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IRICO Group New Energy Co. Ltd. Class H
(0438)
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Rating:42Neutral
Price Target:
HK$1.00
▼(-49.75% Downside)
Action:Reiterated
Date:10/21/26
The score is primarily constrained by weak financial performance: deepening losses, negative margins, high and rising leverage, and recurring negative operating/free cash flow. Technicals also lean bearish with the stock below major moving averages and a negative MACD, while valuation is not supportive due to losses (negative P/E) and no dividend information.
Positive Factors
Solar Supply-Chain Exposure
IRICO has a clearly defined role in the photovoltaic supply chain, supplying a specialized input to module manufacturers. This focus gives the company direct exposure to solar-sector production activity and provides an established commercial use case for its manufacturing operations over the medium term.
Negative Factors
Sustained Losses and Negative Margins
Profitability has deteriorated from earlier positive results to sustained losses, with negative gross margins showing that current pricing and production economics do not cover cost of sales. This weakens earnings quality and makes future performance highly dependent on a meaningful operating turnaround.
Read all positive and negative factors
Positive Factors
Negative Factors
Solar Supply-Chain Exposure
IRICO has a clearly defined role in the photovoltaic supply chain, supplying a specialized input to module manufacturers. This focus gives the company direct exposure to solar-sector production activity and provides an established commercial use case for its manufacturing operations over the medium term.
Read all positive factors
IRICO Group New Energy Co. Ltd. Class H (0438) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$178.97M
Dividend YieldN/A
Average Volume (3M)9.50K
Price to Earnings (P/E)―
Beta (1Y)0.45
Revenue Growth-11.22%
EPS Growth-16.85%
CountryHK
Employees2,088
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-4.30
Shares Outstanding96,248,670
10 Day Avg. Volume6,630
30 Day Avg. Volume9,496
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
IRICO Group New Energy primarily makes money by manufacturing and selling photovoltaic (PV) glass (and related PV glass products) to customers in the solar photovoltaic supply chain, such as PV module manufacturers. Revenue is generated through (1...
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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.37B | 2.91B | 3.28B | 3.15B | 2.47B | 2.07B |
| Gross Profit | -483.97M | -298.50M | -95.22M | 217.70M | 362.85M | 448.32M |
| EBITDA | -361.42M | -174.40M | 147.53M | 85.47M | ― | ― |
| Net Income | -759.35M | -560.34M | -375.95M | ― | 89.23M | 164.43M |
Balance Sheet | ||||||
| Total Assets | 8.50B | 8.32B | 8.78B | 8.84B | 6.38B | 5.13B |
| Cash, Cash Equivalents and Short-Term Investments | 920.87M | 372.77M | 399.54M | 950.93M | 409.09M | 737.99M |
| Total Debt | 7.01B | 6.69B | 5.36B | 5.32B | 2.53B | 1.66B |
| Total Liabilities | 7.82B | 7.47B | 7.30B | 7.04B | 4.46B | 3.21B |
| Stockholders Equity | 682.76M | 842.07M | 1.48B | 1.80B | 1.92B | 1.92B |
Cash Flow | ||||||
| Free Cash Flow | 1.30M | -240.25M | -1.00B | -664.34M | -456.07M | -635.80M |
| Operating Cash Flow | 228.98M | -45.85M | -513.25M | 276.96M | 89.23M | -537.90M |
| Investing Cash Flow | -277.99M | -188.77M | -474.69M | -925.71M | -508.40M | 197.94M |
| Financing Cash Flow | -218.36M | 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
1.15
Negative
1.21
Negative
1.54
Negative
Market Momentum
-0.03
Positive
32.57
Neutral
36.85
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 1.13, above the 50-day MA of 1.15, and above the 200-day MA of 1.54, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 32.57 is Neutral, neither overbought nor oversold. The STOCH value of 36.85 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% | |
49 Neutral | HK$16.94B | 109.12 | 0.45% | 0.56% | ― | ― | |
46 Neutral | HK$19.93B | -5.11 | -8.23% | 3.70% | 24.57% | 44.61% | |
42 Neutral | HK$178.97M | -0.20 | -99.60% | ― | -11.22% | -16.85% | |
42 Neutral | HK$167.13M | -1.67 | -5.19% | 0.57% | -16.64% | 55.52% | |
42 Neutral | HK$57.24M | -1.14 | 18.47% | 0.49% | -0.32% | 5.56% | |
41 Neutral | HK$4.86B | -3.56 | -3.68% | 7.45% | 12.17% | 63.91% |
* Technology Sector Average
HK:0438
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IRICO Group New Energy Co. Ltd. Class H Corporate Events
IRICO Group New Energy Reports Higher Current Assets in 2026 Interim Balance Sheet
Aug 26, 2026
IRICO Group New Energy Company Limited released its unaudited condensed consolidated interim balance sheet for the six months ended 30 June 2026, detailing the financial position of the group. The interim report shows notable movements in key curr...
IRICO Group New Energy Schedules Board Meeting on Interim Results and Dividend
Aug 13, 2026
IRICO Group New Energy Company Limited has called a board meeting for 26 August 2026 to review and approve the interim financial results for the six months ended 30 June 2026. The board will also consider whether to recommend an interim dividend, ...
IRICO Group New Energy Warns of Wider First-Half Loss on PV Glass Price Slump
Jul 28, 2026
IRICO Group New Energy Company Limited has warned that it expects to report a net loss attributable to shareholders of approximately RMB440 million to RMB495 million for the first half of 2026, widening from a loss of about RMB296 million a year e...
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.