Interconnect & Passive Components

Yangdian Technology announced that Qiu Qinjian, the company's deputy general manager, chief financial officer, and board secretary, has applied to resign from the position of board secretary due to work adjustments. After stepping down, he will continue to serve as deputy general manager and chief financial officer. On the same day, the company held the eleventh meeting of the third board of directors. Upon nomination by chairman Nie Kunlin and qualification review by the board's nomination committee, the board approved the appointment of Zhang Jun as board secretary, with a term starting from the date of approval by this board meeting until the end of the third board's term. Zhang Jun, born in October 1990, holds a master's degree in political economy from Jilin University and is a non-practising member of the Chinese Institute of Certified Public Accountants. He previously served as deputy general manager and board secretary of Xingyun Technology Co., Ltd. and as director of investor relations at Xingyuan Environment Technology Co., Ltd., and has obtained the board secretary qualification certificate issued by the Shenzhen Stock Exchange. The company has seen several senior management changes recently. In June 2026, former chairman Tang Xuemei resigned as chairman for personal reasons but continued to serve as an employee representative director. Non-independent director Zhu Zhenguo also resigned from his position as non-independent director. In July, the company elected Nie Kunlin as chairman. In terms of performance, in the first half of 2026 the company achieved total operating revenue of 765 million yuan, up 18.83 percent year on year, and net profit attributable to the parent company of 31.0066 million yuan, up 43.62 percent year on year.

Vishay Intertechnology reported second-quarter revenues of $888.6 million, up 16.6% year on year, falling short of analysts' expectations by 1.8% even as it beat EPS and operating income estimates. CEO Joel Smejkel said the quarter delivered 9.5% sequential growth to adjusted revenue of $919 million, exceeding the top end of the company's revenue guidance on strengthening demand across all end markets, channels and regions. The stock is down 16% since reporting and currently trades at $32.64. Across the 14 analog semiconductors stocks tracked, group revenues beat consensus estimates by 1.8% while next quarter's revenue guidance came in 4.9% above, and share prices have held steady, up 2.2% on average since the latest earnings results. Monolithic Power Systems posted the group's best quarter with revenues of $980.6 million, up 47.6% year on year and 8.6% above expectations, while Himax had the slowest, with revenues of $227.4 million, up 5.9% and 2% above estimates.

Nidec announced on the 1st that it will sell its electronic components subsidiary Nidec Components, formerly Copal Electronics, to U.S. investment fund Carlyle Group for 102.9 billion yen. The transfer will take place on December 1. The company said it is currently examining the impact of the sale on its consolidated earnings and will promptly disclose any matters that should be made public going forward.

Connector maker Iriso Electronics announced on the 30th that President Hitoshi Suzuki, 60, resigned effective the same day. The move follows a third-party committee investigation that found improper monetary payments at overseas subsidiaries, and is intended to clarify management responsibility. Senior Managing Director Shuichi Ikeda, 55, will take over as president on October 1. Regarding the company, it has been found that money paid to a local advisory lawyer in connection with a labor dispute at an overseas subsidiary may have reached a judge. At another overseas subsidiary, improper cash payments to customs officials and others had been continued for a long period to smooth customs procedures, and accounting and quality control problems were also confirmed.

A major Japanese brokerage on September 30 kept its rating on Elecs at Neutral (2) while raising its target price from 820 yen to 890 yen. As of the previous day, September 29, the rating consensus stood at 3 (based on 3 analysts), a "Neutral" level, and the target price consensus was 867 yen (based on 3 analysts).

Kasikorn Securities estimates that NEO will post a third-quarter profit of 212 million baht, up 261% year on year and 2% quarter on quarter, under assumptions of 19.5% sales growth, a 38% gross margin, and a selling and administrative expense ratio of 29.2% of revenue. This puts the first nine months of the year at 516 million baht, up 31% year on year, or 73% of the full-year profit forecast of 705 million baht. The company is maintaining its targets for the year: double-digit sales growth, a gross margin of 37% to 39%, and an SG&A-to-revenue ratio of no more than 27%. For next year, it targets mid-to-high single-digit sales growth. The research team is keeping its hold recommendation on NEO but raising its end-of-next-year target price to 24.78 baht from 24.14 baht, after shifting the valuation base year to the end of next year, compared with the current market price of 23.7 baht.

