Shanghai Putailai New Energy Technology (603659) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was RMB 3.51 billion, down 9.6% year-over-year; YTD revenue was RMB 9.84 billion, down 15.8% year-over-year.

• Net profit attributable to shareholders in Q3 was RMB 381 million, up 17.3% year-over-year; YTD net profit was RMB 1.24 billion, down 24.0% year-over-year.

• Excluding non-recurring items, Q3 net profit was RMB 369 million, up 26.0% year-over-year; YTD adjusted net profit was RMB 1.14 billion, down 26.5% year-over-year.

Financial highlights

• Basic and diluted EPS for Q3 were RMB 0.18, up 12.5% year-over-year; YTD EPS was RMB 0.58, down 28.4% year-over-year.

• Operating cash flow for the first nine months was RMB 1.08 billion, up 67.8% year-over-year.

• Total assets at quarter-end were RMB 42.90 billion, down 1.8% from year-end 2023.

• Shareholders’ equity was RMB 18.45 billion, up 3.8% from year-end 2023.

Key financial ratios and metrics

• Gross margin for the first nine months was 29.1%, up from 31.8% in the prior year period.

• Weighted average ROE for Q3 was 2.05%, down 0.14 percentage points year-over-year; YTD ROE was 6.70%, down 4.63 percentage points year-over-year.