SAIC Motor (600104) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was RMB 145.80 billion, down 25.91% year-over-year; net income attributable to shareholders was RMB 279.69 million, down 93.53% year-over-year.

• For the first nine months, revenue was RMB 430.48 billion, down 17.74% year-over-year; net income attributable to shareholders was RMB 6.91 billion, down 39.45% year-over-year.

• The sharp decline in profit was mainly due to a downturn in the fuel vehicle market and intense price competition, leading to lower sales and gross margin.

Financial highlights

• Operating cash flow for Q3 was RMB 7.37 billion, down 48.09% year-over-year; for the first nine months, RMB 18.69 billion, down 11.41%.

• Basic EPS for Q3 was RMB 0.025, down 93.35% year-over-year; for the first nine months, RMB 0.602, down 39.31%.

• Non-recurring gains for the first nine months totaled RMB 5.86 billion, including significant government subsidies and asset disposals.

Key financial ratios and metrics

• Weighted average ROE for Q3 was 0.07%, down 1.43 percentage points year-over-year; for the first nine months, 2.37%, down 1.64 percentage points.

• Total assets at quarter-end were RMB 955.31 billion, down from RMB 1,006.65 billion at the end of last year.

• Shareholders’ equity attributable to listed company shareholders was RMB 292.74 billion at quarter-end.