Passive Component Factory's fourth quarter performance outlook

With only the last days remaining in December, most of the passive components factories expect that the fourth-quarter performance will decline by about 10%. However, the quarter-on-quarter reductions for three companies, including Jinshan Electrolytic Capacitor Factory (8042), Protection Component Factory Xingqin (2428) and Chip Resistor Factory Dayi (2478), are expected to be within 10% or even only about 5%. Anti-off season effect.

Jinshan Electric successively received a daily order transfer from the Japanese plant and entered the solar market. In November, revenue rose to 284 million yuan, up 7.98% from October. As the December performance held steady, the legal person expects that the fourth quarter results will only be higher than the first quarter. The three quarters declined slightly by about 5%.

Japanese television orders began shipping assistance in November, and the protective component plant Xing Qin’s consolidated revenue also rebounded to 381 million yuan in November, an increase of 8.86% from the previous month’s 350 million yuan, and the annual growth rate was 19.92%.

Xing Qin said that although there are year-end inventory factors in December, the client will stop pulling goods since about the 25th, but orders in December are almost the same as in November, so the operation should be relatively stable this month, and the decline is limited.

Due to steady performance in November and December, the legal person estimates that Xingqin’s revenue in the fourth quarter should stand at more than RMB 1.1 billion, making quarterly earnings decline of around 5% in the fourth quarter, which is better than that of the industry. Into the off-season phenomenon is not significant.

Chip resistance plant Da Yi’s November consolidated revenue was 320 million yuan, slightly lower than the 338 million yuan in October, and the capacity utilization rate remained at about 90%. Da Yi said that in the case of orders in hand, December and November are similar, but due to the year-end inventory, final shipments will still depend on the last week's client pulls. The legal person estimates that DAI’s fourth-quarter revenue contract declined by 5% to 10% from the third quarter, which is relatively defensive.