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SAI Announces 2024 Q1 Financial Report

SAI will be listed on TWSE at a price of NT$70 per share on 5/13, with the goal of achieving the shipment of the next ten million wheels within 10 years.

SAI’s 1Q24 profit has reached 41% of last year’s annual profit, with an EPS of NT$1.17.

2024/05/08, Yunlin, Taiwan

Global automotive wheel industry leader SuperAlloy Industrial Co., Ltd. (SAI, 1563 TT) conducted the initial public offering (IPO) subscription of ordinary shares on May 7th, with the public subscription period running from April 30th to May 3rd. With 4,050k shares offered before the listing, each share was priced at NT$70. The public offering attracted a total of 245,487 applications. Approximately NT$17.2 billion of market funds were frozen during the subscription process, with a meager winning rate of only 1.64 %, indicating an enthusiastic market response. Based on the reference price of NT$88.8 at the closing of the over-the-counter market on May 7th, investors who were successful in the IPO draw per 1k shares received a return corresponding to 26.86%.

Following the board meeting today, SAI announced 1Q24 consolidated revenue of NT$1.95 billion. Benefiting from steady sales in the luxury car market, including orders for custom wheels from luxury brands such as Lexus, JLR and Porsche. For both European and Japanese luxury car manufacturers, the order delivery volume remained robust. With economies of scale, product structure optimization, strict cost control, and improved production efficiency, coupled with freight and exchange rates returning to normal levels, SAI’s 1Q24 gross profit margin reached 27%, operating profit margin reached 14%, and operating net profit reached NT$272 million. The net profit attributable to the parent company was NT$250 million, representing growth of 52.70% and 89.69% respectively compared to the same period last year. SAI’s 1Q24 net profit has achieved 41% of last year’s full-year net profit, with an impressive after-tax EPS of NT$1.17.

Simultaneously, SAI announced consolidated revenue for April, 2024, reaching NT$620 million, with a year-on-year growth rate of 10.81%. The cumulative consolidated revenue from January to April, 2024, reached NT$2.575 billion, with a year-on-year growth rate of 9.55%. Both monthly and cumulative revenues for the first four months of the year set historical highs. With the current momentum of order acquisition, the steady increase in demand from existing customers for custom wheels remains unchanged. As customer delivery schedules progress as expected, it is anticipated that the annual shipment volume of custom wheels will continue to grow at a double-digit rate this year.

SAI will officially transfer to TWSE main board on May 13th, aiming to leverage capital market resources to expand the depth and breadth of business cooperation, facilitate the raising of mid-to-long-term funds to reduce working capital costs, strengthen corporate governance, and facilitate talent recruitment and retention. SAI will continue to optimize forging processes, adjust development and design technologies, and expand its automotive addressable market, including expanding into the mid-range luxury car segment, horizontally increasing forged automotive component products, and expanding its business footprint into different industries. The goal is to achieve the next 10-million-wheel shipments within 10 years, and to elevate SAI’s operations to new heights!

SAI 1Q24 Income Statement                              Unit: NT$ thousand

  2024/Q1 2023/Q1 YoY (%)
Consolidated Revenue 1,954,440 1,790,474 9.16
Operating Profit 272,075 178,178 52.70
Net Profit Attributable to The Parent Company 249,293 131,422 89.69
EPS (NT$) 1.17 0.63 85.71

 

Monthly Consolidated Revenue                                Unit: NT$ thousand

2024 2023 YoY (%)
April 2024 620,133 559,652 10.81
Jan. – Apr. 2024 2,574,573 2,350,126 9.55

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