ShunSin Technology (6451) Q4 2024 earnings summary

Executive summary

• Revenue for 2023 was NT$5,188 million, nearly flat compared to NT$5,212 million in 2022, but gross margin dropped from 23% to 13% year-over-year.

• Operating loss of NT$227 million in 2023, compared to operating profit of NT$284 million in 2022.

• Net income attributable to owners was NT$42.7 million, a sharp decline from NT$434.2 million in 2022.

• Basic and diluted EPS for 2023 were NT$0.40, down from NT$4.10 and NT$4.06, respectively, in 2022.

Financial highlights

• Gross profit fell to NT$684 million in 2023 from NT$1,221 million in 2022, reflecting a significant margin contraction.

• Operating expenses remained stable at NT$910 million in 2023 versus NT$937 million in 2022.

• Net cash provided by operating activities was NT$395 million, down from NT$1,865 million in 2022.

• Cash and cash equivalents at year-end were NT$6,928 million, down from NT$8,071 million a year earlier.

• Total assets increased to NT$16,785 million from NT$14,751 million year-over-year.

Outlook and guidance

• Management expects no material impact from newly adopted or upcoming IFRS standards.

• No explicit forward-looking revenue or profit guidance was provided.