Ningbo Sanxing Medical Electric Co (601567) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of ¥14.60 billion, up 27.38% year-over-year; net profit attributable to shareholders reached ¥2.26 billion, up 18.69% year-over-year.

• Core businesses: smart power distribution and medical services, both delivering strong growth; gross margin improved to 34.72%, up 0.81 percentage points year-over-year.

• Overseas revenue grew 38.40% to ¥2.71 billion; domestic grid business maintained industry leadership.

• Medical services expanded to 38 hospitals, with over 10,000 beds, consolidating leading position in rehabilitation.

Financial highlights

• Revenue: ¥14.60 billion (+27.38% YoY); net profit attributable to shareholders: ¥2.26 billion (+18.69% YoY).

• Net profit after non-recurring items: ¥2.20 billion (+31.92% YoY); basic EPS: ¥1.60 (+18.52% YoY).

• Operating cash flow: ¥1.84 billion; total assets: ¥24.48 billion (+13.78% YoY); net assets: ¥12.08 billion (+9.78% YoY).

• Gross margin: 34.72% (+0.81pp YoY); R&D investment: ¥523 million, 3.58% of revenue.

Outlook and guidance

• Focus on global smart grid and new energy opportunities; accelerate overseas local production and system integration.

• Medical segment to deepen rehabilitation chain expansion, enhance quality, and pursue national coverage.

• Continue high cash dividend policy; maintain robust capital allocation for growth and shareholder returns.