Everbright Securities Company (601788) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 2.22 billion, up 41.06% compared to the same quarter last year.

• Net profit attributable to shareholders for Q3 was RMB 599.86 million, down 69.49% year-over-year due to a high base from last year’s one-off gain.

• Year-to-date net profit attributable to shareholders was RMB 1.99 billion, a 54.33% decrease year-over-year, mainly due to the absence of last year’s non-recurring income.

• Excluding non-recurring items, year-to-date net profit attributable to shareholders increased 0.61% year-over-year.

Financial highlights

• Basic and diluted EPS for Q3 were RMB 0.11, down 72.50% year-over-year; year-to-date EPS was RMB 0.37, down 57.95%.

• Operating cash flow for the first nine months was RMB 35.05 billion, a significant improvement from the prior year.

• Total assets at quarter-end were RMB 272.74 billion, up 5.06% from the end of last year.

• Shareholders’ equity stood at RMB 67.44 billion, up 0.52% from year-end 2023.

Outlook and guidance

• Management notes that last year’s profit was boosted by a one-off gain from a subsidiary’s settlement agreement, which did not recur this year.

• Excluding non-recurring items, core profitability remained stable year-over-year.