TBEA (600089) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 was RMB 72.28 billion, down 1.79% year-over-year.

• Net profit attributable to shareholders for the same period was RMB 4.30 billion, a 54.17% decrease year-over-year.

• The decline in profit was mainly due to a significant drop in the average selling price of high-purity polysilicon and lower coal product prices.

Financial highlights

• Q3 revenue: RMB 24.48 billion, up 2.80% compared to Q3 2023.

• Q3 net profit attributable to shareholders: RMB 1.26 billion, down 33.87% year-over-year.

• Q3 basic EPS: RMB 0.2516, down 40.08% year-over-year.

• Net cash flow from operating activities for the first nine months: RMB 7.44 billion, down 53.70% year-over-year.

• Total assets at September 30, 2024: RMB 211.71 billion, up 10.32% from year-end 2023.

• Shareholders’ equity: RMB 68.54 billion, up 9.55% from year-end 2023.

Outlook and guidance

• Management attributes profit decline to market-driven price drops in key products and expects continued pressure if these trends persist.