Primax Electronics Ltd. (4915 TT / 4915.TW) announced today its consolidated September revenue of NT$7.53 billion, which is a 19.3% year-on-year (YoY) increase and a 1.4% month-over-month (MoM) gain. Primax’s consolidated 3Q22 revenue amounted to NT$22.3 billion, up 26.4% YoY and 10.1% quarter-over-quarter (QoQ). For the first 9 months, Primax’s accumulated consolidated revenue reached NT$60.52 billion, a 18.0% YoY increase.

Despite a PC market slowdown with demand seeing a double digit YoY decline, Primax has been able to buck the trend and grow its top-line with increased contributions from its new businesses. In 2Q22, information products accounted for 49% of Primax’s total revenue, followed by smart lifestyle products (30%) and Auto / Industrial AIoT related products (21%). Compared to last year, Auto / Industrial AIoT products have significantly become more important to Primax, as the weighting has increased from 14% in 2Q21 and 16% in 4Q21 to the 21% in 2Q22 and 25% in 3Q22.

Primax’s September revenue continued its upward momentum with a strong YoY growth. In the visual technology sector, growth came from strong auto and B2B camera demand. The business equipment sector saw a demand rebound for MFPs and printers, while new businesses also contributed to the segment’s top-line growth. Tymphany also saw a strong YoY revenue growth in September thanks to an ease of component shortages, increasing contributions from professional audio and growing demand for consumer audio products as we enter the peak season in 2H. With a strong 3Q22 revenue growth, Primax’s profitability for the quarter is also expected to grow robustly, with margins and net profit likely to see strong YoY growth. For the full year, with better customer and product mix leading to improved margins, Primax expects bottom-line growth to outpace its top-line in 2022.