Core Insights - The company, Instech, has a strong focus on the consumer electronics sector, with downstream revenue primarily concentrated among consumer electronics clients [2] - As a leading manufacturer in the rare earth permanent magnet materials application device industry, the company maintains strong bargaining power within the supply chain due to its unique technological advantages and consistent product quality [2] - The company employs a flexible pricing strategy, adjusting product prices based on market supply and demand for short-cycle orders, while long-term orders are subject to pre-agreed pricing adjustments [2] Pricing Mechanism - For short-cycle orders, the company can quickly adjust prices based on technological premiums and market conditions [2] - Long-term orders, governed by framework agreements, have specific pricing adjustment windows, limiting immediate price changes [2] - The company utilizes a "one order, one price" flexible pricing model for high-cost single magnetic application devices, which has been accepted by clients despite raw material price fluctuations [2] Product Characteristics - Magnetic component application devices, widely used in smartphones and tablets, are characterized by precision, miniaturization, large order volumes, and long delivery cycles [2] - Prices for these products are typically reviewed and adjusted quarterly [2] Financial Performance - According to the company's mid-2025 report, the overall gross profit margin is 25.47%, an increase of 1.15% compared to the same period last year, indicating stable profitability [2]
英思特：目前下游收入仍主要集中于消费电子类客户