Guoxin Micro recently released its financial report for the first three quarters of 2020, stating that the company's net profit was CNY685 million, a year-on-year increase of nearly 88%.
At the same time, the company's annual net profit in 2020 is expected to double compared with the previous year due to the continuous improvement in profitability of major business sectors and the rapid growth of special integrated circuit business.
The financial report also showed that Guoxin Micro realized operating revenue of CNY2.32 billion from January to September this year, down 6.78% from the same period last year. Commenting on the decrease, the company pointed out that it was caused by its Xi'an branch. If Guoxin Micro Xi'an was excluded, the company would have seen a year-on-year increase of 23%.
It is predicted that Guoxin Micro's net profit in 2020 will be between CNY751 million and CNY872 million, representing a year-on-year increase of 85% to 115%.
Public information shows that Guoxin Micro is mainly engaged in the design and sales of integrated circuit chips, including intelligent security chips and special integrated circuit businesses. In addition, the company is also engaged in power semiconductor device business and quartz crystal component business.