Triumph New Energy Company (1108) AI Stock Analysis

• Market Cap: HK$5.74B
• Dividend Yield: N/A
• Average Volume (3M): 2.08M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.49
• Revenue Growth: -35.74%
• EPS Growth: -1755.61%
• Country: HK
• Employees: 2,769
• Sector: Energy
• Sector Strength: 52
• Industry: Construction
• EPS (TTM): -0.25
• Shares Outstanding: 250,000,000
• 10 Day Avg. Volume: 2,055,884
• 30 Day Avg. Volume: 2,083,928
• PEG Ratio: 0.02
• Price to Book (P/B): 0.58
• Price to Sales (P/S): 0.51
• P/FCF Ratio: -2.27
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.1
• Revenue Forecast (FY): HK$5.65B

• Rating: 46 Neutral
• Price Target: HK$4.00 ▲(5.26% Upside)
• Action: Reiterated Date: 01/24/26
• Date: Action: Reiterated 01/24/26

The score is weighed down primarily by weak financial performance—deep losses, rising leverage, and negative operating/free cash flow. Technicals provide some support as the stock is trading above key moving averages, but the elevated RSI suggests momentum may be stretched. Valuation remains challenged because the company is loss-making (negative P/E) with no dividend yield data to offset risk.

Positive Factors

Revenue Rebound

A trailing-twelve-month revenue increase of 11.6% signals recovering demand and top-line momentum. Sustained revenue growth provides a foundation to leverage fixed-cost base, improves the odds of returning to profitability, and supports longer-term operational planning.

Equity Capital Cushion

A 3.74B equity base gives the company a material capital buffer against ongoing losses. This equity cushion supports liquidity, provides room for restructuring or refinancing, and reduces immediate bankruptcy risk while management works to stabilise operations.

Proven Prior Profitability

Prior positive gross and net margins through 2021–2023 indicate the underlying business model can be profitable. That historical performance suggests operational processes, pricing power, or project execution capability exist and can be redeployed to restore margins when cost issues or cycle effects are addressed.

Negative Factors

Deep Negative Margins

Substantially negative gross, EBIT and net margins are structural concerns: they imply the core projects or services fail to cover direct costs and overhead. Persistent negative margins erode equity, prevent retained-earnings recovery, and make sustained profitability unlikely without material cost or revenue improvements.

Rising Leverage

A sharp rise in total debt to 7.17B and a near 2.0x debt/equity ratio reduces financial flexibility. Higher leverage increases interest and covenant risk, constrains investment options, and heightens refinancing pressure if cash flows remain negative or capital markets tighten over the medium term.

Negative Cash Generation

Persistent negative operating and free cash flows indicate the business consumes cash rather than funds itself. This structural cash burn forces reliance on external financing, limits capacity to invest in growth or capex, and heightens solvency risk if losses continue.

Triumph New Energy Company Business Overview & Revenue Model

Company Description

Luoyang Glass Company Limited, together with its subsidiaries, engages in the manufacture and sale of float glass in China and internationally. The company operates through two segments, Information Display Glass and New Energy Glass. The Information Display Glass segment offers ultra-thin electronic glass substrates. The New Energy Glass segment produces photovoltaic original glass and its further processed products, such as glass for ultra-white high transparent cover plate and back plate glass for solar photovoltaic module. Luoyang Glass Company Limited was incorporated in 1994 and is headquartered in Luoyang, the People's Republic of China.

How the Company Makes Money

Triumph New Energy Company makes money primarily through the sale of electricity generated from its renewable energy power plants. The company enters into power purchase agreements (PPAs) with governments, utilities, and corporate clients, which provide a steady revenue stream over the long term. Additionally, the company may receive government incentives and subsidies aimed at promoting renewable energy adoption. Triumph New Energy may also engage in strategic partnerships or joint ventures to expand its reach and enhance its technological capabilities, further contributing to its revenue growth.

Triumph New Energy Company Financial Statement Overview

Summary

Financials are weak: profitability has deteriorated sharply with deeply negative margins (TTM gross -17.7%, EBIT -28.4%, net -26.8%) despite 11.6% TTM revenue growth. Leverage has increased materially (debt up to 7.17B; ~1.92x debt/equity) alongside negative ROE (-25.7%). Cash flow is a major pressure point with negative operating cash flow (-745M) and deeply negative free cash flow (-1.09B).

Income Statement

Performance has deteriorated meaningfully versus prior years. TTM (Trailing-Twelve-Months) revenue grew 11.6%, but profitability is deeply negative: gross margin (-17.7%), EBIT margin (-28.4%), and net margin (-26.8%). The company swung from solid profitability in 2021–2023 (positive gross and net margins) to losses in 2024 and remained loss-making in TTM, signaling significant cost pressure and weak earnings quality despite the recent top-line rebound.

Balance Sheet

Leverage has risen and financial flexibility appears weaker. Total debt increased sharply to 7.17B in TTM (Trailing-Twelve-Months) from 4.37B in 2024, pushing debt relative to equity to ~1.92x (up from ~1.09x in 2024). Equity remains sizable (3.74B), but returns are negative (ROE -25.7% in TTM), indicating the balance sheet is being used to support an unprofitable operating profile, increasing risk if losses persist.

