- CATL's net income in the fourth quarter is expected to be a record RMB 17 billion, an increase of 31.01 percent year-on-year and up 29.41 percent from the third quarter.
- CATL expects 2024 revenues to decline by 11.20 percent to 8.71 percent due to price reductions of its products in line with the decline in raw materials.
CATL's (SHE: 300750) net income in 2024 is expected to be between RMB 49 billion ($6.7 billion) and RMB 53 billion, an increase of 11.06 percent to 20.12 percent from 2023, according to its earnings previews released today.
After deducting non-recurring gains and losses, the battery maker expects to post a net income of RMB 44 billion to RMB 47 billion in 2024, up 9.75 percent to 17.23 percent from 2023.
The rise in net profit was mainly attributed to the company's continued enhancement of its technological research and development capabilities and product competitiveness, CATL said.
During the reporting period, the company actively launched new products and technologies, continued to deepen its partnership with customers, and achieved solid performance in different markets and applications, driving solid growth, it said.
CATL expects revenue of RMB 356 billion to RMB 366 billion in 2024, down 11.20 percent to 8.71 percent from RMB 400.9 billion in 2023.
Despite the growth in sales of the company's battery products, adjustments in product pricing led to a year-on-year decline in revenue due to lower prices of raw materials such as lithium carbonate, CATL said.
The earnings preview figures are the result of preliminary calculations by the company's finance department and are unaudited, CATL noted.
CATL's net income in the fourth quarter is expected to be a record RMB 17 billion, up 31.01 percent year-on-year and up 29.41 percent from the third quarter of 2024, CnEVPost's calculations based on the upper end of its earnings preview showed.
It is expected to have a revenue of up to RMB 107 billion in the fourth quarter, essentially flat from the fourth quarter of 2023 and up 15.91 percent from the third quarter of 2024.
CATL's electric vehicle (EV) battery installed capacity was 88.31 GWh in the fourth quarter, up 52.79 percent year-on-year and up 37.15 percent from the third quarter, according to data compiled by CnEVPost.
For the full year 2024, it had 246.01 EV battery installations, up 47.21 percent from 2023.
($1 = RMB 7.2868)
China EV battery installations in Dec: CATL share at 45.48%, BYD 23.19%
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