ChipMOS(US:IMOS)2025-04-15 10:15Revenue Performance - Revenue increased by NT$1,340 million, or 6%, to NT$22,696 million (US$692 million) in 2024 from NT$21,356 million in 2023[302] - Revenue from testing services rose by NT$573 million, or 13%, to NT$4,968 million (US$152 million) in 2024, driven by a 10% increase in sales quantity compared to 2023[303] - Revenue from assembly services increased by NT$761 million, or 16%, to NT$5,390 million (US$164 million) in 2024, with a 36% increase in sales quantity compared to 2023[304] - Revenue from display panel driver semiconductor assembly and testing services decreased by NT$503 million, or 6%, to NT$7,319 million (US$223 million) in 2024, due to an 11% decrease in sales quantity compared to 2023[305] - Revenue from bumping services increased by NT$509 million, or 11%, to NT$5,019 million (US$153 million) in 2024, supported by a 5% increase in sales quantity compared to 2023[306] Profitability - Gross profit for 2024 was NT$2,944.1 million (US$89.8 million), with a gross profit margin of 13.0%[288] - Profit for the year attributable to equity holders of the Company was NT$1,440 million (US$44 million) in 2024, down from NT$1,968 million in 2023[297] - Operating profit decreased to NT$1,273.9 million (US$38.9 million) in 2024, representing a margin of 5.6%[299] - Gross profit decreased to NT$2,944 million (US$90 million) in 2024, with a gross margin of 13.0%, down from 16.6% in 2023[308] - The gross profit margin for testing services decreased to 19.2% in 2024 from 19.9% in 2023, attributed to rising costs outpacing revenue growth[309] - Net profit decreased by NT$528 million, or 27%, to NT$1,440 million (US$44 million) in 2024 from NT$1,968 million in 2023[320] Expenses - Cost of revenue increased by NT$1,945 million, or 11%, to NT$19,752 million (US$602 million) in 2024 from NT$17,807 million in 2023, driven by higher direct material and personnel-related expenses[307] - Research and development expenses are expected to increase as the Company continues to explore new technologies and service offerings[291] - Research and development expenses rose by NT$70 million, or 6%, to NT$1,163 million (US$36 million) in 2024, primarily due to increased personnel-related expenses and R&D material costs[317] - General and administrative expenses decreased by NT$20 million, or 4%, to NT$478 million (US$15 million) in 2024 from NT$498 million in 2023[316] Cash Flow and Financing - Net cash generated from operating activities amounted to NT$5,941 million (US$181 million) in 2024, a decrease from NT$6,607 million in 2023, primarily due to lower profit before income tax[329] - Net cash used in investing activities was NT$615 million (US$19 million) in 2024, mainly due to net payments for property, plant, and equipment[330] - Net cash used in financing activities amounted to NT$2,475 million (US$75 million) in 2024, compared to NT$1,059 million in 2023[331] - The company had cash and cash equivalents of NT$15,219 million (US$464 million) as of December 31, 2024[324] - The company believes current cash and cash equivalents will be sufficient to meet capital needs for the next year, despite global economic uncertainties[338] Debt and Taxation - As of December 31, 2024, long-term bank loans totaled NT$13,759 million (US$420 million), with NT$10,213 million (US$311 million) collateralized by assets[333] - Long-term bank loans are floating rate loans with rates between 1.325% to 1.875% as of December 31, 2024[333] - The company has a repayment schedule for long-term loans, with NT$3,326 million (US$102 million) due in 2025[336] - Tax credits resulted in tax savings of approximately NT$18 million (US$549 thousand) in 2024[341] - In 2024, tax credits for investment resulted in tax savings of approximately NT$75 million (US$2 million)[342] - The company is eligible for tax deductions on R&D expenditures, which can reduce income tax payable by up to 15%[341] Capacity Utilization - Average capacity utilization rate for testing of memory and logic/mixed-signal semiconductors was 63% in 2024, up from 58% in 2023[280] Other Income - Other operating income increased by NT$14 million, or 16%, to NT$100 million (US$3 million) in 2024, mainly due to increased insurance compensation income[318]