COSCO SHIP HOLD(601919)2024-10-30 10:57Financial Performance - Revenue for Q3 2024 reached RMB 73.51 billion, a 72% increase year-over-year[4] - Net profit attributable to shareholders for Q3 2024 was RMB 21.25 billion, up 285.7% year-over-year[4] - Basic earnings per share for Q3 2024 were RMB 1.33, a 291.18% increase year-over-year[7] - Operating cash flow for the first nine months of 2024 was RMB 51.69 billion, a 151.91% increase year-over-year[6] - The company's EBIT for the first three quarters of 2024 was RMB 54.413 billion, an increase of RMB 21.177 billion, up 63.72% year-on-year[13] - Net profit for the first three quarters of 2024 was RMB 43.346 billion, an increase of RMB 17.343 billion, up 66.69% year-on-year[13] - EBIT for Q3 2024 was RMB 29.757 billion, an increase of RMB 21.229 billion, up 248.93% year-on-year[13] - Net profit for Q3 2024 was RMB 24.091 billion, an increase of RMB 17.770 billion, up 281.12% year-on-year[13] - The company's EBIT margin for the first nine months of 2024 improved to 28.95%, up 7.87 percentage points year-over-year[21] - Net profit for the first nine months of 2024 reached RMB 39,103,185 thousand, a significant increase from RMB 21,569,407 thousand in the same period of 2023[21] - Container shipping business revenue increased by 28.47 billion RMB (32.16%) to 116.99 billion RMB in the first nine months of 2024 compared to the same period in 2023[22] - EBIT rose by 16.22 billion RMB (91.32%) to 33.99 billion RMB, with EBIT margin increasing by 8.99 percentage points to 29.06%[22] - Net profit surged by 12.21 billion RMB (99.72%) to 24.46 billion RMB in the first nine months of 2024[22] - Total revenue for the first three quarters of 2024 reached RMB 174.74 billion, a 29.8% increase compared to RMB 134.62 billion in the same period of 2023[31] - Net profit for the first three quarters of 2024 was RMB 43.35 billion, up 66.7% from RMB 26.00 billion in the same period of 2023[32] - COSCO Shipping Holdings' comprehensive income for the first three quarters of 2024 reached RMB 42.59 billion, a significant increase from RMB 29.35 billion in the same period of 2023[33] - The company's basic earnings per share (EPS) for the first three quarters of 2024 were RMB 2.38, up from RMB 1.37 in the same period of 2023[33] - Operating profit for the first nine months of 2024 was 4,937,827,401.61, up from 2,314,454,874.92 in the same period of 2023[41] - Net profit for the first nine months of 2024 was 4,944,202,451.76, compared to 2,206,635,363.79 in the same period of 2023[41] - Total comprehensive income for the first nine months of 2024 was 5,006,979,187.38, up from 2,213,125,175.77 in the same period of 2023[41] Assets and Liabilities - Total assets as of Q3 2024 were RMB 488.72 billion, a 5.65% increase from the end of the previous year[4] - Total liabilities as of September 30, 2024, amounted to RMB 217.62 billion, a slight decrease from RMB 219.22 billion at the end of 2023[29] - Total equity as of September 30, 2024, increased to RMB 271.10 billion, up 11.4% from RMB 243.35 billion at the end of 2023[30] - Unallocated profits as of September 30, 2024, stood at RMB 161.05 billion, a 19.4% increase from RMB 134.92 billion at the end of 2023[30] - Long-term loans as of September 30, 2024, decreased to RMB 28.35 billion, down 13.4% from RMB 32.74 billion at the end of 2023[29] - Total assets as of September 30, 2024, amounted to RMB 488.72 billion, a 5.7% increase from RMB 462.57 billion at the end of 2023[30] - Monetary funds increased by 8.49 billion RMB (4.66%) to 190.84 billion RMB as of September 30, 2024[26] - Total assets grew by 26.15 billion RMB (5.65%) to 488.72 billion RMB as of September 30, 2024[27] - The company's total assets as of September 30, 2024, amounted to RMB 14.87 billion, slightly down from RMB 15.12 billion at the end of 2023[37] - Long-term equity investments as of September 30, 2024, were RMB 72.66 billion, up from RMB 71.43 billion at the end of 2023[37] - Fixed assets decreased from 125,488.27 to 46,536.76 as of September 30, 2024[38] - Non-current assets totaled 73,527,785,994.98 as of September 30, 2024, compared to 72,198,734,500.05 at the end of 2023[38] - Total assets increased to 88,396,536,275.51 from 87,315,377,793.25 at the end of 2023[38] - Current liabilities surged to 8,833,074,493.72 from 409,556,857.04 at the end of 2023[38] - Total liabilities rose to 8,855,011,499.31 from 409,556,857.04 at the end of 2023[39] - Shareholders' equity decreased to 79,541,524,776.20 from 86,905,820,936.21 at the end of 2023[39] Cash Flow - Net cash flow from operating activities for the first three quarters of 2024 was RMB 51.69 billion, compared to RMB 20.52 billion in the same period of 2023[35] - Cash