Suntak(SZ:002815) Dong Jian Yan Bao·2025-09-12 14:22Group 1: Report Overview - Reported company: Chongda Technology [17] - Industry: Electronic components [2] - Date of investigation: September 12, 2025 [17] Group 2: Core Views - In H1 2025, the company's revenue reached 3.533 billion yuan, a year - on - year increase of 20.73%, but net profit attributable to the parent company was 222 million yuan, a year - on - year decline of 6.19% due to a decrease in gross margin caused by rising raw material prices [24] - The company is taking measures such as optimizing sales structure, strengthening teams, managing costs, and expanding capacity to improve profitability [24] - The company is addressing challenges like US tariff policies through market diversification, optimizing customer cooperation, accelerating overseas production base layout, and enhancing domestic production base efficiency [32] Group 3: 01 - Research Basic Situation - Research object: Chongda Technology [17] - Industry: Electronic components [17] - Reception time: 2025 - 09 - 12 [17] - Company receptionist: Zhu Qionghua, the representative of the securities affairs department [17] Group 4: 02 - Detailed Research Institutions - Insurance asset management company: Taikang Asset [18] - Other: Aiying Securities Investment Advisor [18] - Fund management company: E Fund [18] Group 5: 03 - Research Institution Proportion - No specific proportion information provided in the text Group 6: 04 - Main Content Data Company's Main Business Operations - In H1 2025, revenue was 3.533 billion yuan, up 20.73% year - on - year; net profit attributable to the parent was 222 million yuan, down 6.19% year - on - year, with gross margin dropping 3.57 percentage points due to rising precious metal prices [24] Measures to Improve Profitability - Optimize sales structure by managing loss - making orders, targeting key customers in specific fields, and developing high - value orders [24][25] - Strengthen the team by expanding and optimizing the overseas sales team and establishing a performance evaluation and incentive mechanism [26] - Manage costs by standardizing section - level cost management [24] - Improve order delivery and customer service through departmental collaboration [26] - Innovate products to meet high - value customer requirements and increase the proportion of high - end products [26] - Expand capacity by increasing production in existing factories and building new ones [27][29] Convertible Bond Exit Plan - Improve business performance to promote the conversion of "Chongda Convertible Bond 2" and ensure repayment with sufficient cash flow [27] Cost - Control Measures for Raw Materials - Monitor and manage unit section - level costs, improve material utilization, and implement a price - increase strategy for some products [28][29] Capacity Utilization and Expansion Plan - Current capacity utilization is about 85%. The company is releasing capacity in Zhuhai factories, building a Thailand production base, and planning a new HDI factory in Jiangmen [29] Subsidiary Performance - Sande Guan is still in a loss, but has reduced losses by 14.03 million yuan in 2024 and is expected to turn profitable in H2 2025 [30] - Punov has an mSAP process production line in operation, and its profitability is increasing [31] US Sales and Tariff Impact - US sales account for about 10% of total revenue. Currently, sales are normal, and the company will diversify markets, optimize customer cooperation, expand overseas production bases, and enhance domestic production base efficiency to deal with tariff changes [32][33]