China Net Finance on May 14 reported that the performance of Huabao New Energy changed face in the following year of listing. Recently, Huabao New Energy released its 2023 annual report. In 2023, the company will achieve revenue of 2.314 billion yuan, a year-on-year decrease of 27.76%; the net profit loss attributable to the parent company was 174 million yuan, a year-on-year decrease of 160.55%; deducted non-net profit loss of 263 million yuan, a year-on-year decrease of 197.04%; The net cash flow from operating activities was -102 million yuan, down 186.41% year-on-year.
Source: Huabao New Energy 2023 annual report
The decline in the net profit of Huabao New Energy, in addition to the asset impairment loss of 48.499 million yuan, is not unrelated to the increase in the expense ratio. In 2023, the company's administrative expenses increased by 58.88% year-on-year to RMB221 million, R&D expenses increased by 28.90% year-on-year to RMB152 million, sales expenses decreased by 6.52% year-on-year to RMB821 million, and financial expenses decreased by 80.28% year-on-year to -RMB63 million. This also led to a decline in the company's gross profit margin and net profit margin, which were 39.71% and -7.51% respectively in the same period, both of which were new lows in the past three years.
At present, the core products of Huabao New Energy include portable energy storage, household energy storage and photovoltaics. Affected by factors such as global economic instability, consumption downgrade and intensified industry competition, the sales volume of Huabao New Energy products will decrease by 33.52% year-on-year to 838,000 units in 2023.
Reflected in the revenue side, Huabao New Energy will achieve revenue of 1.888 billion yuan in portable energy storage products in 2023, a year-on-year decrease of 23.45%; The revenue of photovoltaic solar panels was 403 million yuan, a year-on-year decrease of 42.73%. In addition, the gross profit margin of the above products also declined to 39.54% and 40.35%, respectively.
Source: Huabao New Energy 2023 annual report
Starting from 2021, Huabao New Energy's overseas sales revenue accounted for more than 90%. In 2023, the company's overseas and domestic revenue will be 2.111 billion yuan and 203 million yuan respectively, accounting for 91.24% and 8.76% of the revenue, respectively. It is worth noting that the revenue of the overseas market fell sharply by 29.96%. Among them, the company's revenue in major regions such as North America, Asia (excluding the Chinese market) and Europe all declined, with a decrease of 11.37%, 33.58% and 66.94% respectively.
Source: Huabao New Energy 2023 annual report
While the performance is under pressure, the share price of Huabao New Energy has been in a state of breakage for a long time. As of the close of trading on the afternoon of May 13, Huabao New Energy closed at 64.88 yuan per share, down nearly 70% from the highest point of the stock price.
(Editor in charge: Tan Mengtong)