IC PLUS Corporation (8040) 2024 Investor Conference
Company Overview
- Company Name: IC PLUS Corporation
- Business Focus: Leading IC design company for commercial/industrial Ethernet networking and power transmission solutions
- Founding Year: 1997
- IPO Year: 2007
- Capital Invested: NT$ 964 M
- Headquarters: Hsinchu City
- Sales & Marketing: Xizhi Dist., New Taipei City
- Number of Employees: 115, with 70% being engineers
- Markets and Applications:
- SMB (Small and Medium Business)
- Surveillance
- Industrial
- Smart Grid
Financial Highlights
Recent Performance and Results (2024 H1 Financial Report)
Consolidated Income Statement (Unit: NT$M)
| Item | 2024 Q2 | % | 2023 Q2 | % | 2024 H1 | % | 2023 H1 | % | YoY% Q2 | YoY% H1 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Revenue | $167 | 100% | $156 | 100% | $305 | 100% | $364 | 100% | 7% | (16%) |
| Operating Gross Profit | 57 | 34% | 55 | 35% | 101 | 33% | 130 | 36% | (1ppt) | (3ppt) |
| Operating Expenses | 80 | 48% | 72 | 46% | 155 | 51% | 147 | 41% | 11% | 5% |
| Operating Loss | (23) | (14%) | (17) | (11%) | (54) | (18%) | (17) | (5%) | 35% | 218% |
| Loss for the Period | (20) | (12%) | (37) | (24%) | (73) | (24%) | (15) | (4%) | (45%) | 387% |
| Basic Loss Per Share (NTD) | ($ 0.29) | ($ 0.55) | ($ 1.06) | ($ 0.22) |
Balance Sheet (Unit: NT$M)
| Item | 2024.06.30 | % | 2023.12.31 | % | 2023.06.30 | % | QoQ% | YoY% |
|---|---|---|---|---|---|---|---|---|
| Current Assets | 2,321 | 88% | 536 | 62% | 702 | 67% | 333% | 231% |
| Non-current Assets | 329 | 12% | 331 | 38% | 346 | 33% | -0.60% | -5% |
| Total Assets | 2,650 | 100% | 867 | 100% | 1,048 | 100% | 206% | 153% |
| Current Liabilities | 104 | 4% | 167 | 19% | 243 | 23% | -37% | -57% |
| Non-current Liabilities | 3 | - | 18 | 2% | 19 | 2% | -83% | -84% |
| Total Liabilities | 107 | 4% | 185 | 21% | 262 | 25% | -42% | -59% |
| Total Equity | 2,543 | 96% | 682 | 79% | 786 | 75% | 273% | 224% |
Financial Performance Indicators
| Indicator | 2024.06.30 | 2023.12.31 | 2023.06.30 |
|---|---|---|---|
| Current Ratio (%) | 2229% | 321% | 289% |
| Debt Ratio (%) | 4% | 21% | 25% |
| Average Days to Collect Receivables | 30 | 29 | 24 |
| Average Days to Sell Inventory | 153 | 151 | 178 |
| Book Value Per Share (NTD) | 26.38 | 9.91 | 11.42 |
Business Segments
- Existing Products:
- Ethernet:
- 5/8/9/16 / 24 Ports Switch & PHY
- PoE (Power over Ethernet):
- PSE Controllers:
- AF(15W) / AT(30W) ~ IP802/4/8
- BT(90W) ~ IP8002/8
- PSE Controllers:
- Ethernet:
- Products in Development:
- Single Pair Ethernet:
- 10Base-T1L/100Base-T1
- PoE (Power over Ethernet):
- Non-standard PSE Controller
- PD Controller ~ BT 90 Watts
- Single Pair Ethernet:
Products & Technologies
- Markets and Applications:
- SMB (Small and Medium Business)
- Surveillance
- Industrial
- Smart Grid
Clients & Markets
- Revenue Proportion:
- Ethernet: 63% (2024H2 indicated)
- PoE: 37% (2024H2 indicated)
ESG / Sustainability
- No specific ESG or sustainability information provided in the slides.
Outlook & Strategy
- The presentation outlines "Products in Development" which indicates future strategic direction in product offerings, specifically focusing on Single Pair Ethernet (10Base-T1L/100Base-T1) and advanced PoE solutions (Non-standard PSE Controller, PD Controller ~ BT 90 Watts). No explicit financial guidance or strategic initiatives beyond product development are provided in the slides.
Additional Data
Key Charts, Graphs, and Data Points
- 2024 vs 2023 H1 Revenue (Unit: Millions NTD):
- 2024 Q2 Revenue: NT$ 167 M (YoY +7%)
- 2023 Q2 Revenue: NT$ 156 M
- 2024 H1 Revenue: NT$ 305 M (YoY -16%)
- 2023 H1 Revenue: NT$ 364 M
- Monthly Revenue Trend:
- 2023 revenue started at NT$ 82 M in January, dipped to NT$ 41 M in April, and ended H1 at NT$ 63 M in June.
- 2024 revenue started at NT$ 55 M in January, dipped to NT$ 43 M in April, and ended H1 at NT$ 66 M in June.
- 2021 ~ 2024 Q2 Gross Margin Rate (Unit: %):
- Gross Margin Trend:
- 2021: Q1 (28%), Q2 (38%), Q3 (35%), Q4 (43%)
- 2022: Q1 (40%), Q2 (38%), Q3 (40%), Q4 (45%)
- 2023: Q1 (36%), Q2 (35%), Q3 (31%), Q4 (31%)
- 2024: Q1 (33%), Q2 (34%)
- Gross Margin Trend:
- Ethernet / PoE Revenue Proportion:
- PoE Revenue Proportion Trend:
- 2018: 12%
- 2019: 19%
- 2020: 27%
- 2021: 28%
- 2022: 33%
- 2023: 31%
- 2024H2 (indicated on slide): 37% (Ethernet 63%)
- PoE Revenue Proportion Trend:
- Inventory Amount & Turnover Days (Unit: Millions NTD for Amount):
- Inventory Amount (M NTD):
- 2023/Q1: 234
- 2023/Q2: 210
- 2023/Q3: 181
- 2023/Q4: 145
- 2024/Q1: 161
- 2024/Q2: 96
- Inventory Turnover Days:
- 2023/Q1: 166
- 2023/Q2: 178
- 2023/Q3: 167
- 2023/Q4: 151
- 2024/Q1: 199
- 2024/Q2: 153
- Inventory Amount (M NTD):