Guangdong Haid Group (002311) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached ¥32.56 billion, down 4.75% year-over-year; YTD revenue was ¥84.86 billion, down 2.38% year-over-year.

• Net profit attributable to shareholders in Q3 was ¥1.50 billion, up 30.17% year-over-year; YTD net profit was ¥3.62 billion, up 60.95% year-over-year.

• Excluding non-recurring items, Q3 net profit rose 34.75% year-over-year; YTD adjusted net profit increased 61.11%.

Financial highlights

• Basic and diluted EPS for Q3 were ¥0.90, up 30.43% year-over-year; YTD EPS was ¥2.18, up 60.29%.

• Gross margin improved as cost controls and inventory write-backs contributed to profitability.

• Operating cash flow for Q3 was ¥7.81 billion, down 15.97% year-over-year.

• Total assets at period end were ¥52.82 billion, up 18.04% from year-end 2023.

• Shareholders’ equity reached ¥22.19 billion, up 12.94% from year-end 2023.

Key financial ratios and metrics

• Weighted average ROE for Q3 was 7.15%, up 1 percentage point year-over-year; YTD ROE was 17.28%, up 5.26 percentage points.

• Asset impairment losses decreased 172.94% year-over-year due to inventory write-backs.

• Other comprehensive income fell 131.90% due to FX translation and cash flow hedge reserve changes.