Nanjing Securities (601990) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 690.51 million, up 44.42% year-over-year, with net profit attributable to shareholders at RMB 149.89 million, up 34.05% year-over-year.

• Year-to-date revenue was RMB 2.37 billion, a 33.56% increase, and net profit attributable to shareholders was RMB 696.05 million, up 22.55% year-over-year.

• Growth was mainly driven by increased securities investment business income due to favorable market conditions.

Financial highlights

• Basic and diluted EPS for Q3 were RMB 0.04, up 33.33% year-over-year; YTD EPS was RMB 0.19, up 26.67%.

• Operating cash flow for the first nine months was RMB 6.01 billion, compared to a net outflow in the prior year.

• Total assets at Q3-end were RMB 57.20 billion, down 2.24% from year-end 2023; equity attributable to shareholders was RMB 17.43 billion, up 1.48%.

• Investment income for the first nine months was RMB 616.03 million, nearly doubling year-over-year.

Outlook and guidance

• Management attributes performance improvement to market factors and expects continued positive impact from securities investment business.