CATL saw second-quarter profit rebound from the first quarter, while gross margin remained flat.
Chinese power battery giant CATL saw its net profit rebound to near record-high levels in the second quarter, while revenue continued to sit near more than a year's low, albeit rebounding from the first quarter.
The company reported a net profit of RMB 12.36 billion ($1.7 billion) in the second quarter, the third highest on record, according to its semi-annual report released today. That was up 13.43 percent year-on-year and up 17.71 percent from the first quarter.
CATL reported revenue of RMB 87 billion in the second quarter, up 9.06 percent from the first quarter, albeit 13.18 percent lower year-on-year.
Its gross margin in the second quarter was 26.64 percent, essentially flat from 26.42 percent in the first quarter and up from 21.96 percent a year earlier.
In the first half of the year, CATL reported a net profit of RMB 22.87 billion, up 10.37 percent year-on-year.
Its revenue in the first half of the year was RMB166.77 billion, down 11.88 percent year-on-year.
CATL's power battery business generated revenue of RMB 112.6 billion in the first half of the year, contributing 67.5 percent of all revenue, a decrease of 19.20 percent year-on-year.
Its power battery business posted a gross margin of 26.9 percent in the first half, up 6.55 percentage points from the same period last year.
Its energy storage battery business generated revenue of RMB 28.8 billion in the first half, contributing 17 percent of all revenue, up 3 percent year-on-year.
Gross margin for the energy storage battery business was 28.87 percent in the first half, up 7.55 percentage points from the same period last year.
Revenue from the battery materials and recycling business amounted to RMB 14.3 billion in the first half of the year, an increase of 13.02 percent year-on-year. The gross profit margin of the business for the first half was 8.21 percent, a decrease of 8.74 percentage points from the same period last year.
Revenue from battery mineral resources for the first half was RMB 2.63 billion, a decrease of 7.84 percent year-on-year. Gross profit margin of the business was 7.81 percent, a decrease of 4.12 percentage points from the same period last year.
CATL is the world's largest battery maker, and it ranked No. 1 globally in power battery usage for seven consecutive years from 2017-2023, according to South Korean market researcher SNE Research.
In January-May this year, CATL's global market share in power battery usage was 37.5 percent, up 2.3 percentage points from the same period last year, and still ranked No. 1 globally.
In the field of energy storage battery, CATL ranked first in the world in energy storage battery shipments for three consecutive years from 2021-2023.
($1 = RMB 7.2519)
Global EV battery market share in Jan-May 2024: CATL 37.5%, BYD 15.7%
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