ASRock Industrial Computer (3515) Q3 2023 earnings summary

Executive summary

• 9M 2023 revenue rose 10% YoY to NTD 13,383,891 thousand, while operating income, net profit and EPS declined; Q3 revenue, operating income and net profit increased YoY.

• 9M operating cash flow turned positive at NTD 1,277,112 thousand, compared with an outflow of NTD 1,033,826 thousand in 9M 2022.

Financial highlights

• 9M revenue was NTD 13,383,891 thousand vs. NTD 12,221,460 thousand; gross profit was NTD 2,537,813 thousand vs. NTD 2,849,054 thousand.

• 9M operating income fell to NTD 578,329 thousand from NTD 944,796 thousand; net profit was NTD 589,488 thousand vs. NTD 1,177,509 thousand.

• 9M net income attributable to parent owners was NTD 591,931 thousand vs. NTD 1,042,919 thousand; EPS declined to NTD 4.85 from NTD 8.49.

• Q3 revenue was NTD 4,902,222 thousand vs. NTD 3,565,647 thousand, and net profit was NTD 323,246 thousand vs. NTD 234,153 thousand.

• Q3 operating income was NTD 283,449 thousand vs. NTD 50,440 thousand; gross profit was NTD 986,400 thousand vs. NTD 655,055 thousand.

Key financial ratios and metrics

• 9M gross margin was 19% vs. 23% YoY; operating margin was 4% vs. 8%, net margin 4% vs. 10%, and ROE 7% vs. 13%.

• Cash and equivalents were NTD 2,961,660 thousand at September 30, 2023, vs. NTD 2,079M at September 30, 2022; inventory was NTD 6,987M vs. NTD 9,307M.

• 9M operating cash inflow was NTD 1,277,112 thousand; investing and financing cash outflows were NTD 443,661 thousand and NTD 1,663,690 thousand.

• Short-term loans were NTD 0 at September 30, 2023, vs. NTD 625,000 thousand at December 31, 2022.