assembly, final test and drop shipment to vendors around the world.
Our comprehensive portfolio covers a wide spectrum of semiconductor applications such as mobile, communication, compute, consumer, automotive and industry etc., through advanced wafer level packaging, 2.5D/3D, System-in-Packaging, and reliable flip chip and wire bonding technologies. JCET Group has three R&D centers, six manufacturing locations in China, Singapore and Korea, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to customers in China and around the world.