HD Renewable Energy (6873) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2024 reached NT$1,466,866 thousand, up 66% year-over-year from NT$883,581 thousand in Q1 2023.

• Net income attributable to shareholders was NT$81,479 thousand, a 74% increase from NT$46,837 thousand year-over-year.

• Gross margin improved to 30% from 26% year-over-year, reflecting higher profitability.

• The company continued to expand its solar and energy storage project portfolio, with significant investments in both Taiwan and overseas markets.

Financial highlights

• Operating income for Q1 2024 was NT$160,464 thousand, up from NT$91,008 thousand in Q1 2023.

• Basic and diluted EPS for Q1 2024 were both NT$0.68, compared to NT$0.46 in Q1 2023.

• Cash and cash equivalents at quarter-end were NT$3,089,843 thousand, down from NT$4,593,322 thousand at the end of 2023.

• Total assets increased to NT$19,960,790 thousand from NT$18,532,968 thousand at year-end 2023.

• Operating cash flow was negative NT$2,158,293 thousand, mainly due to increased contract assets and inventory.

Outlook and guidance

• The company expects continued revenue growth driven by ongoing solar and storage project development.

• Significant unfulfilled contract value of NT$25.65 billion is expected to be recognized as revenue over the next 1–3 years.

• Management remains focused on expanding both domestic and international project pipelines.