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Reported Q: Q4 2024 Rev YoY: -49.7% EPS YoY: -56.9% Move: +1.02%

Tsit Wing International

2119.HK

HKD0.495 1.02%

Exchange HKSE Sector Consumer Defensive Industry Beverages NonAlcoholic

Q4 2024

Published: Dec 31, 2024

Company Status Snapshot

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Reported

Report Date

Dec 31, 2024

Quarter Q4 2024

Revenue

185.84M

YoY: -49.7%

EPS

0.02

YoY: -56.9%

Market Move

+1.02%

Previous quarter: Q3 2024

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Earnings Highlights

Revenue of $185.84M down 49.7% year-over-year
EPS of $0.02 decreased by 56.9% from previous year
Gross margin of 32.4%
Net income of 11.47M
"No transcript data available for QQ4 2024 earnings call." - N/A

2119.HK

Company 2119.HK

Period Q4 2024

Currency HKD

Report Type Quarterly Earnings

Generated Mar 31, 2026

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Executive Summary

Tsit Wing International Holdings Limited reported a pronounced year-over-year revenue decline in QQ4 2024, with revenue of HKD 185.84 million, down 49.7% from QQ4 2023 (HKD 369.55 million). Despite the revenue compression, the company delivered a stable gross margin of about 32.38% and solid operating profitability, with operating income of HKD 13.80 million and net income of HKD 11.47 million (net margin ~6.17%) for the quarter. The result underscores disciplined cost management that helped preserve margins even as top-line growth remains a challenge. Cash generation was modest from operations, and Tsit Wing maintains a strong liquidity position, ending QQ4 2024 with HKD 170.45 million in cash and a negative net debt position of HKD 137.22 million, supported by a healthy current ratio of 3.13 and quick ratio near 2.00.

Key Performance Indicators

Revenue

Decreasing

185.84M

QoQ: 0.00% | YoY: -49.71%

Gross Profit

Decreasing

60.18M

32.38% margin

QoQ: 0.00% | YoY: -51.63%

Operating Income

Decreasing

13.80M

QoQ: 0.00% | YoY: -54.23%

Net Income

Decreasing

11.47M

QoQ: 0.00% | YoY: -56.90%

EPS

Decreasing

0.02

QoQ: 0.00% | YoY: -56.91%

Revenue Trend

Margin Analysis

Financial Highlights

Revenue: HKD 185.84m (QQ4 2024). YoY: -49.71% vs QQ4 2023; QoQ: 0.00% (flat vs QQ3 2024). Gross Profit: HKD 60.18m; Gross Margin: 32.38%.
Operating Income: HKD 13.80m; Operating Margin: 7.43%.
Net Income: HKD 11.47m; Net Margin: 6.17%; EPS: HKD 0.0159 (diluted HKD 0.0159).
EBITDA: HKD 20.04m; EBITDA Margin: 10.78%.
Cash Flow: Operating cash flow HKD 6.64m; Free Cash Flow (FCF) approx. HKD -1.03m; Net cash provided by operating activities HKD 15.75m; Capex HKD -7.67m; Dividends paid HKD -9.95m.
Balance Sheet: Total assets HKD 680.17m; Total liabilities HKD 170.51m; Total stockholders’ equity HKD 509.66m; Cash and cash equivalents HKD 170.45m; Total debt HKD 33.23m; Net debt HKD -137.22m (net cash).
Liquidity/Efficiency: Current ratio 3.13; Quick ratio 1.99; Inventory HKD 164.26m; Receivables HKD 117.91m; Inventory turnover 0.765x; Receivables turnover 1.576x; Asset turnover 0.273x.
Valuation/Returns: P/E ~9.12x; P/B ~0.82x; P/S ~2.25x; Dividend yield ~2.38%; Payout ratio ~86.7%.
Notes: Four-quarters data show volatility in quarterly revenue (e.g., Q2 2024 revenue significantly higher than Q3 and Q4), underscoring seasonality and potential mix effects.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	185.84M	-49.71%	0.00%
Gross Profit	60.18M	-51.63%	0.00%
Operating Income	13.80M	-54.23%	0.00%
Net Income	11.47M	-56.90%	0.00%
EPS	0.02	-56.91%	0.00%

Key Financial Ratios

Gross Profit Margin

Fair

32.40%

Gross profit margin is moderate, room for improvement in cost management

Operating Profit Margin

Fair

7.43%

Operating margin is moderate, room for improvement in cost management

Net Profit Margin

Fair

6.17%

Net profit margin is moderate, room for improvement in cost management

Return on Assets

Weak

1.69%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

2.25%

Return on equity suggests inefficient capital allocation

Current Ratio

Strong

3.13

Current ratio indicates excellent liquidity and financial flexibility

Debt to Equity

Conservative

0.07

Debt-to-equity shows conservative leverage and low financial risk

P/E Ratio

Value

9.12x

P/E ratio suggests potential undervaluation or stable earnings

Price to Book

Undervalued

0.82x

Trading below book value, potential value opportunity or distressed

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q4 2025	408.73	0.02	+119.9%	View
Q2 2025	380.43	0.03	+104.7%	View
Q1 2025	190.21	0.02	+8.9%	View
Q4 2024	185.84	0.02	-49.7%	View
Q3 2024	185.84	0.02	+0.6%	View

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Q3 2024 Report

Tsit Wing International Holdings Limited (2119.HK) QQ3 2024 Results: Revenue Resilience Amid Margin Pressures with a Strong Net Cash Position...

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Tsit Wing International (2119.HK) Q4 2024 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Historical Earnings Comparison

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