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WKN: A2QLP3 | ISIN: KYG4645E1052 | Ticker-Symbol:
NASDAQ
19.04.24
18:49 Uhr
2,590 US-Dollar
0,000
0,00 %
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ASIEN
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HUADI INTERNATIONAL GROUP CO LTD Chart 1 Jahr
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HUADI INTERNATIONAL GROUP CO LTD 5-Tage-Chart
PR Newswire
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Huadi International Group Co., Ltd. Announces Fiscal Year 2023 Financial Results

BEIJING, Feb. 6, 2024 /PRNewswire/ -- Huadi International Group Co., Ltd. ("HUDI" or the "Company") (NASDAQ: HUDI), a leading developer and manufacturer of industrial stainless steel seamless pipes and tubes products in China, today announced its financial results for the fiscal year ended September 30, 2023 .

Financial Highlights for the Fiscal Year 2023



For the Fiscal Years Ended September 30

(in $ millions, except earnings per share;
differences due to rounding)


2023



2022



% Change

Revenue


$

84.33



$

76.37



10.42 %

Gross profit



12.36




11.14



10.96 %

Gross profit margin



14.65 %




14.91 %



(0.26) percentage points

Net income



3.30




1.95



69.16 %

Net earnings per share - Basic and Diluted



0.23




0.15



53.3 %

  • Revenue increased by 10.42% to $84.33 million for the year ended September 30, 2023 from $76.37 million for the year ended September 30, 2022, marking the highest revenue in Company's history.
  • Gross profit increased by 10.96% to $12.36 million for the year ended September 30, 2023, from $11.14 million for the year ended September 30, 2022 .
  • Net income for the fiscal year ended September 30, 2023, was $3.30 million, or net earnings of $0.23 per share. This is compared to net income attributable to HUDI of $1.95 million, or $0.15 per share, for the year ended September 30, 2022, an increase in profit of approximately $1.35 million, or approximately 69.16%.
  • Cash and cash equivalents as of September 30, 2023 was $20.19 million, compared to $13.20 million as of September 30, 2022

Mr. Jianping Xiang, Chief Financial Officer of the Company, commented: "As we gather to reflect on the culmination of the fiscal year 2023, we are pleased to report a commendable achievement for HUDI - a remarkable 10.42% increase in total revenue to $84.33 million which marked a new record for HUDI, 69.16% increase in net income, cash and cash equivalents totaled $20.19 million as of the year end, despite the challenging backdrop of the global COVID-19 pandemic. Since the end of control measures on COVID-19 in December 2022, our dedicated team has navigated unprecedented hurdles with resilience and determination. We recognize the profound impact of these external factors and extend our thoughts to those affected.

We are delighted to share that our strategic decision to extend our business in the domestic market in China has proven instrumental in propelling our sales growth. This expansion aligns with our commitment to meeting the evolving needs of our customers and diversifying our market presence. The robust performance of our team and the success of this strategic move underscore the strength of our business model and the agility of our operations.

I want to express my gratitude to our entire HUDI family for their unwavering commitment during these challenging times. As we move forward, we remain steadfast in our dedication to delivering value to our shareholders, adapting to the dynamic business landscape, and pursuing avenues for sustainable growth."

Financial Results for the Fiscal year 2023

Revenue

The following table presents revenue by geographic areas for the years ended September 30, 2023 and 2022 respectively.

(differences due to rounding)


September 30, 2023



Sales Amount
(In USD)



As % of
Sales

Top 5 Geographic Areas:






China


$

73.74




87.45 %

USA



7.15




8.47 %

India



1.60




1.89 %

United Mexican States



0.58




0.68 %

Australia



0.39




0.46 %

Other foreign countries



0.88




1.05 %

(differences due to rounding)


September 30, 2022



Sales Amount
(In USD)




As% of
Sales

Top 5 Geographic Areas:







China


$

64.79




84.69 %

USA



7.63




9.97 %

Taiwan



1.30




1.70 %

Australia



1.19




1.56 %

Marshall Islands



0.73




0.95 %

Other foreign countries



0.87




1.13 %

For the year ended September 30, 2023, revenue increased by approximately $7.96 million, or 10.42%, to approximately $84.33 million from approximately $76.37 million for the year ended September 30, 2022 . The increase in revenues was primarily driven by the following factors:

1) Due to the end of control measures on COVID-19 since 2022 December, construction market recovered and we delivered several orders delayed by mentioned control measures.

