Hi-Tech Development announced its results forecast for the first three quarters of 2024. Net profit attributable to shareholders of listed companies is expected to be 100 million yuan to 130 million yuan, down 48.79% to 60.61% from the same period last year. On the one hand, the power semiconductor business during the reporting period was affected by the downturn in the industry cycle, the overall “removal of inventory”, and the long product verification cycle for some new customers, and the long product verification cycle for some new customers. On the other hand, the first phase of the Xinwei Semiconductor project was put into operation in the fourth quarter of 2023. Production capacity has not been fully utilized, and fixed costs such as plant and production line depreciation had a significant impact on current profit and loss.

Hi-Tech Development announced its results forecast for the first three quarters of 2024. Net profit attributable to shareholders of listed companies is expected to be 100 million yuan to 130 million yuan, down 48.79% to 60.61% from the same period last year. On the one hand, the power semiconductor business during the reporting period was affected by the downturn in the industry cycle, the overall “removal of inventory”, and the long product verification cycle for some new customers, and the long product verification cycle for some new customers. On the other hand, the first phase of the Xinwei Semiconductor project was put into operation in the fourth quarter of 2023. Production capacity has not been fully utilized, and fixed costs such as plant and production line depreciation had a significant impact on current profit and loss.