24/7 Market News Snapshot 27 December, 2024 – CCSC Technology International Holdings Limited Class A Ordinary Shares (NASDAQ:CCTG)

December 27, 2024

DENVER, Colo., 27 December, 2024 (247marketnews.com) – (Nasdaq:CCTG) are discussed in this article.
CCSC Technology International Holdings Limited (Nasdaq:CCTG), an innovative player in the interconnect products sector, has captivated investors with a notable surge in its share price today. Opening at $1.92, CCTG’s stock has skyrocketed to $2.782, achieving a remarkable gain of 40.51%. This upward momentum follows a previous trading close of $1.980 and has been accompanied by a significant trading volume of 3.26 million shares, indicating heightened market interest and optimism for the company’s future.

In parallel, CCTG has announced its financial performance for the first six months of fiscal year 2025, showcasing substantial growth. The company reported a 22.9% increase in revenue, reaching $9.2 million compared to $7.5 million in the same period last year. This growth is largely attributed to increased sales volumes, particularly in cable and wire harness products, which experienced a 24.9% rise. Despite facing a challenging market that resulted in a net loss of $0.74 million, CCTG’s gross profit rose by 20.5%, indicating resilience in its operational strategies. The gross margin stood at 29.8%, slightly lower than the prior year due to rising production costs.

Chief Executive Officer Mr. Kung Lok Chiu commented on the company’s achievements, emphasizing a strong commitment to innovation and an expansion strategy aimed at accessing high-growth sectors including new energy and robotics. Additionally, CCTG is advancing its strategic initiatives by establishing a new supply chain management center in Central Europe, set for completion by late 2025. This facility is expected to enhance operational capabilities and service delivery across Europe, reflecting CCSC’s dedication to long-term growth and shareholder value in the rapidly evolving interconnect industry.

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