C Sun Mfg (2467) Q4 2023 earnings summary

Executive summary

• FY2023 consolidated results in NT$ thousands: revenue fell to 3,625,801 from 5,366,976; operating profit was 402,656 and net profit was 530,121.

• Auditors issued an unqualified opinion; revenue recognition based on customer acceptance was identified as a key audit matter.

Financial highlights

• Revenue 3,625,801, down from 5,366,976 YoY; net operating margin 1,506,158 (41% of revenue) versus 1,908,005 (36%).

• Operating profit 402,656 versus 729,833; profit before tax 584,032 versus 960,765; net profit 530,121 versus 782,622.

• Parent-attributable profit 486,324 versus 718,965; basic EPS NT$3.12 versus NT$4.59.

• Operating cash flow rose to 988,088 from 611,971; cash and equivalents ended FY2023 at 1,432,549 versus 1,371,810.

• Total comprehensive income was 926,826 versus 811,850, including FY2023 other comprehensive income of 396,705.

Segment performance

• External revenue by reporting segment: C SUN MFG. 1,741,191; Csun Technology (Guangzhou) 1,135,313; Creation Machines 628,478; Other 120,819.

• In 2022, external revenue was 2,747,937 for C SUN MFG., 916,137 for Csun Technology (Guangzhou), 1,641,551 for Creation Machines and 61,351 for Other.

• Revenue by geography: Taiwan 1,433,794, China 1,875,314 and other markets 316,693 in FY2023; no customer exceeded 10% of total revenue.

• Product revenue comprised sales of 3,491,588 and services of 134,213, versus 5,264,856 and 102,120, respectively, in FY2022.