[Tianfeng Electric New] Sunlord Electronics 26H1 Earnings Call Key Points - 0730

English summary

In 26Q2, revenue exceeded the 2 billion yuan mark for the first time, setting a record quarterly high, with +23% YoY and +29% QoQ, mainly driven by volume growth, with price increases accounting for only a very small portion. In Q2, distributor price increases were reflected in the financial statements (distributor revenue accounts for 20-30%), #but the pricing elasticity for end customers will be reflected in the second half of the year, #and monthly gross margin shows a sequential recovery and upward trend. Downstream revenue growth: ① Auto + Energy Storage high growth: Q2 auto electronics +47% YoY, +28% QoQ, #full year maintained at 30-40% YoY growth; Q2 energy storage +84% YoY, +45% QoQ, full year maintains high growth; ② Consumer: 1) Mobile phones Q2 flat YoY, +20% QoQ; 2) Non-mobile Q2 +28% YoY, +33% QoQ; Traditional business revenue growth better than expected, especially laminated inductors. Due to Japanese and Taiwanese peers shrinking supply, coupled with cost-side disruptions, 26H1 delivery was tight and lead times extended, with distributors stocking up in advance. #Overall passive components supply is tight, prices of old products maintained, and better prices can be negotiated for new products. ...