The analyst at TTB Wealth Securities Public Company Limited has upgraded KCE stock to "Buy" from "Sell," raised its target price to 100 baht from 31 baht, and lifted its profit forecasts for 2026-2029 by 0.6%, 35%, 95% and 137% respectively. The analyst believes the market share KCE lost to Chinese competitors is recovering as more orders flow in amid geopolitical factors, since KCE is a Thai company with production bases in Thailand. EPS for KCE is now expected to grow 85%, 107% and 38% in 2026-2028, while its customer base is expanding from Europe to the United States and existing US customers are increasing their orders. Dollar-denominated sales are expected to grow 21%, 64% and 17% in 2026-2028, compared with a decline of 9% per year in 2023-2025. KCE may also benefit from a shortage of a key raw material, fiberglass, for another one to two quarters, which helps ease price competition. As for the profit outlook for the second half of 2026, third-quarter 2026 profit is expected at 441 million baht, up 51% from a year earlier and 83% from the previous quarter, while fourth-quarter 2026 profit is expected at 573 million baht, up 315% from a year earlier and 30% from the previous quarter.

Shenzhen Stock Exchange has accepted Zhongfu Circuit's application for a share issuance to specific investors. On September 29, the exchange accepted the application from Zhongfu Circuit, stock code 300814, for issuing shares to specific investors. The planned issuance is for no more than 57.429 million shares, with expected proceeds of 844 million yuan. The sponsor for this issuance is Ping An Securities.

Jabil is scheduled to announce its Q4 earnings results on Wednesday, September 30th, before market open. The consensus EPS estimate is $4.08, up 24.0% year over year, while the consensus revenue estimate is $9.72B, up 17.8% year over year. Over the last 2 years, Jabil has beaten EPS estimates 100% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 2 upward revisions and 0 downward, while revenue estimates have seen 1 upward revision and 0 downward.

Nireco announced a revision to its earnings outlook after the close of trading on September 29, raising its consolidated ordinary profit forecast for the fiscal year ending March 2027 by 5.0%, from the previous projection of 2 billion yen to 2.1 billion yen. The prior fiscal year came in at 1.79 billion yen, and the profit growth rate expands from 11.5% to 17.1%, putting the company on track to set a record high for the first time in two years. Meanwhile, it left its first-half ordinary profit forecast for the April-September period unchanged at 780 million yen.

Chaoyang Technology announced on September 29 that the company has released its 2026 plan for issuing A-shares to specific investors, proposing to issue shares to no more than 35 designated investors and raise total proceeds of no more than 560 million yuan. After deducting issuance expenses, the funds are intended for the Vietnam Chaoyang smart manufacturing expansion project, a smart hardware production and construction project, a smart hardware research institute upgrade and construction project, and replenishment of working capital.

Guangpu Shares announced that its board of directors has approved a proposal to sell repurchased shares through centralized bidding, with the number of shares to be sold not exceeding 6.1036 million, or no more than 2% of the company's total share capital. The implementation period is from October 28, 2026 to April 27, 2027. The selling price will be determined based on secondary market prices, and the proceeds will be used to supplement daily working capital.

Jingwei Huikai announced on September 29 that its 2026 restricted stock incentive plan proposes to grant a total of 39.27 million restricted shares to incentive recipients, accounting for approximately 6.8366% of the company's total share capital. This grant is a one-time grant with no reserved equity, at a grant price of 3.95 yuan per share. The total number of incentive recipients under this plan is 85, including directors of the company and its controlled subsidiaries but excluding independent directors, senior management, core management personnel, core backbone employees, and other personnel the board deems in need of incentives. In the first half of 2026, Jingwei Huikai achieved revenue of 1.768 billion yuan, with a net loss attributable to the parent company of 41.19 million yuan.