2) We were extending business in domestic market in China . Our domestic sales increased over 13.8% year-over-year to $73.7 million which was offset by a slight decrease of 9.6%, year -over-year, of our international sales revenue.

Gross profit

Gross profit increased by approximately $1.22 million, or 10.96%, to approximately $12.36 million for the year ended September 30, 2023 from approximately $11.14 million for the year ended September 30, 2022. Gross profit margin was 14.65% for the year ended September 30, 2023, compared to 14.91% for the year ended September 30, 2022 . The slight decrease in gross profit margin was mainly due to increased raw material prices, which drove up the cost of sales, while weighted ASP remained stable as we were extending domestic markets.

Selling, general and administrative ("SGA") expenses

Selling, general and administrative expenses increased by approximately $0.89 million, or 13.73%, to approximately $7.34 million for the year ended September 30, 2023 as compared to approximately $6.45 million for the year ended September 30, 2022 . The increase in SGA expenses was mainly due to the following: i) $0.43 million bad debt expense provision during the year ended September 30, 2023, while $0.56 million bad debt recovery during the year ended September 30, 2022 ; and ii) increased freight and agency expenses related to the domestic market development.

Research and development ("R&D") expenses

Research and development expenses increased by approximately $0.22 million, or 9.43%, to approximately $2.55 million for the year ended September 30, 2023 as compared to approximately $2.33 million for the year ended September 30, 2022 . Management is committed to expending research and development activities continually for more orders.

Interest income (expense)

Interest expense (net) decreased by approximately $1.33 million, or 81.82% to approximately $0.30 million for the year ended September 30, 2023, from approximately $1.63 million for the year ended September 30, 2022 . The decrease in interest expense was mainly due to decreased bank loan the Company borrowed from the banks.

Other income and expense

The Company's net other income was approximately $0.70 million, which was mainly attributable to dividend income received from invested company, government grant received and rental income during fiscal year 2023.The Company's net other income was approximately $1.40 million, which was mainly attributable to dividend income and government grant received during fiscal year 2022.

Net income

As a result of the factors described above, the Company's net income for the fiscal year ended September 30, 2023, was approximately $3.30 million compared to net profit of $1.95 million for the fiscal year ended September 30, 2022, an increase in profit of approximately $1.35 million, or approximately 69.16%.

Cash and Cash Equivalents

As of September 30, 2023 and 2022, the Company had cash and cash equivalents of $20.19 million and $13.20 million, respectively.

About Huadi International Group Co., Ltd.

Huadi International Group Co., Ltd. is a leading manufacturer of industrial stainless steel seamless pipes and tubes products with extensive distribution facilities and network for over twenty provinces in China and across international steel pipes industry. It offers a broad range of products exported to twenty countries and regions, such as the United States, Mexico, Thailand, Australia, Argentina, Taiwan, India, the Philippines, UAE, Canada, and Germany . Its products are widely used in the thermal and nuclear power plants, automotive, oil and gas, agricultural and industrial equipment, chemical engineering, and electricity markets. For more information about the Company, please visit http://www.huadi.cc.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

The Company:
IR Department
Email: [email protected]

Investor Relations
WFS Investor Relations Inc.
Janice Wang, Managing Partner
Email: [email protected]
Phone: +86 13811768599
+1 628 283 9214

HUADI INTERNATIONAL GROUP CO., LTD.

CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2023 AND 2022

(IN U.S. DOLLARS, EXCEPT SHARE DATA)





2023



2022


Assets







Current assets:







Cash and cash equivalents


$

20,192,460



$

13,195,999


Restricted cash



769,233




1,347,246


Accounts receivable, net of allowance for doubtful accounts of
$2,391,641 and $2,197,396, respectively



22,630,275




19,658,188


Notes receivable



7,661,035




1,410,613


Inventories



26,706,629




24,867,708


Advances to suppliers, net



2,105,902




3,369,468


Other receivables



171,182




552,633


Total current assets



80,236,716




64,401,855


Property, plant and equipment, net



5,354,997




5,989,136


Land use rights, net



4,312,349




1,069,891


Long-term investments



12,515,817




12,836,916


Deferred tax assets



392,713




338,729


Other noncurrent assets



198,194




-


TOTAL ASSETS


$

103,010,786



$

84,636,527


LIABILITIES AND SHAREHOLDERS' EQUITY









Current liabilities:









Accounts payable


$

3,434,031



$

919,492


Accounts payable - related parties



3,692,394




2,439,105


Accrued expenses and other current liabilities



1,946,325




1,771,245


Notes payable



1,632,401




548,253


Advances from customers



2,393,021




4,005,942


Advances from customers - related parties



1,015,696




395,498


Due to related parties - current portion



-




606,986


Short-term borrowings



4,442,870




11,888,662


Long-term borrowings - current portion



43,860




-


Tax payable



4,009,849




3,126,778


Total current liabilities



22,610,447




25,701,961


Long-term borrowings



5,398,849




9,300,625


Due to related parties - noncurrent portion



317,680




-


TOTAL LIABILITIES



28,326,976




35,002,586











COMMITMENTS AND CONTIGENCIES


















Shareholders' equity:









Common stock, $0.0002 par value, 250,000,000 shares
authorized, 14,259,182 and 13,239,182 shares issued
and outstanding, respectively



2,852




2,648


Additional paid-in capital



67,280,709




44,211,313


Statutory surplus reserves



874,518




494,223


Retained earnings



6,679,692




3,802,265


Accumulated other comprehensive (loss) income



(428,779)




873,059


Total equity attributable to Huadi International Group Co., Ltd.



74,408,992




49,383,508


Equity attributable to non-controlling interests



274,818




250,433


Total shareholders' equity



74,683,810




49,633,941


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


$

103,010,786



$

84,636,527


HUADI INTERNATIONAL GROUP CO., LTD.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

FOR THE YEARS ENDED SEPTEMBER 30, 2023, 2022 AND 2021

(IN U.S. DOLLARS, EXCEPT SHARE DATA)





2023



2022



2021


Sales


$

83,113,259



$

74,702,625



$

67,006,655


Production service revenue



1,219,041




1,663,523




3,239,956


Cost of sales



(71,976,696)




(65,230,521)




(58,926,675)


Gross profit



12,355,604




11,135,627




11,319,936















Operating expenses:













Selling, general and administrative



7,338,320




6,452,173




6,684,410


Research and development



2,550,777




2,330,913




2,057,547


Foreign currency transaction (gains) loss



(644,118)




-




-


Total operating expenses



9,244,979




8,783,086




8,741,957















Operating income



3,110,625




2,352,541




2,577,979















Other income (expenses):













Interest income (expenses), net



(296,265)




(1,629,642)




(2,058,461)


Other income (expenses), net



701,751




1,398,173




1,948,527


Total other income (expenses), net



405,486




(231,469)




(109,934)















Income before income taxes



3,516,111




2,121,071




2,468,045















Income tax (provision) benefit



(220,854)




(173,017)




89,000















Net income



3,295,257




1,948,054




2,557,045


Net income attributable to non-controlling interests



37,535




23,852




25,570















Net income attributable to Huadi International Group Co., Ltd.


$

3,257,722



$

1,924,202



$

2,531,475















Net income


$

3,295,257



$

1,948,054



$

2,557,045















Other comprehensive (loss) income:













Foreign currency translation adjustment



(1,314,988)




(3,792,527)




1,452,328















Total comprehensive income (loss)



1,980,269




(1,844,473)




4,009,373


Comprehensive income attributable to non-controlling
interests



24,385




(14,073)




40,093















Comprehensive income attributable to Huadi International
Group Co., Ltd.


$

1,955,884



$

(1,830,400)



$

3,969,280















Basic and diluted earnings per share













Basic


$

0.23



$

0.15



$

0.21


Diluted


$

0.23



$

0.15



$

0.21


Weighted average numbers of common shares outstanding













Basic



14,138,525




13,228,682




12,116,079


Diluted



14,138,525




13,228,682




12,116,079


SOURCE Huadi International Group Co., Ltd.

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