Noblelift Intelligent Equipment (603611) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was RMB 1.67 billion, down 15.69% year-over-year; year-to-date revenue was RMB 5.15 billion, down 3.57% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 122.46 million, down 10.66% year-over-year; year-to-date net profit was RMB 362.83 million, up 1.03% year-over-year.

• Excluding non-recurring items, Q3 net profit was RMB 110.74 million, down 6.99% year-over-year; year-to-date was RMB 309.68 million, nearly flat year-over-year.

Financial highlights

• Gross margin improved as cost reductions outpaced revenue decline; operating costs for the first nine months were RMB 3.95 billion, down from RMB 4.20 billion year-over-year.

• Basic and diluted EPS for Q3 were RMB 0.48, down 9.43% year-over-year; year-to-date EPS was RMB 1.41, flat year-over-year.

• Operating cash flow for the first nine months was RMB 87.49 million, down 55% year-over-year.

• Total assets at Q3-end were RMB 9.09 billion, nearly unchanged from year-end 2023.

• Shareholders’ equity increased 7.3% to RMB 2.86 billion since year-end 2023.

Outlook and guidance

• Management did not provide explicit forward-looking guidance but highlighted ongoing investments in new energy forklift manufacturing and financial investments.