MediaTek (聯發科技) 2024-Q4 法說會簡報
Company Overview
- Company Name: MediaTek (聯發科技)
- Event: 2024-Q4 Investor Conference (2024年第四季法人說明會)
- Date: February 7, 2025
- Website: www.mediatek.com
Investment Safety Statement (投資安全聲明)
- Nature of Information: Information provided (excluding historical data) is forward-looking.
- Risks and Uncertainties: Subject to various risks and uncertainties that may cause actual results to differ materially from statements.
- Key Uncertainty Factors:
- Impact of competitive products and pricing.
- Timely customer acceptance of designs.
- Timely adoption and utilization of new technologies.
- Ability to mass-produce new products.
- Supply and demand shifts in the semiconductor industry and market.
- Market oversupply.
- Availability of manufacturing capacity.
- Financial stability of end markets.
- Difficulty retaining talent.
- Unpredictable costs and expenses.
- Uncertainties related to mergers and acquisitions (e.g., regulatory approvals, integration delays).
- Loss of key customers.
- Involvement in legal or administrative litigation.
- New regulations affecting operations.
- Foreign exchange rate fluctuations.
- Global economic or non-economic factors.
- Other risk factors.
- Non-TIFRS Information Disclaimer:
- This presentation includes financial information (Non-TIFRS) not recognized by the Financial Supervisory Commission (FSC).
- This information does not include impacts from share-based payment awards, amortization of asset appreciation from business combinations, and income tax effects.
- This supplementary information is for reference only and is not a substitute for information prepared under TIFRS.
- Final profit distribution will be based on financial reports prepared under TIFRS.
Financial Highlights and Key Metrics (TIFRS)
Consolidated Revenue (合併營業收入)
- Unit: NT$ Million (新台幣佰萬元)
| Period | Revenue | QoQ Change | YoY Change |
|---|---|---|---|
| 4Q23 | 129,562 | - | - |
| 3Q24 | 131,813 | - | - |
| 4Q24 | 138,043 | 4.7% | 6.5% |
| 2023 | 433,446 | - | - |
| 2024 | 530,586 | - | 22.4% |
Consolidated Gross Margin (合併營業毛利率)
| Period | Gross Margin | QoQ Change | YoY Change |
|---|---|---|---|
| 4Q23 | 48.3% | - | - |
| 3Q24 | 48.8% | - | - |
| 4Q24 | 48.5% | -0.3pts | 0.2pts |
| 2023 | 47.8% | - | - |
| 2024 | 49.6% | - | 1.8pts |
Consolidated Operating Expenses (合併營業費用)
- Unit: NT$ Million (新台幣佰萬元)
| Expense Category | 4Q23 | 3Q24 | 4Q24 | 2023 | 2024 |
|---|---|---|---|---|---|
| Selling Expenses | 4,659 | 4,237 | 5,642 | 14,479 | 17,034 |
| Administrative Expenses | 2,749 | 2,985 | 3,194 | 9,703 | 11,947 |
| R&D Expenses | 30,472 | 33,261 | 36,752 | 111,385 | 131,993 |
| Total Operating Expenses | 37,881 | 40,483 | 45,589 | 135,568 | 160,974 |
| QoQ Change (3Q24 to 4Q24) | - | - | 12.6% | - | - |
| YoY Change (4Q23 to 4Q24) | - | - | 20.3% | - | - |
| YoY Change (2023 to 2024) | - | - | - | - | 18.7% |
Consolidated Operating Profit (合併營業利益)
- Unit: NT$ Million (新台幣佰萬元)
| Period | Operating Profit | QoQ Change | YoY Change |
|---|---|---|---|
| 4Q23 | 24,736 | - | - |
| 3Q24 | 23,864 | - | - |
| 4Q24 | 21,412 | -10.3% | -13.4% |
| 2023 | 71,800 | - | - |
| 2024 | 102,412 | - | 42.6% |
Consolidated Operating Profit Margin (合併營業利益率)
| Period | Operating Profit Margin | QoQ Change | YoY Change |
