Executive Summary
SinoSynergy Hydrogen Energy reported Q3 2024 revenue of 154.7 million CNY, marking a sequential rise of 15.4% versus Q2 but a material year-over-year decline of 36.6% from Q3 2023. The company posted a gross margin of 12.7% and an operating loss of 96.5 million CNY, with EBITDA of -74.5 million CNY and a net loss of -97.4 million CNY. The quarter benefited from a solid top-line uptick relative to Q2, but profitability remains deeply negative due to a heavy cost base driven by Research and Development (32.6 million CNY) and Selling, General & Administrative expenses (71.1 million CNY). The company continues to incur material non-cash or semi-cash cost pressures, while liquidity remains robust on a headline basis due to a substantial cash and short-term investment position. Net debt figures in the data set appear inconsistent with the stated cash balance, but the balance sheet suggests a strong cash runway versus current liabilities.
Key Performance Indicators
QoQ: 15.39% | YoY:-36.64%
QoQ: 143.95% | YoY:-71.72%
Key Insights
Revenue: 154,713,500 CNY (+ QoQ 15.39%, -36.64% YoY). Gross Profit: 19,631,000 CNY; Gross Margin 12.69% (YoY -71.72%, QoQ +143.95%). Operating Income: -96,537,000 CNY; Operating Margin -62.40% (YoY improvement vs prior year). EBITDA: -74,511,500 CNY; EBITDA Margin -48.16%. Net Income: -97,439,500 CNY; Net Margin -62.98% (YoY improvement). EPS: -0.19 CNY. Cash & Liquidity: Cash and cash equivalents 309,603,000 CNY; Short-term investments 1,021,535,000 CNY; Total current assets 3,419,368,000 C...
Financial Highlights
Revenue: 154,713,500 CNY (+ QoQ 15.39%, -36.64% YoY). Gross Profit: 19,631,000 CNY; Gross Margin 12.69% (YoY -71.72%, QoQ +143.95%). Operating Income: -96,537,000 CNY; Operating Margin -62.40% (YoY improvement vs prior year). EBITDA: -74,511,500 CNY; EBITDA Margin -48.16%. Net Income: -97,439,500 CNY; Net Margin -62.98% (YoY improvement). EPS: -0.19 CNY. Cash & Liquidity: Cash and cash equivalents 309,603,000 CNY; Short-term investments 1,021,535,000 CNY; Total current assets 3,419,368,000 CNY; Total assets 4,664,141,000 CNY; Total liabilities 1,675,713,000 CNY; Total stockholders’ equity 2,971,357,000 CNY. Current ratio 2.52; Quick ratio 2.34; Debt to equity 0.198; Net debt figure in the data shows 279,862,000 CNY, but cash and short-term investments exceed gross debt, suggesting a robust liquidity position; data appears inconsistent in places.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
154.71M |
-36.64% |
15.39% |
| Gross Profit |
19.63M |
-71.72% |
143.95% |
| Operating Income |
-96.54M |
36.37% |
60.65% |
| Net Income |
-97.44M |
30.43% |
54.47% |
| EPS |
-0.19 |
40.63% |
56.82% |
Key Financial Ratios
operatingProfitMargin
-62.4%
Management Commentary
No earnings call transcript provided in the data set. Consequently, no management quotes or theme-driven highlights could be sourced from the QQ3 2024 call within this dataset.
Forward Guidance
Management guidance for the hydrogen energy segment is not included in the provided materials. Industry momentum for hydrogen fuel cells remains modestly positive in the medium term, with demand drivers coming from industrial mobility, grid-scale storage, and decarbonization mandates. Risks include ongoing pricing pressure, high capex and ongoing R&D needs, competitive intensity, and potential policy shifts affecting subsidies or incentives. Given the current revenue trajectory (QoQ growth but strong negative profitability) and the scale-up required to reach breakeven, we view any forward guidance as highly contingent on cost discipline, production scale, and contract wins. Potential catalysts include securing strategic partnerships, increasing unit deployment of hydrogen fuel cell stacks, and improving manufacturing efficiency. Key monitoring factors: order intake and backlog development, material cost inflation, supply chain reliability, and progress on cost take-out initiatives.