Rockchip Electronics (603893) Q3 2024 earnings summary

Executive summary

• Achieved record quarterly revenue of RMB 911 million in Q3 2024, up 51.36% year-over-year and 29.12% sequentially.

• Net profit for Q3 reached RMB 169 million, a 221.68% increase year-over-year and 46.75% sequentially.

• AIoT product lines drove growth, with flagship RK3588 and new products rapidly adopted by leading customers.

Financial highlights

• Q3 2024 revenue: RMB 911 million; first nine months: RMB 2.16 billion, up 48.47% year-over-year.

• Q3 net profit: RMB 169 million; first nine months: RMB 352 million, up 354.90% year-over-year.

• Operating cash flow for the first nine months: RMB 851 million, up 114.09% year-over-year.

• Basic and diluted EPS for Q3: RMB 0.40, up 207.69% year-over-year; nine months: RMB 0.84, up 342.11%.

• Gross margin improved as revenue and net profit surged on strong chip sales.

Outlook and guidance

• AIoT demand expected to remain strong, with new products set to deliver incremental value.

• Continued expansion in automotive electronics, industrial, and consumer markets anticipated.