Tongfu Microelectronics (002156) Q3 2024 earnings summary

Executive summary

• Achieved revenue of ¥6.00 billion in Q3 2024, up 0.04% year-over-year; YTD revenue reached ¥17.08 billion, up 7.38% year-over-year.

• Net profit attributable to shareholders in Q3 was ¥229.85 million, up 85.32% year-over-year; YTD net profit was ¥552.52 million.

• EBITDA for the first nine months was ¥3.545 billion, up 21.78% from ¥2.911 billion in the prior year period.

• Semiconductor industry showed overall recovery, with improved capacity utilization and significant growth in mid-to-high-end product revenue.

Financial highlights

• Gross margin improved as operating profit for the first nine months reached ¥743.47 million, compared to a loss of ¥142.35 million in the prior year.

• Basic EPS for Q3 was ¥0.1515, up 84.31% year-over-year; YTD EPS was ¥0.3645.

• Net cash flow from operating activities in Q3 was ¥3.08 billion, up 15.76% year-over-year.

• Total assets at period end were ¥38.07 billion, up 9.16% from the previous year-end.

• Shareholders’ equity increased to ¥14.47 billion, up 3.95% from year-end.

Outlook and guidance

• Management expects continued industry recovery and plans to further invest in new production capacity and mid-to-high-end product lines.