All 30 battery manufacturers listed on China's A-share market have unveiled their third-quarter results for 2024. According to Wind data, 11 of these companies reported year-on-year revenue growth in the first three quarters. A total of 27 achieved positive net profit attributable to shareholders, and six experienced an increase in net profit. BYD, Guoxuan High-Tech, and Xinwangda all recorded
All 30 battery manufacturers listed on China's A-share market have unveiled their third-quarter results for 2024. According to Wind data, 11 of these companies reported year-on-year revenue growth in the first three quarters. A total of 27 achieved positive net profit attributable to shareholders, and six experienced an increase in net profit. BYD, Guoxuan High-Tech, and Xinwangda all recorded double-digit growth in both revenue and net profit.
Industry insiders note that China's lithium battery new energy sector has witnessed significant development in recent years. It has gained a competitive edge globally, with a clear trend of "going global."
Strong Performance of Battery Manufacturers
Despite a slowdown in growth rates, global demand for power batteries continues to rise this year. Data from South Korea's SNE Research indicates that from January to August 2024, the total installed capacity of registered electric vehicles (EVs, PHEVs, and HEVs) reached approximately 510.1 GWh, a year-on-year increase of 21.7%.
Chinese battery manufacturers remain strong players. From January to August 2024, six Chinese companies ranked among the top ten globally in power battery installations, collectively holding a market share of 65.1%, up by 2.9% compared to last year.
The third-quarter reports show that Contemporary Amperex Technology Co., Limited (CATL) leads the pack, with a net profit attributable to shareholders of CNY 36 billion for the first three quarters, up by 15.59%. In the third quarter alone, it achieved CNY 13.14 billion in net profit, a jump of 25.97%.
Second-tier manufacturers had mixed results. Guoxuan High-Tech posted dual growth, with revenues up by 15.6% and net profits rising by over 41%. Although EVE Energy saw slight declines in revenue and profits year-on-year, its non-recurring net profit still grew by 16% to CNY 25 billion during this period. Meanwhile, Aulton Technology significantly narrowed its loss compared to last year.