Intron Technology Announces First Annual Results since Listing - Outstanding Performance in 2018 as Total Revenue and Gross Profit Increase by 37% and 46% Respectively Revenue for New Energy Vehicle Solutions Business Surges 102%

2019.03.26


(25 March 2019, Hong Kong) – Intron Technology Holdings Limited (“Intron Technology” or the “Group”; HKEX: 1760), a fast-growing automotive electronics solutions provider in China, has announced its annual results for the year ended 31 December 2018 (the “Year”), the first annual results since the Group’s listing in July 2018. The Group reported significant growth during the Year. Gross profit increased by 46% to RMB449.8 million, mainly driven by the strong growth momentum of the Group’s new energy vehicle solutions business.

For the year ended 31 December 2018, the Group’s revenue climbed by 37% year-on-year to RMB2,016.7 million, and gross profit margin went up to 22.3%. Backed by the satisfactory revenue growth and improved cost structure, the Group’s profit for the year grew by 33% to RMB162.3 million. The Board has resolved to recommend the payment of a final dividend of 5.50 HK cents per share for the year ended 31 December 2018.

Mr. Davy Luk, Chairman, Co-CEO and Executive Director of Intron Technology, said, “During the Year, the new energy vehicle market in China has maintained rapid growth. The Group’s performance benefited from the accelerating growth of its new energy vehicle solutions business in the Year. Capitalising on its successful business model and industry-leading competitive strengths, the Group delivered remarkable performance that outperformed the overall market.”

In 2018, segmental revenue from the New Energy Vehicle Solutions amounted to RMB713.4 million, a substantial increase of 102% from last year. This segment remained as the Group’s major growth driver. The Group’s Industrial segment delivered brilliant growth with its revenue increased by 65% from last year to RMB231.6 million, primarily attributable to the business growth of cloud computing and big data service providers, generating high demand for the Group’s quality product solutions. Of this total, Body Control, Safety and Powertrain businesses recorded growth of 9%, 4% and 19% respectively from the prior year.

Since its establishment, research and development (“R&D”) has been a key component of the Group’s business model. The Group continued to devote major efforts to R&D investment during the Year. In order to provide timely professional technical services and to work closely with the automotive makers and brands that manufacture motors vehicles (“OEMs”), the Group has established R&D centres in Beijing, Changchun, Wuhan and Hangzhou in 2018, a step towards multi-location R&D facilities. The Group has also started on the R&D expansion project in Nanjing during the Year, and is planning to further expand its R&D facilities in Shanghai, Guangzhou, Chengdu, Wuhan and Chongqing in 2019. In 2018, the Group’s R&D expenses rose by 60% year-on-year to RMB119.5 million, RMB44.8 million more than the previous year, accounted for 5.9% of annual revenue.

Mr. Eddie Chan, Co-CEO and Executive Director of Intron Technology, said, “The Group positions advanced driver assistance system (“ADAS”) as the next growth engine. The Group has increased R&D investment in this area, made progress in developing a variety of related products and working with customers to conduct quality and safety validation. The market demand for ADAS solutions is growing steadily and the Group expects to deliver revenue of its ADAS-related product solutions when OEMs start mass production in the coming future.”

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About Intron Technology Holdings Limited (英恒科技控股有限公司)
Intron Technology Holdings Limited is a fast-growing automotive electronics solutions provider in China focuses on providing solutions targeting critical automotive electronic components applied in New Energy, Body Control, Safety and Powertrain systems. The Group utilises its research and development and engineering capabilities to provide solutions incorporating advanced semiconductor devices to help OEMs achieve industry leading performance.

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