Zhongtai Securities (600918) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was RMB 2.33 billion, down 12.3% year-over-year; YTD revenue was RMB 7.42 billion, down 19.96% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 101 million, a 60.16% decrease year-over-year; YTD net profit was RMB 503 million, down 73.45% year-over-year.

• Declines in brokerage, investment banking, and asset management revenues were the main drivers of profit contraction.

Financial highlights

• Basic and diluted EPS for Q3 were RMB 0.01, down 66.67% year-over-year; YTD EPS was RMB 0.06, down 76.92%.

• Operating cash flow for the first nine months surged to RMB 27.95 billion, up 2,304.56% year-over-year.

• Total assets at Q3-end were RMB 212.68 billion, up 8.70% from year-end 2023.

• Shareholders’ equity reached RMB 42.20 billion, up 5.68% from year-end 2023.

Outlook and guidance

• No explicit forward-looking guidance provided, but management notes continued compliance with regulatory risk controls and ongoing business adjustments.