Largan Precision (3008) Q2 2024 earnings summary

Executive summary

• Net revenue for Q2 2023/2Q24 reached NT$10,985 million, up 34% year-over-year; first half revenue rose 29% year-over-year to NT$22,298 million.

• Net income for Q2 2023/2Q24 was NT$4,498 million, with first half net income up 52% year-over-year to NT$10,609 million.

• Earnings per share (EPS) for Q2 2023/2Q24 was NT$33.70; first half EPS was NT$79.49, up from NT$52.33 in the prior year.

• Gross margin for Q2 2023 was 48%, consistent with the prior year.

• Board approved a cash dividend of NT$40 per share for the first half of 2023.

Financial highlights

• Q2 2023/2Q24 gross profit was NT$5,316 million; first half gross profit increased 27% year-over-year to NT$10,879 million.

• Income from operations in Q2 2023/2Q24 was NT$3,889 million; first half operating income rose 30% year-over-year to NT$7,850 million.

• Pre-tax income for Q2 2023/2Q24 was NT$5,806 million; first half pre-tax income increased 48% year-over-year to NT$13,236 million.

• Cash and cash equivalents at June 30, 2023 were NT$106,420 million.

• Operating cash flow for the first half was NT$16,969 million.

Segment performance

• 2Q24 lens shipment mix: 10MP accounted for 50-60%, 20MP+ and <5MP each 20-30%, 8MP at 0-10%.

• All major business segments (optical lenses, camera modules, etc.) contributed to revenue growth.

• Overseas subsidiaries and investments continued to support consolidated results.