|---|---|---|---|
| 4Q23 | 19.1% | - | - |
| 3Q24 | 18.1% | - | - |
| 4Q24 | 15.5% | -2.6pts | -3.6pts |
| 2023 | 16.6% | - | - |
| 2024 | 19.3% | - | 2.7pts |
Consolidated Net Profit (合併本期淨利)
- Unit: NT$ Million (新台幣佰萬元)
| Period | Net Profit | QoQ Change | YoY Change |
|---|---|---|---|
| 4Q23 | 25,713 | - | - |
| 3Q24 | 25,590 | - | - |
| 4Q24 | 23,941 | -6.4% | -6.9% |
| 2023 | 77,191 | - | - |
| 2024 | 107,141 | - | 38.8% |
Consolidated Net Profit Margin (合併本期淨利率)
| Period | Net Profit Margin | QoQ Change | YoY Change |
|---|---|---|---|
| 4Q23 | 19.8% | - | - |
| 3Q24 | 19.4% | - | - |
| 4Q24 | 17.3% | -2.1pts | -2.5pts |
| 2023 | 17.8% | - | - |
| 2024 | 20.2% | - | 2.4pts |
Consolidated Earnings Per Share (合併每股盈餘)
- Unit: NT$ (新台幣元)
| Period | EPS | QoQ Change | YoY Change |
|---|---|---|---|
| 4Q23 | 16.15 | - | - |
| 3Q24 | 15.94 | - | - |
| 4Q24 | 14.95 | -$0.99 | -$1.2 |
| 2023 | 48.51 | - | - |
| 2024 | 66.92 | - | $18.41 |
Consolidated Balance Sheet (合併資產負債表)
- Unit: NT$ Million (新台幣佰萬元)
- As of Period End
| Item | 4Q24 | 3Q24 | 4Q23 |
|---|---|---|---|
| Cash and Financial Assets - Current (現金及金融資產-流動) | 219,624 | 198,020 | 180,673 |
| Accounts Receivable, Net (應收帳款淨額) | 43,985 | 47,219 | 55,106 |
| Inventories, Net (存貨淨額) | 58,414 | 55,635 | 43,220 |
| Other Current Assets (其他流動資產) | 29,002 | 26,215 | 11,889 |
| Funds and Investments (基金及投資) | 169,970 | 166,784 | 150,006 |
| Intangible Assets (無形資產) | 82,257 | 83,552 | 81,245 |
| Other Non-current Assets (其他非流動資產) | 94,615 | 99,104 | 112,899 |
| Total Assets (資產總計) | 697,868 | 676,528 | 635,038 |
| Short-term Borrowings (短期借款) | 940 | 19,134 | 2,200 |
| Accounts Payable (應付帳款) | 40,777 | 35,682 | 38,779 |
| Other Current Liabilities (其他流動負債) | 225,186 | 174,132 | 191,020 |
| Total Non-current Liabilities (非流動負債合計) | 25,910 | 24,122 | 28,834 |
| Total Equity (權益總計) | 405,055 | 423,458 | 374,205 |
Consolidated Cash Flow Statement (合併現金流量表)
- Unit: NT$ Million (新台幣佰萬元)
| Item | 4Q24 | 3Q24 | 4Q23 |
|---|---|---|---|
| Net Cash Inflow (Outflow) from Operating Activities (營業活動之淨現金流入(出)) | 44,685 | 36,225 | 101,536 |
| Net Cash Inflow (Outflow) from Investing Activities (投資活動之淨現金流入(出)) | (7,154) | (3,844) | (7,473) |
| Net Cash Inflow (Outflow) from Financing Activities (籌資活動之淨現金流入(出)) | (18,398) | (38,885) | (24,884) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents (匯率變動對現金及約當現金之影響) | 4,733 | (3,517) | (7,738) |
| Increase (Decrease) in Cash and Cash Equivalents for the Period (本期現金及約當現金增加(減少)數) | 23,866 | (10,022) | 61,441 |
| Cash and Cash Equivalents at End of Period (期末現金及約當現金餘額) | 203,696 | 179,830 | 165,396 |
Future Outlook and Guidance
2025 Q1 Operating Outlook (2025年第一季營運展望)
- Consolidated Revenue (合併營收): Approximately NT$ 140.8 billion ~ NT$ 151.8 billion (約新台幣1,408億~ 1,518億元)
- Assumption: 2025-Q1 USD to NTD average exchange rate of 1:32.5
- Consolidated Gross Margin (合併毛利率): 47% ± 1.5%
- Consolidated Operating Expense Ratio (合併營業費用率): 29% ± 2%
Supplementary Information (Non-TIFRS)
Non-TIFRS Financial Information Reconciliation (Quarterly)
- Unit: NT$ Million (新台幣佰萬元)
| Item (TIFRS / Non-TIFRS) | 4Q24 (NT$M) | 4Q24 (%) | 3Q24 (NT$M) | 3Q24 (%) | 4Q23 (NT$M) | 4Q23 (%) | Q-Q (%) | Y-Y (%) |
|---|---|---|---|---|---|---|---|---|
| Operating Profit (營業利益) | ||||||||