received from sales of goods and services in the first three quarters of 2024 amounted to RMB 170.95 billion, up from RMB 139.45 billion in the same period of 2023[34] - The company's cash and cash equivalents at the end of September 2024 stood at RMB 189.34 billion, compared to RMB 197.85 billion at the end of September 2023[36] - Net cash used in investing activities for the first three quarters of 2024 was RMB 15.49 billion, compared to RMB 13.79 billion in the same period of 2023[35] - Net cash used in financing activities for the first three quarters of 2024 was RMB 26.80 billion, a decrease from RMB 46.75 billion in the same period of 2023[35] - Operating cash flow for the first three quarters of 2024 was RMB 148,663,632.24, compared to a negative RMB 1,119,067,900.82 in the same period of 2023[42] - Investment cash flow for the first three quarters of 2024 was RMB 4,467,176,293.00, a decrease from RMB 8,778,350,043.12 in the same period of 2023[42] - Financing cash flow for the first three quarters of 2024 was negative RMB 4,168,265,136.35, an improvement from negative RMB 23,998,965,875.48 in the same period of 2023[42] - Net increase in cash and cash equivalents for the first three quarters of 2024 was RMB 446,806,738.99, compared to a negative RMB 16,338,831,581.12 in the same period of 2023[43] - Ending cash and cash equivalents balance for the first three quarters of 2024 was RMB 1,566,302,775.29, down from RMB 3,978,755,228.92 in the same period of 2023[43] Container Shipping Business - The company's container shipping business achieved significant growth in both volume and revenue due to increased demand and higher freight rates[7] - The company's container shipping business handled 19.0397 million TEUs in the first three quarters of 2024, a 9.07% increase year-on-year[14] - As of September 2024, the company operated a fleet of 528 container ships with a capacity of 3.2803 million TEUs[14] - The company's total freight volume for Q3 2024 reached 6,580,158 TEUs, an 8.58% increase year-over-year[15] - Cross-Pacific freight volume in Q3 2024 was 1,284,356 TEUs, up 19.70% compared to Q3 2023[15] - Asia-Europe (including Mediterranean) freight volume decreased by 11.88% in Q3 2024 to 979,978 TEUs[15] - China domestic freight volume in Q3 2024 was 1,333,648 TEUs, a 19.32% increase compared to Q3 2023[15] - International route revenue per TEU increased by 1,393.10 in the first nine months of 2024[22] - COSCO Shipping Lines' container shipping revenue grew by 3.88 billion USD (30.84%) to 16.48 billion USD in the first nine months of 2024[23] Revenue and Freight - The company's total revenue for Q3 2024 was RMB 67,361,507 thousand, a 79.78% increase year-over-year[17] - Cross-Pacific revenue in Q3 2024 surged 115.08% to RMB 22,090,080 thousand compared to Q3 2023[17] - Asia-Europe (including Mediterranean) revenue increased by 103.83% in Q3 2024 to RMB 16,103,816 thousand[17] - The company's total revenue in USD for Q3 2024 was USD 9,500,160 thousand, an 81.50% increase year-over-year[20] Share Repurchase - The company plans to repurchase 50 million to 100 million A shares at a price not exceeding RMB 20 per share, with an estimated repurchase amount of RMB 1 billion to RMB 2 billion[12] - The repurchase of A shares will be funded by a special loan from Bank of China Shanghai Branch and the company's own funds[12] - The company also plans to repurchase H shares under the general authorization granted by the 2023 Annual General Meeting[12] Shareholding Structure - China COSCO Shipping Group directly and indirectly holds 7.009619897 billion shares, accounting for 43.92% of the company's total shares as of September 30, 2024[9] Throughput and Port Operations - Total throughput of COSCO Shipping Ports increased by 7.08% to 107.27 million TEUs in the first nine months of 2024[24] - Yangtze River Delta region's throughput rose by 13.83% to 12.33 million TEUs in the first nine months of 2024[24] - Overseas region's throughput grew by 4.07% to 25.33 million TEUs in the first nine months of 2024[25] Research and Development - Research and development expenses for the first three quarters of 2024 were RMB 768.77 million, a 1.5% increase from RMB 757.18 million in the same period of 2023[31] Interest Income - Interest income for the first three quarters of 2024 was RMB 4.69 billion, a decrease of 18.0% from RMB 5.73 billion in the same period of 2023[31] Global Supply Chain and Competitiveness - The company's global supply chain resilience and competitiveness were enhanced through digital intelligence and green low-carbon initiatives[7] Return on Equity - Weighted average return on equity for Q3 2024 was 9.63%, an increase of 6.89 percentage points year-over-year[4]