Brilliance China Automotive (1114) H2 2024 earnings summary

Executive summary

• Net profit attributable to equity holders fell 60% year-over-year to RMB3,101.1 million, with basic EPS at RMB0.61465, down from RMB1.53312.

• Revenue decreased 2.3% to RMB1,095.9 million, mainly due to lower auto financing income and higher raw material costs.

• Gross profit margin dropped to 17.7% from 25.7% due to increased costs and competitive pressure.

• Major restructuring included regaining control of JSA and forming a new joint venture with TCL for intelligent cockpits.

Financial highlights

• Revenue: RMB1,095.9 million (down 2.3% year-over-year).

• Gross profit: RMB193.9 million (down 32.8% year-over-year).

• Net profit attributable to equity holders: RMB3,101.1 million (down 60%).

• Return on capital employed: 12.2% (2023: 16.0%).

• Cash and cash equivalents: RMB10,539.6 million (2023: RMB30,845.8 million).

Outlook and guidance

• JSA to resume full production in Q2 2025, focusing on both fuel and electric vehicles.

• TCL joint venture to drive innovation in intelligent cockpits and digitalization.

• Continued investment in NEV and premium vehicle segments, with BBA preparing for Neue Klasse production in 2026.