Sitronix Technology (8016) Q4 2023 earnings summary

Executive summary

• 2023 revenue was NT$16.72bn and net income NT$2.42bn, both below 2022; gross margin fell to 34% from 46%.

• The audit opinion was unmodified; revenue recognition was identified as the key audit matter, with emphasis on sales to customers whose revenue changed significantly.

Financial highlights

• Revenue was NT$16,722,891 thousand in 2023 vs NT$18,027,827 thousand in 2022; gross profit was NT$5,713,702 thousand vs NT$8,254,024 thousand.

• Operating income was NT$2,503,555 thousand vs NT$4,742,524 thousand; income before tax was NT$2,840,565 thousand vs NT$5,106,478 thousand.

• Net income was NT$2,416,544 thousand vs NT$4,230,703 thousand; net income attributable to owners was NT$1,858,341 thousand vs NT$3,610,165 thousand.

• Operating cash flow was NT$4,298,217 thousand vs NT$1,520,097 thousand; year-end cash and cash equivalents were NT$5,499,342 thousand vs NT$5,661,717 thousand.

Segment performance

• Operations are reported as one operating segment; integrated circuits generated NT$16,169,905 thousand of 2023 revenue, with other revenue of NT$552,986 thousand.

• Hong Kong was the largest shipping destination at NT$13,451,241 thousand of 2023 revenue; Taiwan contributed NT$880,864 thousand and China NT$453,694 thousand.

• A single customer accounted for NT$1,589,793 thousand, or 10% of 2023 revenue; the same customer contributed 10% in 2022.