Cash Flow

Cash generation is weak and has turned more pressured. TTM (Trailing-Twelve-Months) operating cash flow is negative (-745M) and free cash flow is deeply negative (-1.09B), implying the business is consuming cash rather than funding itself. While free cash flow to net income is positive in TTM (losses exceed free-cash outflow), the underlying picture remains unfavorable given ongoing cash burn and negative operating cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.58B	4.59B	6.60B	5.03B	3.61B	3.05B
Gross Profit	-634.27M	-199.98M	764.00M	596.12M	868.30M	943.97M
EBITDA	-566.97M	-303.90M	934.09M	828.90M	753.69M	863.63M
Net Income	-595.98M	-609.93M	394.72M	409.04M	255.76M	372.86M
Balance Sheet
Total Assets	13.56B	12.31B	12.43B	10.57B	9.27B	5.60B
Cash, Cash Equivalents and Short-Term Investments	168.41M	140.37M	280.54M	689.02M	1.12B	300.95M
Total Debt	6.55B	4.37B	3.89B	2.87B	2.62B	1.85B
Total Liabilities	9.68B	7.93B	7.37B	5.95B	4.92B	3.81B
Stockholders Equity	3.42B	4.02B	4.63B	4.23B	3.84B	1.63B
Cash Flow
Free Cash Flow	-1.64B	-1.03B	-1.72B	-1.32B	-1.55B	116.30M
Operating Cash Flow	-745.07M	-393.89M	143.51M	-398.05M	136.31M	354.08M
Investing Cash Flow	-438.14M	-569.35M	-1.76B	-661.82M	-1.71B	-231.00M
Financing Cash Flow	1.34B	862.97M	1.36B	582.53M	2.38B	-130.73M

Triumph New Energy Company Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1108, the sentiment is Positive. The current price of 3.8 is below the 20-day moving average (MA) of 4.04, below the 50-day MA of 3.93, and below the 200-day MA of 4.22, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 54.98 is Neutral, neither overbought nor oversold. The STOCH value of 63.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:1108.

Triumph New Energy Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2128	69 Neutral	HK$18.54B	2.81	7.03%	4.22%	-11.15%	-12.35%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
6865	63 Neutral	HK$37.45B	16.16	1.54%	5.67%	-18.50%	-83.76%
1108	46 Neutral	HK$5.74B	-4.35	-24.93%	―	-35.74%	-1755.61%

Triumph New Energy Company Corporate Events

Triumph New Energy Plans Up to RMB1.83 Billion in 2026 Guarantees for Subsidiaries

Triumph New Energy Company Limited has announced its plan to provide guarantees of up to RMB1.83 billion in 2026 for credit applications and daily operational needs of its consolidated subsidiaries, with a cap of RMB1.05 billion for subsidiaries whose gearing ratios exceed 70%. The guarantees, which may be reused on a revolving basis subject to a maximum outstanding balance within the approved limit and require shareholder approval under the company’s articles, are intended to standardise operations, manage risk and support the financing needs of key new energy and materials subsidiaries, signalling ongoing balance sheet support to underpin the group’s expansion and operational activities.

The most recent analyst rating on (HK:1108) stock is a Hold with a HK$4.00 price target. To see the full list of analyst forecasts on Triumph New Energy Company stock, see the HK:1108 Stock Forecast page.

Triumph New Energy Calls March 2026 EGM to Approve Subsidiary Guarantees

Triumph New Energy Company Limited has convened its first extraordinary shareholders’ meeting of 2026 for 3 March in Luoyang, where investors will vote on approving the expected amount of guarantees the company plans to provide to its subsidiaries during the year. Shareholders of H shares on record as of 25 February 2026 are eligible to attend and vote, with detailed procedures set out for proxy appointments, underscoring the company’s need for shareholder endorsement of intra-group financial support that may influence its capital structure and risk management toward subsidiary operations.

The most recent analyst rating on (HK:1108) stock is a Hold with a HK$4.00 price target. To see the full list of analyst forecasts on Triumph New Energy Company stock, see the HK:1108 Stock Forecast page.

Triumph New Energy Forecasts Wider 2025 Loss Amid Photovoltaic Glass Market Pressures

Triumph New Energy Company Limited has issued an estimate that its net loss attributable to shareholders for 2025 will widen by about RMB90.07 million to RMB290.07 million, while its net loss after deducting non-recurring items is expected to increase by roughly RMB160.47 million to RMB360.47 million, compared with the prior year. This follows a total loss of RMB780.77 million in the previous year and reflects continued pressure on margins from oversupply and weak demand in the photovoltaic glass market, as well as additional asset impairment provisions taken on a prudent basis, highlighting ongoing headwinds for the company’s profitability and signalling persistent challenges for stakeholders exposed to the PV glass segment.

The most recent analyst rating on (HK:1108) stock is a Sell with a HK$4.00 price target. To see the full list of analyst forecasts on Triumph New Energy Company stock, see the HK:1108 Stock Forecast page.