CALB Group Co (3931) H2 2024 earnings summary

Executive summary

• Achieved revenue of RMB27,751.5 million in 2024, up 2.8% year-over-year, with profit for the year rising 93% to RMB843.6 million and basic EPS doubling to RMB0.3336.

• Gross profit margin improved to 15.9% (from 13.0%), and net sales margin rose to 3.0% (from 1.6%).

• Significant growth in energy storage system (ESS) business, with ESS revenue up 72.4% year-over-year, offsetting a 12.1% decline in EV battery revenue due to price pressure.

• Maintained global top 5 position in EV battery and energy storage cell shipments, with strong domestic and international market expansion.

• Major technological breakthroughs and product launches in high energy density, fast-charging, and all-solid-state batteries.

Financial highlights

• Revenue: RMB27,751.5 million (+2.8% YoY); Profit: RMB843.6 million (+93% YoY); Basic EPS: RMB0.3336 (+100.8% YoY).

• Gross profit margin: 15.9% (+2.9pp YoY); Net sales margin: 3.0% (+1.4pp YoY).

• Total assets: RMB122,473.4 million (+16.2% YoY); Net assets: RMB48,053.9 million (+3.6% YoY).

• Operating cash inflow: RMB3,113.1 million (+7.3% YoY); Bank and cash balances: RMB12,436.0 million.

• Total borrowings: RMB46,116.4 million (up from RMB29,170.7 million); Debt-to-equity ratio: 77.5% (up from 47.1%).

• No dividend declared for 2024.

Outlook and guidance

• Focus on innovation in advanced materials, high-performance and all-solid-state batteries, and advanced manufacturing.

• Targeting further growth in ESS, commercial vehicles, and international markets, with new production capacity in Portugal and Thailand.

• Strategic emphasis on global leadership, technology-driven growth, and sustainable development.