In this Research Note, we examine Technovator, a Chinese building automation firm, based on their 2023 annual report and financial results. Founded in Singapore in 2005, Technovator is listed on the Main Board of the Hong Kong Stock Exchange (Stock Code:1206). The group is structured into three business units: Smart Transportation Business (STB), Smart Building and complex Business (SBB), and Smart Energy Business (SEB). Technovator Group 2023 Financial Highlights The group recorded a 2023 revenue of approximately RMB 1,838.0 million ($253.5 million), representing a year-on-year increase of 5.7%. Owing to the relatively slow recovery of the target markets, intensified competition in the industry, and an adjustment in market strategy to secure market share, the gross profit margin declined significantly during the period, which in turn had a significant adverse impact on the net profit. The provision for impairment of certain items also increased, resulting in a loss of approximately RMB 99.9 million ($13.8 million) for […]