Gree Electric Appliances (000651) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached ¥46.94 billion, up 5.47% year-over-year; net profit attributable to shareholders was ¥7.82 billion, up 9.3% year-over-year.

• Year-to-date revenue totaled ¥146.72 billion, a 2.9% increase; net profit attributable to shareholders was ¥21.96 billion, up 9.3% year-over-year.

• Main business revenue grew 2.9% to ¥132.2 billion, while other business revenue declined 45.3% due to business structure adjustments.

Financial highlights

• Q3 basic and diluted EPS were both ¥1.42, up 7.58% year-over-year; year-to-date EPS was ¥3.98, up 11.17%.

• Operating cash flow for Q3 was ¥12.71 billion, down 67.89% year-over-year, mainly due to lower cash received from sales and services.

• Gross margin and operating profit details not explicitly disclosed, but net profit margin improved year-over-year.

• Total assets at quarter-end were ¥370.71 billion, up 0.72% from year-end; shareholders' equity rose 8.18% to ¥126.35 billion.

Key financial ratios and metrics

• Weighted average ROE for Q3 was 6.43%, down 0.38 percentage points year-over-year; year-to-date ROE was 17.80%, down 1.19 percentage points.

• Net cash from operating activities for the first nine months was ¥12.71 billion, a significant decrease from ¥39.60 billion in the prior year.