Techwing (089030) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was ₩91.1 billion, down from ₩133.6 billion in H1 2023, reflecting a challenging market environment.

• Operating income for H1 2024 was ₩12.7 billion, up from ₩3.2 billion in H1 2023, indicating improved operational efficiency.

• Net loss attributable to owners was ₩9.4 billion in H1 2024, compared to a net loss of ₩9.3 billion in H1 2023.

• Major customers include Micron, SK Hynix, and Samsung Display, with Micron accounting for 39% of H1 2024 sales.

• The company expanded its business scope to include solar power generation and electricity sales in March 2024.

Financial highlights

• H1 2024 revenue: ₩91.1 billion (down 32% YoY); operating income: ₩12.7 billion (up 304% YoY).

• Net loss for H1 2024: ₩9.6 billion; basic EPS: -₩263.

• Cash and equivalents at June 30, 2024: ₩20.1 billion, up from ₩13.6 billion at end-2023.

• Total assets: ₩498.9 billion; total liabilities: ₩298.2 billion; equity: ₩200.7 billion.

• Dividend for FY2023 was ₩130 per share, paid in March 2024.

Outlook and guidance

• The company expects continued demand for semiconductor test equipment, driven by AI, HBM, and SSD market growth.

• Solar power business is expected to provide stable, long-term revenue with minimal labor requirements.

• Ongoing R&D investment to strengthen competitiveness in semiconductor and display test equipment.