Dongxing Securities (601198) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 reached RMB 8.07 billion, up 168.16% year-over-year, driven by growth in bulk commodity sales and investment business income.

• Net profit attributable to shareholders was RMB 942.92 million, a 206% increase compared to the same period last year.

• Basic and diluted EPS for the period were RMB 0.292, up 101.38% year-over-year.

• Cash flow from operating activities for the first nine months was negative RMB 7.80 billion, mainly due to increased net outflows from trading financial assets.

Financial highlights

• Operating income for Q3 2024 was RMB 3.19 billion, up 168.16% compared to Q3 2023.

• Net profit for Q3 2024 was RMB 366.73 million, up 206% year-over-year.

• Net profit excluding non-recurring items for Q3 was RMB 419.44 million, up 57.90% year-over-year.

• Weighted average ROE for Q3 was 1.33%, up 0.88 percentage points year-over-year.

• Total assets as of September 30, 2024, were RMB 99.07 billion; equity attributable to shareholders was RMB 27.59 billion.

Outlook and guidance

• Management attributes strong revenue and profit growth to increased bulk commodity sales and investment business, with expectations for continued positive momentum.