Shenzhen Longsys Electronics First-Half Profit Surges Over 600-Fold

Shenzhen Longsys Electronics reported a staggering 62,204% to 74,394% year-on-year increase in net profit for the first half of 2024, reaching between 9.2 billion and 11 billion yuan. Revenue is expected to hit 22-25 billion yuan, up from 10.2 billion yuan a year earlier. The company attributed the growth to strong downstream demand and limited global memory wafer capacity, which have created a favorable market environment. Longsys also renewed wafer supply agreements with major global suppliers. Shares jumped 12.5% in Shenzhen, with other Chinese storage stocks like CEAC International and Biwin Storage Technology also rising. The surge reflects a global rebound in DRAM and NAND markets driven by AI demand.