Zhejiang Longsheng Group (600352) Q3 2024 earnings summary

Executive summary

• Net profit attributable to shareholders for Q3 surged 50.52% year-over-year, and for the first nine months rose 320.82% year-over-year, mainly due to gains from plant disposal and improved fair value of non-current financial assets.

• Revenue for the first nine months was RMB 10.61 billion, down 2.03% year-over-year.

• Basic EPS for Q3 was RMB 0.1387, up 307.94% year-over-year; for the first nine months, RMB 0.4231, up 48.51%.

Financial highlights

• Net profit attributable to shareholders for the first nine months: RMB 1.35 billion, up 50.52% year-over-year.

• Operating cash flow for the first nine months: RMB 3.79 billion, up 14.29% year-over-year.

• Total assets at quarter-end: RMB 73.99 billion, up 9.12% from year-end 2023.

• Owner's equity attributable to shareholders: RMB 34.14 billion, up 3.63% from year-end 2023.

Key financial ratios and metrics

• Gross margin improved as operating costs declined more than revenue.

• Weighted average ROE for Q3 increased by 0.99 percentage points year-over-year.

• Basic and diluted EPS for the first nine months: RMB 0.4231, up 48.51% year-over-year.