Nan Ya Printed Circuit Board (8046) Q4 2024 earnings summary

Executive summary

• 2024 consolidated revenues reached NT$32,283 million, a 24% decrease year-over-year, with a market value of NTD 82.3 billion as of December 31, 2024.

• Net profit for 2024 was NT$204 million, sharply down from NT$5,817 million in 2023.

• Basic and diluted EPS for 2024 were NT$0.32, compared to NT$9.00 in 2023.

• Operations span Taiwan and China, focusing on IC substrates and PCBs, with a history of technological upgrades and capacity expansion, including recent ABF substrate production lines.

• Cash dividends per share for 2024 were NT$1.00, down from NT$5.50 in 2023.

Financial highlights

• 2024 revenues declined 23.6% year-over-year, following a 34.6% drop in 2023, mainly due to ongoing inventory corrections in telecom and consumer electronics.

• Gross profit margin dropped to 1% in 2024 from 19% in 2023.

• Operating loss of NT$1,267 million in 2024 versus operating income of NT$6,330 million in 2023; operating profit decreased by NTD 7,596.7 million from 2023.

• Quarterly revenues in 2024 showed sequential growth in Q2 (+14.4%) and Q3 (+13.2%), but fell 14.4% in Q4 due to seasonal demand drops.

• Net cash from operating activities was NT$2,160 million in 2024, down from NT$16,513 million in 2023.

Segment performance

• Revenue mix in 2024 remained flat for PCs and consumer electronics, with limited recovery.

• Telecom segment saw a declining sales ratio as customers delayed purchases, while automotive revenue contribution decreased due to price competition and supply chain issues.

• AI and HPC product demand was robust, increasing their revenue share in 2024.

• Domestic segment revenue was NT$21,855 million, American segment NT$10,428 million, and Asian segment NT$0 million (external clients) in 2024.

• Mainland China remains a key market, contributing NT$14,527 million in revenue.