Changzhou Xingyu Automotive Lighting Systems Co. (601799) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 3.51 billion, up 24.77% year-over-year; YTD revenue was RMB 9.23 billion, up 27.48% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 383 million, up 21.60% year-over-year; YTD net profit was RMB 977 million, up 25.02%.

• Excluding non-recurring items, Q3 net profit rose 43.73% year-over-year; YTD adjusted net profit increased 38.77%.

• Operating cash flow for Q3 was RMB 136 million, up 253.51% year-over-year; YTD operating cash flow was RMB 441 million, up 638.58%.

Financial highlights

• Basic EPS for Q3 was RMB 1.35, up 21.62% year-over-year; YTD basic EPS was RMB 3.44, up 25.09%.

• Gross margin for the first nine months was 30.5%, up from 28.5% a year earlier.

• Total assets at quarter-end were RMB 16.02 billion, up 8.44% from year-end 2023.

• Shareholders’ equity reached RMB 9.72 billion, up 6.41% from year-end 2023.

• Weighted average ROE for the first nine months was 10.40%, up 1.36 percentage points year-over-year.

Outlook and guidance

• Management attributes profit growth to expansion in the automotive lighting business and reduced government subsidies compared to last year.