Hongda Electronics(SZ:300726)2022-12-04 07:18Company Overview - Hongda Electronics is a high-tech enterprise specializing in the R&D, production, sales, and related services of high-reliability electronic components and circuit modules, with over 20 years of experience in the industry [3]. - The company has advanced production lines and a complete quality inspection system, holding multiple core technologies and patents, particularly in tantalum capacitors [3]. Financial Performance - In the first half of 2020, the company achieved a revenue of ¥51,973.93 million, representing a year-on-year growth of 28% [3]. - The net profit attributable to the parent company was ¥17,058.01 million, a growth of 24.13% after excluding non-recurring gains and losses [4]. - Revenue from tantalum capacitor business was ¥34,117.39 million, up 12.26% year-on-year, while non-tantalum capacitor business revenue surged to ¥17,514.59 million, marking an 81.48% increase [4]. Product Segmentation - Revenue from high-reliability products accounted for nearly 90% of total income, while civilian products made up about 10% [4]. - The gross margin of non-solid tantalum capacitors is higher than that of solid tantalum capacitors due to the nature of the products and market conditions [5]. Order and Production Insights - The company experienced a recovery in orders in the second quarter of 2020 after initial delays due to the pandemic, with a significant increase in demand for high-reliability electronic components [6]. - The order fulfillment process is complex, involving multiple levels of suppliers, leading to a longer payment cycle of approximately 12 months [6]. Future Expansion Plans - The company is expanding its production capacity to meet growing market demands, particularly for tantalum capacitors and polymer capacitors [7]. - New production bases are being established, including a project in Xiangxiang for civilian electronic components, expected to double existing production capacity [8].