Suntak(SZ:002815) Dong Jian Yan Bao·2025-09-18 13:10Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - In H1 2025, the company's revenue grew well, but net profit declined due to a drop in gross margin caused by rising raw material prices. The company is taking multiple measures to improve profitability, such as optimizing sales structure, strengthening sales teams, managing costs, and expanding production capacity [23]. - The company is formulating strategies for the exit of convertible bonds, aiming to promote them to be converted into stocks and ensuring repayment if necessary. It will adjust strategies according to market dynamics [26]. - The company is implementing cost - control measures to mitigate the impact of rising raw material prices, including cost monitoring, improving material utilization, and product price adjustment [27]. - The company's overall capacity utilization is around 85%, and it is actively expanding production capacity to meet market demand [28]. - The subsidiary Sande Guan is expected to turn a profit in H2 2025, while Punuowei's profitability is gradually improving [29][31]. - The company's sales in the US account for about 10%. It is implementing strategies to cope with US tariff policies, such as market diversification, optimizing customer cooperation, accelerating overseas production base layout, and enhancing domestic production base efficiency [31]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Chongda Technology - Industry: Electronic components - Reception time: September 18, 2025 - Company receptionist: Zhu Qionghua, Securities Affairs Representative [17] 3.2. Detailed Research Institutions - Wudang Asset (Asset management company) - Hongding Wealth (Other) - Aixi Capital (Other) - Guojin Securities (Securities company) [18] 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company's Main Business Operation - Revenue: In H1 2025, the company achieved revenue of 3.533 billion yuan, a year - on - year increase of 20.73% [23]. - Net profit: In H1 2025, the company's net profit attributable to shareholders was 222 million yuan, a year - on - year decrease of 6.19%. The gross margin was 21.51%, a decrease of 3.57 percentage points compared to the same period last year, mainly due to the rise in precious metal raw material prices [23]. 3.4.2. Main Q&A - Improving profitability: The company is taking measures such as optimizing sales structure, strengthening the sales team, managing costs, improving order delivery and customer service, innovating product systems, and expanding production capacity [23]. - Convertible bond exit: The company aims to promote the conversion of "Chongda Convertible Bond 2" by improving performance and ensuring repayment with sufficient cash flow. It will adjust strategies according to market conditions [26]. - Cost - control: The company is implementing measures like cost monitoring, improving material utilization, and product price adjustment to cope with rising raw material prices [27]. - Capacity utilization and expansion: The current overall capacity utilization is about 85%. The company is accelerating the release of high - multilayer PCB capacity in Zhuhai factories, starting production in Zhuhai No. 3 Factory, building a production base in Thailand, and planning to build an HDI factory in Jiangmen [28]. - Subsidiary performance: Sande Guan is expected to turn a profit in H2 2025. Punuowei's profitability is improving with the recovery of market demand and customer inventory [29][31]. - US market: The company's sales in the US account for about 10%. It is implementing strategies such as market diversification, optimizing customer cooperation, accelerating overseas production base layout, and enhancing domestic production base efficiency to cope with US tariff policies [31].