Fully Integrated and Optimized Strategies for Growth Propel JCET to Quarterly Highs for Revenue and Profit in Q1 2021


Q1 2021 financial highlights

•  Revenue was RMB 6.71 billion. It was an increase of 17.6% year on year and a record high first quarter in the company’s history.
•  Generated RMB 1.20 billion cash from operations, up 4.9% year on year. With net capex investments of RMB 0.56 billion, free cash flow for the quarter was RMB 0.64 billion.
•  Net profit was RMB 0.39 billion. A record high first quarter in the company's history with 188.7% year on year growth.
•  Earnings per share was RMB 0.24, as compared to RMB 0.08 in Q1 2020. 

Shanghai, China, April 28th, 2021 - JCET (SSE: 600584), a leading global provider of integrated circuit (IC) manufacturing and technology services, today announced its financial results for the first quarter of 2021 ended March 31, 2021. According to the financial report, in Q1 2021, JCET maintained its momentum of growth and strong profitability, with revenue of RMB 6.71 billion and net profit of RMB 0.39 billion, which achieved 17.6% and 188.7% year on year growth respectively

In 2020, JCET played on its strengths of unparalleled industry insights and strategies, promoted development with innovation, and improved efficiency led by a world class management team. After nearly two years of resource optimization and integration, JCET’s operations are now running in their optimum mode. With a concise development strategy and roadmap in place, as well as a team driven by passion to win, JCET has constructed a solid foundation for growth in 2021. 

Mr. Li Zheng, CEO of JCET said, “After reaching new highs in financial performance for 2020, including a net profit more than doubled of the previous 17 years’ combined, JCET’s earnings and revenue for the first quarter of 2021 again set new records year-over-year. Our continued excellence in R&D, manufacturing and strategic management is the key to our success and positions us well for even better results in 2021." 

Ms. Janet Chou, CFO of JCET said: “We achieved record quarterly revenue and profitability. Our gross margin expanded 2.9 percentage points year over year. Our debt leverage ratio decreased to below 2.0. We delivered RMB 0.64 billion free cash flow which demonstrated the strength of our business model. Our outstanding performance reflects solid execution of our growth strategy.” 

Recently, with a strong recovery underway in the automotive market and an increased demand for deeper collaborative design within the industry supply chain, JCET announced the official opening of its Automotive Electronics Business Center and Design Services Business Center to further enhance the technology innovation advantage. The investment of resources into these two new business units demonstrates JCET’s commitment to promoting collaborative and synergistic development across the IC industry and further strengthens its position for continued growth.

For more information, please refer to JCET Q1FY2021 report.