HYAC Latest Report

Financial Performance Review

At the end of 2024, Haymaker (stock code: HYAC) recorded an operating income of -228672 yuan, an improvement from -284174 yuan in 2023, although it still remained in a loss-making state, with a narrower loss. This indicates that the company is trying to improve its operating situation, but its overall financial performance remains unsatisfactory.

Key Financial Data

1. Change in Operating Income: The operating income in 2024 was -228672 yuan, a decrease of 55402 yuan from -284174 yuan in 2023, indicating an improvement in the company's operating situation.

2. Decline in Operating Efficiency: The negative operating income reflects the company's difficulties in sales and marketing, with revenue failing to cover costs.

3. Cost Control: The company may have improved its financial situation by reducing marketing, sales, and management expenses, with the relevant expenses in 2024 being 228672 yuan, a decrease from 2023.

4. Change in Interest Income: The interest income in 2024 was 2865929 yuan, a decrease from 4130398 yuan in 2023, affecting the overall financial performance.

5. Changes in Market Environment: The unfavorable impact of the overall economic environment in the industry led to a decrease in operating income.

Peer Comparison

1. Industry-wide Analysis: In the current market environment, many companies face sales pressure and rising costs, leading to a general impact on the industry's operating income, which may indicate a weak industry overall.

2. Peer Evaluation Analysis: Compared with other companies in the same industry, Haymaker's operating income performance is poor, with continuous negative values, indicating a disadvantage in the competition. If other companies in the same industry can maintain positive operating income, it means they have stronger market competitiveness.

Summary

The comprehensive analysis shows that Haymaker's operating income in 2024 has improved but remains in a loss-making state, reflecting the company's disadvantage in the competition. The main reasons for the decline in revenue include a decrease in product sales, an increase in sales expenses, and challenges in the market environment. Although the company has made efforts in cost control, the overall economic environment still poses a pressure on its performance.

Opportunities

1. Improved Product Margin: Despite the decline in revenue, the margin of some products has improved, indicating that the company may have certain advantages in cost control and product pricing.

2. Optimization of Market Structure: The company can consider optimizing its product structure, focusing on high-value-added products, to enhance its market competitiveness.

3. R&D Investment: Continuously pushing forward new product development can help the company adapt to market changes and achieve positive growth in operating income.

Risks

1. Continued Loss Risk: The negative operating income may put the company under greater financial pressure, further affecting its business decisions.

2. Intensified Competition Risk: Intensified competition may pose more challenges in terms of price and market share.

3. Economic Environment Uncertainty: Macroeconomic fluctuations may affect industry demand, further squeezing the company's profit margin.