Contemporary Amperex Technology (300750) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was ¥166.77 billion, down 11.88% year-over-year, while net profit attributable to shareholders rose 10.37% to ¥22.87 billion.

• Cash flow from operations increased 20.61% year-over-year to ¥44.71 billion.

• Company maintained global leadership in both power and energy storage batteries, with global market share in power batteries rising to 37.5% in Jan–May 2024.

• Major product launches included new high-density, fast-charging batteries and the world's first 5-year zero-degradation energy storage system.

• Overseas sales accounted for 30.3% of total revenue, with stable foreign exchange and tariff environments.

Financial highlights

• Operating income: ¥166.77 billion, down 11.88% year-over-year.

• Net profit attributable to shareholders: ¥22.87 billion, up 10.37% year-over-year.

• Basic EPS: ¥5.2017, up 10.20% year-over-year.

• Gross margin for power battery systems: 26.90% (up 6.55 percentage points year-over-year); energy storage systems: 28.87% (up 7.55 percentage points).

• Cash and cash equivalents at period end: ¥227.07 billion.

Outlook and guidance

• Company expects continued global growth in new energy vehicles and energy storage, with ongoing investments in R&D and production capacity.

• No interim dividend, bonus shares, or capital increase from reserves planned for H1 2024.