In the first three quarters, eve energy co.,ltd. energy storage battery shipments were 35.7 GWh, a year-on-year increase of over 115%, with power battery shipments of 20.7 GWh, an increase of 5% year-on-year.
Against the background of overall pressure in the new energy car market, EVE Energy Co.,Ltd.'s revenue and net income both declined in the third quarter, with energy storage battery sales doubling in the first three quarters while power cell sales only saw a slight increase.
On the evening of October 24th, EVE Energy Co.,Ltd. released its 2024 third-quarter financial report.
1) Key Financial Figures:
Achieving revenue of 12.39 billion yuan in the third quarter, a year-on-year decrease of 1.30%.
Net income attributable to shareholders of the listed company was 1.051 billion yuan, a year-on-year decrease of 17.44%.
Looking at the first three quarters, the company achieved a revenue of 34.05 billion yuan, a year-on-year decrease of 4.2%; net income attributable to shareholders of the listed company was 3.19 billion yuan, a year-on-year decrease of 6.9%; net income excluding non-recurring gains and losses was 2.5 billion yuan, a year-on-year increase of 16%; basic earnings per share were 1.56 yuan.
As of Thursday's closing, the share price of Eve Energy Co., Ltd. fell by over 5%, to 44.94 yuan per share, with a market cap of 91.94 billion yuan.
Energy storage battery shipments doubled in the first three quarters, while power battery sales increased only slightly.
The financial report statement pointed out that the monthly production and sales volume of consumer cylindrical batteries exceeded 0.1 billion units. The Chengdu factory is now in operation, the Malaysia factory construction is progressing smoothly, which will further effectively meet customer demand and enhance product market share.
The energy storage business is gaining strong momentum. In the first three quarters, the company's energy storage battery shipments reached 35.73GWh, a year-on-year increase of 115.57%. According to InfoLink data, in the first half of 2024, the company's energy storage cells ranked second globally in terms of shipments.
The power battery business is steadily growing. In the first three quarters, the company's power battery shipments reached 20.71GWh, a year-on-year increase of 4.96%. Despite the ongoing competition in the auto market, the battery installation volume has been somewhat affected by lower-than-expected sales of certain passenger vehicle models, showing a fluctuating trend.
Eve Energy Co., Ltd. also stated that its global cooperative operation model, the Cloud, Link, and Share (CLS) mode, has had a good start. The company's first CLS project with Amplify Cell Technologies LLC (ACT) is progressing smoothly. Currently, multiple projects are in the negotiation stage, laying a solid foundation for the model's development.
According to Eve Energy Co., Ltd., the hydrometallurgical project invested in Indonesia has successfully started production, producing approximately 0.12 million tons of nickel metal and about 0.015 million tons of cobalt metal annually. In addition, the company's joint venture project with Shenzhen Dynanonic in Qujing, Yunnan, with an annual output of 0.11 million tons of lithium iron phosphate, is now at full production capacity and supplies all of the company's needs.
Adjusting the repurchase price limit after implementing the annual equity distribution in 2023.
On Thursday night, eve energy co.,ltd. also announced that the company held a meeting on February 5, 2024, to review and approve the share repurchase plan, intending to use its own funds to repurchase some public shares through centralized bidding transactions for the implementation of an employee stock ownership plan or stock-based incentives. The total amount of the repurchase funds shall not be less than 0.1 billion yuan and not exceed 0.2 billion yuan, with a repurchase price not exceeding 58 yuan per share. On May 10, 2024, the company's 2023 shareholders' meeting reviewed and approved the profit distribution proposal, and disclosed the implementation announcement of the equity distribution on May 14.
The company's 2023 annual equity distribution plan is to distribute 5 yuan in cash to all shareholders for every 10 shares excluding the repurchased shares from the existing total share capital, and this distribution has been completed. After the implementation of the annual equity distribution in 2023, the upper limit of the repurchase share price will be adjusted from not exceeding 58 yuan per share to not exceeding 57.5 yuan per share.
After the adjustment, the estimated quantities of repurchased shares based on the minimum and maximum repurchase amounts are approximately 1.7391 million shares and 3.4783 million shares, accounting for 0.09% and 0.17% of the company's current total share capital, respectively. Except for the changes mentioned, other contents in the repurchase plan remain unchanged. The company will fulfill its information disclosure obligations in a timely manner during the repurchase period in compliance with the law.
