Sunrex Technology (2387) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2023 (Jul–Sep) was NT$6,717.7M, up 12.2% year-over-year; net income for the quarter was NT$409.7M, down 14.5% year-over-year.

• For the nine months ended Sep 30, 2023, revenue reached NT$17,766.4M, up 9.8% year-over-year; net income was NT$1,013.6M, nearly flat compared to the prior year.

• Gross margin for Q3 was 20%, slightly lower than the prior year’s 18%.

Financial highlights

• Q3 2023 EPS was NT$2.17 (basic and diluted), compared to NT$2.45 and NT$2.44 in Q3 2022.

• Nine-month EPS was NT$5.24 (basic), unchanged from NT$5.23 in the prior year.

• Cash and equivalents at Sep 30, 2023, were NT$3,953.0M, down from NT$4,453.1M a year ago.

• Total assets at Sep 30, 2023, were NT$21,119.1M; total liabilities were NT$9,759.1M.

• Operating cash flow for the nine months was NT$1,482.1M, down from NT$3,027.1M year-over-year.

Outlook and guidance

• Management expects continued demand for notebook keyboards and related products, with ongoing investments in Southeast Asia manufacturing capacity.