Huaming Power Equipment (002270) H1 2024 earnings summary

Executive summary

• Achieved revenue of ¥1.122 billion in H1 2024, up 23.4% year-over-year, with net profit attributable to shareholders of ¥316 million, up 10.02% year-over-year.

• Net profit excluding non-recurring items was ¥295 million, up 15.29% year-over-year.

• Core business in transformer tap changers and power equipment, with strong domestic and growing international market presence.

• Cash dividend of ¥2.70 per 10 shares, totaling ¥241.98 million, approved for distribution.

Financial highlights

• Revenue: ¥1,120,869,020.24, up 23.24% year-over-year.

• Net profit attributable to shareholders: ¥314,500,666.05, up 9.64% year-over-year.

• Operating profit rose 9.86% year-over-year to ¥360 million.

• Total profit increased 11.04% year-over-year to ¥384 million.

• Basic and diluted EPS: ¥0.3521, up 10% year-over-year.

• Operating cash flow: ¥490,944,944.26, up 5.42% year-over-year.

• Gross margin for power equipment: 59.60%; for power engineering: 7.82%.

Outlook and guidance

• Company expects continued growth driven by domestic and international demand for transformer tap changers, supported by energy transition and grid investment.

• Will focus on expanding overseas markets and enhancing product competitiveness.