[GJ Electric] Hongfa Co., Ltd. 26 Interim Report Performance Review: Profitability Continues to Improve, Orders on Hand Reach New High 260729

English summary

1H26 Revenue of RMB 11 billion, +32% YoY (price increases contributing ~10pct), net profit attributable to parent of RMB 1.16 billion, +20% YoY, gross margin 32.7%, -1.6pct YoY; Q2 Revenue of RMB 5.9 billion, +35% YoY, net profit attributable to parent of RMB 670 million, +21% YoY, gross margin 33.2%, -1.5pct YoY, +1.1pct QoQ. #Relays: Multiple Downstream Sectors Continue to Prosper# Power, new energy, high-voltage DC, and industrial downstream grew strongly (YoY +40%+); automotive, power, and signal also grew faster (YoY +20%+); #Orders on Hand Hit Record High# Generally covering a 3-6 month production cycle, with some products ordered through 2027. #New Categories Accelerate Expansion# High-voltage control box business nearly doubled YoY; film capacitors have achieved breakthroughs in new energy and automotive fields, now expanding into AIDC scenarios; fuses and current sensors have made breakthroughs in automotive; connectors have received overseas data center orders. ...