Huafeng Co. announced on the evening of September 24 that its wholly-owned subsidiary Huafeng International intends to continue selling up to 360,400 Sanhuan Group shares on the secondary market at an opportune time, meaning Huafeng International plans to fully exit its Sanhuan Group H-share holdings. Previously, Huafeng International participated in Sanhuan Group's initial public offering on the Hong Kong Stock Exchange as an anchor investor and was allotted 781,300 shares. As of the announcement date, Huafeng International had sold 420,900 Sanhuan Group shares on the secondary market. Sanhuan Group is one of China's two leading MLCC makers. In the first half of this year, it achieved revenue of 6.423 billion yuan, up 54.82% year-on-year, and net profit of 1.932 billion yuan, up 56.18% year-on-year. Since the start of this year, its A-share price has risen nearly 171% cumulatively, with the latest price at 123.31 yuan per share and a total market value of 246.2 billion yuan. Sanhuan Group listed in Hong Kong on July 9, 2026, at an issue price of 100.3 Hong Kong dollars per share. As of the close on September 24, its H-share price was 133.6 Hong Kong dollars per share, having touched 152.7 Hong Kong dollars per share on September 21. Huafeng International's current reduction is taking place near the H-share price peak. On the same day, TrendForce released research findings noting that material shortages and cost pressures amid the AI crowding-out effect are opening opportunities for the Chinese mainland supply chain. Brand manufacturers such as Dell, HP, Asus, and Acer have completed verification of related memory supplies and, through introductions by ODM makers including Huaqin, LCFC, and Luxshare Precision, have begun verifying MLCC products from Weirong Technology and Sanhuan Group.

BOE held an online briefing on its 2026 interim results on September 22 during the Global Innovation Partner Conference 2026, disclosing first-half revenue of 103.1 billion yuan and net profit attributable to the parent of 5.2 billion yuan, up 1.8% and 61.6% year on year respectively. Chairman Chen Yanshun said at the meeting that the company has updated its positioning to a globally leading technology innovation company, using optoelectronic fusion technology to drive the intelligent connection of all things. In the display business, LCD panel shipments for the five major mainstream applications continued to rank first globally, while AMOLED shipments exceeded 80 million units in the first half, remaining first in China and second globally. The company's first 8.6-generation OLED production line in China began mass production in June 2026. In the innovation business, the glass-based packaging substrate pilot line has achieved fully automated equipment line connection and sample delivery, the perovskite glovebox steady-state efficiency reached 27.61%, and in the optical interconnect field the company has established a project team to tackle Micro LED optical interconnect systems and glass-based substrate CPO technology. Chen Yanshun said the display business provides about 40 billion to 50 billion yuan in operating cash flow each year, which can cover spending on LCD and OLED, innovation businesses, and investor returns. On shareholder returns, as of July 31 the company had repurchased about 86 million A-shares and about 85 million B-shares, with total payments of nearly 500 million yuan and 400 million Hong Kong dollars. Its controlling subsidiary Hefei BOE Display Technology completed a targeted capital reduction for minority shareholders, with registered capital reduced from 24 billion yuan to 17.55 billion yuan, raising BOE's shareholding from 36.67% to 50.14%.

On the evening of September 24, multiple listed companies on the Shanghai and Shenzhen stock exchanges issued major announcements. Sanan Optoelectronics announced that it had received notice from the family of its actual controller Lin Xiucheng that Lin had been criminally detained by public security authorities on suspicion of embezzlement of his position and misappropriation of funds. Lin has not held any position in the company since July 10, 2017, and the company said the matter is unrelated to the company and will not have a material impact on production and operations. Hengtong Optoelectronics plans to issue shares to specific investors to raise no more than 6.636 billion yuan, for projects including research and production of next-generation optical fiber, construction of high-end optical new materials in Inner Mongolia, and research and development of advanced CPO packaging. Guanghuan Xinwang plans to make an additional investment of no more than 1.265 billion yuan in the Helinger intelligent computing center project, bringing total project investment to approximately 2.5 billion yuan and raising IT load capacity from 60 to 100 megawatts to 90 to 120 megawatts. China Life Insurance plans to subscribe for capital contributions of no more than 4.5 billion yuan in a partnership with total subscriptions of no more than 6 billion yuan, focusing on high-quality unlisted equity in the artificial intelligence and semiconductor sectors. Shandong Gold Mining has adjusted its 2026 gold production plan from no less than 49 tonnes to between 36 and 38 tonnes. The company's mined gold output in 2025 was 48.89 tonnes, and net profit attributable to the parent is expected to decline year on year in 2026. In addition, Zhongji Innolight completed a buyback of 5.6531 million shares for 4.997 billion yuan, Jifeng Auto Parts' controlling subsidiary received a nomination for a passenger car seat assembly project with an estimated total life-cycle value of 9.2 billion yuan, and EVE Energy plans to transfer a 45 percent stake in Hubei Enjie New Materials for 1.15 billion yuan.

