Gotian High-tech achieved operating income of 16.794 billion yuan in the first half of the year, a year-on-year increase of 10.20%; achieved a non-attributable net profit of 49.0612 million yuan, a year-on-year increase of 38.71%. Gotion High-tech stated that under the continuous decline in battery prices, the company's operating income increased by 10.20% year-on-year, and overseas business revenue increased significantly.
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On August 28th, Caixin Finance reported that under the continuous decline in battery prices, Gotion High-tech (002074.SZ) saw a 10.20% year-on-year increase in operating income, with a significant increase in overseas business revenue.
Gotion High-tech has released its semi-annual report, with the company achieving operating income of 16.794 billion yuan in the first half of this year, a year-on-year increase of 10.20%; achieving a net profit attributable of 0.271 billion yuan, a year-on-year increase of 29.69%; achieving a non-attributable net profit of 49.0612 million yuan, a year-on-year increase of 38.71%. Among them, government subsidies of 0.266 billion yuan were included in the non-operating income and expenses.
Gotion High-tech's main businesses are power battery systems, energy storage battery systems, and power transmission and distribution equipment. In the first half of this year, the revenue proportion was 69.67%, 25.84%, and 1.75% respectively.
It is worth noting that in the first half of this year, as upstream material prices fell, battery prices also declined. According to the data from Longzhong Information, the price of square lithium iron phosphate power cells for power batteries has fallen by 4.65% year-to-date, and a 48.15% decrease year-on-year. The decline in raw materials was even more pronounced, with the main raw material for the cathode material, lithium carbonate, seeing a 68.99% year-on-year decrease.
Affected by the decline in battery prices, leading company Contemporary Amperex Technology also saw a year-on-year decrease of 11.88% in revenue in the first half of the year, with a 19.20% decline in revenue from power battery systems.
Gotion High-tech's performance showed simultaneous year-on-year growth in revenue and net profit. The company stated in its interim report that under the continuous decline in battery prices, the company's operating income increased by 10.20% year-on-year, and overseas business revenue increased significantly. In terms of market development, existing customers delivered steadily, and multiple European carmakers started mass production; the volume of Class A and above markets continued to rise, and the commercial vehicle heavy truck market achieved new breakthroughs.
From the perspective of overseas business, Gotion High-tech's overseas (including Hong Kong, Macao, and Taiwan) revenue was 5.527 billion yuan, an increase of 80.48% year-on-year, accounting for 32.91% of the revenue, an increase of 12.82 percentage points compared to the previous year.
In terms of overseas base construction, production bases in Chicago, Michigan, Slovakia, Argentina, Morocco, and Vietnam are under development, and the layout of the top ten overseas bases for materials, cells, and Packs is initially formed.
According to data released by Korean market research firm SNE Research, the global demand for electric vehicle power batteries reached 364.6 GWh in the first half of this year, a year-on-year increase of 22.3%. Gotion High-tech's battery shipments reached 9 GWh, a year-on-year increase of 38.2%, ranking eighth globally. In the field of energy storage, according to data released by InfoLink Consulting, the company ranked seventh among the top ten companies in terms of energy storage cell shipments in the first half of this year, with an overall improvement in ranking.
According to data from the China Automotive Power Battery Industry Innovation Alliance, Gotion High-tech's domestic battery shipments reached 7.17 GWh in the first half of this year, ranking fifth in the domestic enterprise shipment rankings, behind Contemporary Amperex Technology, BYD, CATL, and EVE Energy.
(Image source: China Automotive Power Battery Industry Innovation Alliance)