Canny Elevator (002367) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was ¥4.08 billion, down 18.91% year-over-year due to weak real estate demand and intensified industry competition.

• Net profit attributable to shareholders was ¥357.18 million, a 2.17% decrease year-over-year.

• Gross margin improved by 0.88 percentage points to 28.76%, and net profit margin rose by 1.53 percentage points to 8.79%.

• Cash flow from operations dropped 38.42% year-over-year, mainly due to lower sales and longer settlement cycles.

• The company maintained a stable order backlog of ¥6.73 billion, with additional major contracts signed in rail transit and maintenance.

Financial highlights

• Operating income: ¥4.08 billion, down 18.91% year-over-year.

• Net profit attributable to shareholders: ¥357.18 million, down 2.17% year-over-year.

• Basic and diluted EPS: ¥0.4477, down 2.99% year-over-year.

• Operating cash flow: ¥515.21 million, down 38.42% year-over-year.

• Total assets: ¥7.48 billion, up 1.01% from prior year-end.

• Net assets: ¥3.54 billion, up 2.61% from prior year-end.

• R&D expenses: ¥169.02 million, 4.14% of revenue.

Outlook and guidance

• The company will focus on expanding service and maintenance business as a second growth curve.

• Plans to deepen market coverage in rail transit, overseas, home elevators, and tourism projects.

• Will continue to optimize cost structure, risk management, and cash flow safety.

• 2025 strategy emphasizes customer satisfaction, high-efficiency operations, and risk control.