Delta Electronics, Inc. (2308) 3Q 2024 法說會簡報
Company Overview
- Company Name: Delta Electronics, Inc.
- Presentation Title: 3Q 2024 Results
- Disclaimer/Notes:
- The financial numbers are based on International Financial Reporting Standards (IFRS).
- Cumulative consolidated numbers have been reviewed by CPA.
- Slogan: Smarter. Greener. Together.
Business Segments
- Power Electronics (電源及零組件)
- Components (零組件)
- Power and System (電源及系統)
- Fans & Thermal Management (風扇與散熱管理)
- Mobility (交通)
- EV Powertrain System (電動車動力系統)
- Automation (自動化)
- Industrial Automation (工業自動化)
- Building Automation (樓宇自動化)
- Infrastructure (基礎設施)
- ICT Infrastructure (資通訊基礎設施)
- Energy Infrastructure (能源基礎設施)
- Display (視訊系統)
Financial Highlights
3Q 2024 Results
Sales Revenues & Gross Profits
| Metric | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | Y/Y | Q/Q |
|---|---|---|---|---|---|---|---|
| Sales | 107.8 | 100.0 | 91.3 | 103.4 | 112.2 | +4% | +8% |
| GP | 31.8 | 30.4 | 26.9 | 35.3 | 39.2 | +23% | +11% |
| GPM | 29.6% | 30.4% | 29.5% | 34.1% | 34.9% |
Operating Profits & Expenses
| Metric | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | Y/Y | Q/Q |
|---|---|---|---|---|---|---|---|
| R&D | 9.6 | 10.0 | 9.0 | 10.6 | 10.8 | +13% | +2% |
| R&D (% of sales) | 8.9% | 9.9% | 9.8% | 10.2% | 9.6% | ||
| SG&A | 10.4 | 10.1 | 10.5 | 11.6 | 12.0 | +15% | +3% |
| SG&A (% of sales) | 9.6% | 10.1% | 11.6% | 11.2% | 10.6% | ||
| OPEX | 18.5% | 20.0% | 21.4% | 21.4% | 20.3% | +14% | +3% |
| OP | 11.9 | 10.3 | 7.4 | 13.1 | 16.5 | +38% | +25% |
| OPM | 11.0% | 10.4% | 8.1% | 12.7% | 14.6% |
Performance by Segment
| Segment | Sales | Y/Y Sales | Q/Q Sales | Profits | Y/Y Profits | Q/Q Profits | 3Q23 Sales % | 2Q24 Sales % | 3Q24 Sales % |
|---|---|---|---|---|---|---|---|---|---|
| Power Electronics | 62,335 | +10% | +13% | 13,976 | +37% | +24% | 53% | 53% | 56% |
| Mobility | 11,776 | -15% | +4% | 272 | -50% | +0% | 13% | 11% | 10% |
| Automation | 13,360 | +1% | -2% | 347 | -40% | -40% | 12% | 13% | 12% |
| Infrastructure | 24,604 | +2% | +6% | 1,828 | 214% | 87% | 22% | 23% | 22% |
Non-operating Profits
| Metric | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 |
|---|---|---|---|---|---|
| Non-OP | 1.9 | 2.6 | 1.4 | 1.9 | 1.2 |
Profits before Tax v.s EBITDA
| Metric | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | Y/Y | Q/Q |
|---|---|---|---|---|---|---|---|
| PBT | 13.8 | 12.9 | 8.8 | 15.0 | 17.7 | +28% | +18% |
| PBT (% of sales) | 12.8% | 13.0% | 9.6% | 14.5% | 15.8% | ||
| EBITDA | 19.7 | 19.0 | 14.9 | 21.7 | 24.3 | +24% | +12% |
| EBITDA (% of sales) | 18.2% | 19.0% | 16.4% | 20.9% | 21.7% |
Net Profits after Tax
| Metric | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | Y/Y | Q/Q |
|---|---|---|---|---|---|---|---|
| Net profits after tax | 9.3 | 9.0 | 5.8 | 9.9 | 12.4 | +32% | +24% |
EPS
| Metric | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 |
|---|---|---|---|---|---|
| EPS | 3.60 | 3.46 | 2.22 | 3.83 | 4.75 |
YT3Q 2024 Results
Sales Revenues & Gross Profits
| Metric | YT3Q23 | YT3Q24 | Y/Y |
|---|---|---|---|
| Sales | 301.2 | 306.9 | +2% |
| GP | 86.8 | 101.4 | +17% |
| GPM | 28.8% | 33.0% |
Operating Profits & Expenses
| Metric | YT3Q23 | YT3Q24 | Y/Y |
|---|---|---|---|
| R&D | 26.1 | 30.4 | +16% |
| R&D (% of sales) | 8.7% | 9.9% | |
| SG&A | 30.1 | 34.0 | +13% |
| SG&A (% of sales) | 10.0% | 11.1% | |
| OPEX | 18.7% | 21.0% | +15% |
| OP | 30.6 | 37.0 | +21% |
| OPM | 10.2% | 12.0% |
Performance by Segment
| Segment | Sales | Y/Y Sales | Profits | Y/Y Profits | YT3Q23 Sales % | YT3Q24 Sales % |
|---|---|---|---|---|---|---|
| Power Electronics | 164,409 | +7% | 32,546 | +26% | 51% | 53% |
| Mobility | 33,576 | +1% | 718 | -21% | 11% | 11% |
| Automation | 38,830 | -7% | 983 | -42% | 14% | 13% |
| Infrastructure | 69,732 | -4% | 2,703 | +21% | 24% | 23% |
Non-operating Profits
| Metric | YT3Q23 | YT3Q24 |
|---|---|---|
| Non-OP | 5.1 | 4.5 |
Profits before Tax v.s EBITDA
| Metric | YT3Q23 | YT3Q24 | Y/Y |
|---|---|---|---|
| PBT | 35.7 | 41.5 | +16% |
| PBT (% of sales) | 11.8% | 13.5% | |
| EBITDA | 52.4 | 60.9 | +16% |
| EBITDA (% of sales) | 17.4% | 19.8% |
Net Profits after Tax
| Metric | YT3Q23 | YT3Q24 | Y/Y |
|---|---|---|---|
| Net profits after tax | 24.4 | 28.1 | +15% |
EPS
| Metric | YT3Q23 | YT3Q24 | Y/Y |
|---|---|---|---|
| EPS | 9.40 | 10.80 | +15% |