IRICO Group New Energy Co. Ltd. Class H (HK:0438)
:0438
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IRICO Group New Energy Co. Ltd. Class H
(0438)
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Rating:40Underperform
Price Target:
HK$1.50
▼(-24.62% Downside)
Action:Downgraded
Date:05/01/26
The score is primarily held down by weak financial performance—deepening losses, negative margins, rising leverage, and recurring cash burn. Technicals add modest pressure with the stock trading below major moving averages and negative MACD. Valuation provides limited support because earnings are negative and no dividend yield is available.
Positive Factors
Specialized PV glass manufacturer
IRICO's core focus on manufacturing PV glass for solar modules represents a durable, product-led business model supplying an essential input to module makers. Specialization supports repeat demand from industrial customers and long-term commercial relationships tied to module production capacity.
Negative Factors
Sharply rising leverage
Leverage reaching roughly 7.9x by 2025 materially constrains financial flexibility, raises refinancing and interest risks, and limits capacity to absorb shocks. Over a multi‑month horizon, elevated debt amplifies vulnerability to cash shortfalls and restricts investment choices.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized PV glass manufacturer
IRICO's core focus on manufacturing PV glass for solar modules represents a durable, product-led business model supplying an essential input to module makers. Specialization supports repeat demand from industrial customers and long-term commercial relationships tied to module production capacity.
Read all positive factors
IRICO Group New Energy Co. Ltd. Class H (0438) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$287.40M
Dividend YieldN/A
Average Volume (3M)31.53K
Price to Earnings (P/E)―
Beta (1Y)0.56
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, together with its subsidiaries, engages in the research and development, production, and sale of new energy photovoltaic glass in the People's Republic of China and internationally. The company also offers s...
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
1.79
Negative
1.93
Negative
2.14
Negative
Market Momentum
-0.05
Negative
36.75
Neutral
33.33
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 1.67, above the 50-day MA of 1.79, and below the 200-day MA of 2.14, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 36.75 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 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$625.23M | 2.90 | -1.39% | ― | -12.35% | ― | |
47 Neutral | HK$82.08M | -1.44 | -11.75% | ― | -4.85% | 69.27% | |
43 Neutral | HK$98.57M | -0.60 | ― | ― | 35.19% | -28.35% | |
42 Neutral | HK$239.80M | -5.85 | 122.88% | ― | 13.38% | 33.42% | |
41 Neutral | HK$242.64M | -0.34 | -24.72% | ― | -34.39% | -25.91% | |
40 Underperform | HK$287.40M | -0.29 | -56.71% | ― | -11.28% | -48.91% |
* Technology Sector Average
HK:0438
IRICO Group New Energy Co. Ltd. Class H
1.63
-0.38
-18.91%
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IRICO Group New Energy Co. Ltd. Class H Corporate Events
IRICO Group New Energy Posts Lower Current Assets as Receivables Rise in 2025
Mar 25, 2026
IRICO Group New Energy reported its audited consolidated results for the year ended 31 December 2025, confirming that its balance sheet and income statement figures are consistent with the audited financial statements agreed with its external audi...
IRICO Group New Energy Sets March 2026 Board Meeting to Approve 2025 Results
Mar 17, 2026
IRICO Group New Energy Company Limited has scheduled a board meeting for 25 March 2026 to review and approve the annual results for the year ended 31 December 2025. The board will also consider whether to recommend a final dividend, a decision tha...
IRICO Group New Energy Announces Retirement of Deputy General Manager
Mar 17, 2026
IRICO Group New Energy Company Limited announced that deputy general manager Wu Wenchao has stepped down after reaching the statutory retirement age. The board publicly thanked Wu for his service, signalling an orderly senior management transition...
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.