China Resources Sanjiu (.SZ)_ Results_ Mild growth in 3Q24
China Securities·2024-11-18 03:33
15 Nov 2024 12:10:15 ET │ 11 pages China Resources Sanjiu (000999.SZ) Results: Mild growth in 3Q24 CITI'S TAKE CR999 reported 3Q24 revenue of Rmb5,634mn (+3% yoy) and net profit of Rmb561mn (7% yoy or -7% yoy if excluding one-offs). Gross margin slightly declined to 50.5% from 50.8% in 3Q23. SG&A and R&D expense ratio decreased to 35.4% vs. 36.7% in 3Q23. Mgmt. expect decreasing selling cost ratio. Net margin picked up to 10.0% from 9.6% in 3Q23. KPC generated Rmb1.9bn (+3% yoy) revenue and Rmb158mn net pro ...