CALB Group Co (3931) Q4 2024 earnings summary

Executive summary

• Achieved revenue of RMB27,751.5 million in 2024, up 2.8% year-over-year, driven by strong growth in energy storage systems (ESS) despite a decline in EV battery sales revenue due to price pressure.

• Net profit surged 93% to RMB843.6 million, with 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%.

• Maintained leadership in battery technology, launching new products and securing major international projects in energy storage and marine sectors.

Financial highlights

• Revenue: RMB27,751.5 million (+2.8% YoY); Net profit: RMB843.6 million (+93% YoY).

• Gross profit: RMB4,409.9 million; Gross margin: 15.9% (+2.9pp YoY).

• EV battery sales revenue fell 12.1% to RMB19,550.9 million; ESS and other revenue rose 72.4% to RMB8,200.6 million.

• 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).

Outlook and guidance

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

• Targeting further global expansion, especially in Europe and Southeast Asia, with new production bases in Portugal and Thailand.

• Aims for sustained growth in ESS shipments and increased market share in commercial vehicles and marine applications.