Hunan Yujing Machinery (002943.SZ) has forecasted a net loss of 360 million yuan to 440 million yuan for the full year of 2024, a turn from a profit to a loss compared to the previous year.

Hunan Yujing Machinery (002943.SZ) released a performance forecast for the year 2024, expecting a net loss attributable to the shareholders of the listed company of 360 million to 440 million yuan, a turnaround from profit to loss compared to the previous year. During the reporting period, the company experienced a net loss in profits, mainly due to the rapid release of capacity expansion in the photovoltaic industry, intensified market competition, continuous decline in industry chain prices, and the overall decrease in gross profit and profit levels in the industry. The company's wholly-owned subsidiary, Diamond Wire Business, and its controlling subsidiary, Slicing Processing Business, saw a decrease in gross profit margin, low capacity utilization, and lower than expected profits. Some of the company's products were delayed in upgrades and iterative processes, and slow customer repayments, resulting in signs of impairment in some inventory, long-term assets, and goodwill. In accordance with relevant regulations and prudence principles, the company plans to make impairment provisions for some inventory, some long-term assets, accounts receivable, and goodwill.