Tongfu Microelectronics (002156) H1 2024 earnings summary

Executive summary

• Achieved revenue of ¥11.08 billion in H1 2024, up 11.83% year-over-year, driven by semiconductor industry recovery and improved capacity utilization.

• Net profit attributable to shareholders was ¥322.66 million, reversing a loss of ¥187.69 million in the same period last year.

• Operating cash flow increased 24.5% year-over-year to ¥1.84 billion.

• Advanced packaging, memory, display driver, and FC product lines maintained over 50% growth, with strong performance in AI and high-performance computing markets.

• Company continued to invest in R&D, capacity expansion, and talent development to support long-term growth.

Financial highlights

• Revenue: ¥11.08 billion, up 11.83% year-over-year.

• Net profit attributable to shareholders: ¥322.66 million, compared to a loss of ¥187.69 million last year.

• Operating profit: ¥414.87 million, compared to a loss of ¥315.94 million last year.

• Basic and diluted EPS: ¥0.2130, up from -¥0.1244.

• Gross margin for IC packaging and testing: 13.88%, up 3.65 percentage points year-over-year.

• Operating cash flow: ¥1.84 billion, up 24.5% year-over-year.

Outlook and guidance

• Expects continued recovery in consumer electronics and sustained growth in computing power demand in H2 2024.

• Industrial and automotive chip markets are stabilizing, with further growth potential.

• Ongoing expansion in advanced packaging and domestic market customer base.