China XD Electric Co (601179) Q2 2024 earnings summary

Executive summary

• Revenue reached ¥10.28 billion for H1 2024, up 8.24% year-over-year; net profit attributable to shareholders was ¥452 million, up 5.23% year-over-year.

• Operating cash flow turned positive at ¥669 million, compared to a significant outflow last year.

• The company proposes an interim dividend of ¥0.35 per 10 shares, totaling ¥179 million.

• Industry tailwinds include grid upgrades, new energy integration, and strong export demand.

• R&D and innovation accelerated, with 130 new patents and several national awards.

Financial highlights

• Revenue: ¥10.28 billion, up 8.24% year-over-year.

• Net profit attributable to shareholders: ¥452 million, up 5.23% year-over-year.

• Net profit excluding non-recurring items: ¥471 million, up 22.87% year-over-year.

• Operating cash flow: ¥669 million, a significant improvement from -¥2.42 billion last year.

• Basic and diluted EPS: ¥0.0883, up 5.24% year-over-year.

Outlook and guidance

• The company expects continued growth driven by grid modernization, new energy, and international expansion.

• Risks include global supply chain disruptions, intensified competition, and overseas operational uncertainties.