Zhuhai Bojay Electronics (002975) Q3 2026 earnings summary

Executive summary

• Q3 revenue was ¥765.9m, up 72.35% YoY; attributable net income was ¥177.9m, up 108.02% YoY.

• YTD revenue reached ¥1,887.6m, up 69.03% YoY; attributable net income was ¥348.9m, up 230.04% YoY.

• YTD new orders were ~¥2.8bn, up nearly 88% YoY, supporting a more favorable order mix and subsequent revenue conversion.

Financial highlights

• YTD adjusted for non-recurring items, attributable net income was ¥342.8m, up 475.39% YoY; reported attributable net income was ¥348.9m.

• YTD consolidated net income was ¥358.0m versus ¥115.3m YoY; operating profit was ¥399.6m versus ¥122.1m.

• YTD operating cash flow was ¥135.8m, up 52.04% YoY; cash and cash equivalents ended at ¥597.5m versus ¥398.1m at year-end.

• YTD operating costs rose with scale: R&D expense was ¥205.5m, up 33.10% YoY; finance expense was ¥32.1m, up 374.41%, mainly due to FX movements.

Outlook and guidance

• YTD new orders of ~¥2.8bn, up nearly 88% YoY, provide a basis for continued performance conversion; AI-computing orders grew nearly 280% and MLCC equipment orders nearly 160%.

• InP substrate orders totaled ~200,000 wafers; ~40,000 overseas-customer units were pending dual-use export review and are to be delivered in line with customer schedules and contract terms.