CATL reported revenue of RMB 79.77 billion in the first quarter, a new low since the second quarter of 2022.
Contemporary Amperex Technology Co Ltd (CATL, SHE: 300750) saw its financial results slip in the first quarter, partly due to the seasonal weakness typically seen at the start of the year.
The Chinese power battery giant reported revenue of RMB 79.77 billion ($11 billion) in the first quarter, a new low since the second quarter of 2022, according to its unaudited financial report released today.
That’s a 10.41 percent year-on-year decline and a 24.92 percent drop from last year’s fourth quarter.
CATL’s net profit attributable to shareholders of its parent company in the first quarter was RMB 10.5 billion ($1.45 billion), up 6.92 percent year-on-year, but down 19.11 percent from the fourth quarter of 2023.
It reported basic earnings per share (EPS) of RMB 2.389 in the first quarter, up 6.7 percent year-on-year on an adjusted basis.
The company’s basic EPS for the first quarter of 2023 was revised downward to RMB 2.2342 from the previously announced RMB 4.0215.
The adjustment was due to CATL completing the capitalization of its capital reserve in April 2023, thus recalculating the metric, according to its financial report.
CATL’s battery installations in January-February were 35.5 GWh, up 44.9 percent from 24.5 GWh in the same period last year, according to data released earlier this month by South Korean market researcher SNE Research.
The Chinese power battery giant continues to rank first in the world with a 38.4 percent share, and remains the only battery supplier in the world with a market share of more than 30 percent.
In China, CATL’s installed base of 15.54 GWh of power batteries in March put it in first place with a 44.87 percent share, down 10.29 percentage points from February’s 55.16 percent share, according to the China Automotive Battery Innovation Alliance (CABIA).
($1 = RMB 7.2386)
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