SINBON Electronics (3023) Q4 2023 earnings summary

Executive summary

• 2023 revenue was NT$32,762,285 thousand versus NT$30,574,800 thousand in 2022; operating income was NT$3,396,863 thousand and net income was NT$3,091,892 thousand.

• 2023 Q1–Q3 net income reached a record NTD 2,881m, with a 10.57% net margin; Green Energy and Automotive grew 38% and 29% YoY, respectively.

• 2023 Jan–Nov revenue was NTD 30,769m, up 9% YoY; sustainable revenue represented 48.37% of revenue.

• Auditors issued an unqualified opinion; inventory valuation and accounts receivable impairment were key audit matters.

Financial highlights

• Gross profit was NT$8,405,730 thousand versus NT$7,731,524 thousand; operating income was NT$3,396,863 thousand versus NT$3,326,449 thousand.

• Net income was NT$3,091,892 thousand versus NT$3,023,030 thousand; parent-attributable net income was NT$3,283,914 thousand versus NT$2,880,553 thousand.

• Expected credit loss expense rose to NT$751,384 thousand from NT$76,385 thousand; operating cash flow improved to NT$5,194,310 thousand from NT$2,486,399 thousand.

• Basic EPS was NT$13.71 versus NT$12.22; diluted EPS was NT$13.58 versus NT$11.88.

Segment performance

• Green Energy revenue was NT$9,936,675 thousand versus NT$8,198,039 thousand; segment profit was NT$1,034,401 thousand versus NT$762,388 thousand.

• Industrial Application revenue was NT$9,057,678 thousand versus NT$8,200,273 thousand; segment profit was NT$1,267,253 thousand versus NT$1,238,570 thousand.

• Automotive & Aviation revenue was NT$4,946,435 thousand versus NT$4,294,978 thousand; segment profit was NT$542,939 thousand versus NT$522,325 thousand.

• Medical Health revenue was NT$2,689,049 thousand versus NT$2,783,902 thousand; segment profit was NT$504,101 thousand versus NT$566,053 thousand.

• Communication revenue was NT$6,132,448 thousand versus NT$7,097,608 thousand; segment profit was NT$569,493 thousand versus NT$753,129 thousand.