CRRC (HKG:1766, SHA:601766), the Chinese rolling stock manufacturer, saw its shares plummet 7.92% in Hong Kong trading on Monday, following the release of its 2024 financial results that fell short of market expectations.
The company reported a 5.8% increase in net profit attributable to shareholders, reaching 12.4 billion yuan for the year 2024. However, earnings per share of 0.43 yuan missed analysts' estimates of 0.47 yuan, according to Visible Alpha. Revenue climbed 5.2% to 246.5 billion yuan, but also fell short of the forecasted 250.1 billion yuan.
Despite proposing a cash dividend of 0.21 yuan per share, investors appeared disappointed with the results. The earnings miss and lower-than-expected revenue growth likely contributed to the significant sell-off, with CRRC's shares in Hong Kong dropping over 6% and its Shanghai-listed shares falling more than 3% in recent trades. This sharp decline reflects investor concerns about the company's performance and future growth prospects in the competitive rolling stock manufacturing industry.
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