Zhuzhou CRRC Times Electric Reports Strong Q3 2024 Growth

Zhuzhou CRRC Times Electric Co Class H ( (ZHUZF) ) has released its Q3 earnings. Here is a breakdown of the information Zhuzhou CRRC Times Electric Co Class H presented to its investors.

Zhuzhou CRRC Times Electric Co., Ltd. is a leading manufacturer in the rail transit and emerging equipment sectors, specializing in the production of electric equipment for rail transit systems and other industrial applications. The company recently released its third-quarter earnings report for 2024, showcasing robust growth in key financial metrics.

For the third quarter of 2024, Zhuzhou CRRC Times Electric reported a revenue of RMB 5.97 billion, marking an 8.10% increase compared to the same period last year. The net profit attributable to shareholders rose by 10.61% to RMB 994 million, while the net profit after deducting non-recurring items increased by 18.27%. The company also demonstrated significant investment in research and development, with a 31.28% increase in R&D expenditure during the reporting period.

The company’s total assets grew by 18.38% from the end of the previous year to RMB 63.22 billion, while owners’ equity attributable to shareholders increased by 9.97%. The rail transit business, a major segment, experienced a 22.16% rise in revenue, driven by strong performance in rail transit electric equipment and communication signal businesses. Furthermore, the emerging equipment business also saw notable growth, particularly in the power semiconductor devices and new energy vehicle electric drive system sectors.

Looking ahead, Zhuzhou CRRC Times Electric remains optimistic about its future prospects, with continued focus on expanding its core business areas and increasing efficiency in operations. The management is committed to further enhancing its technological capabilities and market position in the rail transit and emerging equipment industries.