Vanguard International Semiconductor (5347) Q4 2024 earnings summary

Executive summary

• Net revenue for 2024 was NT$44,055 million, up 15% year-over-year; net income was NT$7,047 million, down 4% from 2023.

• 4Q24 net revenue was NT$11,553 million, up 19% year-over-year but down 2% sequentially; net income for 4Q24 was NT$1,847 million, down 23% year-over-year and 13% sequentially.

• Diluted EPS for 2024 was NT$4.16, down 6% year-over-year; 4Q24 EPS was NT$1.03.

Financial highlights

• Gross profit margin in 4Q24 was 28.7%, up from 23.0% in 4Q23.

• Operating income for 4Q24 was NT$1,925 million, up 105% year-over-year but down 14% sequentially.

• Cash and financial instruments at year-end reached NT$66,749 million, up from NT$43,901 million in 3Q24.

• Total assets at year-end 2024 were NT$148,706 million, up 45% year-over-year.

• Equity attributable to shareholders rose 40% year-over-year to NT$64,104 million.

Outlook and guidance

• 1Q25 wafer shipment expected to increase 8–10% QoQ, with blended ASP to decrease 4–6% QoQ.

• Gross profit margin for 1Q25 guided between 29% and 31%.

• LTA income projected to contribute an extra 2% of revenue in 1Q25.

• Management highlighted strong cash position and ongoing investments in capacity and R&D.