Shandong Hi-Speed Holdings Group (412) H2 2024 earnings summary

Executive summary

• Revenue rose 11.66% year-over-year to RMB5.58 billion, with gross profit up 17.92% to RMB2.64 billion.

• Net profit increased 39.92% year-over-year to RMB692.8 million; EPS attributable to owners was RMB0.90 cents, up from RMB0.22 cents.

• Total assets stood at RMB66.17 billion and net assets at RMB17.76 billion as of 31 December 2024.

• Strategic focus shifted to electricity and computing power technology, with major investments in new energy and digital infrastructure.

• No dividend proposed for the year.

Financial highlights

• Gross margin improved to 47.2% from 44.7% year-over-year.

• Profit attributable to owners rose to RMB53.9 million; non-controlling interests received RMB339.3 million.

• Cash and cash equivalents were RMB4.31 billion, down from RMB5.20 billion year-over-year.

• Gearing ratio increased to 65.04% from 62.93% year-over-year.

• No dividend was paid or proposed for 2024.

Outlook and guidance

• Group will focus on integrating electricity and computing power, leveraging AI and digital infrastructure.

• Plans to deepen collaboration between SHNE and VNET, targeting large-scale data centers powered by green energy.

• Will pursue high-quality growth in new energy and infrastructure, aligning with national strategies.

• Prudent financial management and liquidity monitoring to continue.