| TIFRS | 21,412 | 15.5% | 23,864 | 18.1% | 24,736 | 19.1% | (10.3%) | (13.4%) |
| Adjustments: | ||||||||
| Share-based payment awards (股份基礎給付獎酬) | 498 | 300 | 269 | |||||
| Amortization of asset appreciation from business combinations (因企業合併產生之資產增值攤銷) | 111 | 112 | 75 | |||||
| Non-TIFRS Operating Profit | 22,021 | 16.0% | 24,276 | 18.4% | 25,079 | 19.4% | (9.3%) | (12.2%) |
| Net Profit for the Period (本期淨利) | ||||||||
| TIFRS | 23,941 | 17.3% | 25,590 | 19.4% | 25,713 | 19.8% | (6.4%) | (6.9%) |
| TIFRS Attributable to Owners of Parent (母公司業主) | 23,789 | 25,346 | 25,663 | (6.1%) | (7.3%) | |||
| TIFRS EPS (NT$) | 14.95 | 15.94 | 16.15 | |||||
| Adjustments: | ||||||||
| Share-based payment awards (股份基礎給付獎酬) | 498 | 300 | 269 | |||||
| Amortization of asset appreciation from business combinations (因企業合併產生之資產增值攤銷) | 111 | 112 | 75 | |||||
| Income tax effects (所得稅影響數) | (80) | (56) | (46) | |||||
| Non-TIFRS Net Profit for the Period | 24,470 | 17.7% | 25,946 | 19.7% | 26,010 | 20.1% | (5.7%) | (5.9%) |
| Non-TIFRS Attributable to Owners of Parent | 24,293 | 25,677 | 25,954 | (5.4%) | (6.4%) | |||
| Non-TIFRS EPS (NT$) | 15.26 | 16.15 | 16.34 |
Non-TIFRS Financial Information Reconciliation (Annual)
- Unit: NT$ Million (新台幣佰萬元)
| Item (TIFRS / Non-TIFRS) | 2024 (NT$M) | 2024 (%) | 2023 (NT$M) | 2023 (%) | Y-Y (%) |
|---|---|---|---|---|---|
| Operating Profit (營業利益) | |||||
| TIFRS | 102,412 | 19.3% | 71,800 | 16.6% | 42.6% |
| Adjustments: | |||||
| Share-based payment awards (股份基礎給付獎酬) | 1,216 | 1,899 | |||
| Amortization of asset appreciation from business combinations (因企業合併產生之資產增值攤銷) | 374 | 438 | |||
| Non-TIFRS Operating Profit | 104,002 | 19.6% | 74,137 | 17.1% | 40.3% |
| Net Profit for the Period (本期淨利) | |||||
| TIFRS | 107,141 | 20.2% | 77,191 | 17.8% | 38.8% |
| TIFRS Attributable to Owners of Parent (母公司業主) | 106,387 | 76,979 | 38.2% | ||
| TIFRS EPS (NT$) | 66.92 | 48.51 | |||
| Adjustments: | |||||
| Share-based payment awards (股份基礎給付獎酬) | 1,216 | 1,899 | |||
| Amortization of asset appreciation from business combinations (因企業合併產生之資產增值攤銷) | 374 | 438 | |||
| Income tax effects (所得稅影響數) | (214) | (320) | |||
| Non-TIFRS Net Profit for the Period | 108,517 | 20.5% | 79,209 | 18.3% | 37.0% |
| Non-TIFRS Attributable to Owners of Parent | 107,703 | 78,929 | 36.5% | ||
| Non-TIFRS EPS (NT$) | 67.75 | 49.74 |
Products, Services & Technology
2024 Q4 Revenue Share by Product Category (本季產品類別營收佔比)
| Product Category* | 2024 Q4 Revenue Share (註1) | QoQ% | YoY% |
|---|---|---|---|
| Mobile Phone | 59% | 14% | -1% |
| Smart Edge Platforms | 35% | -7% | 24% |
| Power IC | 6% | -1% | 1% |
| Total | 100% | 5% | 7% |
-
(Note 1: Percentages may not add up to 100% due to rounding.)
-
Product Category Definitions:
- Mobile Phone:
- 5G/4G/3G智慧型手機 (5G/4G/3G Smartphones)
- 功能型手機 (Feature Phones)
- Smart Edge Platforms:
- 各類連網應用如路由器 (routers)
- 寬頻網路 (broadband networks)
- PON (Passive Optical Network)
- 筆記型電腦 (notebook PCs)
- 無線藍牙耳機 (wireless Bluetooth headsets)
- 智慧音箱及汽車等的無線/有線通訊晶片與單晶片 (wireless/wired communication chips and SoCs for smart speakers and automotive)
- ARM架構運算單晶片及物聯網 (ARM-based computing SoCs and IoT)
- 電視 (TVs)
- 消費性/企業級客製化晶片服務 (consumer/enterprise custom chip services)
- Power IC:
- 電源管理晶片 (Power Management ICs)
- Mobile Phone: