In Q3, Waffer Technology’s net profit after tax soared to 200 million yuan, marking a 128% YoY surge, while earnings per share (EPS) reached 1.04 yuan, up by 108% annually. With revenues maintaining steady growth, the company’s EPS for the first three quarters surged to 3.24 yuan, significantly surpassing the previous year’s 1.83 yuan.
The company’s recent foray into the automotive industry, specializing in high-tech aluminum-magnesium alloy mechanical components, aligns with the escalating demand for new energy vehicles. This strategic move has propelled Waffer Technology’s profits, already surpassing the previous year’s figures by mid-year.
Waffer Technology’s Q3 revenue stood at 1.45 billion yuan, maintaining consistency with the second quarter, yet reflecting an impressive 33.14% YoY growth. In the first three quarters, revenues totaled 4.223 billion yuan, exhibiting a robust 33.14% annual increase. The after-tax net profit reached 624 million yuan, with an earnings per share of 3.24 yuan.
With customer demand remaining stable and electric and fuel vehicles contributing equally to revenue, the company’s overall revenue witnessed a remarkable 44% YoY growth in the first ten months. As the electric vehicle industry increasingly prioritizes lightweighting with larger mechanical components, Waffer Technology is strategically positioned to benefit from this trend. The forthcoming completion of the Dangcoating plant in the third quarter of the next year is expected to further bolster the company’s production capacity.
Gan Jintian, the general manager of Waffer Technology, emphasized that their collaboration with customers in the development and verification of automotive metal mechanical components, particularly in die-casting for larger-sized components, aligns seamlessly with the evolving industry landscape.
