Sieyuan Electric (002028) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached ¥4.24 billion, up 29.39% year-over-year; net income attributable to shareholders was ¥604 million, up 34.95% year-over-year.

• Year-to-date revenue totaled ¥10.41 billion, a 21.28% increase; net income attributable to shareholders was ¥1.49 billion, up 29.88% year-over-year.

• Operating cash flow for the first nine months was ¥780 million, up 11.74% year-over-year.

Financial highlights

• Gross margin improved as revenue growth outpaced cost increases; basic and diluted EPS for Q3 were both ¥0.78, up 34.48% year-over-year.

• Total assets at quarter-end were ¥21.63 billion, up 15.48% from year-end 2023; shareholders' equity rose 13.32% to ¥11.77 billion.

• Non-recurring gains for the quarter included ¥31.75 million in government grants and ¥18.6 million from financial asset fair value changes.

Key financial ratios and metrics

• Weighted average ROE for Q3 was 5.30%, up 0.79 percentage points year-over-year; year-to-date ROE was 13.28%, up 1.55 percentage points.

• Accounts receivable and prepayments increased 29.14% and 68.87% respectively, reflecting higher business volume.

• Inventory rose 28.51% due to increased production and project investments.