Wah Lee Industrial Corp. (3010.TT) announced its 3Q 2021 financials. Despite the global pandemic and other uncertain factors, Wah Lee’s performance was still outstanding.
Under the leading trends of 5G, HPC, EV, and e-commerce, Wah Lee’s semiconductor advanced process raw materials, 5G high frequency substrates, dry films for high-resolution IC substrate processes, high end engineering plastics, and materials for FPD all had strong sales momentum. Single quarter 3Q21 net profit was NT$842 million, which showed QoQ of 31.5% and YoY of 32.4%. 3Q21 EPS was NT$3.57, setting a record high. Cumulative 3Q21 net profit reached NT$2.08 billion, YoY of 46.4%. Cumulative 3Q21 EPS was NT$8.81, surpassing the company’s 2020 full year EPS of NT$8.03.
3Q21 consolidated sales was NT$18.76 billion, which set a record high quarterly sales and had a QoQ of 11.2% and YoY of 16.1%. Gross profit grew to NT$1.572 billion and posted a QoQ of 5.1% and YoY of 22.1%. 3Q21 net profit after tax was NT$842 million, QoQ of 31.5% and YoY of 32.4%. 3Q21 single quarter EPS exceeded the NT$3 threshold and reached NT$3.57, setting the record on EPS since the company was listed 20 years ago.
Cumulative 3Q21 sales was NT$51.91 billion, which also set a record and grew by 19.7% YoY. Gross profit was NT$4.506 billion and increased by 29.21% over the same period of last year. Operating profit reached NT$2.29 billion due to proper expense controls and posted a 42.4% growth. Equity-method investment income was NT$748 million and grew by 70.5% YoY. Cumulative 3Q21 net profit after tax was NT$2.08 billion, which posted a strong YoY growth of 46.42% and resulted in an EPS of NT$8.81.
From the information released in the analyst meeting of the world leading foundry, the capacity utilization for next year is expected to remain intense. Wah Lee will closely cooperate with its semi customers to seize the mid to long term growth opportunities. Wah Lee’s semiconductor raw materials will play a dominant role in supplying for the customers’ most advanced manufacturing nodes and their newly established overseas fabs.
Rechargeable batteries are a widely pursued item worldwide and are of strategic values. Wah Lee has been cultivating on the development of Li battery raw materials for years. The company has sources of cathode and anode raw materials, separator film, and packing materials. Wah Lee has penetrated into both Taiwanese and Chinese battery makers, including the largest Taiwanese Li battery maker which recently just started the building of its first super battery factory in Taiwan. Wah Lee’s rechargeable battery raw material sales will continue to grow in the future.