Shanghai Lingang Holdings (600848) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was RMB 1.05 billion, down 14.65% year-over-year, but YTD revenue rose 20.69% to RMB 4.0 billion.

• Net profit attributable to shareholders in Q3 surged 52.14% year-over-year to RMB 309 million, but YTD net profit fell 17.51% to RMB 618 million.

• Non-recurring gains contributed significantly to Q3 profit, with government subsidies and investment returns as key drivers.

Financial highlights

• Q3 basic and diluted EPS were RMB 0.13, up 62.5% year-over-year; YTD EPS was RMB 0.25, down 16.67%.

• Gross margin and operating profit improved in Q3 due to fair value recovery of non-current financial assets.

• Total assets at Q3-end were RMB 88.36 billion, up 9.06% from year-end 2023.

• Shareholders’ equity reached RMB 18.68 billion, a 0.61% increase from year-end.

Outlook and guidance

• Management attributes Q3 profit growth to asset value recovery and expects continued impact from non-recurring items.