JCET Group (600584) Q2 2024 earnings summary

Executive summary

• Achieved revenue of RMB 15.49 billion in H1 2024, up 27.2% year-over-year, with net profit attributable to shareholders of RMB 619 million, up 25.0% year-over-year.

• All major business segments saw double-digit sequential growth in Q2, with automotive electronics revenue up over 50% quarter-on-quarter.

• Maintained positive free cash flow of RMB 1.16 billion in H1 2024.

• Completed acquisition of 80% equity in SanDisk Semiconductor (Shanghai) and announced a major shareholder change, with China Resources becoming the controlling shareholder.

Financial highlights

• Revenue: RMB 15.49 billion, up 27.2% year-over-year.

• Net profit attributable to shareholders: RMB 619 million, up 25.0% year-over-year.

• Operating cash flow: RMB 3.03 billion, up 25.0% year-over-year.

• Gross margin: 24.2% (calculated from disclosed data).

• Basic and diluted EPS: RMB 0.35, up 25.0% year-over-year.

• R&D expenses: RMB 819 million, up 22.4% year-over-year.

Outlook and guidance

• Management remains cautiously optimistic for H2 2024, noting positive industry trends but also ongoing market risks.

• Will continue to focus on high-performance packaging, automotive, and industrial electronics, and flexible strategy adjustments.