Executive Summary
Dida Inc reported QQ3 2024 revenue of CNY 191.54 million, down 8.6% year-over-year and 5.2% quarter-over-quarter, reflecting a softening top line amidst a still-robust gross margin. The company generated a healthy gross margin of 70.7%, with operating income of CNY 23.15 million and net income of CNY 28.23 million for the quarter, supported by favorable cost discipline and stable operating expenses. Notably, the prior quarter (Q2 2024) benefited from substantial non-operating income, which amplified net income there; QQ3 2024 presents a cleaner view of the core business economics (operating cash flow of CNY 52.51 million and free cash flow of CNY 52.30 million). The balance sheet exhibits a strong liquidity position and a net cash balance, with cash and short-term investments totaling approximately CNY 1.30 billion against a modest debt load, yielding a net debt of roughly -CNY 1.05 billion. Valuation remains elevated relative to revenue, as indicated by P/S of ~13.3x and EV/EBITDA of ~62.6x, underscoring the market’s premium on platform-driven, scalable mobility services. Moving forward, management’s commentary (where available) and industry dynamics will be pivotal for translating gross-margin resilience into sustained earnings growth.
Key Performance Indicators
QoQ: -8.49% | YoY:-10.68%
QoQ: -59.56% | YoY:-35.71%
QoQ: -94.04% | YoY:-89.16%
QoQ: -97.99% | YoY:-89.00%
Key Insights
Revenue performance: QQ3 2024 revenue of CNY 191.54m, down -8.55% YoY and -5.16% QoQ. Gross profit: CNY 135.43m; gross margin 70.70%. Operating income: CNY 23.15m; operating margin 12.09%. EBITDA: CNY 23.83m; EBITDA margin 12.44%. Net income: CNY 28.23m; net margin 14.74%. Earnings per share (diluted): CNY 0.0277; basic: CNY 0.0286. Balance sheet strength: Total assets CNY 1.95b; cash and cash equivalents CNY 1.058b; total cash and short-term investments CNY 1.300b; total debt CNY 10.08m; net de...
Financial Highlights
Revenue performance: QQ3 2024 revenue of CNY 191.54m, down -8.55% YoY and -5.16% QoQ. Gross profit: CNY 135.43m; gross margin 70.70%. Operating income: CNY 23.15m; operating margin 12.09%. EBITDA: CNY 23.83m; EBITDA margin 12.44%. Net income: CNY 28.23m; net margin 14.74%. Earnings per share (diluted): CNY 0.0277; basic: CNY 0.0286. Balance sheet strength: Total assets CNY 1.95b; cash and cash equivalents CNY 1.058b; total cash and short-term investments CNY 1.300b; total debt CNY 10.08m; net debt = -CNY 1.047b. Liquidity: current ratio 2.83; cash ratio 1.71. Cash flow: operating cash flow CNY 52.51m; capex CNY -0.203m; free cash flow CNY 52.30m. Leverage: very low leverage with debt-to-asset ~0.5% and debt-to-equity around 0.76%. Valuation snapshot: P/S 13.26x; P/E 22.50x; P/B 1.92x; EV/EBITDA 62.64x. Note: peer data for 2559.HK is not available in the provided set.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
191.54M |
-8.55% |
-5.16% |
| Gross Profit |
135.43M |
-10.68% |
-8.49% |
| Operating Income |
23.15M |
-35.71% |
-59.56% |
| Net Income |
28.23M |
-89.16% |
-94.04% |
| EPS |
0.03 |
-89.00% |
-97.99% |
Key Financial Ratios
operatingProfitMargin
12.1%
operatingCashFlowPerShare
$0.05
freeCashFlowPerShare
$0.05
Management Commentary
No earnings call transcript is provided in the dataset. As a result, there are no management quotes or theme-based highlights to extract from the transcript. If a transcript becomes available, this section should consolidate themes such as strategy execution, operational efficiency, market conditions, and roadmap milestones with contextual quotes.
Forward Guidance
There is no explicit management guidance disclosed for QQ4 2024 or beyond in the provided data. In the absence of formal targets, the outlook hinges on: (1) sustaining high gross margins through platform leverage and cost controls; (2) expanding enterprise contracts and advertising/data services monetization within the mobility ecosystem; (3) maintaining a robust balance sheet to weather regulatory and competitive pressures; and (4) achieving revenue growth through wider rider/driver network engagement and potential geographic expansion. Investors should monitor: year-over-year revenue trends, quarterly EBITDA margins, incremental operating cash flow, and any updates to strategic initiatives such as Phoenix Taxi Cloud adoption and Dida Mobility App monetization,
with particular attention to any guidance on user growth, ARPU, driver partnerships, and capital allocation plans.