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IRICO Group New Energy Co. Ltd. Class H
(0438)
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Rating:44Neutral
Price Target:
HK$1.00
▼(-49.75% Downside)
Action:Upgraded
Date:06/26/26
The score is primarily weighed down by weak financial performance: worsening losses, negative margins, rising leverage, and recurring negative cash flow. Technicals add further pressure with a clear downtrend and weak momentum. Valuation contributes a modest offset but remains limited because the company is loss-making and no dividend yield is available.
Positive Factors
Revenue Recovery
A sharp revenue rebound in 2025 signals restored end-market demand or contract wins, improving capacity utilization. Sustained higher volumes can drive longer-term fixed-cost absorption and provide a platform for margin recovery if cost and pricing dynamics normalize over the next 2–6 months.
Negative Factors
Negative Margins
Sustained negative gross margins indicate structural pricing pressure or rising input/energy costs that erode the core economics of PV glass manufacturing. Without margin stabilization, revenue growth alone may not translate to profitability, threatening long-term viability and reinvestment capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery
A sharp revenue rebound in 2025 signals restored end-market demand or contract wins, improving capacity utilization. Sustained higher volumes can drive longer-term fixed-cost absorption and provide a platform for margin recovery if cost and pricing dynamics normalize over the next 2–6 months.
Read all positive factors
IRICO Group New Energy Co. Ltd. Class H (0438) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$223.93M
Dividend YieldN/A
Average Volume (3M)31.53K
Price to Earnings (P/E)―
Beta (1Y)0.60
Revenue Growth-11.28%
EPS Growth-48.91%
CountryHK
Employees2,548
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-3.18
Shares Outstanding96,248,670
10 Day Avg. Volume29,170
30 Day Avg. Volume31,527
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.36
Price to Sales (P/S)0.10
P/FCF Ratio-1.27
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
IRICO Group New Energy Co. Ltd. Class H Business Overview & Revenue Model
Company Description
IRICO Group New Energy Company Limited, operating with its various subsidiaries, is primarily involved in the research, development, manufacturing, and global distribution of advanced photovoltaic glass for the new energy sector, serving both the ...
How the Company Makes Money
The company primarily makes money by selling photovoltaic glass (including processed/tempered and coated PV glass used as front and/or back sheets in solar modules) to solar module manufacturers and other PV industry customers. Revenue is generate...
IRICO Group New Energy Co. Ltd. Class H Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
14
Very Negative
Cash Flow
12
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.91B | 3.28B | 3.15B | 2.47B | 2.07B |
| Gross Profit | -298.50M | -95.22M | 217.70M | 362.85M | 448.32M |
| EBITDA | -227.63M | -7.65M | 85.47M | 289.17M | 288.13M |
| Net Income | -560.34M | -375.95M | ― | 89.23M | 164.43M |
Balance Sheet | |||||
| Total Assets | 8.32B | 8.78B | 8.84B | 6.38B | 5.13B |
| Cash, Cash Equivalents and Short-Term Investments | 372.77M | 399.54M | 950.93M | 409.09M | 737.99M |
| Total Debt | 6.69B | 5.36B | 5.32B | 2.53B | 1.66B |
| Total Liabilities | 7.47B | 7.30B | 7.04B | 4.46B | 3.21B |
| Stockholders Equity | 842.07M | 1.48B | 1.80B | 1.92B | 1.92B |
Cash Flow | |||||
| Free Cash Flow | -240.25M | -1.00B | -664.34M | -456.07M | -635.80M |
| Operating Cash Flow | -45.85M | -513.25M | 276.96M | 89.23M | -537.90M |
| Investing Cash Flow | -188.77M | -474.69M | -925.71M | -508.40M | 197.94M |
| Financing Cash Flow | 133.92M | 409.67M | 1.19B | 594.99M | 358.25M |
IRICO Group New Energy Co. Ltd. Class H Technical Analysis
Negative
1.99
Price Trends
1.54
Negative
1.75
Negative
2.02
Negative
Market Momentum
-0.08
Positive
39.36
Neutral
45.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0438, the sentiment is Negative. The current price of 1.99 is above the 20-day moving average (MA) of 1.36, above the 50-day MA of 1.54, and below the 200-day MA of 2.02, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 39.36 is Neutral, neither overbought nor oversold. The STOCH value of 45.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0438.
IRICO Group New Energy Co. Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | HK$18.84B | 20.18 | 2.80% | 1.41% | ― | ― | |
44 Neutral | HK$223.93M | -0.35 | -57.16% | ― | -11.28% | -48.91% | |
43 Neutral | HK$212.44M | -2.28 | -13.04% | ― | -45.30% | 53.12% | |
41 Neutral | HK$22.92B | -5.94 | -7.50% | ― | -4.24% | 44.71% | |
41 Neutral | HK$71.01M | -0.97 | ― | ― | 35.19% | -28.35% | |
41 Neutral | HK$5.59B | -4.02 | -3.76% | ― | -28.17% | 68.96% |
* Technology Sector Average
HK:0438
IRICO Group New Energy Co. Ltd. Class H
1.27
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IRICO Group New Energy Co. Ltd. Class H Corporate Events
IRICO Group New Energy Sets 2025 AGM and Seeks Expanded Share Issuance Mandate
May 29, 2026
IRICO Group New Energy Company Limited has called its 2025 annual general meeting for 29 June 2026 in Xianyang, Shaanxi Province, where shareholders will review the board of directors’ report and the audited financial statements for the year...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.