ASRock Industrial Computer (3515) Q4 2024 earnings summary

Executive summary

• FY2024 revenue rose 35% to NTD 25,653,837 thousand and net profit reached NTD 1,580,728 thousand; operating income was NTD 1,672,347 thousand.

• Q4 revenue surged 64% YoY to NT$9,210m, while operating income fell 7% and gross margin narrowed to 15%.

Financial highlights

• FY2024 gross profit was NTD 4,871,876 thousand, versus NTD 3,829,518 thousand in 2023; reported gross margin was 19%, versus 20%.

• FY2024 operating expenses were NTD 3,199,529 thousand; operating income was NTD 1,672,347 thousand, versus NTD 1,147,171 thousand in 2023.

• FY2024 profit before tax was NTD 1,937,849 thousand, versus NTD 1,217,905 thousand; income tax expense was NTD 357,121 thousand, versus NTD 240,351 thousand.

• Net profit attributable to owners was NTD 1,288,775 thousand, versus NTD 919,041 thousand; diluted EPS was NTD 10.49, versus NTD 7.52.

• Q4 gross profit was NT$1,423m (+10% YoY), net income NT$502m (+29%), attributable net income NT$412m (+26%) and EPS NT$3.34 (+24%).

Segment performance

• Operations were monitored as one operating segment; revenue was also presented geographically.

• Asia revenue was NTD 11,689,833 thousand versus NTD 6,067,689 thousand; America revenue was NTD 8,326,019 thousand versus NTD 7,109,648 thousand.

• Europe revenue was NTD 5,567,715 thousand versus NTD 5,655,892 thousand; other regions contributed NTD 70,270 thousand versus NTD 158,616 thousand.