讀後心得

U.S. President Donald Trump announced on April 3 that he would implement reciprocal tariffs on up to 60 countries with trade surpluses, raising concerns in the market. Communications manufacturer昇達科 (3491) issued a statement on the 5th, stating that the company's products would not be affected by the high tariff policy, and exports to the United States would continue as normal.昇達科 recently announced its annual financial report, showing an after-tax net profit of 8.59 per share and a cash dividend distribution of 6.63. Related revenue and gross profit margin both reached new highs. The company emphasized that despite facing trade challenges, demand from low-orbit satellites and 4G/5G customers remains stable. The satellite business is expected to grow by 80% this year, maintaining competitive advantages in the market.

The U.S. President announced on April 3 that "reciprocal tariffs" would be imposed on up to 60 countries with trade surpluses, raising concerns in the market about the potential impact of this policy on corporate exports. Network communications company 昇達科 issued a statement yesterday clarifying that the high tariff policy would not affect the company's products, emphasizing that its export business to the U.S. will continue to operate normally.

昇達科 recently announced its financial report for the year 2024, revealing an after-tax earnings per share of 8.59 yuan, with a cash dividend of 6.62698284 yuan per share. The after-tax net profit last year was 547 million yuan, with low Earth satellite revenue accounting for as much as 43%, boosting last year's revenue to 2.335 billion yuan, a year-on-year increase of 47.3%, and a gross margin of 51.3%, higher than 40.4% in 2023. Revenue, gross margin, after-tax earnings per share, and dividends all reached historical highs.

昇達科 focuses on producing hollow waveguide components, which are key elements for high-precision microwave and millimeter-wave communications. These components have been classified as aluminum products under U.S. trade policy and are subject to a 25% tariff according to Section 232 of the U.S. Trade Expansion Act. However, according to 昇達科's analysis, the cost of aluminum for hollow waveguide components only accounts for 10% of the selling price, so the actual tariff imposed is approximately 2% to 3% of the product's selling price. 昇達科 pointed out that under the terms negotiated with U.S. customers, this portion of the tariff will be borne by the customers, and the company will not incur additional costs.

Production bases in both Taiwan and Vietnam are not affected by the new tax rates, and the export process and customs procedures remain normal. 昇達科 emphasized that despite facing external trade challenges, demand from its low Earth satellite and 4G/5G customers remains stable, and due to the competitiveness of its products, it can still maintain an advantage in the market.

昇達科 has already penetrated the top three satellite manufacturers globally, and this year, two major customers continue to ship products, with revenue contributions from satellites expected to grow by 80%, propelling revenue and profits to new heights. Reports indicate that 昇達科's key customer is about to launch a globally watched low Earth orbit satellite mission, planning to launch 27 satellites for the first time, accelerating its global deployment.

This information is for reference only. Investors should make independent judgments, carefully assess, and bear investment risks.