Dongfang Electric Corporation (1072) Q3 2024 earnings summary

Executive summary

• Operating income for Q3 2024 was RMB 14.10 billion, down 3.28% compared to Q3 2023; nine-month revenue rose 7.07% year-over-year to RMB 47.03 billion.

• Net profit attributable to shareholders for Q3 2024 was RMB 933 million, up 2.60% year-over-year; nine-month net profit fell 9.86% to RMB 2.62 billion.

• New effective orders in the first three quarters reached RMB 81.25 billion, with 40.33% from high-efficiency clean energy equipment and 27.05% from renewables.

• Power generation equipment manufactured in the first three quarters totaled 40,443.3MW, including significant contributions from hydro, steam, and wind units.

Financial highlights

• Net profit after deducting non-recurring items for Q3 2024 was RMB 835 million, down 4.07% year-over-year; nine-month adjusted net profit was RMB 2.47 billion, down 8.19%.

• Basic and diluted EPS for Q3 2024 were RMB 0.30, up 3.45% year-over-year; nine-month EPS was RMB 0.84, down 9.68%.

• Net cash flow from operating activities for the nine months was RMB 6.04 billion, a significant improvement from a negative RMB 3.06 billion in the prior year.

• Total assets increased 14.55% to RMB 138.72 billion as of September 30, 2024; owners' equity rose 3.30% to RMB 38.47 billion.

Outlook and guidance

• Expansion in production scale and increased contract assets signal continued growth in sales volume and order backlog.

• High proportion of new orders in clean and renewable energy supports strategic focus on energy transition.