BRIEF: Strong growth, greater efficiency charge up CALB’s annual profit
Lithium-ion battery maker CALB Group Co. Ltd. (3931.HK) announced on Monday it expects to report its 2024 net profit rose 80% to 100% to between 786 million yuan ($108.5 million) and 874 million yuan, from 437 million yuan in 2023.
The company attributed the big jump to its business expansion and continued growth, which enhanced its economies of scale. It added its technological and product advantages allowed it to continually improve its product performance while reducing costs.
Founded in 2015 and headquartered in the Central Chinese city of Luoyang, CALB ranked fourth globally in power battery installations last year, with a total capacity of 39.4 GWh, according to SNE Research data released last week. This represents a 16.6% year-on-year increase, though its market share declined from 4.8% to 4.4%. The top three battery makers were CATL (300750.SZ), BYD (1211.HK; 002594.SZ), and South Korea’s LG Energy Solution (373220.KS).
CALB’s stock opened 3.93% higher at HK$17.5 on Monday, and closed up 2% at HK$17.16 by midday break.
By Lee Shih Ta
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