Weihai Guangwei Composites (300699) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was ¥2,449.93 million, down 2.69% year-over-year; net profit attributable to shareholders was ¥747.17 million, down 14.43% year-over-year.

• Excluding non-recurring items, net profit attributable to shareholders was ¥674.00 million, down 5.30% year-over-year.

• Weighted average ROE was 13.60%, a decrease of 3.40 percentage points year-over-year.

Financial highlights

• Operating profit was ¥816.68 million, down 17.65% year-over-year.

• Total assets at year-end were ¥8,073.49 million, up 14.39% from the previous year.

• Net cash flow from operating activities was ¥838.36 million, up 56.87% year-over-year, mainly due to increased cash from sales.

• Basic EPS was ¥0.90, down 14.29% year-over-year.

Segment performance

• Fiber segment revenue was ¥1,452 million, down 12.91% year-over-year due to industry supply-demand imbalance and price declines.

• Energy new materials segment revenue was ¥537 million, up 25.81% year-over-year, driven by stable new customer production.

• General new materials segment revenue was ¥234 million, down 12.86% year-over-year due to market competition and project delays.

• Composite technology segment revenue was ¥107 million, up 15.60% year-over-year, supported by R&D and deeper industry partnerships.

• Precision machinery segment revenue was ¥89 million, up 161.20% year-over-year, reflecting market and customer base expansion.

• Guangsheng Technology segment revenue was ¥25 million, up 28.27% year-over-year.