①Eve Energy Co., Ltd. achieved operating income of 21.659 billion yuan in the first half of the year, a year-on-year decrease of 5.73%; the net income attributable to shareholders was 2.137 billion yuan, a year-on-year decrease of 0.64%. ②The company's Q2 energy storage cell shipments exceeded power cell shipments, resulting in a 9.93% year-on-year increase in energy storage cell revenue for the first half of the year, while power cell revenue decreased year-on-year.
Caixin reported on August 23rd (by reporter Zeng Chuchu) that after the first quarter's energy storage cell shipments slightly exceeded power cell shipments, in the second quarter, Eve Energy Co., Ltd. saw a further increase in energy storage cell shipments. Reflected in revenue, the company's energy storage cell revenue in the first half of this year increased by 9.93% year-on-year, while power cell revenue decreased by 25.79%.
Eve Energy Co., Ltd. released its 2024 half-year report last night, with the company achieving operating income of 21.659 billion yuan in the first half of the year, a 5.73% year-on-year decrease; net income attributable to shareholders of the listed company was 2.137 billion yuan, a 0.64% year-on-year decrease; the net profit excluding non-recurring gains and losses was 1.499 billion yuan, a 19.32% year-on-year increase, with government subsidies included in the current period losses and gains totaling 0.711 billion yuan. Of this, Q1's non-recurring net profit was 0.701 billion yuan, and Q2's was 0.798 billion yuan, representing a 13.8% increase from the previous quarter.
According to Caixin reporters and discussions with capital market professionals, from the perspective of non-recurring net profit, Eve Energy Co., Ltd.'s performance basically meets expectations. The company stated in its half-year report that the driving factors for the performance include the steady growth in battery demand in the consumer market driven by the electrification and intelligence trends, strong installation demand both domestically and overseas driving rapid growth in energy storage cell shipments, and increased battery shipments driven by the rise in sales of new energy vehicles.
From an industry perspective, battery industry sales increased quarter-on-quarter in the second quarter.
According to data from the China Automotive Power Battery Industry Innovation Alliance, from January to June, the cumulative sales of power and other batteries in China totaled 402.6GWh, a cumulative year-on-year increase of 40.3%. Among them, 164.3GWh was for January to March, from which it can be estimated that Q2 sales were 238.3GWh, representing a 45% quarter-on-quarter increase.
However, due to intense competition in the market, battery prices have fallen with the decline in upstream material prices. According to Guosen Securities' research report data from July 12th, the price of square lithium iron phosphate power cell's battery cores has fallen by 4.65% since the beginning of this year, a 36.92% year-on-year decrease. Raw material prices have fallen even more, with the main raw material for the battery cores, lithium carbonate, plummeting by over 70% year-on-year.
According to the half-year report, Eve Energy Co., Ltd.'s main business includes three major products: power cells, energy storage cells, and consumer cells, with revenue proportions of 41.5%, 35.89%, and 22.39% for the first half of the year.
According to the semi-annual report, Eve Energy Co., Ltd. disclosed that the sales volume of power batteries in the first half of the year was 13.54GWh, a year-on-year increase of 7.03%. The sales volume of energy storage batteries was 20.95GWh, a year-on-year increase of 133.18%, achieving more than double growth. According to the first quarter report, the company's Q1 sales volume of energy storage batteries was 7.02GWh, and the sales volume of power batteries was 6.45GW.
In the first quarter, the sales volume of energy storage batteries exceeded that of power batteries for the first time. According to the semi-annual report, Eve Energy Co., Ltd.'s sales revenue of energy storage batteries in the first half of the year increased by 9.93% year-on-year, while the revenue of power batteries decreased by 25.79% year-on-year.
At the earnings conference in the previous quarter, company executives also stated that the company's planned target for energy storage shipments this year is more than 50GWh, a significant increase compared to 2023. Overseas demand for energy storage accounts for about 60-70% of the total demand for energy storage, so the company is increasing its expansion of overseas business.
From the company's layout, energy storage has gradually become the focus of development.
Earlier this month, Eve Energy Co., Ltd. announced that its wholly-owned subsidiary plans to invest up to 3.277 billion yuan in Malaysia to build an energy storage battery and consumer battery manufacturing project, bringing energy storage battery production capacity overseas.
According to InfoLink data, the company's sales volume of energy storage cells ranked second globally from January to June 2024, advancing one place from the global ranking of energy storage cells in 2023.