73.62%-75.93% Drop! HY Solar Predicts Its Profit in 2023

PVTIME - HOYUAN Green Energy Co.,Ltd.(HY Solar, 603185.SH), a high-tech firm primarily involved in manufacturing high-end intelligent equipment and providing PV crystalline silicon products, has disclosed its prediction for net profit in 2023.

The net profit attributable to owners of the parent company is expected to be between 730 million and 800 million yuan (101.47 million to 111.2 million US dollars) in FY2023. This represents a decrease of approximately 2.303 billion to 2.233 billion yuan (320.117 million to 310.387 million US dollars), or 73.62% to 75.93%, compared to the same period in the previous year.

The decrease in profit was mainly due to the dramatic drop in prices throughout the PV industry supply chain, resulting from expansion and competition in 2023. Despite controlling costs and maintaining quality, HY Solar's profit from their core product, monocrystalline silicon wafers, also decreased due to the price drop. Furthermore, the new facilities for producing silicon material, solar cells, and modules were gradually operational in the second half of 2023. This required continuous investment and may affect performance. The newly added capacity is expected to bring profit once fully operational in the future with reasonable adjustments.

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