Ningbo Sanxing Medical Electric Co (601567) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 3.44 billion, up 23.21% year-over-year; YTD revenue was RMB 10.43 billion, up 25.14% year-over-year.

• Net profit attributable to shareholders in Q3 was RMB 666 million, up 7.43% year-over-year; YTD net profit was RMB 1.82 billion, up 21.91% year-over-year.

• Excluding non-recurring items, Q3 net profit rose 30.03% year-over-year; YTD adjusted net profit increased 31.32%.

• Cash flow from operations in Q3 surged 566.56% year-over-year; YTD operating cash flow rose 250.48%.

• Order backlog at period end was RMB 15.62 billion, up 35.18% year-over-year, with overseas power distribution orders up 272.51%.

Financial highlights

• Gross margin for the first three quarters was 36.21%, up 2.59 percentage points year-over-year.

• Basic and diluted EPS for Q3 was RMB 0.47, up 7.22% year-over-year; YTD EPS was RMB 1.29, up 22.55%.

• Return on equity (ROE) for Q3 was 5.86%, up 0.84 percentage points year-over-year; YTD ROE was 15.31%, up 0.16 percentage points.

• Total assets at period end were RMB 21.31 billion, down 0.95% from the previous year-end.

• Shareholders' equity attributable to listed company shareholders was RMB 11.7 billion, up 6.31% from year-end.

Outlook and guidance

• Company continues to expand both domestic and overseas markets, with significant breakthroughs in overseas power distribution, especially in Europe and the Americas.

• Overseas production capacity now accounts for about 50% of total, supporting further international growth.