Delos Data announced on September 15 that it raised more than $100 million to develop networking chips and software for increasingly heterogeneous AI data centers, with Playground Global, where former Intel CEO Pat Gelsinger is a general partner, joining the round. Reuters reported that Delos is designing its network to work across different types of compute hardware rather than assuming every accelerator comes from Nvidia, a read-through that could benefit AMD even though AMD is not an investor in Delos. Nvidia's advantage rests on a tightly integrated system of accelerators, networking, interconnects and software, and Delos is betting that market becomes less uniform as inference expands, with Gelsinger describing idle compute waiting for data as a major waste of money and energy. The counterargument is that Nvidia already has scale, mature software and networking products customers know work, and a startup with $100 million in financing is attacking an incumbent that spends billions on research and sells the full rack. Insider Monkey tracked 285 hedge funds holding Nvidia in the second quarter, up from 275 in the first, while AMD's holder count climbed to 164 from 134, and AMD had about 41.7 million shares sold short as of August 31, equal to roughly 2.6% of float and 2.5 days to cover.

Yibo Technology announced on September 23 that its wholly owned subsidiary Zhuhai Yibo Electronics Co., Ltd. will add investment to build the Zhuhai PCB plant Phase II project, with a total investment of no more than 800 million yuan. The project is expected to take one year to construct and will focus on medium-to-high volume production of mid-to-high-end PCB products. In the first half of 2026, Yibo Technology achieved revenue of 709 million yuan and net profit attributable to the parent company of 63.83 million yuan.

Sidike announced on the evening of September 23 that it plans to invest in a high-end functional BOPET base film expansion project with an annual capacity of 103,000 tonnes, with total investment estimated at about 1.652 billion yuan. The project will be implemented by its wholly owned subsidiary Jiangsu Xingyuantai New Material Technology Co., Ltd., located in Sihong, Jiangsu, with a construction period of 1.5 years. Funding will come from Xingyuantai's own capital and self-raised funds. The project aims to mass-produce multiple series of high-end functional BOPET substrate products, including MLCC release film base film, polarizer release and protective film base film, photosensitive dry film base film, general release and protective film base film, and window film base film, mainly serving downstream sectors such as microelectronic MLCC manufacturing, specialty optical devices, precision PCB circuits, smart terminal protection, automotive and building energy-saving window films, and industrial precision protection. The investment still needs to be submitted to the company's shareholders' meeting for approval before implementation, and requires approval or filing procedures from relevant government departments for project registration, environmental impact assessment, energy conservation review, safety evaluation, and fire protection acceptance. The 2026 interim report shows that in the first half of the year, the company achieved operating revenue of 1.593 billion yuan, up 14.11 percent year on year, and net profit attributable to shareholders of the listed company of 46.0118 million yuan, up 82.38 percent year on year.

Corning, Qualcomm and Lumentum plan to showcase a high-density die to die optical connectivity solution at ECOC 2026. The joint demo targets AI scale up architectures that require higher bandwidth, lower latency and tighter power budgets for chip interconnects, and the ECOC 2026 presentation will highlight massively parallel optical D2D links paired with high density fiber to support advanced AI data centers. The project taps Corning's existing role supplying fiber and optical technology to large infrastructure buyers rather than representing a completely new line of work, positioning its multimode fiber alongside Qualcomm's interface IP and Lumentum's VCSEL engines. The unresolved piece is commercial proof: the clearest early sign that this direction is working will be whether Corning starts pointing to concrete D2D or co packaged optics wins in its AI focused optical order book or in follow on agreements tied to the 2027 to 2032 style long term fiber deals already in place.