China Three Gorges Renewables (600905) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 reached RMB 21.76 billion, up 12.81% year-over-year, driven by new project commissioning and increased power generation.

• Net profit attributable to shareholders was RMB 5.09 billion, down 6.31% year-over-year, mainly due to lower average electricity prices, changes in power mix, and a 46.23% drop in investment income.

Financial highlights

• Q3 revenue was RMB 6.70 billion, up 19.97% compared to the same quarter last year.

• Q3 net profit attributable to shareholders was RMB 1.05 billion, up 14.69% year-over-year.

• Operating cash flow for the first nine months was RMB 14.24 billion, up 22.20% year-over-year.

• Total assets at quarter-end were RMB 340.07 billion, up 9.10% from year-end 2023.

• Shareholders' equity reached RMB 85.63 billion, up 3.76% from year-end 2023.

Outlook and guidance

• Revenue growth is expected to continue, supported by new capacity additions and increased power output.

• Profitability may remain under pressure due to market-driven electricity price fluctuations and regional consumption constraints.