Hangya Technology Reports 49.93% Revenue Surge and 349.61% Net Profit Jump in 2023

Pencil News, July 1st: Hyatech (formerly known as Wuxi Hyatech Co., Ltd.) released its annual report for the year 2023.

The report shows that the company achieved significant performance growth in 2023, with operating revenue reaching 543.5054 million yuan, a year-on-year increase of 49.93%; the net profit attributable to the parent company's owners was 90.2013 million yuan, a year-on-year increase of 349.61%.

Hyatech is a national-level specialized and innovative "little giant" enterprise focusing on the research, production, and sales of key components for aero engines and gas turbines, as well as medical orthopedic implant forgings. The company's main products include high-performance components such as compressor blades, rotating parts and structural parts, and medical orthopedic implant forgings, serving the fields of aero engines, gas turbines, and medical orthopedic joints.

The reasons for the performance growth are mainly attributed to the steady increase in the total volume of international and domestic businesses, as well as the company's technical advantages and market position in the field of aerospace engine components. Particularly in the international aerospace engine components business, the company achieved a significant revenue growth, with a year-on-year increase of 68.27%, accounting for 49.67% of the company's total revenue. Additionally, the company realized a 37.20% year-on-year revenue growth in the medical orthopedic joint sector.

During the reporting period, the Company faced risk factors including technology development risks, technology talent loss risks, quality control risks, untimely delivery risks, raw material price fluctuation risks, customer concentration risks, etc. To address these risks, the Company took a series of measures such as continuously promoting digital factory construction, strengthening quality control, optimizing supply chain management, and enhancing customer relationship management.

In financial aspects, the company has a relatively large scale of accounts receivable and inventory. However, it has made provisions for bad debts in accordance with relevant accounting standards and reduced recovery risks by strengthening the control of accounts receivable. Meanwhile, the company is also actively taking measures to address risks associated with exchange rate fluctuations and the economic environment.

Looking ahead, Hyatech will continue to focus on the fields of aerospace engine and gas turbine components as well as medical orthopedic joints. The company will strengthen technological innovation and market expansion, enhance its core competitiveness, and achieve sustained and stable development.