The Zhitong Finance App learned that Yihuatong (02402) surged nearly 7% in the afternoon. As of press release, it had risen 5.06% to HK$34.25, with a turnover of HK$5.3957 million.
According to the news, in 2023, Yihuatong achieved revenue of 801 million yuan, an increase of 8.48% over the previous year; net profit to mother was 243 million yuan, compared to -166 million yuan in the same period last year. In 2024Q1, the company achieved revenue of 0.13 billion yuan, a year-on-year decrease of 72.83%; net profit to mother was -0.91 billion yuan, compared to -39 million yuan in the same period last year, and losses increased.
Changjiang Securities pointed out that the company's products are still in a period of rapid iteration, with declining unit prices dragging down revenue growth; gross margin fell 5.87 pct. With the release of scale effects, the company's gross margin has room to be repaired; R&D cost increases and depreciation are still dragging down profits; the company's cash flow is expected to improve in 2024 with the release of the first year of the model urban agglomeration; it is expected that fuel cell vehicle promotion will continue to accelerate.