Market demand rebounded, Tongfu Microelectronics' first quarter revenue increased by 31% year-on-year

On April 26, Tongfu Microelectronics released its first quarter report of 2020. The company achieved operating income of 2.166 billion yuan in January-March 2020, a year-on-year increase of 31.01%; the net profit attributable to shareholders of listed companies was -11.7283 million yuan, a year-on-year increase of 77.97%.

Tongfu Microelectronics said that market demand in the first quarter of 2020 rebounded compared with the first quarter of 2019, and revenue increased by 31.01% year-on-year. However, the COVID-19 epidemic had a significant impact on the company's production and business activities, resulting in the company's failure to turn losses into profits as planned in the first quarter of 2020, but the loss was significantly reduced compared with the first quarter of 2019.

Regarding the operating goals for 2020, Tongfu Microelectronics plans to achieve operating revenue of 10.80 billion yuan in 2020, an increase of 30.64% over the actual performance in 2019.

Tongfu Microelectronics stated that the production and operation target does not represent the company's profit forecast for 2020. Whether it can be achieved depends on various factors such as changes in market conditions and company operations, and there is a certain degree of uncertainty. 2020 is an important year for the company to seize development opportunities, promote the integrated and coordinated development of the company, do a solid job in improving the scale and economic benefits of the enterprise, and achieve high-quality development.