EVE Energy’s revenue and net profit declined in the first quarter, with energy storage battery shipments exceeding those of power batteries.

Published: Apr 25, 2024 18:58

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Due to the continuous decline in battery prices, EVE Energy's revenue and net profit both declined in the first quarter of this year, but the company's energy storage battery business continued to grow, with shipments surpassing that of power batteries. According to the announcement released by the company this evening, in the first quarter of this year, the company achieved operating income of 9.317 billion yuan, a year-on-year decrease of 16.70%, with a net profit attributable to the shareholders of the listed company of 1.066 billion yuan, a year-on-year decrease of 6.49%. In terms of gross profit margin, data shows that EVE Energy's sales gross margin in the first quarter was 17.64%, remaining at a relatively high level, but still significantly lower than the 26.42% sales gross margin of CATL in the same period. EVE Energy's main business is divided into three main segments: power batteries, energy storage batteries, and consumer batteries, with the first two being the main sources of income for the company. Among them, the company's main business of power batteries has seen a continuous decline in prices. It is worth noting that in the first quarter of this year, the company's energy storage battery shipments reached 7.02GWh, a year-on-year increase of 113.11%; in comparison, the power battery shipments reached 6.45GWh, a year-on-year increase of 5.98%. Compared with the annual report data, the company's energy storage battery shipments in 2023 were 26.29GWh, while power battery shipments were 28.08GWh. Senior management of EVE Energy stated at the performance exchange meeting held tonight that the planned target for energy storage shipments this year is over 50GWh, a significant increase from 2023. The demand for overseas energy storage accounts for approximately 60-70% of the overall energy storage demand, so the company is increasing its expansion of overseas business. In terms of the industry, there is a trend towards high-capacity energy storage cells and "large-scale" system integration. A person from EVE Energy's energy storage division told reporters from Caijing in March that the 628Ah energy storage large cell is in the B-sample verification stage, with samples already being sent out. The energy storage integrated system using this cell is in the A-sample verification stage and will be in mass production and delivery in Q4 of this year.

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