GD Power Development (600795) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 was RMB 133.86 billion, down 2.79% year-over-year due to lower electricity prices and the sale of a subsidiary in June.

• Net profit attributable to shareholders rose 63.41% year-over-year to RMB 9.19 billion, mainly from investment gains on the sale of a subsidiary and increased earnings from associates.

• Cash flow from operating activities increased 30.75% year-over-year, reflecting lower cash outflows for goods and services.

Financial highlights

• Operating income for Q3 2024 was RMB 48.03 billion, down 2.08% from the same quarter last year.

• Net profit attributable to shareholders for Q3 was RMB 2.47 billion, down 6.47% year-over-year.

• Basic and diluted EPS for the first nine months were RMB 0.515, up 63.49% year-over-year.

• Total assets at September 30, 2024, reached RMB 479.84 billion, up 4.79% from year-end 2023.

• Shareholders’ equity increased 17.73% to RMB 57.41 billion compared to year-end 2023.

Outlook and guidance

• Profit growth was driven by non-recurring investment gains; core operating profit excluding these items declined due to asset impairment and lower electricity prices.