29 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Jiangsu Hengli (601100 CH) 3Q24 earnings below expectations due to margin contraction Hengli's EBIT in 3Q24 dropped 6% YoY to RMB445mn, due to gross margin contraction of 1.9ppt YoY despite an 11% YoY increase in revenue. The margin contraction, which was due to lower utilisation rate based on our understanding, is slightly below our expectation. Reported net profit grew 6% YoY to RMB504mn, helped by increases i ...