The share price of panel driver IC manufacturer FocalTech Systems has experienced a remarkable surge, soaring by 35.5% in the past five trading days to reach the 100-yuan milestone. Responding to a request from the competent authority, the company disclosed its October profits today. The net profit before tax for the month stood at 21 million yuan, reflecting a year-on-year decrease of 61%. October’s single-month earnings per share also experienced a YoY decline of 53%, settling at 0.1 yuan.
FocalTech Systems attributes the recent improvement in operations to the completion of inventory destocking in the smartphone industry. The company is optimistic, stating that the smartphone market has rebounded, marking an end to the challenging period. Anticipating a better performance in the fourth quarter compared to the third quarter, Duntai notes that end customers are actively replenishing inventory, indicating a significant increase in purchasing strength compared to previous periods.
Furthermore, Duntech, a subsidiary of FocalTech Systems, is making strides in the tablet product line. In the fourth quarter, both Chinese and Korean customers introduced commercial tablet products. The ongoing trend of upgrading mobile phones to Active Matrix Organic Light-Emitting Diode (AMOLED) technology is expected to benefit future operations. Duntai also highlights its foray into automotive products, introduced to various traditional and new energy vehicle customers, positioning them as a crucial growth driver in the future. The company expresses cautious optimism about its performance in the upcoming year.
