2024 Q1 Operational Performance

Niching (3444) achieved a consolidated revenue of NT$95.35 million in March, representing a 36% month-on-month increase from February's revenue of NT$70.32 million. Compared to the same period last year, consolidated revenue also showed a 14% year-on-year increase from NT$83.7 million. Accumulated revenue for January to March amounted to NT$2.38 billion, up 13% from the same period last year, reflecting Niching's strong performance in the first quarter, which surpassed expectations despite a slight decrease of 3% in working days during the Lunar New Year period compared to the previous quarter. Niching is optimistic about its full-year performance as it sees a gradual recovery in performance throughout the year.

Looking at monthly revenue, Niching's core product groups all experienced double-digit growth in March. Testing-related revenue increased by 38% year-on-year and 50% month-on-month, semiconductor substrate-related revenue increased by 20% year-on-year and 9% month-on-month, and driver IC-related revenue remained flat year-on-year but increased by 33% month-on-month. These three core product groups have been growing steadily for three consecutive months, with the COF Tape packaging reels and spacers showing the largest month-on-month growth, increasing by 47% and 44%, respectively.

In terms of quarterly revenue, Niching's performance in Q1 2024 exceeded expectations, with year-on-year growth in all core product categories: testing-related revenue grew by 17%, semiconductor substrate-related revenue grew by 16%, and driver IC-related revenue grew by 7%. In addition, the stable growth in shipments of self-developed advanced materials, particularly the silver paste series, contributed to a quarterly revenue growth of 24% and a month-on-month growth of 16%. Analysts estimate that Niching's silver paste series products are expected to set new records.

Looking ahead, with the increasing demand for AI and HPC, Niching continues to provide growth momentum for the semiconductor industry and related supply chains. Niching will continue to expand its multi-product supply chain and increase the proportion of self-developed products, anticipating the arrival of an upturn in the economy to contribute to overall operational growth.

On the 7th of this month, Niching held a board meeting to approve the distribution of cash dividends of NT$2.3 per share and stock dividends of NT$0.2 per share, with a dividend payout ratio of 116%, demonstrating Niching's strong operational capabilities.