JCET Group (600584) Q4 2024 earnings summary

Executive summary

• Revenue reached RMB 35.96 billion in 2024, up 21.24% year-over-year; net profit attributable to shareholders was RMB 1.61 billion, up 9.44% year-over-year; adjusted net profit (excluding non-recurring items) was RMB 1.55 billion, up 17.02% year-over-year.

• All four core application areas—communications, consumer, computing, and automotive electronics—achieved double-digit revenue growth; automotive electronics revenue grew 20.5%, outpacing the industry average.

• Completed the acquisition of 80% equity in Shengdie Semiconductor, expanding market share in storage and computing electronics.

• Maintained stable profitability through cost control, supply chain resilience, and digital transformation initiatives.

Financial highlights

• Operating income: RMB 35.96 billion, up 21.24% year-over-year.

• Net profit attributable to shareholders: RMB 1.61 billion, up 9.44% year-over-year.

• Adjusted net profit (excluding non-recurring items): RMB 1.55 billion, up 17.02% year-over-year.

• Operating cash flow: RMB 5.83 billion, up 31.5% year-over-year.

• Basic and diluted EPS: RMB 0.90, up 9.76% year-over-year.

• Gross margin: 12.88%, down 0.61 percentage points year-over-year.

Outlook and guidance

• Global semiconductor market expected to grow 19% in 2024 and 11.2% in 2025, driven by logic and memory chips.

• Company will continue to invest in advanced packaging, international expansion, and R&D, with a planned RMB 8.5 billion in fixed asset investment for 2025.

• Focus on high-growth areas such as AI, high-performance computing, storage, and automotive electronics.