C Sun Mfg (2467) Q4 2024 earnings summary

Executive summary

• FY2024 revenue was NT$4,818,209 thousand and operating profit was NT$635,996 thousand, compared with NT$3,625,801 thousand and NT$402,656 thousand in FY2023.

• Net profit was NT$756,575 thousand; profit attributable to parent owners was NT$719,160 thousand, and basic EPS was NT$4.80.

• Auditors issued an unqualified opinion; revenue recognition was a key audit matter because sales recognition depends on customer acceptance and transfer-of-control judgments.

Financial highlights

• Gross margin was 41% in both FY2024 and FY2023; operating margin was 13% versus 11%, and net profit margin was 16% versus 15%.

• Profit before tax reached NT$979,564 thousand versus NT$584,032 thousand; income tax expense rose to NT$222,989 thousand from NT$53,911 thousand.

• Other gains and losses were NT$126,312 thousand versus NT$2,769 thousand; FY2024 included NT$45,523 thousand in net FX gains and NT$49,270 thousand in net gains on financial assets and liabilities at fair value.

• Operating cash flow was NT$873,953 thousand versus NT$988,088 thousand; cash and cash equivalents ended FY2024 at NT$1,930,703 thousand versus NT$1,432,549 thousand.

Segment performance

• FY2024 external revenue by reporting entity: parent NT$2,611,562 thousand; Guangzhou NT$829,440 thousand; Creation Machines NT$1,343,178 thousand; Other NT$34,029 thousand.

• Geographic revenue was Taiwan NT$2,069,270 thousand, China NT$2,055,370 thousand and other markets NT$693,569 thousand; customer A contributed NT$986,956 thousand, or 20% of revenue.