Zhuzhou CRRC Times Electric (3898) Q3 2024 earnings summary

Executive summary

• Revenue for the first three quarters of 2024 reached RMB16.26 billion, up 15.33% year-over-year, with net profit attributable to shareholders rising 21.82% to RMB2.50 billion.

• Basic and diluted EPS for the period were RMB1.77, a 22.07% increase year-over-year.

• Weighted average return on net assets was 6.42%, up 0.61 percentage points from the prior year.

Financial highlights

• Q3 2024 revenue was RMB5.97 billion, up 8.10% compared to Q3 2023.

• Net profit attributable to shareholders in Q3 was RMB994 million, up 10.61% year-over-year.

• Net cash flow from operating activities for the first three quarters was RMB554 million, reversing a negative flow from the prior year.

• Total assets at quarter-end were RMB63.22 billion, up 18.38% from year-end 2023.

• Owners' equity attributable to shareholders increased 9.97% to RMB40.54 billion.

Outlook and guidance

• Management highlighted strong revenue and profit growth, driven by core rail transit and emerging equipment businesses.