HUANENG LANCANG RIVER HYDROPOWER (600025) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was RMB 7.54 billion, down 1.27% compared to Q3 2023, but YTD revenue rose 7.05% year-over-year to RMB 19.42 billion.

• Net profit attributable to shareholders for Q3 was RMB 3.06 billion, down 7.37% year-over-year; YTD net profit increased 7.78% to RMB 7.23 billion.

• Growth in YTD revenue and net profit was mainly driven by increased power generation volume.

Financial highlights

• Basic EPS for Q3 was RMB 0.16, down 5.88% year-over-year; YTD basic EPS was RMB 0.38, up 9.09%.

• Gross margin for the first nine months was approximately 59.8%.

• Operating cash flow for the first nine months was RMB 14.35 billion, up 11.94% year-over-year.

• Total assets at quarter-end were RMB 203.94 billion, up 4.46% from year-end 2023.

• Shareholders’ equity attributable to listed company shareholders was RMB 73.99 billion, up 9.90% from year-end 2023.

Outlook and guidance

• Management attributes revenue and profit growth to higher power generation and expects continued positive impact if generation remains strong.