Shenzhen Hopewind Electric (603063) Q3 2024 earnings summary

Executive summary

• Q3 revenue fell 13.42% YoY to RMB 930.0m; net income attributable to shareholders declined 50.43% to RMB 98.5m, with reduced fair-value gains cited as a factor.

• 9M revenue decreased 11.61% YoY to RMB 2.312bn and attributable net income fell 36.91% to RMB 253.3m.

Financial highlights

• 9M operating revenue was RMB 2.312bn versus RMB 2.615bn a year earlier; operating costs were RMB 2.047bn versus RMB 2.277bn.

• 9M net income was RMB 271.9m versus RMB 404.6m YoY; attributable net income was RMB 253.3m versus RMB 401.5m.

• 9M adjusted attributable net income, excluding non-recurring items, was RMB 262.8m, down 17.74% YoY; Q3 adjusted net income was RMB 99.7m, down 33.11%.

• 9M operating profit was RMB 298.7m versus RMB 463.0m in the prior-year period.

Key financial ratios and metrics

• Basic and diluted EPS were RMB 0.22 in Q3, down 51.11% YoY; 9M EPS was RMB 0.57, down 37.36%.

• Weighted average ROE was 2.43% for Q3 and 6.32% for 9M, down 2.90 and 4.75 percentage points YoY, respectively.

• Total assets reached RMB 7.531bn at Sept. 30, up 3.92% from year-end; equity attributable to shareholders was RMB 4.104bn, up 4.20%.