Companies forecast first-quarter profits

Several listed electronics and IT component makers posted net profit growth forecasts for the first quarter. 

Shenzhen-listed Luxshare Precision Industry Co Ltd, which produces electronics connectors and other components, said net profits would hit 955 million yuan (US$136 million) to 986 million yuan in the first quarter, a 55 to 60 percent growth year on year. 

Shanghai-listed component maker Universal Scientific Industrial said net profit would hit 1.26 billion yuan in the first quarter, a 7 percent growth year on year. Revenue jumped 10.9 percent in the period.

Lens Technology Co, listed in the GEM market, posted net profit to hit 879 million to 884 million yuan in the first quarter, compared with a loss of 97 million yuan a year ago. The lens provider said demand is “solid” in the consumer electronics and automotive industries, especially for its middle and high-end products.

Many listed companies are suppliers to industry giants such as Apple and Huawei, which are releasing new products this month.

Huawei launched its flagship P40 smartphone in China on Wednesday.

Apple is about to release an entry-level iPhone, analysts said.