BAIC BluePark New Energy Technology (600733) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 increased 71.78% year-over-year, but net loss attributable to shareholders widened significantly.

• Nine-month revenue reached RMB 9.82 billion, with a net loss of RMB 4.49 billion attributable to shareholders.

• Losses deepened due to lower gross margin and increased R&D and brand channel investments.

Financial highlights

• Q3 2024 revenue: RMB 6.08 billion; net loss: RMB 1.92 billion.

• Nine-month revenue: RMB 9.82 billion, up 5.49% year-over-year; net loss: RMB 4.49 billion.

• Basic and diluted EPS for nine months: -0.81 RMB, compared to -0.67 RMB year-over-year.

• Operating cash flow for nine months: -975 million RMB.

• Total assets at period end: RMB 32.86 billion, up 6.69% from year-end 2023.

Outlook and guidance

• Revenue growth driven by increased sales, but profitability pressured by higher costs and investments.

• Management highlights ongoing focus on R&D and brand channel expansion despite current losses.