Hongda Electronics(SZ:300726)2022-12-04 09:58Group 1: Financial Performance - In 2019, the company achieved a revenue of ¥84,404.17 million, an increase of ¥20,772.71 million compared to 2018, representing a growth rate of 32.65% [4] - The total profit for 2019 was ¥36,504.56 million, up by ¥10,707.41 million from 2018, with a growth rate of 41.51% [4] - Non-tantalum capacitor products generated a revenue of ¥18,640.99 million, a year-on-year increase of 76.52%, accounting for 22.09% of total revenue [5] Group 2: Product Development and Innovation - The company obtained 11 authorized patents and initiated 36 research projects in 2019, with 29 projects in progress or implementation [4] - The company completed the product development of high polymer aluminum capacitors in 2019 and began constructing a production line, expected to be operational in 2020 [5] - The acquisition of Shenzhen Boerte, a developer of LTCC devices, was made to enhance the company's capabilities in power components and circuit protection devices [5] Group 3: Market Strategy and Challenges - High-reliability products accounted for nearly 90% of total revenue in 2019, with stable pricing and gross margins [6] - The company faced challenges in the solid tantalum capacitor segment, with revenue and gross margins declining due to market price drops and increased competition [7] - The impact of the COVID-19 pandemic was noted, with a projected net profit decline of 10% to 30% in Q1 2020, but overall demand is expected to recover as operations resume [9]