Zhejiang Juhua (600160) Q3 2024 earnings summary

Executive summary

• Net profit attributable to shareholders rose 64.76% year-over-year in Q3 2024, driven by higher refrigerant prices and increased sales volume.

• Revenue for Q3 2024 was RMB 5.83 billion, down 1.53% year-over-year, but nine-month revenue reached RMB 17.91 billion, up 11.83%.

• Basic EPS for Q3 was RMB 0.157, up 65.26% year-over-year; nine-month EPS was RMB 0.466, up 68.23%.

Financial highlights

• Net profit for the first nine months was RMB 1.26 billion, up 68.40% year-over-year.

• Operating cash flow for the nine months was RMB 799.95 million, up 13.79% year-over-year.

• Total assets at quarter-end were RMB 27.77 billion, up 18.76% from year-end 2023.

• Shareholders' equity reached RMB 17.06 billion, up 6.16% from year-end 2023.

Outlook and guidance

• Refrigerant product prices and sales volume are expected to remain key profit drivers.

• Production of third-generation HFC refrigerants is subject to national quota policy from 2024.