Darfon Electronics Corp. (4906) 2024 Q4 法說會簡報
Company Overview
- Company Name: 達方電子股份有限公司 (Darfon Electronics Corp.)
- Presentation Title: 2024年第4季法人說明會 (2024 Q4 Investor Conference)
- Date: 2025年03月03日
- Website: www.darfon.com
- Investor Contact: Investor@darfon.com
Financial Highlights
Key Financial Ratios
| Item | 4Q24 | 3Q24 | QoQ | 4Q23 | YoY | 2024 | 2023 | YoY |
|---|---|---|---|---|---|---|---|---|
| Debt Ratio | 58% | 55% | 3.0 bps | 55% | 3.0 bps | 58% | 55% | 3.0 bps |
| Adjusted Debt Ratio | 48% | 46% | 2.3 bps | 43% | 4.6 bps | 48% | 43% | 4.6 bps |
| Net Financial Debt/Equity | 19% | 22% | (3.2) bps | 16% | 3.0 bps | 19% | 16% | 3.0 bps |
| Current Ratio | 140.0 | 139.1 | 0.9 bps | 148.3 | (8.3) bps | 140.0 | 148.3 | (8.3) bps |
| Cash Conversion Cycle | 125 days | 145 days | (20) days | 160 days | (35) days | 133 days | 157 days | (23) days |
| ROA | 1.4% | 2.3% | 2.8% | 2.1% | 6.2% | |||
| ROE | 1.6% | 3.8% | 5.2% | 3.4% | 12.8% |
Recent Performance and Results
Consolidated Income Statement
| Item | 4Q24 | % | 3Q24 | % | QoQ% | 4Q23 | % | YoY% | 2024 | % | 2023 | % | YoY% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Operating Revenue | 6,040 | 100.0% | 5,351 | 100.0% | 12.9% | 6,059 | 100.0% | -0.3% | 21,700 | 100.0% | 25,792 | 100.0% | -15.9% |
| Gross Profit | 1,070 | 17.7% | 971 | 18.2% | 10.2% | 1,124 | 18.6% | -4.8% | 3,986 | 18.4% | 4,601 | 17.8% | -13.4% |
| Operating Expenses | (1,045) | -17.3% | (822) | -15.4% | -27.1% | (826) | -13.6% | -26.6% | (3,412) | -15.7% | (3,436) | -13.3% | 0.7% |
| Operating Income | 25 | 0.4% | 149 | 2.8% | -83.2% | 299 | 4.9% | -91.6% | 573 | 2.6% | 1,164 | 4.5% | -50.8% |
| Non-operating Income/Loss | 61 | 1.0% | 82 | 1.5% | -25.6% | (18) | -0.3% | 447.4% | 168 | 0.8% | 1,779 | 6.9% | -90.5% |
| Income Before Tax | 86 | 1.4% | 231 | 4.3% | -62.7% | 281 | 4.6% | -69.3% | 742 | 3.4% | 2,944 | 11.4% | -74.8% |
| Consolidated Net Income | 57 | 0.9% | 138 | 2.6% | -58.9% | 204 | 3.4% | -72.3% | 518 | 2.4% | 1,897 | 7.4% | -72.7% |
| Attributable to: Owners of Parent | 113 | 1.9% | 189 | 3.5% | -40.1% | 206 | 3.4% | -44.8% | 619 | 2.9% | 1,651 | 6.4% | -62.5% |
| Basic EPS (NT$) | 0.40 | 0.68 | 0.74 | 2.22 | 5.91 |
Consolidated Balance Sheet
| Key Balance Sheet Items | 4Q24 | % | 3Q24 | % | 4Q23 | % |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents | 6,418 | 18.7% | 5,341 | 16.7% | 7,016 | 20.1% |
| Accounts Receivable | 6,718 | 19.6% | 6,563 | 20.5% | 7,269 | 20.8% |
| Inventories | 6,321 | 18.5% | 5,216 | 16.3% | 6,069 | 17.4% |
| Current Assets | 20,895 | 61.0% | 18,571 | 58.0% | 21,637 | 62.0% |
| Net Property, Plant and Equipment | 8,745 | 25.5% | 8,619 | 26.9% | 8,940 | 25.6% |
| Total Assets | 34,235 | 100.0% | 32,034 | 100.0% | 34,882 | 100.0% |
| Short-term Borrowings | 4,951 | 14.5% | 4,827 | 15.1% | 5,550 | 15.9% |
| Notes and Accounts Payable | 4,785 | 14.0% | 3,994 | 12.5% | 4,014 | 11.5% |
| Total Current Liabilities | 14,929 | 43.6% | 13,356 | 41.7% | 14,593 | 41.8% |
| Long-term Borrowings | 4,224 | 12.3% | 3,738 | 11.7% | 3,995 | 11.5% |
| Total Liabilities | 19,771 | 57.8% | 17,531 | 54.7% | 19,112 | 54.8% |
| Total Equity | 14,464 | 42.2% | 14,503 | 45.3% | 15,769 | 45.2% |
| Net Asset Value Per Share (NT$) | 40.8 | 40.5 | 43.6 |
Consolidated Cash Flow Statement
| Key Cash Flow Items | 2024 | 2023 | Change |
|---|---|---|---|
| Cash Flows from Operating Activities | 2,589 | 4,526 | (1,936) |
| Consolidated Net Income After Tax | 518 | 1,897 | (1,379) |
| Depreciation & Amortization | 1,304 | 1,225 | 79 |
| Net Change in Operating Assets & Liabilities | 1,553 | 2,126 | (573) |
| Cash Flows from Investing Activities | (735) | (372) | (362) |
| Capital Expenditures | (903) | (1,988) | 1,085 |
| Cash Flows from Financing Activities | (2,159) | (2,129) | (30) |
| Net Change in Borrowings | (445) | (1,013) | 568 |
| Cash Dividends Paid | (1,385) | (1,120) | (265) |
| Net Increase (Decrease) in Cash and Cash Equivalents | 17 | 2,159 | (2,142) |
| Free Cash Flow | 1,687 | 2,538 | (851) |
Future Outlook and Guidance
- No specific numerical guidance or detailed outlook is provided.
Strategic Initiatives and Plans
- Financial Strategy:
- Control debt-related ratios and capital structure.
- Maintain a healthy current ratio to enhance operational flexibility.
- Continuously improve Cash Conversion Cycle (CCC) to enhance operational efficiency.
- Implement high dividend policy to meet investors' return expectations.
- Strengthen operating cash flow and free cash flow for long-term sustainable growth.
Products, Services & Technology
- IT PERIPHERALS:
- Notebook & desktop keyboards
- Portable keyboards
- IT peripherals
- Gaming-related products
- GREEN ENERGY:
- Power modules
- Battery modules
- Bike/E-Bike frames
- Bike/E-Bike assembly
- Hybrid inverters
- Energy storage systems
- INTEGRATED COMPONENTS:
- Multi-Layer Ceramic Capacitors (MLCC)
- Coil Inductors
- Antenna components/modules
- Piezoelectric ceramic components
- Protection components
Disclaimers
- Safe Harbor Notice: The presentation contains forward-looking statements regarding financial conditions, future expansion plans, and business strategies. These statements are based on current expectations and projections about future events and are inherently subject to risks, uncertainties, and assumptions. The company undertakes no obligation to publicly update or revise any forward-looking statements. Actual results could differ materially from those anticipated.