GlobalWafers (6488) Q4 2023 earnings summary

Executive summary

• FY2023 consolidated revenue reached NT$81.966bn, up 0.12% YoY and a record; EPS rose to NT$16.99, also a record.

• Semiconductor-wafer revenue was NT$70.652bn, up 0.5% YoY; renewable energy and other businesses contributed 12% of consolidated revenue, with automotive components contributing 2%.

Financial highlights

• Q4 revenue was NT$21.143bn, down 0.3% YoY and up 7.9% QoQ; net income was NT$2.883bn and EPS was NT$4.03.

• FY2023 operating income was NT$18.607bn, down 26.74% YoY; net income was NT$17.779bn, up 10.01%, and EBITDA was NT$30.598bn, up 11.32%.

• FY2023 pretax income of NT$24.549bn included gains from fair-value measurement of Siltronic shares and other non-operating factors.

Outlook and guidance

• M10 N TOPCon solar cells, with stated 25% conversion efficiency, were expected to enter mass production in 2024.

• Small hydropower operations began in 2023, with commercial operation expected by end-2025; a new power-sales business is developing renewable-energy procurement solutions.

• Taiwan solar project demand was expected to improve from Q2 2024; wafer-sector recovery was expected to lag downstream markets by one to two quarters as customers worked through inventory.