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Yageo Reports Downturn in Annual Financials, Maintains Optimistic Outlook

Despite a decline in revenue and profits, Yageo plans growth, leveraging strong AI market prospects and stable supply chain expectations
Taiwan
y 2327.TW Mid and Small Cap 2000
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Yageo Corporation, a leader in the passive components industry, disclosed its financial outcomes for the fourth quarter and the entire year of 2023. The company experienced a downturn, with consolidated revenues decreasing by 11.1% to 107.609 billion yuan and net profits attributable to shareholders dropping 23.2% to 17.469 billion yuan, translating to earnings per share of 41.8 yuan. Despite these challenges, the board has decided to distribute a cash dividend of 20 yuan and a stock dividend of 2 yuan.

Over the year, Yageo saw its gross profit margin decrease to 33.5%, and operating profits fell to 19%. However, it reported a significant net non-operating income of 3.927 billion yuan, boosted by foreign exchange gains and net interest income. The fourth quarter of 2023 showed stable revenue quarter-on-quarter but a 5.1% decrease year-on-year, with an after-tax net profit increase of 14.3% from the previous year, resulting in an EPS of 11.38 yuan.

Looking forward, Yageo maintains a cautious but optimistic outlook for 2024, expecting stable adjustments in the supply chain and modest revenue growth in Q1. The company is hopeful about the AI application market, despite global economic uncertainties. They plan to maintain a stable gross profit margin and anticipate a slight decrease in operating profit rates, with expected consistent capacity utilization. Yageo aims to align its offerings with market trends and emerging technologies, navigating the complex macroeconomic environment strategically.

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