SINBON Electronics (3023) Q2 2024 earnings summary

Executive summary

• H1 2024 consolidated revenue was NTD 16.34 billion, down 5% year-over-year, with net income of NTD 1.85 billion, up 13% year-over-year.

• Q2 2024 net sales reached NTD 8.31 billion, up 3% sequentially but down 5% year-over-year.

• Net income for Q2 2024 was NTD 935 million, with a net margin of 11.3%.

• The company maintained strong profitability with improved operating income and higher EPS.

• The company maintains a global footprint with 9 factories and over 6,500 employees worldwide.

Financial highlights

• H1 2024 operating income was NTD 1.86 billion, up 11% year-over-year.

• Basic EPS for H1 2024 was NTD 7.69, up from NTD 7.57 in H1 2023.

• Q2 2024 operating income was NTD 961 million, up 78% year-over-year.

• Annual 2023 net sales were NTD 32.76 billion, up 7% year-over-year.

• Operating cash flow for H1 2024 was NTD 1,145 million, down from NTD 3,425 million in H1 2023.

Segment performance

• H1 2024: Green Energy revenue was NTD 4,991 million, Industrial Application NTD 4,846 million, Communication NTD 2,967 million, Automotive NTD 2,191 million, Medical Health NTD 1,345 million.

• H1 2024: Green Energy down 10%, Industrial Application up 2%, Medical Health down 10%, Automotive down 11%, Communication up 2% year-over-year.

• Q2 2024: Green Energy revenue fell 13% year-over-year; Industrial Application grew 4%; Medical Health declined 11%; Automotive dropped 14%; Communication rose 5%.

• 2023: Green Energy up 21%, Industrial Application up 10%, Automotive up 15%, Communication down 14%, Medical Health down 3% year-over-year.

• H1 2024 revenue mix: Green Energy 31%, Industrial Application 30%, Communication 18%, Automotive 13%, Medical Health 8%.