C Sun Mfg (2467) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue was NT$1,349,332 thousand, up from NT$728,682 thousand YoY; net income rose to NT$199,248 thousand from NT$79,303 thousand, with basic EPS of NT$1.25 vs. NT$0.49.

• H1 revenue reached NT$2,429,353 thousand vs. NT$1,695,536 thousand; net income was NT$376,867 thousand vs. NT$220,051 thousand, and basic EPS was NT$2.40 vs. NT$1.32.

Financial highlights

• H1 operating income increased to NT$331,997 thousand from NT$182,461 thousand; profit before tax rose to NT$481,941 thousand from NT$233,248 thousand.

• H1 gross margin was 40% vs. 38% YoY; Q2 gross margin was 38% vs. 39%.

• H1 other comprehensive income was NT$1,297,734 thousand vs. NT$199,428 thousand; total comprehensive income was NT$1,674,601 thousand vs. NT$419,479 thousand, including substantial investment fair-value gains.

• H1 equity-method associate income increased to NT$62,337 thousand from NT$25,927 thousand; other gains and losses totaled NT$72,361 thousand vs. NT$729 thousand.

Segment performance

• H1 reportable segment income was NT$603,933 thousand vs. NT$295,798 thousand; other segment items reduced the total by NT$121,992 thousand vs. NT$62,550 thousand, reconciling to pretax income.

• Hong-Teng Corp. contributed NT$774 thousand of revenue and NT$401 thousand of pretax profit after consolidation from June 1, 2024.