The company achieved a net profit of 1.066 billion yuan in 2024Q1, a year-on-year increase of -6%. In 2023, the company will achieve revenue of 48.784 billion yuan, a year-on-year increase of +34%, a net profit attributable to the parent company of 4.050 billion yuan, a year-on-year increase of +15%, and a gross profit margin of 17.04%, a year-on-year increase of +0.61pct. In 2024Q1, the company achieved revenue of 9.317 billion yuan, -17% year-on-year and -30% month-on-month, net profit attributable to the parent company of 1.066 billion yuan, -6% year-on-year and +70% month-on-month, and gross profit margin of 17.64%, +0.81pct year-on-year and -0.08pct month-on-month.
The company's dynamic storage battery shipments maintain a rapid development trend. In 2023, the company's total shipments of dynamic storage batteries will reach 54.4GWh, +88% year-on-year, and in 2024Q1, the shipment of dynamic storage batteries will be 13.5GWh, +44% year-on-year and -25% month-on-month. In 2023, the company's supply share of GAC, Xpeng and other customers will continue to increase, the cooperation with global energy storage customers will continue to deepen, and the shipment of dynamic storage batteries will achieve rapid growth. In 2024Q1, benefiting from the strong demand for energy storage batteries and the increase in the company's market share in the commercial vehicle field, the company's shipments maintained a rapid development trend.
The profitability of the company's dynamic storage batteries is stable. The company's gross profit margin for power batteries in 2023 will be 14.37%, a year-on-year increase of -1.59 pct, and the gross profit margin of energy storage batteries will be 17.03%, a year-on-year increase of +8.07 pct. If we consider adding back the equity incentive expenses, we estimate that the company's net profit per unit of dynamic storage batteries will be about 0.03 yuan/Wh in 2023 and 0.02-0.03 yuan/Wh in 2024Q1, and the profitability will be slightly lower than the previous month or mainly affected by factors such as the decline in utilization rate.
The company's consumer battery business maintained a steady development trend. The company's consumer battery revenue in 2023 will be 8.362 billion yuan, a year-on-year increase of -2%, and the gross profit margin will be 23.73%, a year-on-year increase of -0.95pct. We estimate that the company's 2024Q1 consumer battery revenue will be about 2 billion yuan, a decrease of about 15% month-on-month. In 2023, the company's lithium primary battery sales and exports ranked first in the world for eight consecutive years. With the recovery of downstream power tool demand and the replenishment of end customers, the company's small cylindrical battery shipments have recovered rapidly, and we estimate that the company's small cylindrical battery shipments may be 6-700 million in 2023, and the small cylindrical shipments may exceed 200 million in 2024Q1.
The company's global layout has been accelerated. At present, the company is laying out a small cylindrical battery plant in Malaysia and a large cylindrical power battery plant in Hungary. In addition, the company actively explores new models and cooperates with Daimler Truck, PACCAR, Electrified Power, etc. through the model of charging licensing fees, and plans to jointly build power battery production capacity in the United States to serve the heavy truck market in North America.
Source：Guosen Securities
