TCL’s electronics panel-making unit saw an uptick in net profit in the third quarter of 2020, as panel prices rose on the back of growing demand.

For the three months through September, TCL China Star Optoelectronics Technology (CSOT) registered a net profit of 700 million yuan ($104 million), representing a year-on-year increase of 151.6%, according to a stock filing released on Thursday.

The company attributed the profit growth to stable price hikes for panels of all sizes and its efforts to reduce costs and increase operating efficiency.

The announcement comes as smartphone vendors are racing to increase purchases from parts suppliers including CSOT in an effort to steal some of the global market share held by Huawei, which is subject to a U.S. policy that limits sales of chips made with American technology.

Earlier this month, the CEO of CSOT Jin Xuzhi said that the company had enjoyed a surge in panel orders from some leading Chinese smartphone makers despite the fact that Huawei slashed orders due to the U.S. restriction. Last year, Huawei was CSOT’s second-largest client with orders worth 2.8 billion yuan.

Established in 2009, CSOT is mainly engaged in producing panels for televisions, commercial displays, computers and smartphones. It has four factories, located in the Chinese cities of Shenzhen, Wuhan and Huizhou as well as India, according to the company’s website.

In August, CSOT acquired 60% of a liquid crystal display (LCD) factory in Suzhou from Samsung Display for $1.08 billion.

Contact reporter Ding Yi (yiding@caixin.com)

Related: TCL Sees Panel Orders From Huawei Rivals Balloon as Giant Flounders