CATL has 32.67 percent of its revenue coming from overseas in 2023, up from 23.41 percent in 2022, as it begins deliveries to foreign customers.
Chinese power battery giant CATL (SHE: 300750) posted a net profit of RMB 12.98 billion ($1.8 billion) in the fourth quarter of 2023, the second-highest ever recorded, according to its annual report released today.
That was up 24.45 percent from RMB 10.43 billion in the third quarter of 2023, but down 1.22 percent from the all-time high of RMB 13.14 billion in the same period last year.
The company reported revenue of RMB 106.24 billion in the fourth quarter, up 0.77 from RMB 105.43 billion in the third quarter, but down 10.16 percent from RMB 118.25 billion in the same period last year.
CATL's gross margin further improved to 25.66 percent in the fourth quarter, a new high for the past two years. That was up from 22.42 percent in the third quarter and up from 22.57 percent in the same period last year.
For the full year 2023, CATL's net profit was RMB 44.1 billion, up 43.6 percent year-on-year.
It reported revenue of RMB 400.92 billion for the full year of 2023, up 22 percent year-on-year.
Its power battery business generated revenue of RMB 285.25 billion in 2023, contributing 71.15 percent. The energy storage battery business revenue was RMB 59.9 billion, contributing 14.94 percent.
Battery materials and recycling contributed 8.38 percent of total revenue at RMB 33.6 billion last year. Battery mineral resources revenue was RMB 7.73 billion, contributing 1.93 percent.
Across regions, the share of revenue from overseas increased last year.
The company saw revenue of RMB 130.99 billion, or 32.67 percent, come from abroad in 2023, up from 23.41 percent in 2022.
CATL had RMB 269.92 billion in revenue, or 67.33 percent, coming from within China last year, down from 76.59 percent a year ago.
CATL's main products sold outside the country are battery systems, which did not change significantly compared with the same period last year, it said.
As the company expands its overseas business, deliveries to overseas customers have gradually started, so revenue from overseas sales increased accordingly, CATL said.
There were no significant changes in the local exchange rates and economic policies such as tariffs in the company's main business areas, and payments from overseas customers were normal, it said.
At the end of 2023, CATL had 116,055 employees, including 30,461 at the parent company and 85,594 at subsidiaries.
There were 81,817 employees in production, 2,367 in sales, and 20,604 technicians.
($1 = RMB 7.1961)
Global EV battery market share in Jan 2024: CATL 39.7%, BYD 14.4%
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