Canny Elevator (002367) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was ¥1.86 billion, down 18.58% year-over-year; net profit attributable to shareholders was ¥176 million, down 23.42%.

• Operating cash flow was -¥144 million, a sharp decline from ¥357 million in H1 2023.

• Gross margin improved by 0.89 percentage points to 29.54%, while net margin was 9.47%.

• The company maintained a stable order backlog of ¥7.34 billion as of June 30, 2024.

Financial highlights

• Revenue: ¥1.86 billion, -18.58% year-over-year.

• Net profit attributable to shareholders: ¥176 million, -23.42% year-over-year.

• Operating cash flow: -¥144 million, down 140.16% year-over-year.

• Basic EPS: ¥0.2204, -24.47% year-over-year.

• Total assets: ¥6.83 billion, -7.78% from year-end 2023.

• Net assets: ¥3.35 billion, -2.76% from year-end 2023.

Outlook and guidance

• The company will focus on strengthening core business competitiveness, cost control, and risk management in H2 2024.

• Plans to expand in rail transit, airports, tourism, and high-end commercial projects.

• Emphasis on cash flow safety and enhanced receivables management.