Shan Xi Hua Yang Group New Energy (600348) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 was RMB 18.60 billion, down 14.09% year-over-year, mainly due to lower coal sales volume and prices.

• Net profit attributable to shareholders was RMB 1.82 billion, a 57.42% decrease year-over-year.

• Coal sales volume reached 26.58 million tons with an average price of RMB 564.33/ton, generating RMB 15.00 billion in sales revenue and RMB 5.92 billion in gross profit.

Financial highlights

• Operating income for Q3 2024 was RMB 6.40 billion; net profit attributable to shareholders was RMB 520 million, down 58.72% compared to the same quarter last year.

• Basic and diluted EPS for the first nine months was RMB 0.50, down 57.63% year-over-year.

• Operating cash flow for the first nine months was RMB 1.86 billion, a 56.72% decrease year-over-year.

• Total assets at quarter-end were RMB 76.86 billion, up 7.40% from year-end 2023.

• Shareholders' equity attributable to listed company shareholders increased 9.58% to RMB 30.53 billion.

Outlook and guidance

• Management attributes profit decline to reduced coal sales and lower prices, with no explicit forward-looking guidance provided.