讀後心得

On April 3, U.S. President Trump announced the implementation of reciprocal tariffs against 60 trade surplus countries, raising concerns in the market about the impact on corporate exports. On the 5th, the telecom company Ascendant (3491) issued a statement indicating that the company's products would not be affected by this policy and emphasized that its export operations to the U.S. were functioning normally. Recent financial reports from Ascendant showed that the net profit after tax per share reached NT$8.59, and revenue from low Earth orbit satellites experienced significant growth, pushing total revenue to a record high. Despite facing trade challenges, Ascendant's business demand remains stable, and the company plans to launch globally significant satellite missions to expand its footprint.

US President Trump announced on April 3 that he would implement "reciprocal tariffs" on up to 60 countries with trade surpluses. The market expressed concerns about these policies, fearing they might affect corporate exports. In response, the telecom company Singda Tech issued a statement yesterday (5th) emphasizing that its products will not be affected by this high tariff policy and stated that its export business to the US will continue to operate normally.

Singda Tech's recently released 24-year financial report shows an after-tax net profit of 8.59 TWD per share, and it will distribute a cash dividend of 6.62698284 TWD. Last year’s after-tax net profit was 547 million TWD, with low earth orbit satellite revenue accounting for as much as 43%, boosting last year’s revenue to 2.335 billion TWD, a 47.3% increase year-over-year, and gross margin reaching 51.3%, higher than the 40.4% in 2023. All related data set new historical highs.

Singda Tech focuses on producing hollow waveguide components, which are key components for high-precision microwave and millimeter-wave communications classified as aluminum products under US trade policy. According to Section 232 of the US Trade Expansion Act, a 25% tariff is imposed on these products. However, according to Singda Tech's analysis, the aluminum cost of hollow waveguide components accounts for only 10% of the selling price, so the actual tariff imposed is about 2% to 3% of the product’s selling price.

Singda Tech pointed out that according to the terms agreed with US customers, this portion of the tariff will be borne by the customers, and the company will not incur additional costs. Production bases in Taiwan or Vietnam are not affected by this new tax rate, and the export processes and customs procedures remain operational.

Singda Tech emphasized that despite facing external trade challenges, the demand from its low earth orbit satellite and 4G/5G customers remains stable. With its product competitiveness, it can still maintain an advantage in the market. Singda Tech has entered the ranks of the top three satellite manufacturers globally, and this year, its two major customers continue to ship, with satellite-related revenue expected to grow by 80%, further boosting revenue and profit to new highs.

It has been revealed that Singda Tech's key customer is about to launch a globally significant low earth orbit satellite mission, planning the first launch of 27 satellites to accelerate global deployment.

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