Global Unichip (3443) Q4 2024 earnings summary

Executive summary

• 4Q24 revenue/net sales was NT$6,022M, down 9% sequentially and 5% year-over-year.

• Net income for 4Q24 was NT$847M, down 18% QoQ but up 19% YoY.

• Full-year 2024 revenue/net sales was NT$25,044M, down 5% from 2023.

• NRE revenue hit a record high for the year, up 25%, while Turnkey revenue fell 15%.

• Full-year net income was NT$3,451M, down 2% from 2023.

Financial highlights

• 4Q24 gross margin was 33.2%, up 4.7ppt YoY but down 2.6ppt QoQ.

• 4Q24 EPS was NT$6.32, down 18% QoQ but up 19% YoY.

• Operating margin for 4Q24 was 14.6%, down 3.4ppt QoQ, up 1.5ppt YoY.

• Annual gross margin for 2024 was 32.4%, up from 30.4% in 2023.

• Cash and cash equivalents at year-end were NT$10,427M, up from NT$9,257M in 3Q24.

Segment performance

• 4Q24 NRE revenue: NT$1,808M (+7% YoY, -25% QoQ); Turnkey: NT$4,159M (-6% YoY, +4% QoQ); Others: NT$55M (-73% YoY, -69% QoQ).

• 16nm and below accounted for 88% of NRE revenue in 4Q24; 5nm & below made up 33%.

• 5nm & below contributed 25% of Turnkey revenue in 4Q24, mainly from 3nm projects.

• By application, Digital Consumer led at 37–38% of sales; "Others" (mainly Crypto) rose to 26%.

• By region, USA contributed 41% of sales; Taiwan, China, and USA together made up 75%.