JCET Group, a global provider of integrated circuit (IC) manufacturing and technology services, today announced its full year financial results for the year ended December 31, 2022. According to the financial report, in 2022 JCET achieved revenue of RMB 33.76 billion, an increase of 10.7% year-on-year, and net profit attributable to owners of the parent of RMB 3.23 billion, an increase of 9.2% year-on-year.
In 2022, JCET’s pioneering efforts in advanced packaging and testing technology and manufacturing continued to yield results. The company has honed its core technological capabilities through in-depth collaboration with global customers, forming a differentiating competitive advantage. The company’s XDFOI™ high-density multi-dimensional heterogeneous integration chiplet technologies have entered the stage of high volume manufacturing (HVM). The company now provides multiple customers with HVM advanced packaging solutions for 4D millimeter-wave radar. During the reporting period, the profit and revenue contributed by high-performance, high-density system-level packaging technology and fan-out wafer-level packaging technology showed solid growth year-on-year. The revenue share of high-value-added products such as computing electronics and automotive electronics also continued to grow. Revenue from automotive electronics increased by 85% year-on-year in 2022, while computing electronics increased by 46% year-on-year. The company gained more test businesses in areas such as 5G RF, automotive chips, high-performance computing chips, and related business attributing to a revenue increase of 25% year-on-year. Over the past three years, the company has achieved positive free cash flow for 13 consecutive quarters through continuous improvement in profitability and asset structure, improvement in cash flow capacity, and a decrease in its asset-to-liability ratio.
Always being customer-centric, JCET has comprehensively and continuously improved its production and service quality and has been highly recognized by customers and other parties around the world. At the same time, the company continues to optimize its production capacity structure and actively meet customers’ medium and long-term needs. The construction of the Microelectronics Wafer-level Microsystems Integration High-end Manufacturing Project has steadily progressed. In order to further strengthen the product research and development capabilities in the field of cutting-edge technology, the company completed an increase of capital to RMB 1 billion for its wholly-owned subsidiary, JCET Management Co., Ltd. The construction of an Industry 4.0 intelligent new plant in the company’s South Korea factory has been completed, and the Singapore factory has achieved a series of automated production and technological upgrades.
Mr. Li Zheng, CEO of JCET said, “In 2022, the company overcame adverse external factors such as shrinking demand in the end consumer market, and completed new technology developments in the fields of automotive electronics, high-performance computing, and other fields as well as the HVM of new products from several world-renowned customers, laying a solid foundation for the company’s high-quality development in the future. Since the fourth quarter of 2022, the downward pressure on consumer markets such as mobile phones has remained significant, and the global IC industry is still in a typical downward cycle. JCET is actively utilizing its flexible global layout and the adjustment period in which revenue and profit margins are under short-term pressure to accelerate the active transformation of back-end chip manufacturing processes to high performance, as well as the automation and intelligent upgrade of production lines, to provide sufficient preparation for the global market recovery in the near future, and a new round of application demand growth.”