Jingjin Electric (688280.SH) announced a net loss of 450 million yuan to 601 million yuan in 2023, an increase of 16% to 55% year-on-year

According to Zhitong Finance App News, Jingjin Electric (688280.SH) disclosed its 2023 annual results forecast. The company expects revenue of 769 million yuan to 900 million yuan during the reporting period, a year-on-year decrease of 11.82% to 24.66%. The net loss attributable to the owners of the parent company was 601 million yuan to 450 million yuan, and the loss increased 15.87% to 54.76% year over year. Net loss attributable to owners of the parent company after deducting non-recurring profit and loss was $672 million to $520 million, and losses increased 15.06% to 48.69% year-on-year.

During the reporting period, the company's revenue declined, mainly due to a decrease in vehicle sales and technology development and service revenue. Vehicle sales are not the company's main business and are highly volatile. During the reporting period, procurement demand for complete vehicles, especially buses, in the Heze region, the main market covered by the company decreased, leading to a decrease in the company's revenue in this area. The decrease in technology development and service revenue is due to the fact that compared to the same period in 2022, most of the technology development and service revenue in 2023 is still in the process of development, leading to a decrease in revenue.