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Event2024-05-02
Chicony Power Reported 2024 First Quarter Results
Chicony Power Technology Co., Ltd. (6412.TW) today announced its consolidated financial results for the first quarter of 2024. The company reported record-breaking first-quarter gross margin, operating margin, and net margin, driven by favorable Forex and improved product mix.
Chicony Power’s consolidated revenues for the first quarter was NT$8,046 million, down 3.0% YoY. The revenue decline in 1Q was mainly due to the sluggish demand for consumer-related products. The company’s gross margin grew 2.1ppt YoY to 20.8%. Operating margin improved 0.9ppt from the year-ago quarter to 9.7%, while net margin went up 1.5ppt YoY to 8.5%. As a result, its gross profit reached NT$1,675million, up 8.2% YoY. Operating profit totaled NT$784 million, up 7.9% YoY. Net profits increased 17.1% YoY to NT$681 million. Net net, basic EPS was NT$1.70, up 15.6% YoY.
Chicony Power also announced its unaudited consolidated April 2024 revenue NT$2,609 million, down 4.9% YoY. For the first four months, accumulated revenues totaled NT$10,655 million, down 3.4% YoY.
| (NT$ million) | 1Q24 | 4Q23 | QoQ% | 21Q23 | YoY % |
|---|---|---|---|---|---|
| Net Sales | 8,046 | 9,009 | -10.7 | 8,291 | -3.0 |
| Gross Profit | 1,675 | 2,084 | -19.6 | 1,548 | 8.2 |
| Operating Profit | 784 | 1,129 | -30.6 | 726 | 7.9 |
| Pre-tax income | 841 | 1,250 | -32.7 | 737 | 14.1 |
| Net Income | 681 | 982 | -30.7 | 581 | 17.1 |
| After Tax EPS (NT$) | 1.70 | 2.46 | -30.9 | 1.47 | 15.6 |
| Profit margins % | |||||
| GPM | 20.8 | 23.1 | -2.3ppt | 18.7 | +2.1ppt |
| OPM | 9.7 | 12.5 | -2.8ppt | 8.8 | +0.9ppt |
| NPM | 8.5 | 10.9 | -2.4ppt | 7.0 | +1.5ppt |
