Jiangling Motors Corporation (000550) Q4 2024 earnings summary

Executive summary

• Revenue rose 15.7% year-over-year to RMB 38.37 billion, with net profit attributable to shareholders up 4.17% to RMB 1.54 billion.

• Sales volume increased 10.06% year-over-year to 341,208 units, with strong growth in pickups and SUVs.

• The company maintained its leadership in light buses and pickups, and expanded its export business by 5.9%.

• A cash dividend of RMB 7.12 per 10 shares was proposed, totaling RMB 614.6 million.

Financial highlights

• Operating revenue: RMB 38.37 billion, up 15.7% year-over-year.

• Net profit attributable to shareholders: RMB 1.54 billion, up 4.17% year-over-year.

• Net profit after deducting non-recurring items: RMB 1.36 billion, up 36.28% year-over-year.

• Gross margin: 14.13%, down 0.26 percentage points year-over-year.

• Net cash from operating activities: RMB 2.63 billion, down 42.35% year-over-year due to higher cash outflows.

• Basic and diluted EPS: RMB 1.78, up 4.17% year-over-year.

Outlook and guidance

• 2025 sales volume target: 390,000 units; revenue target: over RMB 40 billion.

• Focus on strengthening light commercial vehicle leadership, accelerating new energy transformation, and expanding exports.

• New product launches planned: pure-electric light bus, light truck, BaoDian/Yuhu pickups, and pure-electric SUV.