HD Renewable Energy (6873) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2023 reached NT$3,845 million, up 294% year-over-year, with net income at NT$431 million, a 375% increase from the same period last year.

• For the first nine months of 2023, revenue totaled NT$6,001 million, up 99% year-over-year, and net income was NT$599 million, up 91%.

• The company completed a transition from the Taiwan Innovation Board to the Main Board in September 2023.

Financial highlights

• Gross margin for Q3 2023 was 23%, consistent with the prior year.

• Operating income for Q3 2023 was NT$557 million, up 431% year-over-year.

• Basic EPS for Q3 2023 was NT$4.10, compared to NT$0.90 in Q3 2022.

• Cash and cash equivalents at September 30, 2023, were NT$5,070 million, up from NT$3,985 million at year-end 2022.

• Total assets increased to NT$16,320 million from NT$13,085 million at year-end 2022.

Outlook and guidance

• The company has NT$22.5 billion in unfulfilled contract value as of September 30, 2023, expected to be recognized over the next one to three years.

• Ongoing expansion in solar and energy storage projects is anticipated to drive future revenue growth.