WEIGAO GROUP (HKG:01066) saw its stock price soar by 15.10% during Thursday's trading session, following the release of its 2024 financial results. The single-use medical device company reported a modest increase in profits, which appears to have excited investors.
According to a filing with the Hong Kong bourse on Wednesday, Shandong Weigao's attributable profit rose 3.2% to 2.07 billion yuan in 2024, up from 2 billion yuan in 2023. Earnings per share slightly increased to 0.45 yuan from 0.44 yuan a year earlier. However, the company's revenue saw a minor decline of 1.1%, dropping to 13.1 billion yuan from 13.2 billion yuan in the previous year.
While the profit increase was modest, it seems to have surpassed market expectations, driving the significant stock price jump. Analysts at Visible Alpha had estimated earnings per share at 0.47 yuan and revenue at 13.6 billion yuan. Additionally, the company declared a final dividend of 0.1235 yuan per share, payable on July 11 to shareholders on record as of June 10, which may have further boosted investor confidence.
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